United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21235
(Investment Company Act File Number)
Federated Hermes Premier Municipal Income Fund
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(412) 288-1900
(Registrant's Telephone Number)
Date of Fiscal Year End: 11/30/2023
Date of Reporting Period: Six months ended 05/31/2023
Item 1. | Reports to Stockholders |
(Inception 12/20/2002)
|
Market
Price
|
NAV
|
6 Months (cumulative)
|
-2.86%
|
1.62%
|
1 Year
|
-8.90%
|
-3.39%
|
3 Year
|
-3.80%
|
-1.86%
|
5 Year
|
-0.40%
|
0.47%
|
10 Year
|
1.77%
|
2.70%
|
Market Price
|
$10.47
|
NAV
|
$12.28
|
Dividend Yield1
|
4.41%
|
Taxable Equivalent
Dividend Yield2
|
7.00%
|
Premium/Discount to NAV
|
-14.74% discount
|
Common Share Assets
|
$141.1 million
|
Preferred Share Assets
|
$88.6 million
|
Total Portfolio Assets
|
$229.7 million
|
Weighted Average
Effective Maturity
|
11.9 years
|
Weighted Average
Stated Maturity
|
21.4 years
|
Weighted Average
Modified Duration3
|
7.5 years
|
Total Number of Securities
|
198
|
AAA
|
6.5%
|
AA
|
33.5%
|
A
|
33.5%
|
BBB
|
12.2%
|
BB
|
3.7%
|
Not Rated
|
10.6%
|
February 2003–August 2005
|
$0.08375/month
|
September 2005–October 2006
|
$0.073/month
|
November 2006–February 2009
|
$0.067/month
|
March 2009–February 2010
|
$0.09/month
|
March 2010–May 2011
|
$0.087/month
|
June 2011–November 2012
|
$0.083/month
|
December 2012–August 2014
|
$0.0755/month
|
September 2014–May 2016
|
$0.0735/month
|
June 2016–November 2016
|
$0.07/month
|
December 2016–May 2018
|
$0.061/month
|
June 2018–May 2019
|
$0.054/month
|
June 2019–August 2020
|
$0.05/month
|
September 2020–May 2022
|
$0.054/month
|
June 2022–February 2023
|
$0.041/month
|
March 2023–May 2023
|
$0.0385/month
|
Sector Composition
|
Percentage of
Total Investments
|
Dedicated Tax
|
12.6%
|
Hospital
|
10.2%
|
General Obligation - State
|
6.9%
|
Water & Sewer
|
6.7%
|
Airport
|
6.7%
|
General Obligation - Local
|
6.5%
|
Public Power
|
6.4%
|
Toll Road
|
6.4%
|
Primary/Secondary Education
|
5.5%
|
Refunded
|
5.4%
|
Other2
|
26.7%
|
Derivative Contracts3,4
|
0.0%
|
TOTAL
|
100%
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—99.6%
|
|
|
|
Alabama—1.8%
|
|
$1,500,000
|
|
Alabama State Corrections Institution Finance Authority
(Alabama State), Revenue Bonds (Series 2022A),
5.250%, 7/1/2052
|
$1,610,102
|
2,500,000
|
|
Lower Alabama Gas District, Gas Project Revenue Bonds
(Series 2016A), (Goldman Sachs Group, Inc. GTD),
5.000%, 9/1/2046
|
2,508,563
|
|
|
TOTAL
|
4,118,665
|
|
|
Arizona—1.9%
|
|
500,000
|
|
Arizona State IDA (Basis Schools, Inc. Obligated Group),
Education Revenue Bonds (Series 2017F), (School District Credit
Program GTD), 5.000%, 7/1/2052
|
507,233
|
585,000
|
1
|
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding
Bonds, 5.000%, 7/1/2036
|
580,542
|
2,000,000
|
|
Phoenix, AZ IDA (GreatHearts Academies), Education Facility
Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
|
2,010,559
|
625,000
|
1
|
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living
Revenue Bonds (Series 2022A), 6.750%, 11/15/2042
|
629,741
|
640,000
|
1
|
Verrado Community Facilities District No. 1, AZ, District GO
Refunding Bonds (Series 2013A), 6.000%, 7/15/2027
|
640,471
|
|
|
TOTAL
|
4,368,546
|
|
|
California—7.9%
|
|
3,000,000
|
|
California Health Facilities Financing Authority (Stanford Health
Care), Revenue Refunding Bonds (Series 2017A),
4.000%, 11/15/2040
|
2,957,552
|
2,300,000
|
|
California Infrastructure & Economic Development Bank
(Equitable School Revolving Fund), Senior National Charter
School Revolving Loan Fund Revenue Bonds (Series 2022B),
5.000%, 11/1/2057
|
2,352,116
|
165,000
|
1
|
California Public Finance Authority (Kendal at Sonoma), Enso
Village Senior Living Revenue Refunding Bonds (Series 2021A),
5.000%, 11/15/2056
|
140,673
|
600,000
|
1
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
|
606,959
|
250,000
|
1
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
|
251,110
|
1,000,000
|
1
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
|
1,018,998
|
600,000
|
|
California State, Various Purpose UT GO Bonds,
5.250%, 9/1/2047
|
679,856
|
1,110,000
|
|
Chula Vista, CA Municipal Finance Authority, Special Tax Revenue
Refunding Bonds (Series 2013), 5.500%, 9/1/2028
|
1,117,127
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
California—continued
|
|
$1,000,000
|
|
Foothill/Eastern Transportation Corridor Agency, CA, Toll Road
Refunding Revenue Bonds (Series 2013A), (Original Issue
Yield: 6.050%), (United States Treasury PRF 1/15/2024@100),
5.750%, 1/15/2046
|
$1,015,835
|
1,060,000
|
|
Golden State Tobacco Securitization Corp., CA, Tobacco
Settlement Asset-Backed Bonds (Series 2022), 5.000%, 6/1/2051
|
1,103,890
|
165,000
|
|
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited
Obligation Improvement Bonds, 5.000%, 9/2/2028
|
165,810
|
1,400,000
|
|
Los Angeles, CA Department of Water & Power (Los Angeles, CA
Department of Water & Power (Electric/Power System)), Power
System Revenue Bonds (Series 2022C), 5.000%, 7/1/2043
|
1,545,688
|
1,500,000
|
|
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A),
(Citigroup, Inc. GTD), 7.000%, 11/1/2034
|
1,803,084
|
1,225,000
|
|
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A),
(Original Issue Yield: 6.375%), (Citigroup, Inc. GTD),
6.125%, 11/1/2029
|
1,305,318
|
255,000
|
|
Riverside County, CA Transportation Commission (RCTC 91
Express Lanes), Toll Revenue Senior Lien Refunding Bonds
(Series 2021B-1), 4.000%, 6/1/2046
|
233,615
|
1,500,000
|
|
San Francisco, CA City & County Airport Commission, Second
Series Revenue Bonds (Series 2019F), 5.000%, 5/1/2050
|
1,578,555
|
|
|
TOTAL
|
17,876,186
|
|
|
Colorado—3.7%
|
|
500,000
|
|
Colorado Educational & Cultural Facilities Authority (University
Lab School), Charter School Refunding & Improvement Revenue
Bonds (Series 2015), 5.000%, 12/15/2035
|
509,707
|
800,000
|
|
Colorado Health Facilities Authority (CommonSpirit Health),
Revenue Bonds (Series 2022), 5.500%, 11/1/2047
|
853,321
|
1,250,000
|
|
Colorado Health Facilities Authority (Sisters of Charity of
Leavenworth Health System), Revenue Bonds (Series 2013A),
(Original Issue Yield: 5.120%), (United States Treasury PRF
1/1/2024@100), 5.000%, 1/1/2044
|
1,262,216
|
1,805,000
|
|
Colorado High Performance Transportation Enterprise, C-470
Express Lanes Senior Revenue Bonds (Series 2017),
5.000%, 12/31/2056
|
1,772,864
|
2,480,000
|
|
Public Authority for Colorado Energy, Natural Gas Purchase
Revenue Bonds (Series 2008), (Original Issue Yield: 6.630%),
(Bank of America Corp. GTD), 6.250%, 11/15/2028
|
2,645,919
|
403,000
|
|
Tallyn’s Reach Metropolitan District No. 3, CO, LT GO Refunding
& Improvement Bonds (Series 2013), (United States Treasury PRF
12/1/2023@100), 5.000%, 12/1/2033
|
405,854
|
1,000,000
|
|
University of Colorado (The Regents of), University Enterprise
Revenue Bonds (Series 2013A), (United States Treasury PRF
6/1/2023@100), 5.000%, 6/1/2037
|
1,000,000
|
|
|
TOTAL
|
8,449,881
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Connecticut—0.8%
|
|
$1,755,000
|
|
Connecticut State (Connecticut State Special Transportation
Fund), Special Tax Obligation Bonds Transportation Infrastructure
Purpose (Series 2018B), 5.000%, 10/1/2037
|
$1,881,429
|
|
|
District of Columbia—1.4%
|
|
500,000
|
|
District of Columbia (Friendship Public Charter School, Inc.),
Revenue Bonds (Series 2016A), 5.000%, 6/1/2041
|
501,121
|
250,000
|
|
District of Columbia (KIPP DC), Revenue Bonds (Series 2013A),
(United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2033
|
250,469
|
225,000
|
|
District of Columbia (KIPP DC), Revenue Bonds (Series 2013A),
(United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2048
|
225,422
|
2,000,000
|
|
District of Columbia, UT GO Bonds (Series 2019A),
5.000%, 10/15/2044
|
2,138,671
|
|
|
TOTAL
|
3,115,683
|
|
|
Florida—3.4%
|
|
1,000,000
|
|
Atlantic Beach, FL Health Care Facilities (Fleet Landing Project,
FL), Revenue & Refunding Bonds (Series 2013A),
5.000%, 11/15/2028
|
996,204
|
1,500,000
|
|
Broward County, FL School District, UT GO School Bonds
(Series 2022), 5.000%, 7/1/2051
|
1,610,595
|
1,465,000
|
|
Central Florida Expressway Authority, Senior Lien Revenue Bonds
(Series 2019B), 5.000%, 7/1/2044
|
1,546,159
|
624,516
|
1,2,3
|
Collier County, FL IDA (Arlington of Naples), Continuing Care
Community Revenue Bonds (Series 2013A), (Original Issue
Yield: 8.250%), 8.125%, 5/15/2044
|
68,697
|
500,000
|
|
Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare
Facilities Revenue Bonds TEMPS-80 (Series 2022B-1),
3.750%, 10/1/2027
|
476,843
|
1,500,000
|
|
Miami-Dade County, FL (Miami-Dade County, FL Transit System),
Transit System Sales Surtax Revenue Bonds (Series 2020A),
4.000%, 7/1/2050
|
1,420,506
|
500,000
|
|
Midtown Miami, FL Community Development District, Special
Assessment & Revenue Refunding Bonds (Series 2014A),
5.000%, 5/1/2029
|
499,987
|
900,000
|
|
Rivers Edge II CDD, Capital Improvement Revenue Bonds
(Series 2021), 4.000%, 5/1/2051
|
695,246
|
415,000
|
|
Tolomato Community Development District, FL, Special
Assessment Revenue Bonds (Series 2015-2), (Original Issue
Yield: 6.752%), (Step Coupon 11/1/2024@6.610%),
0.000%, 5/1/2040
|
377,482
|
450,000
|
2,3
|
Tolomato Community Development District, FL, Special
Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040
|
5
|
|
|
TOTAL
|
7,691,724
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Georgia—5.4%
|
|
$2,000,000
|
|
Atlanta, GA Airport General Revenue (Atlanta, GA Department of
Aviation), General Revenue Bonds (Series 2022A),
5.000%, 7/1/2047
|
$2,167,074
|
2,000,000
|
|
Atlanta, GA, UT GO Public Improvement Bonds (Series 2022A-1),
5.000%, 12/1/2041
|
2,244,312
|
510,000
|
|
Geo. L. Smith II Georgia World Congress Center Authority,
Convention Center Hotel Second Tier Revenue Bonds
(Series 2021B), 5.000%, 1/1/2054
|
410,126
|
1,460,000
|
|
Georgia Ports Authority, Revenue Bonds (Series 2022),
4.000%, 7/1/2052
|
1,421,719
|
2,000,000
|
|
Georgia State, UT GO Bonds (Series 2022A), 4.000%, 7/1/2042
|
2,018,252
|
1,250,000
|
|
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2022B) TOBs, (Citigroup, Inc. GTD), 5.000%, Mandatory
Tender 6/1/2029
|
1,304,144
|
1,000,000
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4
Project J Revenue Refunding Bonds (Series 2015A),
5.500%, 7/1/2060
|
1,010,528
|
1,000,000
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4
Project M Bonds (Series 2021A), 5.000%, 1/1/2056
|
1,014,014
|
775,000
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4
Project P Revenue Refunding Bonds (Series 2023A),
5.500%, 7/1/2064
|
798,298
|
|
|
TOTAL
|
12,388,467
|
|
|
Idaho—0.6%
|
|
1,750,000
|
|
Idaho Health Facilities Authority (Terraces of Boise), Exchange
Revenue Refunding Bonds (Series 2021A), 4.000%, 10/1/2033
|
1,432,616
|
|
|
Illinois—13.7%
|
|
430,000
|
|
Chicago, IL Board of Education, Dedicated Capital Improvement
Tax Bonds (Series 2023), 5.750%, 4/1/2048
|
466,598
|
1,500,000
|
|
Chicago, IL Board of Education, UT GO Dedicated Revenue
Bonds (Series 2017H), 5.000%, 12/1/2046
|
1,445,784
|
3,000,000
|
|
Chicago, IL Midway Airport, Second Lien Revenue Refunding
Bonds (Series 2014B), 5.000%, 1/1/2035
|
3,018,771
|
2,000,000
|
|
Chicago, IL O’Hare International Airport, General Airport Senior
Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 1/1/2053
|
2,063,846
|
2,000,000
|
|
Chicago, IL Transit Authority, Second Lien Sales Tax Receipts
Revenue Bonds (Series 2022A), 5.000%, 12/1/2057
|
2,055,907
|
2,000,000
|
|
Chicago, IL Wastewater Transmission, Second Lien Wastewater
Transmission Revenue Bonds (Series 2023A), (Assured Guaranty
Municipal Corp. INS), 5.250%, 1/1/2053
|
2,159,321
|
200,000
|
|
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds
(Series 2023A), (Assured Guaranty Municipal Corp. INS),
5.250%, 11/1/2053
|
215,720
|
1,500,000
|
|
Chicago, IL, UT GO Bonds (Series 2023A), 5.500%, 1/1/2040
|
1,612,785
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Illinois—continued
|
|
$234,000
|
|
DuPage County, IL (Naperville Campus LLC), Special Tax Bonds
(Series 2006), 5.625%, 3/1/2036
|
$229,383
|
1,000,000
|
|
Illinois Finance Authority (Admiral at the Lake), Revenue
Refunding Bonds (Series 2017), (Original Issue Yield: 5.500%),
5.250%, 5/15/2054
|
715,151
|
1,500,000
|
|
Illinois Finance Authority (Northshore-Edward-Elmhurst Health
Credit Group), Revenue Bonds (Series 2022A), 4.000%, 8/15/2042
|
1,435,925
|
1,340,000
|
|
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
|
1,427,300
|
1,660,000
|
|
Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026
|
1,742,158
|
1,000,000
|
|
Illinois State, UT GO Bonds (Series 2018A), 5.000%, 5/1/2042
|
1,024,036
|
750,000
|
|
Illinois State, UT GO Bonds (Series 2020B), (Original Issue
Yield: 5.850%), 5.750%, 5/1/2045
|
814,336
|
2,000,000
|
|
Illinois State, UT GO Bonds (Series 2022C), 5.125%, 10/1/2043
|
2,118,660
|
2,000,000
|
|
Illinois State, UT GO Bonds (Series 2022C), 5.500%, 10/1/2045
|
2,178,363
|
1,000,000
|
|
Illinois State, UT GO Bonds (Series 2023B), (Original Issue
Yield: 4.730%), 4.500%, 5/1/2048
|
979,820
|
265,000
|
|
Illinois State, UT GO Bonds (Series 2023B), 5.500%, 5/1/2047
|
286,804
|
1,000,000
|
|
Illinois State, UT GO Bonds (Series June 2013), (Original Issue
Yield: 5.650%), (United States Treasury PRF 7/1/2023@100),
5.500%, 7/1/2038
|
1,002,017
|
235,000
|
|
Illinois State, UT GO Refunding Bonds (Series 2018A),
5.000%, 10/1/2026
|
246,287
|
1,600,000
|
|
Metropolitan Pier & Exposition Authority, IL, McCormick Place
Expansion Project Bonds (Series 2015A), (Original Issue
Yield: 5.060%), 5.000%, 6/15/2053
|
1,601,294
|
1,250,000
|
|
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds
(Series 2018A), 5.000%, 1/1/2048
|
1,277,601
|
1,105,000
|
|
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds
(Series 2022A), 4.000%, 1/1/2042
|
1,070,695
|
|
|
TOTAL
|
31,188,562
|
|
|
Indiana—2.0%
|
|
930,000
|
|
Indiana Municipal Power Agency, Power Supply System Revenue
Bonds (Series 2013A), (United States Treasury PRF
7/1/2023@100), 5.250%, 1/1/2030
|
931,283
|
500,000
|
|
Indiana Municipal Power Agency, Power Supply System Revenue
Bonds (Series 2013A), 5.250%, 1/1/2038
|
500,378
|
2,000,000
|
|
Indiana State Finance Authority (CWA Authority), First Lien
Wastewater Utility Revenue Bonds (Series 2014A),
5.000%, 10/1/2032
|
2,036,561
|
1,000,000
|
|
Indiana State Finance Authority (CWA Authority), First Lien
Wastewater Utility Revenue Bonds (Series 2022B),
5.250%, 10/1/2052
|
1,080,928
|
|
|
TOTAL
|
4,549,150
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Iowa—0.9%
|
|
$1,015,000
|
|
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern
Disaster Area Revenue Refunding Bonds (Series 2022) TOBs,
5.000%, Mandatory Tender 12/1/2042
|
$1,024,153
|
1,000,000
|
|
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern
Disaster Area Revenue Refunding Bonds (Series 2022),
5.000%, 12/1/2050
|
1,002,248
|
|
|
TOTAL
|
2,026,401
|
|
|
Kansas—0.9%
|
|
2,000,000
|
|
Wyandotte County, KS Unified Government Utility System,
Improvement & Refunding Revenue Bonds (Series 2014-A),
5.000%, 9/1/2044
|
2,010,893
|
|
|
Kentucky—0.4%
|
|
1,000,000
|
|
Kentucky Economic Development Finance Authority (Miralea),
Revenue Bonds (Series 2016A), 5.000%, 5/15/2031
|
906,795
|
|
|
Louisiana—0.7%
|
|
1,000,000
|
|
Louisiana Public Facilities Authority (Tulane University, LA),
University Revenue and Refunding Bonds (Series 2023A),
5.000%, 10/15/2048
|
1,069,324
|
550,000
|
|
St. James Parish, LA (NuStar Logistics LP), Revenue Bonds
(Series 2011) TOBs, 5.850%, Mandatory Tender 6/1/2025
|
562,976
|
|
|
TOTAL
|
1,632,300
|
|
|
Maryland—0.3%
|
|
320,000
|
|
Baltimore, MD (East Baltimore Research Park), Special Obligation
Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038
|
319,140
|
400,000
|
|
Westminster, MD (Lutheran Village at Miller’s Grant, Inc.),
Revenue Bonds (Series 2014A), 6.000%, 7/1/2034
|
403,342
|
|
|
TOTAL
|
722,482
|
|
|
Massachusetts—0.9%
|
|
1,500,000
|
|
Massachusetts Bay Transportation Authority Sales Tax Revenue,
Senior Sales Tax Bonds (Series 2023A-1), (Original Issue
Yield: 4.260%), 4.000%, 7/1/2053
|
1,441,840
|
500,000
|
|
Massachusetts Water Resources Authority, General Revenue
Bonds (Series 2023B), 5.250%, 8/1/2048
|
565,097
|
|
|
TOTAL
|
2,006,937
|
|
|
Michigan—5.1%
|
|
445,000
|
|
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
|
452,855
|
1,750,000
|
|
Michigan State Finance Authority (Detroit, MI Public Lighting
Authority), Local Government Loan Program Revenue Bonds
(Series 2014B), 5.000%, 7/1/2039
|
1,751,090
|
500,000
|
|
Michigan State Finance Authority (Great Lakes, MI Water
Authority Sewage Disposal System), Local Government Loan
Program Revenue Bonds (Series 2015C-1), 5.000%, 7/1/2035
|
509,463
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Michigan—continued
|
|
$750,000
|
|
Michigan State Finance Authority (Great Lakes, MI Water
Authority Sewage Disposal System), Senior Lien Revenue Bonds
(Series 2014 C-3), (Assured Guaranty Municipal Corp. INS),
5.000%, 7/1/2032
|
$760,323
|
600,000
|
|
Michigan State Finance Authority (Great Lakes, MI Water
Authority Water Supply System), Senior Lien Revenue Bonds
(Series 2014 D-1), (Assured Guaranty Municipal Corp. INS),
5.000%, 7/1/2037
|
604,203
|
2,500,000
|
|
Michigan State Finance Authority (McLaren Health Care Corp.),
Revenue Bonds (Series 2019A), 4.000%, 2/15/2044
|
2,369,756
|
3,705,000
|
|
Royal Oak, MI Hospital Finance Authority (Beaumont Health
Credit Group), Refunding Revenue Bonds (Series 2014D), (United
States Treasury PRF 3/1/2024@100), 5.000%, 9/1/2033
|
3,749,154
|
1,490,000
|
|
Wayne County, MI Airport Authority, Revenue Bonds
(Series 2012A), 5.000%, 12/1/2037
|
1,490,819
|
|
|
TOTAL
|
11,687,663
|
|
|
Minnesota—0.2%
|
|
460,000
|
|
Minneapolis-St. Paul, MN Metropolitan Airports Commission
(Minneapolis-St. Paul International Airport), Subordinate Airport
Revenue Bonds (Series 2022A), 5.000%, 1/1/2052
|
485,385
|
|
|
Missouri—0.4%
|
|
750,000
|
1
|
Kansas City, MO Redevelopment Authority (Kansas City
Convention Center Headquarters Hotel CID), Revenue Bonds
(Series 2018B), 5.000%, 2/1/2040
|
588,819
|
550,000
|
1
|
Kansas City, MO Redevelopment Authority (Kansas City
Convention Center Headquarters Hotel CID), Revenue Bonds
(Series 2018B), (Original Issue Yield: 5.079%), 5.000%, 2/1/2050
|
396,769
|
|
|
TOTAL
|
985,588
|
|
|
Montana—0.1%
|
|
350,000
|
|
Kalispell, MT Housing and Healthcare Facilities (Immanuel
Lutheran Corp.), Revenue Bonds (Series 2017A),
5.250%, 5/15/2047
|
281,732
|
|
|
New Hampshire—0.0%
|
|
417,393
|
1,2,3
|
New Hampshire Health and Education Facilities Authority
(Hillside Village), Revenue Bonds (Series 2017A),
6.125%, 7/1/2037
|
91,827
|
|
|
New Jersey—7.3%
|
|
750,000
|
|
New Jersey EDA (New Jersey State), North Portal Bridge Project
(Series 2022), 5.250%, 11/1/2041
|
816,250
|
1,000,000
|
|
New Jersey EDA (New Jersey State), North Portal Bridge Project
(Series 2022), 5.250%, 11/1/2047
|
1,074,607
|
2,500,000
|
|
New Jersey EDA (New Jersey State), School Facilities
Construction Bonds (Series 2014UU), 5.000%, 6/15/2034
|
2,542,167
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
New Jersey—continued
|
|
$500,000
|
|
New Jersey State Transportation Trust Fund Authority
(New Jersey State), Transportation Program Bonds
(Series 2022AA), 5.000%, 6/15/2035
|
$551,882
|
1,295,000
|
|
New Jersey State Transportation Trust Fund Authority
(New Jersey State), Transportation Program Bonds
(Series 2022BB), 4.000%, 6/15/2042
|
1,235,186
|
1,000,000
|
|
New Jersey State Transportation Trust Fund Authority
(New Jersey State), Transportation System Bonds (Series 2018A),
5.000%, 12/15/2034
|
1,067,190
|
500,000
|
|
New Jersey State Transportation Trust Fund Authority
(New Jersey State), Transportation System Bonds
(Series 2022CC), 5.500%, 6/15/2050
|
545,044
|
2,000,000
|
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds
(Series 2019A), 5.000%, 1/1/2048
|
2,108,208
|
500,000
|
|
South Jersey Transportation Authority, Transportation System
Revenue Bonds (Series 2020A), 4.000%, 11/1/2050
|
460,370
|
3,355,000
|
|
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement
Asset-Backed Refunding Bonds (Series 2018A), 5.250%, 6/1/2046
|
3,489,767
|
2,520,000
|
|
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement
Asset-Backed Senior Refunding Bonds (Series 2018A),
5.000%, 6/1/2035
|
2,664,129
|
|
|
TOTAL
|
16,554,800
|
|
|
New Mexico—0.3%
|
|
650,000
|
|
New Mexico State Hospital Equipment Loan Council
(Presbyterian Healthcare Services), Hospital System Revenue
Bonds (Series 2017A), 5.000%, 8/1/2046
|
673,792
|
|
|
New York—9.8%
|
|
1,650,000
|
|
Build NYC Resource Corporation (KIPP NYC Canal West),
Revenue Bonds (Series 2022), 5.250%, 7/1/2057
|
1,670,269
|
1,000,000
|
|
Metropolitan Transportation Authority, NY (MTA Transportation
Revenue), Revenue Bonds (Series 20114B), 5.250%, 11/15/2044
|
1,004,036
|
1,500,000
|
|
Metropolitan Transportation Authority, NY (MTA Transportation
Revenue), Transportation Revenue Green Bonds (Series 2020C-1),
5.250%, 11/15/2055
|
1,547,318
|
2,000,000
|
|
New York City, NY Municipal Water Finance Authority, Water and
Sewer System Second General Resolution Revenue Bonds
(Series 2023-DD), (Original Issue Yield: 4.380%),
4.125%, 6/15/2047
|
1,983,885
|
1,200,000
|
|
New York City, NY Municipal Water Finance Authority, Water and
Sewer System Second Generation Resolution Revenue Bonds
(Series 2022FF), 5.000%, 6/15/2041
|
1,299,048
|
1,000,000
|
|
New York City, NY Transitional Finance Authority, Future Tax
Secured Subordinate Bonds (Series 2023F-1), (Original Issue
Yield: 4.450%), 4.000%, 2/1/2051
|
967,056
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
New York—continued
|
|
$2,000,000
|
|
New York City, NY, UT GO Bonds (Fiscal 2014 Subseries D-1),
5.000%, 8/1/2030
|
$2,004,220
|
250,000
|
|
New York City, NY, UT GO Bonds (Series 2014G),
5.000%, 8/1/2030
|
252,480
|
1,000,000
|
1
|
New York Liberty Development Corporation (3 World Trade
Center), Revenue Bonds (Series 2014 Class 1),
5.000%, 11/15/2044
|
978,091
|
1,650,000
|
|
New York State Dormitory Authority (New York State Personal
Income Tax Revenue Bond Fund), Revenue Refunding Bonds
(Series 2017B), 4.000%, 2/15/2046
|
1,615,079
|
1,500,000
|
|
New York State Dormitory Authority (New York State Personal
Income Tax Revenue Bond Fund), Revenue Refunding Bonds
(Series 2022A), 4.000%, 3/15/2042
|
1,478,579
|
750,000
|
|
New York State Power Authority (New York State Power Authority
Transmission Project), Green Transmission Project Revenue Bonds
(Series 2022A), (Assured Guaranty Municipal Corp. INS),
4.000%, 11/15/2047
|
722,238
|
1,480,000
|
|
New York State Thruway Authority (New York State Thruway
Authority—General Revenue), General Revenue Junior
Indebtedness Obligations (Series 2016A), 5.000%, 1/1/2046
|
1,507,338
|
1,000,000
|
|
New York Transportation Development Corporation
(JFK International Air Terminal LLC), Special Facilities
Revenue Bonds (Series 2020C), 4.000%, 12/1/2040
|
954,564
|
1,000,000
|
|
Triborough Bridge & Tunnel Authority, NY (MTA Payroll Mobility
Tax), MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien
Bonds (Series 2022D-2), 5.250%, 5/15/2047
|
1,107,665
|
1,000,000
|
|
Triborough Bridge & Tunnel Authority, NY, MTA Bridges and
Tunnels General Revenue Bonds (Series 2022A),
5.000%, 11/15/2047
|
1,083,098
|
1,000,000
|
|
Triborough Bridge & Tunnel Authority, NY, MTA Bridges and
Tunnels Sales Tax Revenue Bonds (Series 2023A), (Original Issue
Yield: 4.630%), 4.250%, 5/15/2058
|
982,306
|
1,000,000
|
|
Utility Debt Securitization Authority, NY, Restructuring Bonds
(Series 2022TE-2), 5.000%, 12/15/2049
|
1,109,614
|
|
|
TOTAL
|
22,266,884
|
|
|
North Carolina—0.5%
|
|
1,000,000
|
|
Charlotte, NC (Charlotte, NC Douglas International Airport),
Airport Revenue Bonds (Series 2017A), 5.000%, 7/1/2047
|
1,035,051
|
|
|
Ohio—3.2%
|
|
1,500,000
|
|
American Municipal Power-Ohio, Inc. (American Municipal Power,
Prairie State Energy Campus Project), Refunding Revenue Bonds
(Series 2015A), 5.000%, 2/15/2042
|
1,508,222
|
1,000,000
|
|
Buckeye Tobacco Settlement Financing Authority, OH, Tobacco
Settlement Asset-Backed Refunding Bonds
(Series 2020B-2 Class 2), 5.000%, 6/1/2055
|
925,094
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Ohio—continued
|
|
$1,000,000
|
|
Cuyahoga County, OH Hospital Authority (MetroHealth System),
Hospital Revenue Bonds (Series 2017), (Original Issue
Yield: 5.030%), 5.000%, 2/15/2057
|
$950,195
|
640,000
|
|
Cuyahoga County, OH Hospital Authority (MetroHealth System),
Hospital Revenue Bonds (Series 2017), 5.250%, 2/15/2047
|
645,979
|
1,440,000
|
|
Muskingum County, OH (Genesis Healthcare Corp.), Hospital
Facilities Revenue Bonds (Series 2013), 5.000%, 2/15/2027
|
1,439,968
|
1,000,000
|
|
University of Cincinnati, OH, General Receipts Bonds
(Series 2013C), (United States Treasury PRF 12/1/2023@100),
5.000%, 6/1/2033
|
1,008,068
|
750,000
|
|
University of Cincinnati, OH, General Receipts Bonds
(Series 2013C), (United States Treasury PRF 12/1/2023@100),
5.000%, 6/1/2039
|
756,051
|
|
|
TOTAL
|
7,233,577
|
|
|
Oregon—0.9%
|
|
2,000,000
|
|
Oregon State (Oregon State Housing and Community Services
Department), Single Family Mortgage Program (Series 2023A),
4.600%, 7/1/2043
|
2,002,834
|
|
|
Pennsylvania—8.5%
|
|
1,500,000
|
|
Allegheny County, PA Hospital Development Authority (UPMC
Health System), Revenue Bonds (Series 2019A),
4.000%, 7/15/2039
|
1,467,455
|
1,000,000
|
|
Commonwealth Financing Authority of PA (Commonwealth of
Pennsylvania), Tobacco Master Settlement Payment Revenue
Bonds (Series 2018), 5.000%, 6/1/2034
|
1,068,704
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Bonds (First Series
2022), 5.000%, 10/1/2042
|
2,216,887
|
45,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran
Social Ministries), Revenue Bonds (Series 2015), (United States
Treasury PRF 1/1/2025@100), 5.000%, 1/1/2038
|
46,141
|
185,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran
Social Ministries), Revenue Bonds (Series 2015), (United States
Treasury PRF 1/1/2025@100), 5.000%, 1/1/2038
|
189,690
|
220,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran
Social Ministries), Revenue Bonds (Series 2015),
5.000%, 1/1/2038
|
220,057
|
1,000,000
|
|
Delaware County, PA Authority (Villanova University), Revenue
Bonds (Series 2015), 5.000%, 8/1/2040
|
1,020,726
|
1,000,000
|
|
Geisinger Authority, PA Health System (Geisinger Health System),
Health System Revenue Bonds (Series 2020A), 4.000%, 4/1/2050
|
907,120
|
1,500,000
|
|
Lehigh County, PA General Purpose Authority (Lehigh Valley
Academy Regional Charter School), Charter School Revenue
Bonds (Series 2022), 4.000%, 6/1/2057
|
1,194,450
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Pennsylvania—continued
|
|
$1,500,000
|
|
Northampton County, PA General Purpose Authority (Lafayette
College), College Refunding and Revenue Bonds (Series 2017),
5.000%, 11/1/2047
|
$1,550,378
|
1,865,000
|
|
Northampton County, PA General Purpose Authority (St. Luke’s
University Health Network), Hospital Revenue Bonds
(Series 2016A), 4.000%, 8/15/2040
|
1,740,407
|
570,000
|
|
Pennsylvania State Economic Development Financing Authority
(UPMC Health System), Revenue Bonds (Series 2023A-2),
4.000%, 5/15/2053
|
519,094
|
1,090,000
|
|
Pennsylvania State Higher Education Facilities Authority
(University of Pennsylvania Health System), Health System
Revenue Bonds (Series 2019), 4.000%, 8/15/2044
|
1,035,268
|
1,000,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue
Bonds (Series 2015B), 5.000%, 12/1/2045
|
1,023,102
|
345,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue
Bonds (Series 2022B), 5.250%, 12/1/2052
|
373,523
|
1,080,000
|
|
Philadelphia, PA Airport System, Airport Revenue and Refunding
Bonds (Series 2017A), 5.000%, 7/1/2047
|
1,111,305
|
1,050,000
|
|
Philadelphia, PA Water & Wastewater System, Water and
Wastewater Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
|
1,105,847
|
1,250,000
|
|
Pittsburgh, PA Water & Sewer Authority, Water and Sewer
System First Lien Revenue Bonds (Series 2020B), (Assured
Guaranty Municipal Corp. GTD), 4.000%, 9/1/2050
|
1,226,176
|
1,200,000
|
|
Westmoreland County, PA Municipal Authority, Municipal Service
Revenue Bonds (Series 2016), (Build America Mutual Assurance
INS), 5.000%, 8/15/2042
|
1,211,566
|
|
|
TOTAL
|
19,227,896
|
|
|
Puerto Rico—2.1%
|
|
5,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax
Bonds (Series 2019A), (Original Issue Yield: 5.154%),
5.000%, 7/1/2058
|
4,777,238
|
|
|
Rhode Island—1.3%
|
|
3,000,000
|
|
Tobacco Settlement Financing Corp., RI, Tobacco Settlement
Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050
|
2,942,478
|
|
|
South Carolina—1.2%
|
|
2,250,000
|
|
South Carolina Jobs-EDA (Prisma Health Obligated Group),
Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
|
2,269,321
|
500,000
|
|
South Carolina State Public Service Authority (Santee Cooper),
Revenue Refunding and Improvement Bonds (Series 2020A),
4.000%, 12/1/2042
|
471,024
|
|
|
TOTAL
|
2,740,345
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Tennessee—1.0%
|
|
$600,000
|
2,3,4
|
Blount County, TN Health and Educational Facilities Board
(Asbury, Inc.), Revenue Refunding and Improvement Bonds
(Series 2016A), 5.000%, 1/1/2047
|
$150,000
|
1,000,000
|
|
Chattanooga, TN Health, Educational & Housing Facility Board
(CommonSpirit Health), Revenue Bonds (Series 2019A),
5.000%, 8/1/2049
|
1,019,063
|
1,000,000
|
|
Metropolitan Nashville Tennessee Airport Authority, Airport
Revenue Bonds (Series 2022A), 5.000%, 7/1/2052
|
1,073,434
|
|
|
TOTAL
|
2,242,497
|
|
|
Texas—8.3%
|
|
500,000
|
|
Austin, TX (Austin, TX Water and Wastewater System), Water and
Wastewater System Revenue Refunding Bonds (Series 2022),
5.000%, 11/15/2052
|
538,371
|
270,000
|
|
Clifton Higher Education Finance Corporation, TX (Idea Public
Schools), 6.000%, 8/15/2033
|
271,312
|
1,000,000
|
|
Clifton Higher Education Finance Corporation, TX (Idea Public
Schools), Education Revenue Bonds (Series 2012),
5.000%, 8/15/2032
|
1,001,084
|
987,000
|
|
Decatur, TX Hospital Authority (Wise Regional Health System),
Hospital Revenue Bonds (Series 2021C), 4.000%, 9/1/2034
|
855,170
|
764,000
|
|
Decatur, TX Hospital Authority (Wise Regional Health System),
Hospital Revenue Bonds (Series 2021C), 4.000%, 9/1/2044
|
600,638
|
835,000
|
|
Grand Parkway Transportation Corp., TX, Subordinate Tier Toll
Revenue Bonds (Series 2013B TELA Supported), (United States
Treasury PRF 10/1/2023@100), 5.250%, 10/1/2051
|
839,927
|
1,000,000
|
|
Harris County, TX Cultural Education Facilities Finance Corp.
(Brazos Presbyterian Homes Holding, Inc.), First Mortgage
Revenue Bonds (Series 2016), 5.000%, 1/1/2048
|
800,497
|
1,460,000
|
|
Harris County, TX IDC (Energy Transfer LP), Marine Terminal
Refunding Revenue Bonds (Series 2023) TOBs, 4.050%,
Mandatory Tender 6/1/2033
|
1,462,700
|
1,500,000
|
|
Lower Colorado River Authority, TX (LCRA Transmission Services
Corp.), Transmission Contract Refunding Revenue Bonds
(Series 2021), 5.000%, 5/15/2051
|
1,575,158
|
685,000
|
|
North Texas Tollway Authority, First Tier Revenue Refunding
Bonds (Series 2015B), 5.000%, 1/1/2045
|
695,595
|
1,930,000
|
|
North Texas Tollway Authority, First Tier Revenue Refunding
Bonds (Series 2017A), 5.000%, 1/1/2048
|
2,005,828
|
415,000
|
|
Red River, TX HFDC (MRC The Crossings), Retirement Facility
Revenue Bonds (Series 2014A), (Original Issue Yield: 7.550%),
(United States Treasury PRF 11/15/2024@100),
7.500%, 11/15/2034
|
438,279
|
1,500,000
|
|
San Antonio, TX Independent School District, UT GO School
Building Bonds (Series 2022), (Texas Permanent School Fund
Guarantee Program GTD), 5.000%, 8/15/2047
|
1,643,687
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS—continued
|
|
|
|
Texas—continued
|
|
$750,000
|
|
Spring Branch, TX Independent School District, UT GO
Schoolhouse Bonds (Series 2022), (Texas Permanent School Fund
Guarantee Program GTD), 5.000%, 2/1/2042
|
$825,793
|
2,000,000
|
|
Spring, TX Independent School District, Unlimited Tax School
Building Bonds (Series 2019), (Texas Permanent School Fund
Guarantee Program GTD), 4.000%, 8/15/2043
|
1,977,354
|
1,500,000
|
|
Texas A & M University System Board of Regents—Permanent
University Fund, Revenue Bonds (Series 2023), 5.000%, 7/1/2040
|
1,686,824
|
1,550,000
|
|
Texas State Transportation Commission (State Highway 249
System), First Tier Toll Revenue Bonds (Series 2019A),
5.000%, 8/1/2057
|
1,552,254
|
|
|
TOTAL
|
18,770,471
|
|
|
Utah—1.0%
|
|
1,970,000
|
|
Intermountain Power Agency, Power Supply Revenue Bonds
(Series 2022A), 5.000%, 7/1/2041
|
2,160,591
|
|
|
Washington—1.3%
|
|
375,000
|
1
|
Washington State Housing Finance Commission (Heron’s Key
Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A),
6.000%, 7/1/2025
|
382,906
|
500,000
|
1
|
Washington State Housing Finance Commission (Presbyterian
Retirement Communities Northwest), Revenue Bonds
(Series 2016), 5.000%, 1/1/2031
|
445,705
|
1,000,000
|
1
|
Washington State Housing Finance Commission (Presbyterian
Retirement Communities Northwest), Revenue Bonds
(Series 2016), 5.000%, 1/1/2051
|
721,143
|
1,000,000
|
1
|
Washington State Housing Finance Commission (Rockwood
Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
|
774,195
|
1,000,000
|
1
|
Washington State Housing Finance Commission (Rockwood
Retirement Communities), Nonprofit Housing Revenue Bonds
(Series 2020A), 5.000%, 1/1/2051
|
711,241
|
|
|
TOTAL
|
3,035,190
|
|
|
Wisconsin—0.4%
|
|
1,000,000
|
1
|
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds
(Series 2022A), 7.250%, 12/1/2042
|
979,301
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $231,407,947)
|
226,541,857
|
|
5
|
SHORT-TERM MUNICIPALS—0.4%
|
|
|
|
Ohio—0.2%
|
|
380,000
|
|
Ohio State Higher Educational Facility Commission (Cleveland
Clinic), (Series 2008 B-4) Daily VRDNs, (Barclays Bank plc LIQ),
3.970%, 6/1/2023
|
380,000
|
Principal
Amount
|
|
|
Value
|
|
5
|
SHORT-TERM MUNICIPALS—continued
|
|
|
|
Pennsylvania—0.2%
|
|
$500,000
|
|
Delaware County, PA IDA (United Parcel Service, Inc.),
(Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD),
4.050%, 6/1/2023
|
$500,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $880,000)
|
880,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $232,287,947)6
|
227,421,857
|
|
|
OTHER ASSETS AND LIABILITIES—NET7
|
2,325,033
|
|
|
LIQUIDATION VALUE OF VARIABLE RATE MUNICIPAL TERM
PREFERRED SHARES (VMTPS)
|
(88,600,000)
|
|
|
TOTAL NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
|
$141,146,890
|
Description
|
Number of
Contracts
|
Notional
Value
|
Expiration
Date
|
Value and
Unrealized
Appreciation
|
Long Futures:
|
|
|
|
|
United States Treasury Long Bond
Long Futures
|
85
|
$10,909,219
|
September 2023
|
$165,156
|
Valuation Inputs
|
|
|
|
|
|
Level 1—
Quoted
Prices
|
Level 2—
Other
Significant
Observable
Inputs
|
Level 3—
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
|
|
|
|
Municipal Bonds
|
$—
|
$226,391,857
|
$150,000
|
$226,541,857
|
Short-Term Municipals
|
—
|
880,000
|
—
|
880,000
|
TOTAL SECURITIES
|
$—
|
$227,271,857
|
$150,000
|
$227,421,857
|
Other Financial Instruments:*
|
|
|
|
|
Assets
|
$165,156
|
$—
|
$—
|
$165,156
|
TOTAL OTHER
FINANCIAL INSTRUMENTS
|
$165,156
|
$—
|
$—
|
$165,156
|
CDD
|
—Community Development District
|
EDA
|
—Economic Development Authority
|
GO
|
—General Obligation
|
GTD
|
—Guaranteed
|
HFDC
|
—Health Facility Development Corporation
|
IDA
|
—Industrial Development Authority
|
IDC
|
—Industrial Development Corporation
|
INS
|
—Insured
|
LIQ
|
—Liquidity Agreement
|
LT
|
—Limited Tax
|
PRF
|
—Pre-refunded
|
TELA
|
—Toll Equity Loan Agreement
|
TEMPS
|
—Tax Exempt Mandatory Paydown Securities
|
TOBs
|
—Tender Option Bonds
|
UT
|
—Unlimited Tax
|
VRDNs
|
—Variable Rate Demand Notes
|
|
Six Months
Ended
(unaudited)
5/31/2023
|
Year Ended November 30,
|
||||
2022
|
2021
|
2020
|
2019
|
2018
|
||
Net Asset Value,
Beginning of Period
|
$12.32
|
$15.65
|
$15.49
|
$15.35
|
$14.31
|
$15.04
|
Income From
Investment Operations:
|
|
|
|
|
|
|
Net investment income
|
0.25
|
0.53
|
0.65
|
0.66
|
0.70
|
0.74
|
Net realized and unrealized gain (loss)
|
(0.05)
|
(3.29)
|
0.16
|
0.09
|
1.00
|
(0.73)
|
Distributions to auction market
preferred shareholders from net
investment income1
|
—
|
—
|
(0.00)2
|
(0.00)2
|
(0.07)
|
(0.05)
|
TOTAL FROM
INVESTMENT OPERATIONS
|
(0.20)
|
(2.76)
|
0.81
|
0.75
|
1.63
|
(0.04)
|
Less Distributions to Common
Shareholders:
|
|
|
|
|
|
|
Distributions from net
investment income
|
(0.24)
|
(0.57)
|
(0.65)
|
(0.61)
|
(0.62)
|
(0.69)
|
Increase From Auction Market
Preferred Share Tender
and Repurchase
|
—
|
—
|
—
|
—
|
0.03
|
—
|
Net Asset Value, End of Period
|
$12.28
|
$12.32
|
$15.65
|
$15.49
|
$15.35
|
$14.31
|
Market Price, End of Period
|
$10.47
|
$11.02
|
$15.23
|
$14.45
|
$14.09
|
$12.40
|
Total Return at Net Asset Value3
|
1.62%
|
(17.84)%
|
5.28%
|
5.11%
|
11.83%
|
(0.28)%
|
Total Return at Market Price4
|
(2.86)%
|
(24.14)%
|
9.99%
|
7.17%
|
18.92%
|
(7.44)%
|
Ratios to Average Net Assets:
|
|
|
|
|
|
|
Net expenses5
|
3.42%6
|
2.17%
|
1.62%
|
2.05%
|
2.66%
|
2.54%
|
Net expenses excluding all interest
and trust expenses7
|
0.99%6,8
|
0.99%
|
0.99%
|
0.99%8
|
0.99%8
|
0.99%8
|
Net investment income9
|
3.93%6
|
3.93%
|
4.11%
|
4.37%
|
4.66%
|
5.06%
|
Expense waiver/reimbursement10
|
0.21%6
|
0.22%
|
0.19%
|
0.22%
|
0.26%
|
0.25%
|
Supplemental Data:
|
|
|
|
|
|
|
Net assets, end of year (000 omitted)
|
$141,147
|
$141,705
|
$179,906
|
$178,130
|
$176,491
|
$164,532
|
Portfolio turnover11
|
19%
|
52%
|
19%
|
20%
|
15%
|
30%
|
|
Total
Amount
Outstanding
|
Asset
Coverage
Per Share
|
Minimum
Required
Asset
Coverage
Per Share
|
Involuntary
Liquidating
Preference
Per Share
|
Average
Market
Value
Per Share12
|
5/31/2023 - VMTPS
|
$88,600,000
|
$129,645
|
$100,355
|
$50,178
|
$50,000
|
11/30/2022 - VMTPS
|
$88,600,000
|
$129,957
|
$100,250
|
$50,125
|
$50,000
|
11/30/2021 - VMTPS
|
$113,600,000
|
$129,256
|
$100,082
|
$50,041
|
$50,000
|
11/30/2020 - VMTPS
|
$113,600,000
|
$126,287
|
$100,086
|
$50,043
|
$50,000
|
11/30/2020 - AMPS
|
$1,175,000
|
$126,287
|
$50,000
|
$25,000
|
$25,000
|
11/30/2019 - VMTPS
|
$113,600,000
|
$125,600
|
$100,168
|
$50,084
|
$50,000
|
11/30/2019 - AMPS
|
$1,175,000
|
$125,600
|
$50,002
|
$25,001
|
$25,000
|
11/30/2018
|
$114,750,000
|
$60,846
|
$50,078
|
$25,039
|
$25,000
|
Assets:
|
|
|
Investment in securities, at value (identified cost $232,287,947)
|
|
$227,421,857
|
Due from broker
|
|
357,000
|
Receivable for variation margin on futures contracts
|
|
69,062
|
Cash
|
|
33,849
|
Income receivable
|
|
3,333,238
|
TOTAL ASSETS
|
|
231,215,006
|
Liabilities:
|
|
|
Payable for investments purchased
|
$656,355
|
|
Income distribution payable - Common Shares
|
442,677
|
|
Interest payable - VMTPS
|
314,591
|
|
Payable for investment adviser fee (Note 4)
|
2,619
|
|
Payable for administrative fee (Note 4)
|
232
|
|
Accrued expenses (Note 4)
|
67,531
|
|
TOTAL ACCRUED LIABILITIES
|
|
1,484,005
|
Other Liabilities:
|
|
|
Variable Rate Municipal Term Preferred Shares (VMTPS) (1,772 shares
authorized and issued at $50,000 per share) (net of deferred offering
costs of $15,889, Note 6)
|
88,584,111
|
|
TOTAL LIABILITIES
|
|
90,068,116
|
Net assets applicable to Common Shares
|
|
$141,146,890
|
Net Assets Applicable to Common Shares Consists of:
|
|
|
Paid-in capital
|
|
$158,805,344
|
Total distributable earnings (loss)
|
|
(17,658,454)
|
TOTAL NET ASSETS APPLICABLE TO COMMON SHARES
|
|
$141,146,890
|
Net Asset Value, Offering Price and Redemption Proceeds
Per Share:
|
|
|
$141,146,890 ÷ 11,498,091 shares outstanding ($0.01 par value,
unlimited shares authorized)
|
|
$12.28
|
Investment Income:
|
|
|
|
Interest
|
|
|
$5,234,908
|
Expenses:
|
|
|
|
Investment adviser fee (Note 4)
|
|
$634,885
|
|
Administrative fee (Note 4)
|
|
56,660
|
|
Custodian fees
|
|
3,505
|
|
Transfer agent fees
|
|
27,801
|
|
Directors’/Trustees’ fees (Note 4)
|
|
3,741
|
|
Auditing fees
|
|
22,937
|
|
Legal fees
|
|
10,294
|
|
Portfolio accounting fees
|
|
57,114
|
|
Printing and postage
|
|
12,733
|
|
Interest expense - VMTPS (Note 6)
|
|
1,728,574
|
|
Miscellaneous (Notes 4)
|
|
29,178
|
|
TOTAL EXPENSES
|
|
2,587,422
|
|
Waiver and Reduction:
|
|
|
|
Waiver of investment adviser fee (Note 4)
|
$(149,930)
|
|
|
Reduction of custodian fees (Note 5)
|
(2,513)
|
|
|
TOTAL WAIVER AND REDUCTION
|
|
(152,443)
|
|
Net expenses
|
|
|
2,434,979
|
Net investment income
|
|
|
2,799,929
|
Realized and Unrealized Gain (Loss) on Investments and
Futures Contracts:
|
|
|
|
Net realized loss on investments
|
|
|
(1,637,786)
|
Net realized loss on futures contracts
|
|
|
(386,608)
|
Net change in unrealized depreciation of investments
|
|
|
1,208,974
|
Net change in unrealized depreciation of futures contracts
|
|
|
199,864
|
Net realized and unrealized loss on investments and
futures contracts
|
|
|
(615,556)
|
Change in net assets resulting from operations applicable
to Common Shares
|
|
|
$2,184,373
|
|
Six Months
Ended
(unaudited)
5/31/2023
|
Year Ended
11/30/2022
|
Increase (Decrease) in Net Assets
|
|
|
Operations:
|
|
|
Net investment income
|
$2,799,929
|
$6,063,028
|
Net realized (loss)
|
(2,024,394)
|
(11,475,692)
|
Net change in unrealized appreciation/depreciation
|
1,408,838
|
(26,234,920)
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
APPLICABLE TO COMMON SHARES
|
2,184,373
|
(31,647,584)
|
Distribution to Common Shareholders
|
(2,742,295)
|
(6,553,912)
|
Change in net assets
|
(557,922)
|
(38,201,496)
|
Net Assets:
|
|
|
Beginning of period
|
141,704,812
|
179,906,308
|
End of period
|
$141,146,890
|
$141,704,812
|
Operating Activities:
|
|
Change in net assets resulting from operations applicable to common shares
|
$2,184,373
|
Adjustments to Reconcile Change in Net Assets Resulting From Operations to Net
Cash Provided By Operating Activities:
|
|
Purchase of investment securities
|
(44,435,031)
|
Proceeds from sale of investment securities
|
43,419,773
|
Net sales of short-term investment securities
|
2,120,000
|
Increase in due from broker
|
(231,000)
|
Decrease in income receivable
|
33,154
|
Decrease in payable for investments purchased
|
(1,286,349)
|
Increase in variation margin on futures contracts
|
(79,375)
|
Increase in interest payable—VMTPS
|
92,848
|
Decrease in payable for Directors’/Trustees’ fees
|
(493)
|
Decrease in payable for administrative fee
|
(572)
|
Decrease in accrued expenses
|
(61,787)
|
Net amortization of premium
|
532,861
|
Net realized loss on investments
|
1,637,786
|
Net change in unrealized depreciation of investments
|
(1,208,974)
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
2,717,214
|
Financing Activities:
|
|
Decrease in deferred offering costs
|
5,278
|
Income distributions to participants
|
(2,771,040)
|
NET CASH USED IN FINANCING ACTIVITIES
|
(2,765,762)
|
Net decrease in cash
|
(48,548)
|
Cash:
|
|
Beginning of period
|
82,397
|
End of period
|
$33,849
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
Market
Value
|
California Public Finance Authority (Kendal at Sonoma), Enso
Village Senior Living Revenue Refunding Bonds
(Series 2021A), 5.000%, 11/15/2056
|
05/27/2021
|
$171,878
|
$140,673
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
|
06/13/2014
|
$600,781
|
$606,959
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
|
07/10/2014
|
$250,325
|
$251,110
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
|
08/27/2015
|
$1,014,784
|
$1,018,998
|
Collier County, FL IDA (Arlington of Naples), Continuing
Care Community Revenue Bonds (Series 2013A), (Original
Issue Yield: 8.250%), 8.125%, 5/15/2044
|
08/11/2017
|
$636,337
|
$68,697
|
Kansas City, MO Redevelopment Authority (Kansas City
Convention Center Headquarters Hotel CID), Revenue
Bonds (Series 2018B), 5.000%, 2/1/2040
|
01/10/2018
|
$751,578
|
$588,819
|
Kansas City, MO Redevelopment Authority (Kansas City
Convention Center Headquarters Hotel CID), Revenue
Bonds (Series 2018B), (Original Issue Yield: 5.079%),
5.000%, 2/1/2050
|
05/15/2018
|
$559,125
|
$396,769
|
Maricopa County, AZ, IDA (Paradise Schools), Revenue
Refunding Bonds, 5.000%, 7/1/2036
|
10/06/2016
|
$588,645
|
$580,542
|
New Hampshire Health and Education Facilities Authority
(Hillside Village), Revenue Bonds (Series 2017A),
6.125%, 7/1/2037
|
06/08/2017
|
$345,850
|
$91,827
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
Market
Value
|
New York Liberty Development Corporation (3 World Trade
Center), Revenue Bonds (Series 2014 Class 1),
5.000%, 11/15/2044
|
10/29/2014
|
$1,000,000
|
$978,091
|
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior
Living Revenue Bonds (Series 2022A), 6.750%, 11/15/2042
|
10/06/2022
|
$628,527
|
$629,741
|
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue
Bonds (Series 2022A), 7.250%, 12/1/2042
|
02/02/2023
|
$1,000,000
|
$979,301
|
Verrado Community Facilities District No. 1, AZ, District GO
Refunding Bonds (Series 2013A), 6.000%, 7/15/2027
|
07/03/2013
|
$640,421
|
$640,471
|
Washington State Housing Finance Commission (Heron’s Key
Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), 6.000%, 7/1/2025
|
07/22/2015
|
$375,718
|
$382,906
|
Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2031
|
12/14/2016
|
$501,620
|
$445,705
|
Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2051
|
02/13/2019
|
$1,024,586
|
$721,143
|
Washington State Housing Finance Commission (Rockwood
Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
|
01/14/2021
|
$1,045,349
|
$774,195
|
Washington State Housing Finance Commission (Rockwood
Retirement Communities), Nonprofit Housing Revenue
Bonds (Series 2020A), 5.000%, 1/1/2051
|
06/09/2021
|
$1,087,106
|
$711,241
|
Fair Value of Derivative Instruments
|
||||
|
Asset
|
Liability
|
||
|
Statement of
Assets and
Liabilities
Location
|
Fair
Value
|
Statement of
Assets and
Liabilities
Location
|
Fair
Value
|
Derivatives not accounted
for as hedging instruments
under ASC Topic 815
|
|
|
|
|
Interest rate contracts
|
Receivable for
variation margin
on future
contracts
|
$165,156 *
|
|
—
|
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
|
|
|
Futures
Contracts
|
Interest rate contracts
|
$(386,608)
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
|
|
|
Futures
Contracts
|
Interest rate contracts
|
$199,864
|
Short-Term
|
Long-Term
|
Total
|
$5,928,614
|
$5,377,431
|
$11,306,045
|
Administrative Fee
|
Average Daily Net Assets
of the Investment Complex
|
0.100%
|
on assets up to $50 billion
|
0.075%
|
on assets over $50 billion
|
Purchases
|
$44,435,031
|
Sales
|
$43,419,773
|
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Investments |
(a) | The Registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. |
(b) | Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
(a) | Not Applicable |
(b) The following is the revised biographical information for Portfolio Manager R. J. Gallo:
R.J. Gallo
R.J. Gallo, CFA, Senior Portfolio Manager, has been the Fund’s portfolio manager since its inception in December of 2002.
Mr. Gallo is Head of the Municipal Bonds Group and Head of the Duration Committee. He is responsible for day-to-day management of the Fund focusing on asset allocation, interest rate strategy and security selection. He has been with the Adviser or an affiliate since 2000; has worked in investment management since 1996; has managed investment portfolios since 2002. Education: B.A., University of Michigan; M.P.A., Princeton University.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
No such purchases this period.
Item 10. | Submission of Matters to a Vote of Security Holders |
No changes to report.
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies
Not Applicable. The registrant does not currently participate in a securities lending program and did not engage in any securities lending activities during the period of this report.
Item 13. | Exhibits |
The following exhibits are filed with this report:
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Premier Municipal Income Fund
By /S/ Lori A. Hensler
Lori A. Hensler, Treasurer and Principal Financial Officer
Date July 21, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, President and Principal Executive Officer
Date July 21, 2023
By /S/ Lori A. Hensler
Lori A. Hensler, Treasurer and Principal Financial Officer
Date July 21, 2023