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: 11/30/2022
Date of Reporting Period: Six months ended 05/31/2022
Item 1. | Reports to Stockholders |
Federated Hermes Premier Municipal Income Fund
Dear Valued Shareholder,
(Inception 12/20/2002) | Market Price | NAV |
6 Months (cumulative) | -19.10% | -13.58% |
1 Year | -20.52% | -12.68% |
3 Year | 0.04% | -0.40% |
5 Year | 1.24% | 1.69% |
10 Year | 2.47% | 3.73% |
Market Price | $12.02 |
NAV | $13.22 |
Dividend Yield1 | 5.39% |
Taxable Equivalent Dividend Yield2 | 8.56% |
Premium/Discount to NAV | 9.08% discount |
Common Share Assets | $152.0 million |
Preferred Share Assets | $113.6 million |
Total Portfolio Assets | $265.6 million |
Weighted Average Effective Maturity | 6.4 years |
Weighted Average Stated Maturity | 16.2 years |
Weighted Average Modified Duration3 | 4.8 years |
Total Number of Securities | 209 |
AAA | 8.4% |
AA | 38.7% |
A | 26.8% |
BBB | 12.9% |
BB | 1.8% |
Not Rated | 11.4% |
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 |
Sector Composition | Percentage of Total Investments |
Dedicated Tax | 15.2% |
Hospital | 11.3% |
Water & Sewer | 7.8% |
General Obligation - State | 7.7% |
Refunded | 6.4% |
Toll Road | 5.8% |
Senior Care | 5.3% |
General Obligation - Local | 5.1% |
Primary/Secondary Education | 4.9% |
Higher Education | 4.4% |
Other2 | 26.1% |
TOTAL | 100% |
Principal Amount | Value | ||
MUNICIPAL BONDS—89.1% | |||
Arizona—1.7% | |||
$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 | $528,730 | |
335,000 | 1 | Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036 | 341,043 |
1,000,000 | Phoenix, AZ Civic Improvement Corp.—Airport System, Junior Line Airport Revenue Bonds (Series 2019A), 4.000%, 7/1/2044 | 1,022,459 | |
2,000,000 | Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034 | 2,041,766 | |
640,000 | 1 | Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 649,279 |
TOTAL | 4,583,277 | ||
California—7.1% | |||
1,000,000 | California Educational Facilities Authority (Stanford University), Revenue Bonds, 5.250%, 4/1/2040 | 1,286,285 | |
3,000,000 | California Health Facilities Financing Authority (Stanford Health Care), Revenue Refunding Bonds (Series 2017A), 4.000%, 11/15/2040 | 3,038,027 | |
165,000 | 1 | California Public Finance Authority (Kendal at Sonoma), Enso Village Senior Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2056 | 162,594 |
600,000 | 1 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034 | 615,685 |
250,000 | 1 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 256,181 |
1,000,000 | 1 | California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 1,035,935 |
715,000 | California State, UT GO Various Purpose Bonds, 4.000%, 4/1/2049 | 743,993 | |
1,000,000 | 1 | California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.000%, 11/1/2034 | 986,322 |
375,000 | 1 | California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.250%, 11/1/2044 | 365,343 |
1,110,000 | Chula Vista, CA Municipal Finance Authority, Special Tax Revenue Refunding Bonds (Series 2013), 5.500%, 9/1/2028 | 1,152,653 | |
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 | 1,063,396 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
California—continued | |||
$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 | $1,004,926 | |
165,000 | Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation Improvement Bonds, 5.000%, 9/2/2028 | 170,758 | |
1,000,000 | Los Angeles, CA Wastewater System, Subordinate Lien Revenue Refunding Bonds (Series 2022C), 5.000%, 6/1/2032 | 1,201,434 | |
1,500,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Citigroup, Inc. GTD), 7.000%, 11/1/2034 | 1,913,121 | |
1,300,000 | M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Original Issue Yield: 6.375%), (Citigroup, Inc. GTD), 6.125%, 11/1/2029 | 1,465,965 | |
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 | 253,801 | |
1,430,000 | San Diego, CA Public Facilities Authority (San Diego, CA Wastewater System), Subordinated Sewer Revenue Bonds (Series 2022A), 5.000%, 5/15/2052 | 1,652,279 | |
265,000 | Transbay Joint Powers Authority, CA, Senior Tax Allocation Bonds Green Bonds (Series 2020A), 5.000%, 10/1/2049 | 290,899 | |
TOTAL | 18,659,597 | ||
Colorado—3.9% | |||
500,000 | Colorado Educational & Cultural Facilities Authority (University Lab School), Charter School Refunding & Improvement Revenue Bonds (Series 2015), 5.000%, 12/15/2035 | 519,492 | |
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 | 1,017,660 | |
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 | 1,291,278 | |
3,000,000 | Denver, CO City & County, Dedicated Tax Revenue Bonds (Series 2021A), 4.000%, 8/1/2051 | 3,056,690 | |
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 | 2,809,147 | |
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 | 419,774 | |
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 | 1,033,929 | |
TOTAL | 10,147,970 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Connecticut—0.7% | |||
$1,755,000 | Connecticut State (Connecticut State Special Transportation Fund), Special Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B), 5.000%, 10/1/2037 | $1,954,031 | |
District of Columbia—1.5% | |||
500,000 | District of Columbia (Friendship Public Charter School, Inc.), Revenue Bonds (Series 2016A), 5.000%, 6/1/2041 | 514,556 | |
250,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2033 | 261,581 | |
225,000 | District of Columbia (KIPP DC), Revenue Bonds (Series 2013A), (United States Treasury PRF 7/1/2023@100), 6.000%, 7/1/2048 | 235,422 | |
195,000 | District of Columbia Tobacco Settlement Financing Corp., Asset Backed Revenue Bonds, (Original Issue Yield: 6.670%), 6.500%, 5/15/2033 | 204,505 | |
1,500,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Dulles Toll Road Second Senior Lien Revenue Refunding Bonds (Series 2022A), (Assured Guaranty Municipal Corp. INS), 4.000%, 10/1/2052 | 1,506,117 | |
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 | 1,287,323 | |
TOTAL | 4,009,504 | ||
Florida—6.5% | |||
1,000,000 | Atlantic Beach, FL Health Care Facilities (Fleet Landing Project, FL), Revenue & Refunding Bonds (Series 2013A), 5.000%, 11/15/2028 | 1,023,047 | |
2,000,000 | Broward County, FL (Broward County, FL Convention Center Hotel), First Tier Revenue Bonds (Series 2022), (Broward County, FL GTD), 5.000%, 1/1/2047 | 2,252,035 | |
1,500,000 | Broward County, FL School District, UT GO School Bonds (Series 2022), 5.000%, 7/1/2051 | 1,751,614 | |
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 |
2,000,000 | Florida State, Department of Transportation Florida Right-of-Way Acquisition and Bridge Construction Bonds (Series 2018B), 4.000%, 7/1/2039 | 2,103,756 | |
500,000 | Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilites Revenue Bonds TEMPS-80 (Series 2022B-1), 3.750%, 10/1/2027 | 494,505 | |
2,000,000 | Miami-Dade County, FL (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 | 2,006,217 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Florida—continued | |||
$1,500,000 | Miami-Dade County, FL (Miami-Dade County, FL Transit System), Transit System Sales Surtax Revenue Bonds (Series 2020A), 4.000%, 7/1/2048 | $1,537,922 | |
2,500,000 | Miami-Dade County, FL Water & Sewer, Water & Sewer System Revenue Refunding Bonds (Series 2019), 4.000%, 10/1/2049 | 2,560,870 | |
500,000 | Midtown Miami, FL Community Development District, Special Assessment & Revenue Refunding Bonds (Series 2014A), 5.000%, 5/1/2029 | 504,919 | |
165,000 | Palm Beach County, FL Health Facilities Authority (Sinai Residences of Boca Raton), Revenue Bonds (Series 2014A), (United States Treasury LOC), 7.250%, 6/1/2034 | 168,300 | |
900,000 | Rivers Edge II CDD, Capital Improvement Revenue Bonds (Series 2021), 4.000%, 5/1/2051 | 779,186 | |
1,000,000 | Tampa, FL (H. Lee Moffitt Cancer Center), Hospital Revenue Bonds (Series 2020B), 5.000%, 7/1/2050 | 1,072,624 | |
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 | 327,148 | |
450,000 | 2,3 | Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2015-3), 6.610%, 5/1/2040 | 4 |
TOTAL | 17,126,147 | ||
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 | 489,148 | |
Idaho—0.6% | |||
1,750,000 | Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue Refunding Bonds (Series 2021A), 4.000%, 10/1/2033 | 1,529,403 | |
Illinois—11.4% | |||
3,000,000 | Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds (Series 2014B), 5.000%, 1/1/2035 | 3,094,542 | |
2,000,000 | Chicago, IL O’Hare International Airport, General Airport Senior Lien Revenue Refunding Bonds (Series 2018B), 5.000%, 1/1/2053 | 2,136,503 | |
1,000,000 | Chicago, IL Transit Authority, Second Lien Sales Tax Receipts Revenue Bonds (Series 2020A), 4.000%, 12/1/2055 | 996,926 | |
2,000,000 | Chicago, IL Transit Authority, Second Lien Sales Tax Receipts Revenue Bonds (Series 2022A), 5.000%, 12/1/2057 | 2,188,710 | |
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 | 1,092,098 | |
234,000 | DuPage County, IL (Naperville Campus LLC), Special Tax Bonds (Series 2006), 5.625%, 3/1/2036 | 234,058 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Illinois—continued | |||
$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 | $837,221 | |
1,500,000 | Illinois Finance Authority (Northshore-Edward-Elmhurst Health Credit Group), Revenue Bonds (Series 2022A), 4.000%, 8/15/2042 | 1,521,485 | |
2,200,000 | Illinois Finance Authority (University of Chicago), Revenue Bonds (Series 2020A), 4.000%, 4/1/2050 | 2,238,230 | |
1,340,000 | Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028 | 1,455,120 | |
1,660,000 | Illinois State, UT GO Bonds (Series 2017D), 5.000%, 11/1/2026 | 1,802,799 | |
1,000,000 | Illinois State, UT GO Bonds (Series 2018A), 5.000%, 5/1/2042 | 1,033,350 | |
750,000 | Illinois State, UT GO Bonds (Series 2020B), (Original Issue Yield: 5.850%), 5.750%, 5/1/2045 | 818,588 | |
2,000,000 | Illinois State, UT GO Bonds (Series 2020C), (Original Issue Yield: 4.340%), 4.000%, 10/1/2041 | 1,880,318 | |
1,000,000 | Illinois State, UT GO Bonds (Series June 2013), (Original Issue Yield: 5.650%), 5.500%, 7/1/2038 | 1,023,248 | |
235,000 | Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2026 | 255,007 | |
1,900,000 | Illinois State, UT GO Refunding Bonds (Series 2021A), 5.000%, 3/1/2046 | 1,978,753 | |
2,255,000 | Illinois State, UT GO Refunding Bonds (Series May 2012), 5.000%, 8/1/2025 | 2,269,058 | |
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 | 1,664,446 | |
1,250,000 | Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds (Series 2018A), 5.000%, 1/1/2048 | 1,343,235 | |
TOTAL | 29,863,695 | ||
Indiana—1.5% | |||
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 | 965,336 | |
500,000 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds (Series 2013A), 5.250%, 1/1/2038 | 519,107 | |
250,000 | Indiana Municipal Power Agency, Revenue Refunding Bonds (Series 2017A), 5.000%, 1/1/2042 | 273,781 | |
2,000,000 | Indiana State Finance Authority Wastewater Utilities (CWA Authority), First Lien Wastewater Utility Revenue Bonds (Series 2014A), 5.000%, 10/1/2032 | 2,122,946 | |
TOTAL | 3,881,170 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Iowa—0.4% | |||
$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 | $1,086,029 | |
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 | 2,115,012 | |
Kentucky—0.7% | |||
1,000,000 | Kentucky Economic Development Finance Authority (Miralea), Revenue Bonds (Series 2016A), 5.000%, 5/15/2031 | 997,828 | |
950,000 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Refunding Bonds (Series 2021B), (Assured Guaranty Municipal Corp. INS), 4.000%, 7/1/2049 | 973,392 | |
TOTAL | 1,971,220 | ||
Louisiana—1.2% | |||
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 | 1,000,000 | |
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 | 1,500,000 | |
550,000 | St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2011) TOBs, 5.850%, Mandatory Tender 6/1/2025 | 583,096 | |
TOTAL | 3,083,096 | ||
Maryland—0.9% | |||
1,500,000 | Baltimore, MD (Baltimore, MD Wastewater Utility), Project Revenue Bonds (Series 2019A), 4.000%, 7/1/2044 | 1,547,882 | |
320,000 | Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue Refunding Bonds (Series 2017A), 5.000%, 9/1/2038 | 329,643 | |
400,000 | Westminster, MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds (Series 2014A), 6.000%, 7/1/2034 | 414,831 | |
TOTAL | 2,292,356 | ||
Massachusetts—2.0% | |||
2,000,000 | Commonwealth of Massachusetts, UT GO Bonds (Series 2018A), 5.000%, 1/1/2047 | 2,207,958 | |
2,000,000 | Massachusetts Development Finance Agency (Harvard University), Revenue Refunding Bonds (Series 2016A), 5.000%, 7/15/2040 | 2,433,044 | |
620,000 | Massachusetts Development Finance Agency (Wellforce Obligated Group), Revenue Bonds (Series 2020C), (Assured Guaranty Municipal Corp. INS), 4.000%, 10/1/2045 | 621,073 | |
TOTAL | 5,262,075 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Michigan—4.7% | |||
$445,000 | Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045 | $488,380 | |
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 | 527,313 | |
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 | 786,411 | |
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 | 627,264 | |
2,500,000 | Michigan State Finance Authority Revenue (McLaren Health Care Corp.), Revenue Bonds (Series 2019A), 4.000%, 2/15/2050 | 2,482,756 | |
1,750,000 | Michigan State Finance Authority Revenue (Public Lighting Authority), Local Government Loan Program Revenue Bonds (Series 2014B), 5.000%, 7/1/2039 | 1,787,418 | |
300,000 | Michigan State Hospital Finance Authority (Henry Ford Health System, MI), Hospital Revenue Refunding Bonds (Series 2016), 5.000%, 11/15/2041 | 315,226 | |
3,705,000 | Royal Oak, MI Hospital Finance Authority (Beaumont Health Credit Group), Refunding Revenue Bonds (Series 2014D), 5.000%, 9/1/2033 | 3,907,551 | |
1,490,000 | Wayne County, MI Airport Authority, Revenue Bonds (Series 2012A), 5.000%, 12/1/2037 | 1,509,049 | |
TOTAL | 12,431,368 | ||
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 | 420,169 | |
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 | 654,873 |
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 | 459,306 |
TOTAL | 1,114,179 | ||
Montana—0.1% | |||
350,000 | Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.), Revenue Bonds (Series 2017A), 5.250%, 5/15/2047 | 351,351 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Nebraska—1.8% | |||
$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 | $2,015,929 | |
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 | 2,841,343 | |
TOTAL | 4,857,272 | ||
New Hampshire—0.1% | |||
500,000 | 1,2,3 | New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, 7/1/2037 | 200,000 |
New Jersey—5.1% | |||
2,500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Bonds (Series 2014UU), 5.000%, 6/15/2034 | 2,571,173 | |
1,500,000 | New Jersey EDA (New Jersey State), School Facilities Construction Refunding Bonds (Series 2014PP), (United States Treasury PRF 6/15/2024@100), 5.000%, 6/15/2031 | 1,592,810 | |
500,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation Program Bonds (Series 2022BB), 4.000%, 6/15/2046 | 494,601 | |
1,000,000 | New Jersey State Transportation Trust Fund Authority (New Jersey State), Transportation System Bonds (Series 2018A), 5.000%, 12/15/2034 | 1,084,062 | |
250,000 | New Jersey State, Covid-19 GO Emergency Bonds (Series 2020A), 4.000%, 6/1/2031 | 269,701 | |
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 | 1,504,724 | |
500,000 | South Jersey Transportation Authority, Transportation System Revenue Bonds (Series 2020A), 4.000%, 11/1/2050 | 466,858 | |
2,600,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.000%, 6/1/2036 | 2,782,449 | |
2,355,000 | Tobacco Settlement Financing Corp., NJ, Tobacco Settlement Asset-Backed Refunding Bonds (Series 2018A), 5.250%, 6/1/2046 | 2,535,289 | |
TOTAL | 13,301,667 | ||
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 | 688,124 | |
New York—9.6% | |||
1,250,000 | Hudson Yards Infrastructure Corp. NY, Hudson Yards Revenue Bonds (Series 2022A), 4.000%, 2/15/2044 | 1,281,621 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$500,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds (Series 2020C-1), 5.000%, 11/15/2050 | $530,586 | |
1,500,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Green Bonds (Series 2020C-1), 5.250%, 11/15/2055 | 1,619,196 | |
500,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Transportation Revenue Refunding Bonds (Series 2017B), 5.000%, 11/15/2024 | 528,629 | |
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 | 497,403 | |
2,490,000 | New York City, NY Municipal Water Finance Authority, Water and Sewer System Second Generation Resolution Revenue Bonds (Series 2022CC-1), 4.000%, 6/15/2052 | 2,580,607 | |
1,500,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2022C-1), 4.000%, 2/1/2051 | 1,544,363 | |
900,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Revenue Bonds (Series 2014A-1), 5.000%, 8/1/2036 | 944,811 | |
2,000,000 | New York City, NY, UT GO Bonds (Fiscal 2014 Subseries D-1), 5.000%, 8/1/2030 | 2,071,386 | |
1,000,000 | New York City, NY, UT GO Bonds (Series 2012D-1), 4.000%, 3/1/2048 | 1,027,760 | |
250,000 | New York City, NY, UT GO Bonds (Series 2014G), 5.000%, 8/1/2030 | 261,292 | |
1,000,000 | 1 | New York Liberty Development Corporation (3 World Trade Center), Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044 | 1,003,633 |
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 | 1,684,861 | |
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 | 1,555,511 | |
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 | 2,199,458 | |
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 | 770,563 | |
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 | 2,882,887 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
New York—continued | |||
$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 | $2,359,178 | |
TOTAL | 25,343,745 | ||
Ohio—2.6% | |||
750,000 | Allen County, OH (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2040 | 760,750 | |
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 | 515,008 | |
1,440,000 | Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities Revenue Bonds (Series 2013), 5.000%, 2/15/2027 | 1,450,960 | |
1,500,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), 5.250%, 2/15/2029 | 1,536,891 | |
800,000 | Ohio State Turnpike & Infrastructure Commission, Turnpike Junior Lien Revenue Bonds (Series 2013A-1), 5.250%, 2/15/2030 | 819,675 | |
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 | 1,048,230 | |
750,000 | University of Cincinnati, OH, General Receipts Bonds (Series 2013C), (United States Treasury PRF 12/1/2023@100), 5.000%, 6/1/2039 | 786,172 | |
TOTAL | 6,917,686 | ||
Pennsylvania—4.4% | |||
1,000,000 | Commonwealth Financing Authority of PA (Commonwealth of Pennsylvania), Tobacco Master Settlement Payment Revenue Bonds (Series 2018), 5.000%, 6/1/2034 | 1,099,157 | |
165,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), (United States Treasury COL), 5.000%, 1/1/2023 | 168,304 | |
440,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), (United States Treasury COL), 5.000%, 1/1/2023 | 448,941 | |
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 | 48,244 | |
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 | 198,339 | |
650,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2023 | 658,955 | |
220,000 | Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038 | 227,849 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Pennsylvania—continued | |||
$1,000,000 | Delaware County, PA Authority (Villanova University), Revenue Bonds (Series 2015), 5.000%, 8/1/2040 | $1,057,727 | |
1,000,000 | Geisinger Authority, PA Health System (Geisinger Health System), Health System Revenue Bonds (Series 2020A), 4.000%, 4/1/2050 | 1,002,539 | |
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 | 1,344,954 | |
1,000,000 | Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds (Series 2015B), 5.000%, 12/1/2045 | 1,051,503 | |
1,420,000 | Pennsylvania State University, (Series 2020A), 4.000%, 9/1/2050 | 1,439,666 | |
1,665,000 | Philadelphia, PA School District, LT GO Bonds (Series 2021 A), (Pennsylvania School District Intercept Program GTD), 4.000%, 9/1/2046 | 1,678,933 | |
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 | 1,278,951 | |
TOTAL | 11,704,062 | ||
Puerto Rico—2.2% | |||
5,630,000 | Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds (Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058 | 5,724,109 | |
Rhode Island—1.2% | |||
3,000,000 | Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed Bonds (Series 2015B), 5.000%, 6/1/2050 | 3,092,495 | |
South Carolina—1.1% | |||
2,250,000 | South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital Revenue Bonds (Series 2018A), 5.000%, 5/1/2048 | 2,377,600 | |
500,000 | South Carolina State Public Service Authority (Santee Cooper), Revenue Refunding and Improvement Bonds (Series 2020A), 4.000%, 12/1/2042 | 503,279 | |
TOTAL | 2,880,879 | ||
South Dakota—0.6% | |||
1,500,000 | Educational Enhancement Funding Corp., SD, Tobacco Settlement Revenue Bonds (Series 2013B), (United States Treasury PRF 6/1/2023@100), 5.000%, 6/1/2027 | 1,549,485 | |
Tennessee—0.6% | |||
600,000 | Blount County, TN Health and Educational Facilities Board (Asbury, Inc.), Revenue Refunding and Improvement Bonds (Series 2016A), 5.000%, 1/1/2047 | 400,141 | |
1,000,000 | Metropolitan Nashville Tennessee Airport Authority, Subordinate Airport Revenue Bonds (Series 2019A), 5.000%, 7/1/2054 | 1,081,579 | |
TOTAL | 1,481,720 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—9.2% | |||
$2,640,000 | Arlington, TX Higher Education Finance Corp. (Uplift Education), Revenue Bonds (Series 2016A), 5.000%, 12/1/2036 | $2,772,268 | |
270,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), 6.000%, 8/15/2033 | 279,624 | |
1,000,000 | Clifton Higher Education Finance Corporation, TX (Idea Public Schools), Education Revenue Bonds (Series 2012), 5.000%, 8/15/2032 | 1,003,868 | |
2,240,000 | Dallas, TX Area Rapid Transit, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2016B), 4.000%, 12/1/2036 | 2,328,018 | |
1,500,000 | Dallas-Fort Worth, TX (Dallas-Fort Worth, TX International Airport), Joint Revenue Improvement Bonds (Series 2013B), 5.000%, 11/1/2030 | 1,518,652 | |
585,000 | Dallas-Fort Worth, TX (Dallas-Fort Worth, TX International Airport), Joint Revenue Refunding Bonds (Series 2021B), 4.000%, 11/1/2045 | 599,074 | |
987,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2021C), 4.000%, 9/1/2034 | 994,064 | |
764,000 | Decatur, TX Hospital Authority (Wise Regional Health System), Hospital Revenue Bonds (Series 2021C), 4.000%, 9/1/2044 | 755,416 | |
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 | 873,611 | |
1,000,000 | Harris County, TX Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.), First Mortgage Revenue Bonds (Series 2016), 5.000%, 1/1/2048 | 994,243 | |
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 | 1,583,385 | |
1,500,000 | Lower Colorado River Authority, TX (LCRA Transmission Services Corp.), Transmission Contract Refunding Revenue Bonds (Series 2019A), 4.000%, 5/15/2049 | 1,525,568 | |
175,000 | New Hope Cultural Education Facilities Finance Corporation (MRC Crestview), Retirement Facility Revenue Bonds (Series 2016), (United States Treasury PRF 11/15/2024@102), 5.000%, 11/15/2036 | 190,240 | |
685,000 | North Texas Tollway Authority, First Tier Revenue Refunding Bonds (Series 2015B), 5.000%, 1/1/2045 | 717,286 | |
1,500,000 | North Texas Tollway Authority, Second Tier Revenue Refunding Bonds (Series 2014B), 5.000%, 1/1/2031 | 1,550,360 | |
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 | 467,926 | |
500,000 | San Antonio, TX Electric & Gas System, Junior Lien Revenue Refunding Bonds (Series 2022), 4.000%, 2/1/2043 | 511,625 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
Texas—continued | |||
$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 | $2,088,034 | |
235,000 | Texas State Transportation Commission (State Highway 249 System), First Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057 | 245,861 | |
3,000,000 | University of Texas System (The Board of Regents of), Revenue Financing System Bonds (Series 2017B), 4.000%, 8/15/2044 | 3,088,380 | |
TOTAL | 24,087,503 | ||
Virgin Islands—0.2% | |||
490,000 | Matching Fund Special Purpose Securitization Corporation, VI, Matching Fund Securitization Bonds (Series 2022A), 5.000%, 10/1/2039 | 497,757 | |
Virginia—0.4% | |||
1,000,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Hospital Facilities Revenue Bonds (Series 2020A), 4.000%, 12/1/2049 | 1,000,796 | |
Washington—2.8% | |||
1,500,000 | Central Puget Sound, WA Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds (Series 2021S-1), 4.000%, 11/1/2046 | 1,536,568 | |
480,000 | 1 | Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 6.000%, 7/1/2025 | 500,055 |
500,000 | 1 | Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2031 | 502,416 |
1,000,000 | 1 | Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 933,774 |
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 | 896,071 |
1,000,000 | 1 | Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue Bonds (Series 2020A), 5.000%, 1/1/2051 | 848,432 |
2,000,000 | Washington State, UT GO Motor Vehicle Fuel Tax Bonds (Series 2019B), 5.000%, 6/1/2039 | 2,246,272 | |
TOTAL | 7,463,588 |
Principal Amount | Value | ||
MUNICIPAL BONDS—continued | |||
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 | $1,104,019 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $238,167,285) | 234,265,704 | ||
4 | SHORT-TERM MUNICIPALS—10.9% | ||
Alabama—2.1% | |||
600,000 | Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 0.650%, 6/1/2022 | 600,000 | |
4,800,000 | Mobile, AL IDB (Alabama Power Co.), (Second Series 2009) Daily VRDNs, 0.680%, 6/1/2022 | 4,800,000 | |
TOTAL | 5,400,000 | ||
Michigan—0.1% | |||
400,000 | Michigan State Strategic Fund (Henry Ford Museum & Greenfield Village) Daily VRDNs, (Comerica Bank LOC), 0.670%, 6/1/2022 | 400,000 | |
New York—4.8% | |||
1,600,000 | MTA Transportation Revenue, (Subseries 2012G-1) Daily VRDNs, (Barclays Bank plc LOC), 0.650%, 6/1/2022 | 1,600,000 | |
1,750,000 | New York City, NY Municipal Water Finance Authority, (2014 Series AA-1) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.620%, 6/1/2022 | 1,750,000 | |
2,850,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.620%, 6/1/2022 | 2,850,000 | |
5,700,000 | New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs, (Barclays Bank plc LIQ), 0.650%, 6/1/2022 | 5,700,000 | |
800,000 | Triborough Bridge & Tunnel Authority, NY, (Series 2005B-3) Daily VRDNs, (State Street Bank and Trust Co. LOC), 0.580%, 6/1/2022 | 800,000 | |
TOTAL | 12,700,000 | ||
Ohio—0.2% | |||
500,000 | Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Harris Bank, N.A. LOC), 0.670%, 6/1/2022 | 500,000 | |
Pennsylvania—1.8% | |||
3,600,000 | Delaware County, PA IDA (United Parcel Service, Inc.), (Series 2015) Daily VRDNs, (United Parcel Service, Inc. GTD), 0.700%, 6/1/2022 | 3,600,000 | |
1,150,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.670%, 6/1/2022 | 1,150,000 | |
TOTAL | 4,750,000 |
Principal Amount | Value | ||
4 | SHORT-TERM MUNICIPALS—continued | ||
Texas—1.4% | |||
$3,600,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2020B) Daily VRDNs, 0.620%, 6/1/2022 | $3,600,000 | |
Wyoming—0.5% | |||
1,300,000 | Lincoln County, WY (Exxon Capital Ventures, Inc.), (Series 2014) Daily VRDNs, (Exxon Mobil Corp. GTD), 0.580%, 6/1/2022 | 1,300,000 | |
TOTAL SHORT-TERM MUNICIPALS (IDENTIFIED COST $28,650,000) | 28,650,000 | ||
TOTAL INVESTMENT IN SECURITIES—100% (IDENTIFIED COST $266,817,285)5 | 262,915,704 | ||
OTHER ASSETS AND LIABILITIES—NET6 | 2,710,722 | ||
LIQUIDATION VALUE OF VARIABLE RATE MUNICIPAL TERM PREFERRED SHARES (VMTPS) | (113,600,000) | ||
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $152,026,426 |
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 |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
LT | —Limited Tax |
PCRB | —Pollution Control Revenue Bonds |
PILOT | —Payment in Lieu of Taxes |
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) 5/31/2022 | Year Ended November 30, | |||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net Asset Value, Beginning of Period | $15.65 | $15.49 | $15.35 | $14.31 | $15.04 | $14.55 | ||
Income From Investment Operations: | ||||||||
Net investment income | 0.29 | 0.65 | 0.66 | 0.70 | 0.74 | 0.791 | ||
Net realized and unrealized gain (loss) | (2.40) | 0.16 | 0.09 | 1.00 | (0.73) | 0.43 | ||
Distributions to auction market preferred shareholders from net investment income2 | — | (0.00)3 | (0.00)3 | (0.07) | (0.05) | (0.00)3 | ||
TOTAL FROM INVESTMENT OPERATIONS | (2.11) | 0.81 | 0.75 | 1.63 | (0.04) | 1.22 | ||
Less Distributions to Common Shareholders: | ||||||||
Distributions from net investment income | (0.32) | (0.65) | (0.61) | (0.62) | (0.69) | (0.73) | ||
Increase From Auction Market Preferred Share Tender and Repurchase | — | — | — | 0.03 | — | — | ||
Net Asset Value, End of Period | $13.22 | $15.65 | $15.49 | $15.35 | $14.31 | $15.04 | ||
Market Price, End of Period | $12.02 | $15.23 | $14.45 | $14.09 | $12.40 | $14.11 | ||
Total Return at Net Asset Value4 | (13.58)% | 5.28% | 5.11% | 11.83% | (0.28)% | 8.54% | ||
Total Return at Market Price5 | (19.10)% | 9.99% | 7.17% | 18.92% | (7.44)% | 5.51% | ||
Ratios to Average Net Assets: | ||||||||
Net expenses6 | 1.85%7 | 1.62% | 2.05% | 2.66% | 2.54% | 1.91% | ||
Net expenses excluding all interest and trust expenses8 | 0.99%7 | 0.99% | 0.99%9 | 0.99%9 | 0.99%9 | 0.99% | ||
Net investment income10 | 4.06%7 | 4.11% | 4.37% | 4.66% | 5.06% | 5.27% | ||
Expense waiver/reimbursement11 | 0.21%7 | 0.19% | 0.22% | 0.26% | 0.25% | 0.30% | ||
Supplemental Data: | ||||||||
Net assets, end of year (000 omitted) | $152,026 | $179,906 | $178,130 | $176,491 | $164,532 | $172,968 | ||
Portfolio turnover12 | 18% | 19% | 20% | 15% | 30% | 12% |
Total Amount Outstanding | Asset Coverage Per Share | Minimum Required Asset Coverage Per Share | Involuntary Liquidating Preference Per Share | Average Market Value Per Share13 | |
5/31/2022 - VMTPS | $113,600,000 | $116,913 | $100,140 | $50,070 | $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 |
11/30/2017 | $114,750,000 | $62,691 | $50,025 | $25,012 | $25,000 |
May 31, 2022 (unaudited)
Assets: | ||
Investment in securities, at value (identified cost $266,817,285) | $262,915,704 | |
Due from broker | 228,000 | |
Cash | 142,108 | |
Income receivable | 3,223,119 | |
TOTAL ASSETS | 266,508,931 | |
Liabilities: | ||
Income distribution payable - Common Shares | $620,897 | |
Interest payable - VMTP Shares | 159,382 | |
Payable for portfolio accounting fees | 57,291 | |
Payable for investment adviser fee (Note 5) | 2,925 | |
Payable for administrative fee (Note 5) | 738 | |
Accrued expenses (Note 5) | 41,272 | |
TOTAL ACCRUED LIABILITIES | 882,505 | |
Other Liabilities: | ||
Variable Rate Municipal Term Preferred Shares (VMTPS) (2,272 shares authorized and issued at $50,000 per share) | 113,600,000 | |
TOTAL LIABILITIES | 114,482,505 | |
Net assets applicable to Common Shares | $152,026,426 | |
Net Assets Applicable to Common Shares Consists of: | ||
Paid-in capital | $158,805,344 | |
Total distributable earnings (loss) | (6,778,918) | |
TOTAL NET ASSETS APPLICABLE TO COMMON SHARES | 152,026,426 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$152,026,426 ÷ 11,498,091 shares outstanding, ($0.01 par value, unlimited shares authorized) | $13.22 |
Six Months Ended May 31, 2022 (unaudited)
Investment Income: | ||
Interest | $4,895,991 | |
Expenses: | ||
Investment adviser fee (Note 5) | $767,268 | |
Administrative fee (Note 5) | 66,353 | |
Custodian fees | 4,381 | |
Transfer agent fees | 26,616 | |
Directors’/Trustees’ fees (Note 5) | 4,084 | |
Auditing fees | 19,547 | |
Legal fees | 4,339 | |
Portfolio accounting fees | 57,175 | |
Printing and postage | 16,381 | |
Interest expense - VMTP Shares (Note 6) | 707,712 | |
Miscellaneous (Note 5) | 29,752 | |
TOTAL EXPENSES | 1,703,608 | |
Waiver of investment adviser fee (Note 5) | (171,531) | |
Net expenses | 1,532,077 | |
Net investment income | 3,363,914 | |
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: | ||
Net realized loss on investments | (4,337,101) | |
Net realized gain on futures contracts | 845,416 | |
Net change in unrealized appreciation of investments | (24,026,729) | |
Net realized and unrealized loss on investments and futures contracts | (27,518,414) | |
Change in net assets resulting from operations applicable to Common Shares | $(24,154,500) |
Six Months Ended (unaudited) 5/31/2022 | Year Ended 11/30/2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $3,363,914 | $7,431,680 |
Net realized gain (loss) | (3,491,685) | 309,848 |
Net change in unrealized appreciation/depreciation | (24,026,729) | 1,464,353 |
Distributions from net investment income - AMPS | — | (473) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | (24,154,500) | 9,205,408 |
Distributions to Common Shareholders | (3,725,382) | (7,450,224) |
Share Transactions Applicable to Common Shares: | ||
Net asset value of shares issued to shareholders in payment of distributions declared | — | 20,815 |
Change in net assets | (27,879,882) | 1,775,999 |
Net Assets: | ||
Beginning of period | 179,906,308 | 178,130,309 |
End of period | $152,026,426 | $179,906,308 |
May 31, 2022 (unaudited)
Operating Activities: | |
Change in net assets resulting from operations applicable to common shares | $(24,154,500) |
Adjustments to Reconcile Change in Net Assets Resulting From Operations to Net Cash Provided By Operating Activities: | |
Purchase of investment securities | (49,740,028) |
Proceeds from sale of investment securities | 70,367,882 |
Net purchase of short-term investment securities | (18,355,000) |
Increase in due from broker | (228,000) |
Decrease in income receivable | 523,067 |
Decrease in receivable for investments sold | 906,499 |
Decrease in payable for investments purchased | (5,001,956) |
Increase in interest payable—VMTPS | 66,665 |
Increase in payable for portfolio accounting fees | 26,085 |
Decrease in payable for investment adviser fee | (595) |
Increase in payable for administrative fee | 738 |
Decrease in accrued expenses | (16,559) |
Net amortization of premium | 1,040,398 |
Net derivative activity on futures contracts | 845,416 |
Net realized gain on investments | 3,491,685 |
Net change in unrealized appreciation of investments | 24,026,729 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,798,526 |
Financing Activities: | |
Income distributions to participants | (3,725,382) |
NET CASH USED IN FINANCING ACTIVITIES | (3,725,382) |
Net increase in cash | 73,144 |
Cash: | |
Beginning of period | 68,964 |
End of period | $142,108 |
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 | 5/27/2021 | $172,345 | $162,594 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.000%, 7/1/2034 | 6/13/2014 | $601,466 | $615,685 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2014A), 5.125%, 7/1/2044 | 7/10/2014 | $250,609 | $256,181 |
California School Finance Authority (KIPP LA), School Facility Revenue Bonds (Series 2015A), 5.000%, 7/1/2035 | 8/27/2015 | $1,021,435 | $1,035,935 |
California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.000%, 11/1/2034 | 11/13/2014 | $1,001,117 | $986,322 |
California Statewide Communities Development Authority (899 Charleston LLC), Revenue Refunding Bonds (Series 2014A), 5.250%, 11/1/2044 | 11/13/2014 | $375,417 | $365,343 |
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 | $830,122 | $544,000 |
Kansas City, MO Redevelopment Authority (Kansas City Convention Center Headquarters Hotel CID), Revenue Bonds (Series 2018B), 5.000%, 2/1/2040 | 1/10/2018 | $751,872 | $654,873 |
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 | $560,840 | $459,306 |
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds, 5.000%, 7/1/2036 | 10/6/2016 | $345,964 | $341,043 |
New Hampshire Health and Education Facilities Authority (Hillside Village), Revenue Bonds (Series 2017A), 6.125%, 7/1/2037 | 6/8/2017 | $500,000 | $200,000 |
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 | $1,003,633 |
Verrado Community Facilities District No. 1, AZ, District GO Refunding Bonds (Series 2013A), 6.000%, 7/15/2027 | 7/3/2013 | $643,779 | $649,279 |
Washington State Housing Finance Commission (Heron’s Key Senior Living), Nonprofit Housing Revenue Bonds (Series 2015A), 6.000%, 7/1/2025 | 7/22/2015 | $481,323 | $500,055 |
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2031 | 12/14/2016 | $502,024 | $502,416 |
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2051 | 2/13/2019 | $1,027,317 | $933,774 |
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue & Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041 | 1/14/2021 | $1,050,860 | $896,071 |
Washington State Housing Finance Commission (Rockwood Retirement Communities), Nonprofit Housing Revenue Bonds (Series 2020A), 5.000%, 1/1/2051 | 6/9/2021 | $1,108,204 | $848,432 |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income | |
Futures Contracts | |
Interest rate contracts | $845,416 |
Six Months Ended 5/31/2022 | Year Ended 11/30/2021 | |
Shares issued to shareholders in payment of distributions declared | — | 1,315 |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | — | 1,315 |
Short-Term | Long-Term | Total |
$46,838 | $— | $46,838 |
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 | $49,740,028 |
Sales | $70,367,882 |
IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
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) The following is the revised biographical information for Portfolio Managers R. J. Gallo and Lee R. Cunningham II:
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 a Senior Portfolio Manager, Head of the Municipal Bond Investment Group and Chairman of the Duration Management 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.
Lee R. Cunningham, II
Lee R. Cunningham, II, Senior Portfolio Manager, has been the Fund’s portfolio manager since its inception in December of 2002.
Mr. Cunningham is a Senior Portfolio Manager 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 1995; has worked in investment management since 1995; has managed investment portfolios since 1998. Education: B.S., University of Pennsylvania; M.B.A., University of Pittsburgh.
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 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 25, 2022
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 25, 2022
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date July 25, 2022