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, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/2021
Date of Reporting Period: Six months ended 05/31/2021
Item 1. | Reports to Stockholders |
Federated Hermes Premier Municipal Income Fund
Sector Composition | Percentage of Total Investments |
Dedicated Tax | 13.6% |
Hospital | 11.9% |
General Obligation - State | 7.7% |
Refunded | 7.1% |
Tobacco | 6.9% |
Senior Care | 6.6% |
Toll Road | 5.7% |
Other Utility | 4.9% |
Water & Sewer | 4.8% |
Primary/Secondary Education | 4.6% |
Other2 | 26.2% |
Derivative Contracts3,4 | (0.0)% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—99.2% | |||
Alabama—0.4% | |||
$1,000,000 | Selma, AL IDB (International Paper Co.), Revenue Bonds (Series 2011A), 5.375%, 12/1/2035 | $1,022,505 | |
Arizona—1.9% | |||
500,000 | Arizona State IDA (Equitable School Revolving Fund), Senior National Charter School Revenue Bonds (Series 2020A), 4.000%, 11/1/2045 | 579,051 | |
500,000 | Arizona State Industrial Development Authority Education Revenue (Basis Schools, Inc. Obligated Group), Education Revenue Bonds (Series 2017F), (School District Credit Program GTD), 5.000%, 7/1/2052 | 576,593 | |
335,000 | 1 | Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036 | 375,398 |
1,000,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Line Airport Revenue Bonds (Series 2019A), 4.000%, 7/1/2044 | 1,169,547 | |
2,000,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034 | 2,199,140 | |
640,000 | 1 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 677,493 |
TOTAL | 5,577,222 | ||
California—7.1% | |||
1,000,000 | California Educational Facilities Authority (Stanford University), Revenue Bonds, 5.250%, 4/1/2040 | 1,518,530 | |
3,000,000 | California Health Facilities Financing Authority (Stanford Health Care), Revenue Refunding Bonds (Series 2017A), 4.000%, 11/15/2040 | 3,496,330 | |
165,000 | 1 | California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2056 | 182,455 |
600,000 | 1 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034 | 662,693 |
250,000 | 1 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 275,024 |
1,000,000 | 1 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 1,134,257 |
1,000,000 | California State, Various Purpose UT GO Bonds, 5.000%, 9/1/2030 | 1,012,234 | |
1,000,000 | 1 | California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.000%, 11/1/2034 | 1,067,094 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$375,000 | 1 | California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.250%, 11/1/2044 | $399,039 |
1,110,000 | Chula Vista, CA Municipal Finance Authority, Special Tax Revenue Refunding Bonds (Series 2013), 5.500%, 9/1/2028 | 1,232,265 | |
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 | 1,145,776 | |
1,000,000 | Foothill/Eastern Transportation Corridor Agency, CA, Toll Road Refunding Revenue Bonds (Series 2013B-1) TOBs, 5.500%, Mandatory Tender 1/15/2023 | 1,055,160 | |
165,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028 | 181,392 | |
1,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | 2,370,954 | |
1,350,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Original Issue Yield: 6.375%), (Citigroup, Inc. GTD), 6.125%, 11/1/2029 | 1,720,110 | |
265,000 | Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2049 | 333,849 | |
1,440,000 | University of California (The Regents of), Limited Project Revenue Bonds (Series 2012G), (United States Treasury PRF 5/15/2022@100), 5.000%, 5/15/2031 | 1,507,036 | |
1,740,000 | University of California (The Regents of), Limited Project Revenue Bonds (Series 2012G), 5.000%, 5/15/2031 | 1,819,226 | |
TOTAL | 21,113,424 | ||
Colorado—2.7% | |||
115,000 | Colorado Educational & Cultural Facilities Authority (Aspen View Academy), Charter School Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | 127,662 | |
500,000 | Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), 5.000%, 12/15/2035 | 552,933 | |
1,000,000 | Colorado Health Facilities Authority (Covenant Retirement Communities, Inc.), Revenue Refunding Bonds (Series 2012A), (United States Treasury PRF 12/1/2022@100), 5.000%, 12/1/2027 | 1,072,507 | |
1,250,000 | Colorado Health Facilities Authority (Sisters of Charity of Leavenworth Health System), Revenue Bonds (Series 2013A), (Original Issue Yield: 5.120%), 5.000%, 1/1/2044 | 1,376,136 | |
55,000 | Leyden Rock Metropolitan District No. 10, CO, LT GO Refunding & Improvement Bonds (Series 2016A), 4.000%, 12/1/2025 | 57,257 | |
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 | 3,129,768 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Colorado—continued | |||
$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 | $445,381 | |
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 | 1,097,107 | |
TOTAL | 7,858,751 | ||
Connecticut—0.7% | |||
1,755,000 | Connecticut State Special Transportation Fund, Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2037 | 2,202,965 | |
District of Columbia—1.0% | |||
250,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2033 | 279,978 | |
225,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2048 | 251,981 | |
500,000 | District of Columbia Revenue (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041 | 571,360 | |
455,000 | District of Columbia Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, (Original Issue Yield: 6.670%), 6.500%, 5/15/2033 | 506,260 | |
1,275,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Dulles Toll Road Subordinate Lien Revenue Refunding Bonds (Series 2019B), (Assured Guaranty Municipal Corp. INS), 4.000%, 10/1/2053 | 1,465,603 | |
TOTAL | 3,075,182 | ||
Florida—4.8% | |||
1,000,000 | Atlantic Beach, FL Health Care Facilities (Fleet Landing Project, FL), Revenue & Refunding Bonds (Series 2013A), 5.000%, 11/15/2028 | 1,080,195 | |
800,000 | 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 | 544,000 |
1,000,000 | 1 | Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 1,144,937 |
2,000,000 | Florida State Department of Transportation (Florida State), Florida Right-of-Way Acquisition and Bridge Construction Bonds (Series 2018B), 4.000%, 7/1/2039 | 2,392,555 | |
2,000,000 | Miami-Dade County, FL Transit System, Sales Surtax Revenue Bonds (Series 2012), (United States Treasury PRF 7/1/2022@100), 5.000%, 7/1/2042 | 2,105,809 | |
2,500,000 | Miami-Dade County, FL Water & Sewer, Water & Sewer System Revenue Refunding Bonds (Series 2019), 4.000%, 10/1/2049 | 2,948,275 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$500,000 | Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A), 5.000%, 5/1/2029 | $523,849 | |
165,000 | Palm Beach County, FL Health Facilities Authority (Sinai Residences of Boca Raton), Revenue Bonds (Series 2014A), 7.250%, 6/1/2034 | 176,626 | |
900,000 | Rivers Edge II CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | 935,103 | |
1,000,000 | Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 5.000%, 7/1/2050 | 1,249,362 | |
665,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-1), (Original Issue Yield: 6.930%), (Step Coupon 11/1/2021@6.610%), 0.000%, 5/1/2040 | 643,226 | |
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 | 313,700 | |
450,000 | 2,3 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040 | 5 |
210,000 | 2,3,4 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.375%, 5/1/2017 | 2 |
160,000 | 2,3 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 3), 6.650%, 5/1/2040 | 2 |
155,000 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series A-4), (Original Issue Yield: 6.610%), (Step Coupon 5/1/2022@6.610%), 0.000%, 5/1/2040 | 136,573 | |
TOTAL | 14,194,219 | ||
Georgia—0.2% | |||
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 | 603,144 | |
Guam—0.3% | |||
895,000 | Guam Government Business Privilege Tax, Business Privilege Tax Refunding Bonds (Series 2021F), 4.000%, 1/1/2042 | 1,017,952 | |
Idaho—0.5% | |||
1,750,000 | Idaho Health Facilities Authority (Terraces of Boise), Revenue Bonds (Series 2013A), (Original Issue Yield: 7.500%), 7.375%, 10/1/2029 | 1,507,388 | |
Illinois—10.3% | |||
1,000,000 | Chicago, IL Board of Education, UT GO Bonds (Series 2021A), 5.000%, 12/1/2032 | 1,266,572 | |
1,015,000 | Chicago, IL Board of Education, UT GO Dedicated Revenue Refunding Bonds (Series 2012A), 5.000%, 12/1/2042 | 1,068,487 | |
3,000,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2014B), 5.000%, 1/1/2035 | 3,333,629 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$2,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 1/1/2053 | $2,448,122 | |
200,000 | Chicago, IL Special Assessment (Lakeshore East Project), Improvement Bonds (Series 2002), (Original Issue Yield: 6.637%), 6.625%, 12/1/2022 | 200,599 | |
1,000,000 | Chicago, IL Special Assessment (Lakeshore East Project), Improvement Revenue Bonds, (Original Issue Yield: 6.769%), 6.750%, 12/1/2032 | 1,002,343 | |
1,000,000 | Chicago, IL Transit Authority, Second Lien Sales Tax Receipts Revenue Bonds (Series 2020A), 4.000%, 12/1/2055 | 1,137,067 | |
1,000,000 | Chicago, IL Water Revenue, Second Lien Water Revenue Refunding Bonds (Series 2017-2), (Assured Guaranty Municipal Corp. INS), 5.000%, 11/1/2036 | 1,236,036 | |
329,000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | 330,299 | |
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 | 1,025,116 | |
1,340,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 1,631,134 | |
1,660,000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026 | 2,004,195 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2018A), 5.000%, 5/1/2042 | 1,184,916 | |
750,000 | Illinois State, UT GO Bonds (Series 2020B), (Original Issue Yield: 5.850%), 5.750%, 5/1/2045 | 967,940 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041 | 2,289,221 | |
1,000,000 | Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.650%), 5.500%, 7/1/2038 | 1,082,729 | |
235,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2026 | 283,131 | |
1,900,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2046 | 2,360,603 | |
2,255,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.000%, 8/1/2025 | 2,375,861 | |
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 | 1,811,964 | |
1,250,000 | Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds (Series 2018A), 5.000%, 1/1/2048 | 1,494,974 | |
TOTAL | 30,534,938 | ||
Indiana—1.9% | |||
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 | 1,027,666 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Indiana—continued | |||
$500,000 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), 5.250%, 1/1/2038 | $550,840 | |
250,000 | Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2042 | 306,090 | |
1,500,000 | Indiana State Finance Authority Wastewater Utilities (CWA Authority), First Lien Wastewater Utility Revenue Bonds (Series 2011A), 5.250%, 10/1/2031 | 1,524,693 | |
2,000,000 | Indiana State Finance Authority Wastewater Utilities (CWA Authority), First Lien Wastewater Utility Revenue Bonds (Series 2014A), 5.000%, 10/1/2032 | 2,298,726 | |
TOTAL | 5,708,015 | ||
Iowa—0.4% | |||
1,000,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2013), (Original Issue Yield: 5.300%), 5.250%, 12/1/2025 | 1,094,416 | |
205,000 | Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area Revenue Bonds (Series 2019), 3.125%, 12/1/2022 | 209,056 | |
TOTAL | 1,303,472 | ||
Kansas—0.8% | |||
2,000,000 | Wyandotte County, KS Unified Government Utility System, Improvement & Refunding Revenue Bonds (Series 2014-A), 5.000%, 9/1/2044 | 2,260,655 | |
Kentucky—0.7% | |||
1,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2031 | 1,047,712 | |
1,000,000 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds (Series 2013), (Original Issue Yield: 5.950%), 5.750%, 7/1/2049 | 1,103,460 | |
TOTAL | 2,151,172 | ||
Louisiana—1.1% | |||
1,000,000 | Louisiana State Citizens Property Insurance Corp., Refunding Revenue Bonds (Series 2012), (United States Treasury PRF 6/1/2022@100), 5.000%, 6/1/2024 | 1,048,414 | |
1,500,000 | St. Charles Parish, LA Gulf Opportunity Zone (Valero Energy Corp.), Revenue Bonds (Series 2010) TOBs, 4.000%, Mandatory Tender 6/1/2022 | 1,553,172 | |
550,000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2011) TOBs, 5.850%, Mandatory Tender 6/1/2025 | 629,136 | |
TOTAL | 3,230,722 | ||
Maine—0.4% | |||
600,000 | Maine Health & Higher Educational Facilities Authority (MaineGeneral Medical Center), Revenue Bonds (Series 2011), (Original Issue Yield: 7.000%), (United States Treasury PRF 7/1/2021@100), 6.750%, 7/1/2041 | 603,213 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Maine—continued | |||
$665,000 | Maine Health & Higher Educational Facilities Authority (MaineGeneral Medical Center), Revenue Bonds (Series 2011), (United States Treasury PRF 7/1/2021@100), 7.500%, 7/1/2032 | $668,962 | |
TOTAL | 1,272,175 | ||
Maryland—0.9% | |||
1,500,000 | Baltimore, MD (Baltimore, MD Wastewater Utility), Project Revenue Bonds (Series 2019A), 4.000%, 7/1/2044 | 1,767,934 | |
320,000 | Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038 | 351,226 | |
400,000 | Westminster, MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds (Series 2014A), 6.000%, 7/1/2034 | 438,881 | |
TOTAL | 2,558,041 | ||
Massachusetts—2.1% | |||
2,000,000 | Commonwealth of Massachusetts, UT GO Bonds (Series 2018A), 5.000%, 1/1/2047 | 2,480,477 | |
2,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2016A), 5.000%, 7/15/2040 | 2,959,261 | |
620,000 | Massachusetts Development Finance Agency (Wellforce Obligated Group), Revenue Bonds (Series 2020C), (Assured Guaranty Municipal Corp. INS), 4.000%, 10/1/2045 | 727,031 | |
TOTAL | 6,166,769 | ||
Michigan—4.6% | |||
445,000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045 | 552,344 | |
2,500,000 | Michigan Finance Authority Local Government Loan Program (McLaren Health Care Corp.), Revenue Bonds (Series 2019A), 4.000%, 2/15/2050 | 2,858,231 | |
500,000 | Michigan State Finance Authority Revenue (Great Lakes, MI Water Authority Sewage Disposal System), Local Government Loan Program Revenue Bonds (Series 2015C-1), 5.000%, 7/1/2035 | 583,730 | |
750,000 | Michigan State Finance Authority Revenue (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 | 851,748 | |
600,000 | Michigan State Finance Authority Revenue (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 | 678,247 | |
1,750,000 | Michigan State Finance Authority Revenue (Public Lighting Authority ), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2039 | 1,883,229 | |
300,000 | Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2041 | 362,499 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—continued | |||
$3,705,000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D), 5.000%, 9/1/2033 | $4,142,564 | |
1,490,000 | Wayne County, MI Airport Authority, Revenue Bonds (Series 2012A), 5.000%, 12/1/2037 | 1,591,879 | |
TOTAL | 13,504,471 | ||
Minnesota—0.2% | |||
400,000 | Western Minnesota Municipal Power Agency, MN, Power Supply Revenue Bonds (Series 2014A), (United States Treasury PRF 1/1/2024@100), 5.000%, 1/1/2040 | 449,283 | |
Mississippi—0.1% | |||
315,000 | Warren County, MS Gulf Opportunity Zone (International Paper Co.), Gulf Opportunity Zone Bonds (Series 2011A), 5.375%, 12/1/2035 | 322,089 | |
Missouri—0.6% | |||
750,000 | 1 | Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), 5.000%, 2/1/2040 | 812,608 |
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 | 592,195 |
275,000 | Cape Girardeau County, MO IDA (SoutheastHEALTH Obligated Group), Health Facilities Revenue Bonds (Series 2021), 4.000%, 3/1/2041 | 315,939 | |
TOTAL | 1,720,742 | ||
Montana—0.1% | |||
350,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047 | 376,635 | |
Nebraska—2.3% | |||
2,000,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2012), (Original Issue Yield: 5.050%), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2042 | 2,118,739 | |
2,500,000 | Central Plains Energy Project, NE, Gas Project Revenue Bonds (Project No. 3) (Series 2017A), (Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2042 | 3,699,860 | |
1,000,000 | Nebraska Public Power District, General Revenue Bonds (Series 20014A), 5.000%, 1/1/2039 | 1,028,312 | |
TOTAL | 6,846,911 | ||
New Hampshire—0.1% | |||
500,000 | 1,2,3,5 | New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, 7/1/2037 | 275,000 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New Jersey—7.6% | |||
$1,500,000 | New Jersey EDA (New Jersey State), School Construction Bonds (Series 2021QQQ), 4.000%, 6/15/2046 | $1,719,303 | |
2,500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2014UU), 5.000%, 6/15/2034 | 2,798,463 | |
1,500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2014PP), 5.000%, 6/15/2031 | 1,687,550 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2020AA), 4.000%, 6/15/2045 | 1,147,491 | |
600,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2011A), (United States Treasury PRF 6/15/2021@100), 6.000%, 6/15/2035 | 601,257 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2034 | 1,247,440 | |
250,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2031 | 313,319 | |
1,500,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2022@100), 5.000%, 1/1/2032 | 1,579,357 | |
500,000 | South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 4.000%, 11/1/2050 | 573,893 | |
2,600,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2036 | 3,199,091 | |
2,355,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.250%, 6/1/2046 | 2,867,900 | |
4,000,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Subordinate Refunding Bonds (Series 2018B), 5.000%, 6/1/2046 | 4,699,998 | |
TOTAL | 22,435,062 | ||
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 | 784,751 | |
New York—10.3% | |||
1,000,000 | Erie County, NY IDA (Buffalo, NY City School District), School Facility Revenue Bonds (Series 2011A), 5.250%, 5/1/2027 | 1,001,712 | |
365,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Senior Revenue Bonds (Series 2012A), 5.750%, 2/15/2047 | 366,415 | |
500,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds (Series 2020C-1), 5.000%, 11/15/2050 | 613,610 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$1,500,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds (Series 2020C-1), 5.250%, 11/15/2055 | $1,868,290 | |
500,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds (Series 2017B), 5.000%, 11/15/2024 | 576,698 | |
500,000 | New York City, NY IDA (Yankee Stadium LLC), Pilot Revenue Refunding Bonds (Series 2020A), (Assured Guaranty Municipal Corp. INS), 4.000%, 3/1/2045 | 584,353 | |
900,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Revenue Bonds (Series 2014A-1), 5.000%, 8/1/2036 | 1,026,263 | |
2,000,000 | New York City, NY, UT GO Bonds (Fiscal 2014 Subseries D-1), 5.000%, 8/1/2030 | 2,200,159 | |
1,000,000 | New York City, NY, UT GO Bonds (Series 2012D-1), 4.000%, 3/1/2048 | 1,166,941 | |
250,000 | New York City, NY, UT GO Bonds (Series 2014G), 5.000%, 8/1/2030 | 279,618 | |
1,000,000 | 1 | New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044 | 1,105,590 |
1,000,000 | New York Liberty Development Corporation (4 World Trade Center), Liberty Revenue Bonds (Series 2011), 5.000%, 11/15/2031 | 1,021,280 | |
2,000,000 | New York Liberty Development Corporation (4 World Trade Center), Liberty Revenue Bonds (Series 2011), 5.750%, 11/15/2051 | 2,047,485 | |
2,000,000 | New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 1), 5.000%, 9/15/2028 | 2,075,309 | |
1,030,000 | New York Liberty Development Corporation (7 World Trade Center LLC), Revenue Refunding Bonds (Series 2012 Class 2), 5.000%, 9/15/2043 | 1,064,918 | |
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 | 1,871,330 | |
2,000,000 | New York State Dormitory Authority (New York State Sales Tax Revenue Bond Fund), Revenue Bonds (Series 2018C), 5.000%, 3/15/2038 | 2,503,053 | |
1,500,000 | New York State Power Authority, Revenue Bonds (Series 2020A), 4.000%, 11/15/2055 | 1,747,378 | |
750,000 | New York State Thruway Authority (New York State Thruway Authority—General Revenue), General Revenue Bonds (Series 2012I), (United States Treasury PRF 1/1/2022@100), 5.000%, 1/1/2037 | 771,502 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$2,805,000 | New York State Thruway Authority (New York State Thruway Authority—General Revenue), General Revenue Junior Indebtedness Obligations (Series 2019B), 4.000%, 1/1/2039 | $3,304,803 | |
2,300,000 | New York State Urban Development Corp. (New York State Sales Tax Revenue Bond Fund), State Sales Tax Revenue Bonds (Series 2019A), 4.000%, 3/15/2045 | 2,687,016 | |
500,000 | New York Transportation Development Corporation (JFK International Air Terminal LLC), Special Facilities Revenue Bonds (Series 2020C), 4.000%, 12/1/2039 | 596,138 | |
TOTAL | 30,479,861 | ||
North Carolina—1.0% | |||
2,385,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Health Care Revenue & Refunding Revenue Bonds (Series 2012A), 5.000%, 1/15/2043 | 2,447,155 | |
500,000 | North Carolina Medical Care Commission (Forest at Duke), Retirement Facilities First Mortgage Revenue Bonds (Series 2021), 4.000%, 9/1/2041 | 580,844 | |
TOTAL | 3,027,999 | ||
Ohio—5.6% | |||
750,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2040 | 890,702 | |
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 | 553,751 | |
3,150,000 | Buckeye Tobacco Settlement Financing Authority, OH, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2020B-2 Class 2), 5.000%, 6/1/2055 | 3,648,905 | |
500,000 | Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital Revenue Bonds (Series 2017), (Original Issue Yield: 5.030%), 5.000%, 2/15/2057 | 575,909 | |
1,310,000 | Hamilton County, OH (Life Enriching Communities), Healthcare Improvement and Refunding Revenue Bonds (Series 2017A), 5.000%, 1/1/2047 | 1,475,211 | |
945,000 | Lucas County, OH (ProMedica Healthcare Obligated Group), Revenue Bonds (Series 2011A), (Original Issue Yield: 6.220%), (United States Treasury PRF 11/15/2021@100), 6.000%, 11/15/2041 | 970,276 | |
1,440,000 | Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), 5.000%, 2/15/2027 | 1,517,215 | |
2,160,000 | Ohio State Hospital Revenue (University Hospitals Health System, Inc.), Revenue Bonds (Series 2020A), 4.000%, 1/15/2050 | 2,487,816 | |
1,500,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), 5.250%, 2/15/2029 | 1,622,440 | |
800,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), 5.250%, 2/15/2030 | 865,016 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Ohio—continued | |||
$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 | $1,120,576 | |
750,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2013C), (United States Treasury PRF 12/1/2023@100), 5.000%, 6/1/2039 | 840,432 | |
TOTAL | 16,568,249 | ||
Oklahoma—0.7% | |||
325,000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2052 | 400,988 | |
1,300,000 | Oklahoma Development Finance Authority (OU Medicine), Hospital Revenue Bonds (Series 2018B), 5.500%, 8/15/2057 | 1,600,241 | |
TOTAL | 2,001,229 | ||
Pennsylvania—4.1% | |||
2,000,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2026 | 2,081,837 | |
1,000,000 | Allentown, PA Neighborhood Improvement Zone Development Authority, Tax Revenue Bonds (Series 2012A), 5.000%, 5/1/2042 | 1,032,110 | |
1,000,000 | Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Tobacco Master Settlement Payment Revenue Bonds (Series 2018), 5.000%, 6/1/2034 | 1,226,954 | |
165,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), (United States Treasury PRF 1/1/2023@100), 5.000%, 1/1/2023 | 177,328 | |
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 | 52,212 | |
1,090,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2023 | 1,162,466 | |
405,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038 | 448,254 | |
1,000,000 | Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2040 | 1,160,193 | |
1,000,000 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A), 4.000%, 4/1/2050 | 1,164,514 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045 | 1,178,466 | |
625,000 | Pennsylvania State Turnpike Commission, Turnpike Subordinate Revenue Bonds (Series 2021A), 4.000%, 12/1/2050 | 733,218 | |
1,420,000 | Pennsylvania State University, (Series 2020A), 4.000%, 9/1/2050 | 1,659,598 | |
TOTAL | 12,077,150 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Puerto Rico—3.1% | |||
$3,630,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | $4,132,048 | |
3,420,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-1), 4.750%, 7/1/2053 | 3,836,091 | |
1,153,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A-2), 4.784%, 7/1/2058 | 1,292,630 | |
TOTAL | 9,260,769 | ||
Rhode Island—1.1% | |||
3,000,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050 | 3,336,279 | |
South Carolina—1.8% | |||
2,000,000 | Piedmont Municipal Power Agency, SC, Electric Refunding Revenue Bonds (Series 2010A-3), 5.000%, 1/1/2024 | 2,006,265 | |
2,250,000 | South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048 | 2,693,508 | |
500,000 | South Carolina Public Service Company (Santee Cooper), Revenue Refunding and Improvement Bonds (Series 2020A), 4.000%, 12/1/2040 | 592,350 | |
TOTAL | 5,292,123 | ||
South Dakota—0.6% | |||
1,500,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), 5.000%, 6/1/2027 | 1,613,685 | |
Tennessee—2.4% | |||
600,000 | Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds (Series 2016A), 5.000%, 1/1/2047 | 487,190 | |
1,500,000 | Chattanooga, TN Health & Housing Facility Board (CommonSpirit Health), Revenue Refunding Bonds (Series 2019 A-1), 4.000%, 8/1/2036 | 1,745,856 | |
1,000,000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054 | 1,253,927 | |
2,000,000 | Rutherford County, TN Health and Educational Facilities Board (Ascension Health Alliance Senior Credit Group), Revenue Bonds (Series 2012C), (United States Treasury PRF 11/15/2021@100), 5.000%, 11/15/2047 | 2,044,628 | |
1,500,000 | Tennessee Energy Acquisition Corp., Gas Revenue Bonds (Series 2006A), (Goldman Sachs Group, Inc. GTD), 5.250%, 9/1/2021 | 1,518,544 | |
TOTAL | 7,050,145 | ||
Texas—9.7% | |||
2,640,000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2036 | 3,032,181 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$270,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools ), 6.000%, 8/15/2033 | $296,151 | |
1,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools ), Education Revenue Bonds (Series 2012), 5.000%, 8/15/2032 | 1,038,869 | |
2,240,000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016B), 4.000%, 12/1/2036 | 2,567,208 | |
1,500,000 | Dallas-Fort Worth, TX International Airport, Joint Revenue Improvement Bonds (Series 2013B), 5.000%, 11/1/2030 | 1,600,255 | |
1,000,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2014A), (Original Issue Yield: 5.050%), 5.000%, 9/1/2034 | 1,115,940 | |
750,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2014A), (Original Issue Yield: 5.300%), 5.250%, 9/1/2044 | 837,864 | |
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 | 934,243 | |
1,000,000 | Harris County, TX Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.), First Mortgage Revenue Bonds (Series 2016), 5.000%, 1/1/2048 | 1,106,220 | |
500,000 | Houston, TX Higher Education Finance Corp. (Cosmos Foundation, Inc. ), Education Revenue Bonds (Series 2012A), 5.000%, 2/15/2032 | 511,364 | |
1,525,000 | Houston, TX Higher Education Finance Corp. (Harmony Public Schools ), Education Revenue & Refunding Bonds (Series 2014A), (Texas Permanent School Fund Guarantee Program GTD), 5.000%, 2/15/2033 | 1,679,035 | |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 4.000%, 5/15/2049 | 1,680,593 | |
175,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Crestview), Retirement Facility Revenue Bonds (Series 2016), 5.000%, 11/15/2036 | 187,281 | |
685,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2045 | 779,921 | |
1,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2014B), 5.000%, 1/1/2031 | 1,676,252 | |
415,000 | Red River, TX HFDC (MRC The Crossings), Retirement Facility Revenue Bonds (Series 2014A), (Original Issue Yield: 7.550%), 7.500%, 11/15/2034 | 461,256 | |
2,000,000 | Spring, TX ISD, Unlimited Tax School Building Bonds (Series 2019), (Texas Permanent School Fund Guarantee Program GTD), 4.000%, 8/15/2043 | 2,323,040 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$400,000 | 2,3 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community), Retirement Facility Revenue Bonds (Series 2015A Fixed Rate Bonds), 5.500%, 11/15/2045 | $180,000 |
845,000 | Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living-Ventana Project), Tax-Exempt Mandatory Paydown Securities 80 (Series 2017B-1), 5.625%, 11/15/2024 | 846,523 | |
1,750,000 | Texas Private Activity Bonds Surface Transportation Corporation (LBJ Infrastructure Group LLC), Senior Lien Revenue Refunding Bonds I-635 Managed Lanes Project (Series 2020A), 4.000%, 12/31/2037 | 2,078,720 | |
235,000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057 | 274,560 | |
3,000,000 | University of Texas System (The Board of Regents of), Revenue Financing System Bonds (Series 2017B), 4.000%, 8/15/2044 | 3,521,121 | |
TOTAL | 28,728,597 | ||
Virginia—1.2% | |||
1,900,000 | Richmond, VA Public Utility, Revenue Bonds (Series 2020A), 4.000%, 1/15/2050 | 2,250,919 | |
1,000,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2049 | 1,164,258 | |
TOTAL | 3,415,177 | ||
Washington—3.1% | |||
250,000 | Tobacco Settlement Authority, WA, Tobacco Settlement Revenue Refunding Bonds (Series 2013), 5.250%, 6/1/2031 | 250,000 | |
880,000 | Washington State Convention Center Public Facilities District, Junior Lodging Tax Notes (Series 2021), 4.000%, 7/1/2031 | 1,015,225 | |
1,625,000 | Washington State Convention Center Public Facilities District, Revenue Bonds (Series 2018), 5.000%, 7/1/2058 | 1,956,527 | |
480,000 | 1 | Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 6.000%, 7/1/2025 | 531,985 |
500,000 | 1 | Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2031 | 550,243 |
1,000,000 | 1 | Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 1,075,083 |
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 | 1,126,844 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Washington—continued | |||
$2,000,000 | Washington State, UT GO Motor Vehicle Fuel Tax Bonds (Series 2019B), 5.000%, 6/1/2039 | $2,518,113 | |
TOTAL | 9,024,020 | ||
Wisconsin—0.4% | |||
1,050,000 | Wisconsin Health & Educational Facilities Authority (Hospital Sisters Services, Inc.), Revenue Refunding Bonds (Series 2014A), 5.000%, 11/15/2029 | 1,176,951 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $271,161,211) | 293,125,889 | ||
6 | SHORT-TERM MUNICIPALS—0.8% | ||
Alabama—0.2% | |||
800,000 | Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.040%, 6/1/2021 | 800,000 | |
Georgia—0.2% | |||
600,000 | Monroe County, GA Development Authority Pollution Control (Gulf Power Co.), (1st Series Remarketing 2019) Daily VRDNs, 0.050%, 6/1/2021 | 600,000 | |
Pennsylvania—0.4% | |||
1,100,000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.040%, 6/1/2021 | 1,100,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $2,500,000) | 2,500,000 | ||
TOTAL INVESTMENT IN SECURITIES—100% (IDENTIFIED COST $273,661,211)7 | 295,625,889 | ||
OTHER ASSETS AND LIABILITIES—NET8 | 964,930 | ||
LIQUIDATION VALUE OF VARIABLE RATE MUNICIPAL TERM PREFERRED SHARES | (113,600,000) | ||
LIQUIDATION VALUE OF AUCTION MARKET PREFERRED SHARES | (1,175,000) | ||
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $181,815,519 |
Description | Number of Contracts | Notional Value | Expiration Date | Value and Unrealized (Depreciation) |
Short Futures: | ||||
3United States Treasury Notes 10-Year | 60 | $7,916,250 | September 2021 | $(14,204) |
3United States Treasury Long Bond | 20 | $3,130,625 | September 2021 | $(17,240) |
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(31,444) |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Municipal Bonds | $— | $ 292,850,889 | $1275,000 | $293,125,889 |
Short-Term Municipals | — | 2,500,000 | — | 2,500,000 |
TOTAL SECURITIES | $— | $295,350,889 | $275,000 | $295,625,889 |
Other Financial Instruments:2 | ||||
Assets | $— | $— | $— | $— |
Liabilities | (31,444) | — | — | (31,444) |
TOTAL OTHER FINANCIAL INSTRUMENTS | $(31,444) | $— | $— | $(31,444) |
CDD | —Community Development District |
COL | —Collateralized |
EDA | —Economic Development Authority |
GO | —General Obligation |
GTD | —Guaranteed |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
INS | —Insured |
ISD | —Independent School District |
LT | —Limited Tax |
PCR | —Pollution Control Revenue |
PILOT | —Payment in Lieu of Taxes |
PRF | —Pre-refunded |
TELA | —Toll Equity Loan Agreement |
TOBs | —Tender Option Bonds |
UT | —Unlimited Tax |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 5/31/2021 | Year Ended November 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $15.49 | $15.35 | $14.31 | $15.04 | $14.55 | $15.26 |
Income From Investment Operations: | ||||||
Net investment income | 0.33 | 0.66 | 0.70 | 0.74 | 0.791 | 0.811 |
Net realized and unrealized gain (loss) | 0.31 | 0.09 | 1.00 | (0.73) | 0.43 | (0.66) |
Distributions to auction market preferred shareholders from net investment income2 | (0.00)3 | (0.00)3 | (0.07) | (0.05) | (0.00)3 | (0.00)3 |
TOTAL FROM INVESTMENT OPERATIONS | 0.64 | 0.75 | 1.63 | (0.04) | 1.22 | 0.15 |
Less Distributions to Common Shareholders: | ||||||
Distributions from net investment income | (0.32) | (0.61) | (0.62) | (0.69) | (0.73) | (0.86) |
Increase From Auction Market Preferred Share Tender and Repurchase | — | — | 0.03 | — | — | — |
Net Asset Value, End of Period | $15.81 | $15.49 | $15.35 | $14.31 | $15.04 | $14.55 |
Market Price, End of Period | $15.83 | $14.45 | $14.09 | $12.40 | $14.11 | $14.07 |
Total Return at Net Asset Value4 | 4.20% | 5.11% | 11.83% | (0.28)% | 8.54% | 0.73% |
Total Return at Market Price5 | 11.96% | 7.17% | 18.92% | (7.44)% | 5.51% | 0.17% |
Ratios to Average Net Assets: | ||||||
Net expenses6 | 1.63%7 | 2.05% | 2.66% | 2.54% | 1.91% | 1.59% |
Net expenses excluding all interest and trust expenses8 | 0.99%7 | 0.99%9 | 0.99%9 | 0.99%9 | 0.99% | 0.99% |
Net investment income10 | 4.33%7 | 4.37% | 4.66% | 5.06% | 5.27% | 5.45% |
Expense waiver/reimbursement11 | 0.20%7 | 0.22% | 0.26% | 0.25% | 0.30% | 0.29% |
Supplemental Data: | ||||||
Net assets, end of year (000 omitted) | $181,816 | $178,130 | $176,491 | $164,532 | $172,968 | $90,046 |
Portfolio turnover | 7% | 20% | 15% | 30% | 12% | 11% |
Preferred Shares
Total Amount Outstanding | Asset Coverage Per Share | Minimum Required Asset Coverage Per Share | Involuntary Liquidating Preference Per Share | Average Market Value Per Share12 | |
5/31/2021 - VMTPS | $113,600,000 | $129,479 | $100,096 | $50,048 | $50,000 |
5/31/2021 - AMPS | $1,175,000 | $129,479 | $50,000 | $25,000 | $25,000 |
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 |
11/30/2017 | $114,750,000 | $62,691 | $50,025 | $25,012 | $25,000 |
11/30/2016 | $53,675,000 | $66,940 | $50,043 | $25,022 | $25,000 |
Assets: | ||
Investment in securities, at value (identified cost $273,661,211) | $295,625,889 | |
Due from broker | 161,500 | |
Cash | 45,808 | |
Income receivable | 4,009,965 | |
Receivable for investments sold | 451,271 | |
TOTAL ASSETS | 300,294,433 | |
Liabilities: | ||
Payable for investments purchased | 2,884,909 | |
Income distribution payable - Common Shares | 620,826 | |
Interest payable - VMTP Shares | 97,510 | |
Payable for portfolio accounting fees | 39,754 | |
Payable for auditing fees | 20,079 | |
Payable for variation margin on futures contracts | 16,250 | |
Payable for investment adviser fee (Note 4) | 14,145 | |
Payable for administrative fee (Note 4) | 975 | |
Accrued expenses (Note 4) | 31,852 | |
TOTAL ACCRUED LIABILITIES | 3,726,300 | |
Other Liabilities: | ||
Variable Rate Municipal Term Preferred Shares (VMTPS) (2,272 shares authorized and issued at $50,000 per share) (net of deferred offering costs of $22,386, Note 6) | 113,577,614 | |
TOTAL LIABILITIES | 117,303,914 | |
Auction Market Preferred Shares (AMPS) (47 shares authorized and issued at $25,000 per share) | 1,175,000 | |
Net assets applicable to Common Shares | 181,815,519 | |
Net Assets Applicable to Common Shares Consists of: | ||
Paid-in capital | 158,784,529 | |
Total distributable earnings | 23,030,990 | |
TOTAL NET ASSETS APPLICABLE TO COMMON SHARES | $181,815,519 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$181,815,519 ÷ 11,496,776 shares outstanding, $0.01 par value, unlimited shares authorized | $15.81 |
Investment Income: | |||
Interest | $5,352,767 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $808,683 | ||
Administrative fee (Note 4) | 71,180 | ||
Custodian fees | 4,344 | ||
Transfer agent fees | 26,711 | ||
Directors’/Trustees’ fees (Note 4) | 4,084 | ||
Auditing fees | 19,279 | ||
Legal fees | 27,525 | ||
Portfolio accounting fees | 57,662 | ||
Printing and postage | 14,357 | ||
Auction agent fees | 4,736 | ||
Trailer commission fees (Note 5) | 297 | ||
Interest expense - VMTP Shares (Note 5) | 571,393 | ||
Miscellaneous (Note 4) | 32,452 | ||
TOTAL EXPENSES | 1,642,703 | ||
Waiver of investment adviser fee (Note 4) | (177,565) | ||
Net expenses | 1,465,138 | ||
Net investment income | 3,887,629 | ||
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | |||
Net realized gain on investments | 106,440 | ||
Net realized gain on futures contracts | 143,926 | ||
Net change in unrealized appreciation of investments | 3,303,883 | ||
Net change in unrealized depreciation of futures contracts | (31,444) | ||
Net realized and unrealized gain (loss) on investments and futures contracts | 3,522,805 | ||
Income distributions declared to AMPS | (269) | ||
Change in net assets resulting from operations applicable to Common Shares | $7,410,165 |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,887,629 | $7,606,157 |
Net realized gain | 250,366 | 77,074 |
Net change in unrealized appreciation/depreciation | 3,272,439 | 995,844 |
Distributions from net investment income - AMPS | (269) | (3,816) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS APPLICABLE TO COMMON SHARES | 7,410,165 | 8,675,259 |
Distributions to Common Shareholders | (3,724,955) | (7,036,027) |
Change in net assets | 3,685,210 | 1,639,232 |
Net Assets: | ||
Beginning of period | 178,130,309 | 176,491,077 |
End of period | $181,815,519 | $178,130,309 |
Operating Activities: | |
Change in net assets resulting from operations applicable to common shares | $7,410,165 |
Adjustments to Reconcile Change in Net Assets Resulting From Operations to Net Cash Provided By Operating Activities: | |
Purchase of investment securities | (23,180,290) |
Proceeds from sale of investment securities | 19,984,031 |
Net sales of short-term investment securities | (1,050,000) |
Increase in due from broker | (161,500) |
Decrease in income receivable | 60,664 |
Decrease in receivable for investments sold | 255,078 |
Increase in payable for investments purchased | 2,884,909 |
Increase in variation margin on futures contracts | 16,250 |
Decrease in interest payable - VMTPS | (1,113) |
Increase in payable for investment adviser fee | 11,175 |
Decrease in payable for administrative fee | (517) |
Decrease in payable for portfolio accounting fees | (17,831) |
Decrease in payable for auditing fees | (19,921) |
Decrease in accrued expenses | (6,196) |
Net amortization of premium | 933,467 |
Net derivative activity on futures contracts | 112,482 |
Net realized gain on investments | (218,922) |
Net change in unrealized appreciation on investments | (3,303,883) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,708,048 |
Financing Activities: | |
Decrease in deferred offering costs | 22,264 |
Income distributions to participants | (3,724,955) |
NET CASH USED IN FINANCING ACTIVITIES | (3,702,691) |
Net increase in cash | 5,357 |
Cash: | |
Beginning of period | 40,451 |
End of period | $45,808 |
Security | Acquisition Date | Acquisition Cost | Value |
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2056 | 5/27/2021 | $ 172,783 | $ 182,455 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034 | 6/13/2014 | $ 602,120 | $ 662,693 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 7/10/2014 | $ 250,880 | $ 275,024 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 8/27/2015 | $ 1,027,811 | $ 1,134,257 |
California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.000%, 11/1/2034 | 11/13/2014 | $ 1,001,542 | $ 1,067,094 |
California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.250%, 11/1/2044 | 11/13/2014 | $ 375,575 | $ 399,039 |
Collier County, FL IDA (Arlington of Naples), Continuing Care Community Revenue Bonds (Series 2013A), (Original Issue Yield: 8.250%), 8.125%, 5/15/2044 | 8/11/2017 | $ 844,233 | $ 544,000 |
Florida Development Finance Corp. (Glenridge on Palmer Ranch), Senior Living Revenue and Refunding Bonds (Series 2021), 5.000%, 6/1/2051 | 5/13/2021 | $ 1,126,782 | $ 1,144,937 |
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 | 5/15/2018 | $ 562,478 | $ 592,195 |
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), 5.000%, 2/1/2040 | 1/10/2018 | $ 752,152 | $ 812,608 |
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036 | 10/6/2016 | $ 348,382 | $ 375,398 |
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, 7/1/2037 | 6/8/2017 | $ 500,000 | $ 275,000 |
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 | $ 1,105,590 |
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 7/3/2013 | $ 646,962 | $ 677,493 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 6.000%, 7/1/2025 | 7/22/2015 | $ 481,716 | $ 531,985 |
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2031 | 12/14/2016 | $ 502,410 | $ 550,243 |
Security | Acquisition Date | Acquisition Cost | Value |
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 2/13/2019 | $ 1,029,926 | $ 1,075,083 |
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041 | 1/14/2021 | $ 1,056,144 | $1,126,844 |
Fair Value of Derivative Instruments | ||
Liabilities | ||
Statement of Assets and Liabilities Location | Fair Value | |
Derivatives not accounted for as hedging instruments under ASC Topic 815 | ||
Interest rate contracts | Payable for variation margin on futures contracts | $31,444* |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $143,926 |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $(31,444) |
Short-Term | Long-Term | Total |
$293,146 | $67,459 | $360,605 |
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 | $23,180,290 |
Sales | $19,984,031 |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 31423P207
CUSIP 31423P504
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. | Schedule of 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) Effective July 29, 2021, Duwayne Walker became a Portfolio Manager for the Fund, and is jointly and primarily responsible for managing the Fund’s assets along with existing Portfolio Managers R. J. Gallo and Lee R. Cunningham II. The following is biographical, compensation and other account information for Duwayne Walker:
Duwayne Walker
Duwayne Walker has been the registrant’s portfolio manager since July 2021.
Mr. Walker is a Senior Investment Analyst and Portfolio Manager with the Adviser. He is responsible for portfolio management and research in the fixed income area concentrating in municipal securities. He has been with the Adviser or an affiliate since 2016; has worked in investment management since 2016; and has managed investment portfolios since 2021. Education: B.A., Hofstra University; M.B.A., Cornell University.
Portfolio Manager Information
The following information about the registrant’s portfolio manager is provided as of June 30, 2021.
Other Accounts Managed by Duwayne Walker | Total Number of Other Accounts Managed / Total Assets* |
Registered Investment Companies | 0/$0 |
Other Pooled Investment Vehicles | 0/$0 |
Other Accounts | 0/$0 |
* None of the Accounts has an advisory fee that is based on the performance of the account.
Dollar value range of shares owned in the Fund: None.
Duwayne Walker is paid a fixed base salary and a variable annual incentive. Base salary is determined within a market competitive, position-specific salary range, based on the portfolio manager’s experience and performance. The annual incentive amount is determined based primarily on Investment Product Performance (IPP) and may also include a discretionary component based on a variety of factors deemed relevant, such as financial measures and performance, and may be paid entirely in cash, or in a combination of cash and restricted stock of Federated Hermes, Inc. (Federated Hermes). The total combined annual incentive opportunity is intended to be competitive in the market for this portfolio manager role.
IPP is measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Fund’s benchmark (i.e. S&P Custom Index) and versus the Fund’s designated peer group of comparable accounts. Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts with less than one year of performance history under a portfolio manager may be excluded.
For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of two IPP groups (which may be adjusted periodically). Within each performance measurement period and IPP group, IPP currently is calculated on the basis of an assigned weighting to each account managed by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is greater than the weighting assigned to certain other accounts used to determine IPP (but can be adjusted periodically). Additionally, a portion of Mr. Walker’s IPP score is based on the performance of the accounts for which he provides research and analytic support. A portion of the bonus tied to the IPP score may be adjusted based on management's assessment of overall contributions to account performance and any other factors as deemed relevant.
Any individual allocations from the discretionary pool may be determined, by executive management on a discretionary basis using various factors, such as, for example, on a product, strategy or asset class basis, and considering overall contributions and any other factors deemed relevant (and may be adjusted periodically).
In addition, Mr. Walker was awarded a grant of restricted Federated Hermes stock. Awards of restricted stock are discretionary and are made in variable amounts based on the subjective judgment of Federated Hermes’ senior management.
As a general matter, certain conflicts of interest may arise in connection with a portfolio manager’s management of a fund’s investments, on the one hand, and the investments of other funds/pooled investment vehicles or accounts (collectively, including the Fund, as applicable, “accounts”) for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how to allocate them. Other potential conflicts can include, for example, conflicts created by specific portfolio manager compensation arrangements (including, for example, the allocation or weighting given to the performance of the Fund or other accounts or activities for which the portfolio manager is responsible in calculating the portfolio manager’s compensation), and conflicts relating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio trades (for example, research, or “soft dollars”). The Adviser has adopted policies and procedures and has structured the portfolio managers’ compensation in a manner reasonably designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts.
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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual 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 Fund 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, Principal Financial Officer
Date July 23, 2021
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, Principal Executive Officer
Date July 23, 2021
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 23, 2021