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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Federated Hermes Premier Municipal Income Fund | NYSE:FMN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.35% | 11.24 | 11.32 | 11.21 | 11.27 | 14,740 | 21:00:05 |
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-21235
(Investment Company Act File Number)
Federated Hermes Premier Municipal Income Fund
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
Peter J. Germain, Esquire
Federated Hermes, Inc.
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(412) 288-1900
(Registrant's Telephone Number)
Date of Fiscal Year End: 11/30/2023
Date of Reporting Period: 11/30/2023
Item 1. | Reports to Stockholders |
|
Total Returns (Annualized)
|
||||
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Current
Yield8
|
FMN
|
2.76%
|
-3.85%
|
0.88%
|
3.44%
|
3.44%
|
Morningstar US Fund Muni National Long Median
|
4.11%
|
-3.13%
|
1.35%
|
3.73%
|
3.82%
|
|
Total Returns (Annualized)
|
||||
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Dividend
Yield9
|
FMN
|
-1.51%
|
-6.33%
|
0.93%
|
3.26%
|
4.04%
|
Morningstar US Fund Muni National Long Median
|
-2.21%
|
-5.56%
|
0.98%
|
3.40%
|
3.82%
|
Premium(+)/Discount(-)
|
11/30/2023
|
5/31/2023
|
11/30/2022
|
FMN
|
-14.75%
|
-14.74%
|
-10.55%
|
Morningstar US Fund Muni National Long Median
|
-13.58%
|
-12.66%
|
-7.37%
|
(Inception 12/20/2002)
|
Market
Price
|
NAV
|
6 Months (cumulative)
|
1.39%
|
1.12%
|
1 Year
|
-1.51%
|
2.76%
|
3 Year
|
-6.33%
|
-3.85%
|
5 Year
|
0.93%
|
0.88%
|
10 Year
|
3.26%
|
3.44%
|
Market Price
|
$10.40
|
NAV
|
$12.20
|
Dividend Yield1
|
4.04%
|
Taxable Equivalent
Dividend Yield2
|
6.41%
|
Premium/Discount to NAV
|
14.75% discount
|
Common Share Assets
|
$140.2 million
|
Preferred Share Assets
|
$88.6 million
|
Total Portfolio Assets
|
$228.8 million
|
Weighted Average
Effective Maturity
|
11.5 years
|
Weighted Average
Stated Maturity
|
20.5 years
|
Weighted Average
Modified Duration3
|
7.5 years
|
Total Number of Securities
|
201
|
AAA
|
6.0%
|
AA
|
29.3%
|
A
|
35.1%
|
BBB
|
13.2%
|
BB
|
3.1%
|
B
|
0.6%
|
Not Rated
|
12.7%
|
February 2003–August 2005
|
$0.08375/month
|
September 2005–October 2006
|
$0.073/month
|
November 2006–February 2009
|
$0.067/month
|
March 2009–February 2010
|
$0.09/month
|
March 2010–May 2011
|
$0.087/month
|
June 2011–November 2012
|
$0.083/month
|
December 2012–August 2014
|
$0.0755/month
|
September 2014–May 2016
|
$0.0735/month
|
June 2016–November 2016
|
$0.07/month
|
December 2016–May 2018
|
$0.061/month
|
June 2018–May 2019
|
$0.054/month
|
June 2019–August 2020
|
$0.05/month
|
September 2020–May 2022
|
$0.054/month
|
June 2022–February 2023
|
$0.041/month
|
March 2023–May 2023
|
$0.0385/month
|
June 2023–November 2023
|
$0.035/month
|
|
1 Year
|
5 Years
|
10 Years
|
Fund at NAV
|
2.76%
|
0.88%
|
3.44%
|
Fund at Market Price
|
-1.51%
|
0.93%
|
3.26%
|
SPMUNI
|
3.61%
|
1.99%
|
2.79%
|
Sector Composition
|
Percentage of
Total Investments
|
Dedicated Tax
|
14.6%
|
Hospital
|
10.9%
|
General Obligation—State
|
8.7%
|
Public Power
|
7.6%
|
Other Utility
|
6.6%
|
Toll Road
|
6.0%
|
Primary/Secondary Education
|
5.5%
|
Water & Sewer
|
5.0%
|
Senior Care
|
4.9%
|
Tobacco
|
4.5%
|
Other2
|
25.7%
|
Derivative Contracts3,4
|
0.0%
|
TOTAL
|
100.0%
|
1
|
Sector classifications, and the assignment of holdings to such sectors, are based
upon the
economic sector and/or revenue source of the underlying borrower, as determined by the Fund’s
Adviser. For securities that have been enhanced by a third-party guarantor, such as
bond insurers
and banks, sector classifications are based upon the economic sector and/or revenue
source of
the underlying obligor, as determined by the Fund’s Adviser. Refunded securities are those
whose debt service is paid from escrowed assets, usually U.S. government securities.
|
2
|
For purposes of this table, sector classifications constitute 74.3% of the Fund’s investments.
Remaining sectors have been aggregated under the designation “Other.”
|
3
|
Represents less than 0.1%.
|
4
|
Based upon net unrealized appreciation (depreciation) or value of the derivative contracts
as
applicable. Derivative contracts may consist of futures, forwards, options and swaps.
The impact
of a derivative contract on the Fund’s performance may be larger than its unrealized
appreciation (depreciation) or value may indicate. In many cases, the notional value
or amount of
a derivative contract may provide a better indication of the contract’s significance to the
portfolio. More complete information regarding the Fund’s direct investment in derivative
contracts, including unrealized appreciation (depreciation), value and notional values
or amounts
of such contracts, can be found in the table at the end of the Portfolio of Investments
included
in this report.
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— 98.5%
|
|
|
|
Alabama— 2.5%
|
|
$1,500,000
|
|
Alabama State Corrections Institution Finance Authority (Alabama State),
Revenue Bonds (Series 2022A), 5.250%, 7/1/2052
|
$ 1,598,396
|
1,500,000
|
|
Energy Southeast, AL, Energy Supply Revenue Bonds (Series 2023A-1),
(Morgan Stanley GTD), 5.500%, Mandatory Tender 1/1/2031
|
1,601,737
|
2,500,000
|
|
Lower Alabama Gas District, Gas Project Revenue Bonds (Series 2016A),
(Goldman Sachs Group, Inc. GTD), 5.000%, 9/1/2046
|
2,595,197
|
|
|
TOTAL
|
5,795,330
|
|
|
Arizona— 2.1%
|
|
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
|
503,463
|
585,000
|
1
|
Maricopa County, AZ, IDA (Paradise Schools), Revenue Refunding Bonds,
5.000%, 7/1/2036
|
575,864
|
1,000,000
|
|
Phoenix, AZ Civic Improvement Corp. - Wastewater System, Junior Lien
Wastewater System Revenue Bonds (Series 2023), 5.250%, 7/1/2047
|
1,112,697
|
2,000,000
|
|
Phoenix, AZ IDA (GreatHearts Academies), Education Facility Revenue
Bonds (Series 2014A), 5.000%, 7/1/2034
|
2,004,869
|
625,000
|
1
|
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior Living Revenue
Bonds (Series 2022A), 6.750%, 11/15/2042
|
632,068
|
|
|
TOTAL
|
4,828,961
|
|
|
California— 6.4%
|
|
2,300,000
|
|
California Infrastructure & Economic Development Bank (Equitable School
Revolving Fund), Senior National Charter School Revolving Loan Fund
Revenue Bonds (Series 2022B), 5.000%, 11/1/2057
|
2,349,945
|
165,000
|
1
|
California Public Finance Authority (Kendal at Sonoma), Enso Village Senior
Living Revenue Refunding Bonds (Series 2021A), 5.000%, 11/15/2056
|
138,334
|
600,000
|
1
|
California School Finance Authority (KIPP LA), School Facility Revenue
Bonds (Series 2014A), 5.000%, 7/1/2034
|
602,985
|
250,000
|
1
|
California School Finance Authority (KIPP LA), School Facility Revenue
Bonds (Series 2014A), 5.125%, 7/1/2044
|
250,297
|
1,000,000
|
1
|
California School Finance Authority (KIPP LA), School Facility Revenue
Bonds (Series 2015A), 5.000%, 7/1/2035
|
1,014,337
|
600,000
|
|
California State, Various Purpose UT GO Bonds, 5.250%, 9/1/2047
|
671,627
|
1,110,000
|
|
Chula Vista, CA Municipal Finance Authority, Special Tax Revenue
Refunding Bonds (Series 2013), 5.500%, 9/1/2028
|
1,112,228
|
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
|
1,002,935
|
1,060,000
|
|
Golden State Tobacco Securitization Corp., CA, Tobacco Settlement
Asset-Backed Bonds (Series 2022), 5.000%, 6/1/2051
|
1,087,456
|
165,000
|
|
Irvine, CA (Irvine, CA Reassessment District No. 13-1), Limited Obligation
Improvement Bonds, 5.000%, 9/2/2028
|
165,833
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
California— continued
|
|
$1,400,000
|
|
Los Angeles, CA Department of Water & Power (Los Angeles, CA
Department of Water & Power (Electric/Power System)), Power System
Revenue Bonds (Series 2022C), 5.000%, 7/1/2043
|
$ 1,546,049
|
1,500,000
|
|
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A),
(Citigroup, Inc. GTD), 7.000%, 11/1/2034
|
1,868,201
|
1,130,000
|
|
M-S-R Energy Authority, CA, Gas Revenue Bonds (Series 2009A), (Original
Issue Yield: 6.375%), (Citigroup, Inc. GTD), 6.125%, 11/1/2029
|
1,210,217
|
1,500,000
|
|
San Francisco, CA City & County Airport Commission, Second Series
Revenue Bonds (Series 2019F), 5.000%, 5/1/2050
|
1,573,144
|
|
|
TOTAL
|
14,593,588
|
|
|
Colorado— 3.2%
|
|
500,000
|
|
Colorado Educational & Cultural Facilities Authority (University Lab School),
Charter School Refunding & Improvement Revenue Bonds (Series 2015),
5.000%, 12/15/2035
|
507,105
|
800,000
|
|
Colorado Health Facilities Authority (CommonSpirit Health), Revenue
Bonds (Series 2022), 5.500%, 11/1/2047
|
846,748
|
1,250,000
|
|
Colorado Health Facilities Authority (Sisters of Charity of Leavenworth
Health System), Revenue Bonds (Series 2013A), (Original Issue Yield:
5.120%), (United States Treasury PRF 1/1/2024@100), 5.000%, 1/1/2044
|
1,251,576
|
1,805,000
|
|
Colorado High Performance Transportation Enterprise, C-470 Express
Lanes Senior Revenue Bonds (Series 2017), 5.000%, 12/31/2056
|
1,787,624
|
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
|
2,631,771
|
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
|
403,000
|
|
|
TOTAL
|
7,427,824
|
|
|
Connecticut— 0.8%
|
|
1,755,000
|
|
Connecticut State (Connecticut State Special Transportation Fund), Special
Tax Obligation Bonds Transportation Infrastructure Purpose (Series 2018B),
5.000%, 10/1/2037
|
1,872,482
|
|
|
District of Columbia— 0.2%
|
|
500,000
|
|
District of Columbia (Friendship Public Charter School, Inc.), Revenue
Bonds (Series 2016A), 5.000%, 6/1/2041
|
498,208
|
|
|
Florida— 2.9%
|
|
1,000,000
|
|
Atlantic Beach, FL Health Care Facilities (Fleet Landing Project, FL),
Revenue & Refunding Bonds (Series 2013A), 5.000%, 11/15/2028
|
990,914
|
1,465,000
|
|
Central Florida Expressway Authority, Senior Lien Revenue Bonds
(Series 2019B), 5.000%, 7/1/2044
|
1,520,534
|
596,555
|
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
|
19,090
|
500,000
|
|
Lakewood Ranch Stewardship District, FL (Taylor Ranch), Special
Assessment Revenue Bonds (Series 2023), 6.125%, 5/1/2043
|
511,078
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Florida— continued
|
|
$ 500,000
|
|
Lee County, FL IDA (Cypress Cove at Healthpark), Healthcare Facilities
Revenue Bonds TEMPS-80 (Series 2022B-1), 3.750%, 10/1/2027
|
$ 476,950
|
1,500,000
|
|
Miami-Dade County, FL (Miami-Dade County, FL Transit System), Transit
System Sales Surtax Revenue Bonds (Series 2020A), 4.000%, 7/1/2050
|
1,442,434
|
500,000
|
|
Midtown Miami, FL CDD, Special Assessment & Revenue Refunding Bonds
(Series 2014A), 5.000%, 5/1/2029
|
497,406
|
900,000
|
|
Rivers Edge II CDD, Capital Improvement Revenue Bonds (Series 2021),
4.000%, 5/1/2051
|
685,940
|
415,000
|
|
Tolomato CDD, 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
|
389,951
|
450,000
|
2,3
|
Tolomato CDD, FL, Special Assessment Revenue Bonds (Series 2015-3),
6.610%, 5/1/2040
|
5
|
|
|
TOTAL
|
6,534,302
|
|
|
Georgia— 4.9%
|
|
2,000,000
|
|
Atlanta, GA, UT GO Public Improvement Bonds (Series 2022A-1),
5.000%, 12/1/2041
|
2,218,153
|
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
|
422,910
|
1,460,000
|
|
Georgia Ports Authority, Revenue Bonds (Series 2022), 4.000%, 7/1/2052
|
1,412,644
|
2,000,000
|
|
Georgia State, UT GO Bonds (Series 2022A), 4.000%, 7/1/2042
|
2,037,533
|
1,250,000
|
|
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2022B), (Citigroup, Inc. GTD), 5.000%, Mandatory Tender 6/1/2029
|
1,284,653
|
1,000,000
|
|
Main Street Natural Gas, Inc., GA, Gas Supply Revenue Bonds
(Series 2023C), (Royal Bank of Canada GTD), 5.000%, Mandatory
Tender 9/1/2030
|
1,044,583
|
1,000,000
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project J
Revenue Refunding Bonds (Series 2015A), 5.500%, 7/1/2060
|
1,005,212
|
1,000,000
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project M
Bonds (Series 2021A), 5.000%, 1/1/2056
|
1,011,010
|
775,000
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project P
Revenue Refunding Bonds (Series 2023A), 5.500%, 7/1/2064
|
803,059
|
|
|
TOTAL
|
11,239,757
|
|
|
Idaho— 0.6%
|
|
1,750,000
|
|
Idaho Health Facilities Authority (Terraces of Boise), Exchange Revenue
Refunding Bonds (Series 2021A), 4.000%, 10/1/2033
|
1,410,589
|
|
|
Illinois— 10.3%
|
|
430,000
|
|
Chicago, IL Board of Education, Dedicated Capital Improvement Tax Bonds
(Series 2023), 5.750%, 4/1/2048
|
461,056
|
1,500,000
|
|
Chicago, IL Board of Education, UT GO Dedicated Revenue Bonds
(Series 2017H), 5.000%, 12/1/2046
|
1,414,545
|
3,000,000
|
|
Chicago, IL Midway Airport, Second Lien Revenue Refunding Bonds
(Series 2014B), (United States Treasury PRF 2/6/2024@100),
5.000%, 1/1/2035
|
3,007,456
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Illinois— continued
|
|
$2,000,000
|
|
Chicago, IL Wastewater Transmission, Second Lien Wastewater
Transmission Revenue Bonds (Series 2023A), (Assured Guaranty Municipal
Corp. INS), 5.250%, 1/1/2053
|
$ 2,139,950
|
200,000
|
|
Chicago, IL Water Revenue, Second Lien Water Revenue Bonds
(Series 2023A), (Assured Guaranty Municipal Corp. INS),
5.250%, 11/1/2053
|
213,637
|
234,000
|
|
DuPage County, IL (Naperville Campus LLC), Special Tax Bonds
(Series 2006), 5.625%, 3/1/2036
|
229,508
|
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
|
722,653
|
1,500,000
|
|
Illinois Finance Authority (Northshore-Edward-Elmhurst Health Credit
Group), Revenue Bonds (Series 2022A), 4.000%, 8/15/2042
|
1,441,732
|
1,340,000
|
|
Illinois State, GO Bonds (Series 2017D), 5.000%, 11/1/2028
|
1,418,985
|
750,000
|
|
Illinois State, UT GO Bonds (Series 2020B), (Original Issue Yield: 5.850%),
5.750%, 5/1/2045
|
807,462
|
2,000,000
|
|
Illinois State, UT GO Bonds (Series 2022C), 5.125%, 10/1/2043
|
2,113,899
|
2,000,000
|
|
Illinois State, UT GO Bonds (Series 2022C), 5.500%, 10/1/2045
|
2,160,370
|
1,000,000
|
|
Illinois State, UT GO Bonds (Series 2023B), (Original Issue Yield: 4.730%),
4.500%, 5/1/2048
|
957,352
|
265,000
|
|
Illinois State, UT GO Bonds (Series 2023B), 5.500%, 5/1/2047
|
285,048
|
890,000
|
|
Illinois State, UT GO Bonds (Series 2023C), 5.000%, 12/1/2042
|
941,460
|
1,000,000
|
|
Illinois State, UT GO Bonds (Series of May 2014), 5.000%, 5/1/2039
|
1,000,092
|
235,000
|
|
Illinois State, UT GO Refunding Bonds (Series 2018A), 5.000%, 10/1/2026
|
244,575
|
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
|
1,606,147
|
1,250,000
|
|
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds
(Series 2018A), 5.000%, 1/1/2048
|
1,269,771
|
1,105,000
|
|
Sales Tax Securitization Corp., IL, Sales Tax Securitization Bonds
(Series 2022A), 4.000%, 1/1/2042
|
1,095,667
|
|
|
TOTAL
|
23,531,365
|
|
|
Indiana— 1.8%
|
|
500,000
|
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds
(Series 2013A), 5.250%, 1/1/2038
|
500,455
|
1,000,000
|
|
Indiana State Finance Authority (CWA Authority, Inc.), First Lien
Wastewater Utility Revenue Bonds (Series 2022B), 5.250%, 10/1/2052
|
1,060,263
|
2,500,000
|
|
Indianapolis, IN Local Public Improvement Bond Bank (Indiana Convention
Center Hotel), Senior Revenue Bonds (Series 2023E), (Original Issue Yield:
5.880%), 5.750%, 3/1/2043
|
2,585,680
|
|
|
TOTAL
|
4,146,398
|
|
|
Iowa— 0.9%
|
|
1,000,000
|
|
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area
Revenue Refunding Bonds (Series 2022), 5.000%, 12/1/2050
|
982,546
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Iowa— continued
|
|
$1,015,000
|
|
Iowa Finance Authority (Iowa Fertilizer Co. LLC), Midwestern Disaster Area
Revenue Refunding Bonds (Series 2022), 5.000%, Mandatory
Tender 12/1/2042
|
$ 1,012,528
|
|
|
TOTAL
|
1,995,074
|
|
|
Kansas— 0.9%
|
|
2,000,000
|
|
Wyandotte County, KS Unified Government Utility System, Improvement &
Refunding Revenue Bonds (Series 2014-A), 5.000%, 9/1/2044
|
2,006,446
|
|
|
Kentucky— 0.8%
|
|
1,000,000
|
|
Kentucky Economic Development Finance Authority (Miralea), Revenue
Bonds (Series 2016A), 5.000%, 5/15/2031
|
900,463
|
1,000,000
|
|
Public Energy Authority of Kentucky, Gas Supply Revenue Bonds
(Series 2019C), (Morgan Stanley GTD), 4.000%, Mandatory
Tender 2/1/2028
|
986,846
|
|
|
TOTAL
|
1,887,309
|
|
|
Louisiana— 1.4%
|
|
1,000,000
|
|
Louisiana Public Facilities Authority (Tulane University, LA), University
Revenue and Refunding Bonds (Series 2023A), 5.000%, 10/15/2048
|
1,060,481
|
1,500,000
|
|
Louisiana Stadium and Exposition District, Senior Revenue Bonds
(Series 2023A), 5.000%, 7/1/2048
|
1,584,294
|
550,000
|
|
St. James Parish, LA (NuStar Logistics LP), Revenue Bonds (Series 2011),
5.850%, Mandatory Tender 6/1/2025
|
559,562
|
|
|
TOTAL
|
3,204,337
|
|
|
Maryland— 0.3%
|
|
320,000
|
|
Baltimore, MD (East Baltimore Research Park), Special Obligation Revenue
Refunding Bonds (Series 2017A), 5.000%, 9/1/2038
|
318,171
|
400,000
|
|
Westminster, MD (Lutheran Village at Miller’s Grant, Inc.), Revenue Bonds
(Series 2014A), 6.000%, 7/1/2034
|
401,366
|
|
|
TOTAL
|
719,537
|
|
|
Massachusetts— 1.4%
|
|
1,000,000
|
|
Commonwealth of Massachusetts, UT GO Consolidated Loan Bonds
(Series 2023C), 5.000%, 8/1/2044
|
1,096,561
|
1,500,000
|
|
Massachusetts Bay Transportation Authority Sales Tax Revenue, Senior
Sales Tax Bonds (Series 2023A-1), (Original Issue Yield: 4.260%),
4.000%, 7/1/2053
|
1,444,928
|
500,000
|
|
Massachusetts Water Resources Authority, General Revenue Bonds
(Series 2023B), 5.250%, 8/1/2048
|
553,048
|
|
|
TOTAL
|
3,094,537
|
|
|
Michigan— 4.2%
|
|
445,000
|
|
Detroit, MI, UT GO Bonds (Series 2020), 5.500%, 4/1/2045
|
461,947
|
2,250,000
|
|
Michigan State Building Authority, Revenue Refunding Bonds Facilities
Program (Series 2023-II), 4.000%, 10/15/2047
|
2,213,279
|
1,750,000
|
|
Michigan State Finance Authority (Detroit, MI Public Lighting Authority),
Local Government Loan Program Revenue Bonds (Series 2014B),
5.000%, 7/1/2039
|
1,750,361
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Michigan— continued
|
|
$ 750,000
|
|
Michigan State Finance Authority (Great Lakes, MI Water Authority Sewage
Disposal System), Senior Lien Revenue Bonds (Series 2014 C-3), (Assured
Guaranty Municipal Corp. INS), 5.000%, 7/1/2032
|
$ 753,958
|
600,000
|
|
Michigan State Finance Authority (Great Lakes, MI Water Authority Water
Supply System), Senior Lien Revenue Bonds (Series 2014 D-1), (Assured
Guaranty Municipal Corp. INS), 5.000%, 7/1/2037
|
601,573
|
2,500,000
|
|
Michigan State Finance Authority (McLaren Health Care Corp.), Revenue
Bonds (Series 2019A), 4.000%, 2/15/2044
|
2,401,368
|
1,490,000
|
|
Wayne County, MI Airport Authority, Revenue Bonds (Series 2012A),
(United States Treasury PRF 12/1/2023@100), 5.000%, 12/1/2037
|
1,490,000
|
|
|
TOTAL
|
9,672,486
|
|
|
Minnesota— 0.2%
|
|
460,000
|
|
Minneapolis-St. Paul, MN Metropolitan Airports Commission
(Minneapolis-St. Paul International Airport), Subordinate Airport Revenue
Bonds (Series 2022A), 5.000%, 1/1/2052
|
484,460
|
|
|
Missouri— 0.4%
|
|
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
|
404,736
|
750,000
|
1
|
Kansas City, MO Redevelopment Authority (Kansas City Convention Center
Headquarters Hotel CID), Revenue Bonds (Series 2018B), 5.000%, 2/1/2040
|
595,053
|
|
|
TOTAL
|
999,789
|
|
|
Montana— 0.1%
|
|
350,000
|
|
Kalispell, MT Housing and Healthcare Facilities (Immanuel Lutheran Corp.),
Revenue Bonds (Series 2017A), 5.250%, 5/15/2047
|
275,221
|
|
|
Nevada— 1.1%
|
|
700,000
|
|
Las Vegas, NV Convention & Visitors Authority, Convention Center
Expansion and Renovation Revenue Bonds (Series 2023A),
5.000%, 7/1/2049
|
742,985
|
1,500,000
|
|
Nevada State, LT GO Bonds (Series 2023A), 5.000%, 5/1/2042
|
1,661,552
|
|
|
TOTAL
|
2,404,537
|
|
|
New Hampshire— 0.0%
|
|
417,393
|
1,2,3
|
New Hampshire Health and Education Facilities Authority (Hillside Village),
Revenue Bonds (Series 2017A), 6.125%, 7/1/2037
|
25,044
|
|
|
New Jersey— 8.3%
|
|
750,000
|
|
New Jersey EDA (New Jersey State), North Portal Bridge Project
(Series 2022), 5.250%, 11/1/2041
|
828,555
|
1,000,000
|
|
New Jersey EDA (New Jersey State), North Portal Bridge Project
(Series 2022), 5.250%, 11/1/2047
|
1,072,255
|
2,500,000
|
|
New Jersey EDA (New Jersey State), School Facilities Construction Bonds
(Series 2014UU), (United States Treasury PRF 6/15/2024@100),
5.000%, 6/15/2034
|
2,519,355
|
500,000
|
|
New Jersey State Educational Facilities Authority (New Jersey State),
Higher Education Capital Improvement Fund (Series 2023A),
4.625%, 9/1/2048
|
509,099
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
New Jersey— continued
|
|
$ 500,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State),
Transportation Program Bonds (Series 2022AA), 5.000%, 6/15/2035
|
$ 561,777
|
1,295,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State),
Transportation Program Bonds (Series 2022BB), 4.000%, 6/15/2042
|
1,265,473
|
2,000,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State),
Transportation Program Bonds (Series 2023BB), 5.000%, 6/15/2046
|
2,124,042
|
1,000,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State),
Transportation System Bonds (Series 2018A), 5.000%, 12/15/2034
|
1,074,028
|
500,000
|
|
New Jersey State Transportation Trust Fund Authority (New Jersey State),
Transportation System Bonds (Series 2022CC), 5.500%, 6/15/2050
|
542,701
|
2,000,000
|
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds (Series 2019A),
5.000%, 1/1/2048
|
2,091,396
|
500,000
|
|
South Jersey Transportation Authority, Transportation System Revenue
Bonds (Series 2020A), 4.000%, 11/1/2050
|
454,813
|
3,355,000
|
|
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement
Asset-Backed Refunding Bonds (Series 2018A), 5.250%, 6/1/2046
|
3,420,764
|
2,520,000
|
|
Tobacco Settlement Financing Corp., NJ, Tobacco Settlement
Asset-Backed Senior Refunding Bonds (Series 2018A), 5.000%, 6/1/2035
|
2,627,922
|
|
|
TOTAL
|
19,092,180
|
|
|
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
|
665,769
|
|
|
New York— 9.8%
|
|
1,650,000
|
|
Build NYC Resource Corporation (KIPP NYC Canal West), Revenue Bonds
(Series 2022), 5.250%, 7/1/2057
|
1,689,014
|
1,500,000
|
|
Long Island Power Authority, NY, Electric System General Revenue Bonds
(Series 2023E), (Assured Guaranty Municipal Corp. INS), 5.000%, 9/1/2053
|
1,620,166
|
1,000,000
|
|
Metropolitan Transportation Authority, NY (MTA Transportation Revenue),
Revenue Bonds (Series 20114B), 5.250%, 11/15/2044
|
1,002,352
|
1,500,000
|
|
Metropolitan Transportation Authority, NY (MTA Transportation Revenue),
Transportation Revenue Green Bonds (Series 2020C-1),
5.250%, 11/15/2055
|
1,549,464
|
2,000,000
|
|
New York City, NY Municipal Water Finance Authority, Water and Sewer
System Second General Resolution Revenue Bonds (Series 2023-DD),
(Original Issue Yield: 4.380%), 4.125%, 6/15/2047
|
1,993,969
|
1,250,000
|
|
New York City, NY Transitional Finance Authority, Future Tax Secured
Subordinate Bonds (Series 2015E-1), 5.000%, 2/1/2041
|
1,266,351
|
1,000,000
|
|
New York City, NY Transitional Finance Authority, Future Tax Secured
Subordinate Bonds (Series 2023F-1), (Original Issue Yield: 4.450%),
4.000%, 2/1/2051
|
964,556
|
250,000
|
|
New York City, NY, UT GO Bonds (Series 2014G), 5.000%, 8/1/2030
|
250,306
|
1,000,000
|
1
|
New York Liberty Development Corporation (3 World Trade Center),
Revenue Bonds (Series 2014 Class 1), 5.000%, 11/15/2044
|
970,905
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
New York— continued
|
|
$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
|
$ 1,597,906
|
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
|
734,032
|
1,480,000
|
|
New York State Thruway Authority (New York State Thruway Authority -
General Revenue), General Revenue Junior Indebtedness Obligations
(Series 2016A), 5.000%, 1/1/2046
|
1,498,089
|
1,000,000
|
|
New York Transportation Development Corporation (JFK International Air
Terminal LLC), Special Facilities Revenue Bonds (Series 2020C),
4.000%, 12/1/2040
|
962,360
|
3,000,000
|
|
Port Authority of New York and New Jersey, Consolidated Bonds
(Series 241), 5.000%, 7/15/2048
|
3,225,155
|
1,000,000
|
|
Triborough Bridge & Tunnel Authority, NY (MTA Payroll Mobility Tax), MTA
Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds
(Series 2022D-2), 5.250%, 5/15/2047
|
1,104,908
|
1,000,000
|
|
Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels Sales
Tax Revenue Bonds (Series 2023A), (Original Issue Yield: 4.630%),
4.250%, 5/15/2058
|
973,800
|
1,000,000
|
|
Utility Debt Securitization Authority, NY, Restructuring Bonds
(Series 2022TE-2), 5.000%, 12/15/2049
|
1,082,760
|
|
|
TOTAL
|
22,486,093
|
|
|
North Carolina— 0.5%
|
|
1,000,000
|
|
Charlotte, NC (Charlotte, NC Douglas International Airport), Airport
Revenue Bonds (Series 2017A), 5.000%, 7/1/2047
|
1,033,905
|
|
|
Ohio— 3.4%
|
|
1,500,000
|
|
American Municipal Power-Ohio, Inc. (American Municipal Power, Prairie
State Energy Campus Project), Refunding Revenue Bonds (Series 2015A),
5.000%, 2/15/2042
|
1,501,303
|
1,000,000
|
|
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital
Revenue Bonds (Series 2017), (Original Issue Yield: 5.030%),
5.000%, 2/15/2057
|
974,899
|
640,000
|
|
Cuyahoga County, OH Hospital Authority (MetroHealth System), Hospital
Revenue Bonds (Series 2017), 5.250%, 2/15/2047
|
642,892
|
1,500,000
|
|
Miami County, OH Hospital Facility (Kettering Health Network Obligated
Group), Hospital Facilities Revenue Refunding and Improvement Bonds
(Series 2019), 5.000%, 8/1/2049
|
1,506,980
|
1,440,000
|
|
Muskingum County, OH (Genesis Healthcare Corp.), Hospital Facilities
Revenue Bonds (Series 2013), 5.000%, 2/15/2027
|
1,439,951
|
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
|
1,000,000
|
750,000
|
|
University of Cincinnati, OH, General Receipts Bonds (Series 2013C),
(United States Treasury PRF 12/1/2023@100), 5.000%, 6/1/2039
|
750,000
|
|
|
TOTAL
|
7,816,025
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Oregon— 0.9%
|
|
$2,000,000
|
|
Oregon State Housing and Community Services Department, Single Family
Mortgage Program (Series 2023A), 4.600%, 7/1/2043
|
$ 2,013,021
|
|
|
Pennsylvania— 7.5%
|
|
1,000,000
|
|
Allegheny County, PA Hospital Development Authority (Allegheny Health
Network Obligated Group), Revenue Bonds (Series 2018A),
5.000%, 4/1/2047
|
1,010,881
|
1,500,000
|
|
Allegheny County, PA Hospital Development Authority (UPMC Health
System), Revenue Bonds (Series 2019A), 4.000%, 7/15/2039
|
1,471,031
|
2,000,000
|
|
Commonwealth of Pennsylvania, UT GO Bonds (First Series 2022),
5.000%, 10/1/2042
|
2,215,003
|
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
|
45,800
|
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
|
188,289
|
220,000
|
|
Cumberland County, PA Municipal Authority (Diakon Lutheran Social
Ministries), Revenue Bonds (Series 2015), 5.000%, 1/1/2038
|
216,500
|
1,000,000
|
|
Geisinger Authority, PA Health System (Geisinger Health System), Health
System Revenue Bonds (Series 2020A), 4.000%, 4/1/2050
|
907,717
|
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
|
1,202,169
|
1,500,000
|
|
Northampton County, PA General Purpose Authority (Lafayette College),
College Refunding and Revenue Bonds (Series 2017), 5.000%, 11/1/2047
|
1,540,643
|
1,865,000
|
|
Northampton County, PA General Purpose Authority (St. Luke’s University
Health Network), Hospital Revenue Bonds (Series 2016A),
4.000%, 8/15/2040
|
1,727,701
|
570,000
|
|
Pennsylvania State Economic Development Financing Authority (UPMC
Health System), Revenue Bonds (Series 2023A-2), 4.000%, 5/15/2053
|
509,925
|
1,090,000
|
|
Pennsylvania State Higher Education Facilities Authority (University of
Pennsylvania Health System), Health System Revenue Bonds (Series 2019),
4.000%, 8/15/2044
|
1,050,644
|
1,350,000
|
|
Pennsylvania State Turnpike Commission, Subordinate Revenue Bonds
(Series 2019A), 5.000%, 12/1/2044
|
1,412,073
|
345,000
|
|
Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds
(Series 2022B), 5.250%, 12/1/2052
|
374,971
|
1,080,000
|
|
Philadelphia, PA Airport System, Airport Revenue and Refunding Bonds
(Series 2017A), 5.000%, 7/1/2047
|
1,106,483
|
1,050,000
|
|
Philadelphia, PA Water & Wastewater System, Water and Wastewater
Revenue Bonds (Series 2020A), 5.000%, 11/1/2045
|
1,106,283
|
1,200,000
|
|
Westmoreland County, PA Municipal Authority, Municipal Service Revenue
Bonds (Series 2016), (Build America Mutual Assurance INS),
5.000%, 8/15/2042
|
1,214,987
|
|
|
TOTAL
|
17,301,100
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Puerto Rico— 4.9%
|
|
$1,000,000
|
|
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A),
5.625%, 7/1/2029
|
$ 1,056,907
|
1,000,000
|
|
Commonwealth of Puerto Rico, UT GO Restructured Bonds (Series 2022A),
5.750%, 7/1/2031
|
1,075,462
|
6,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds
(Series 2019A), (Original Issue Yield: 5.154%), 5.000%, 7/1/2058
|
5,817,479
|
2,000,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds
(Series 2019A-1), 4.750%, 7/1/2053
|
1,887,745
|
1,500,000
|
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Bonds
(Series 2019A-2), 4.329%, 7/1/2040
|
1,419,820
|
|
|
TOTAL
|
11,257,413
|
|
|
Rhode Island— 1.3%
|
|
3,000,000
|
|
Tobacco Settlement Financing Corp., RI, Tobacco Settlement Asset-Backed
Bonds (Series 2015B), 5.000%, 6/1/2050
|
2,933,882
|
|
|
South Carolina— 1.5%
|
|
2,250,000
|
|
South Carolina Jobs-EDA (Prisma Health Obligated Group), Hospital
Revenue Bonds (Series 2018A), 5.000%, 5/1/2048
|
2,280,643
|
650,000
|
1
|
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement
Community Revenue Bonds TEMPS-50 (Series 2023B-2),
5.250%, 11/15/2028
|
646,073
|
650,000
|
1
|
South Carolina Jobs-EDA (Seafields at Kiawah Island), Retirement
Community Revenue Bonds TEMPS-75 (Series 2023B-1),
5.750%, 11/15/2029
|
614,308
|
|
|
TOTAL
|
3,541,024
|
|
|
Tennessee— 1.0%
|
|
600,000
|
2,3
|
Blount County, TN Health and Educational Facilities Board (Asbury, Inc.),
Revenue Refunding and Improvement Bonds (Series 2016A),
5.000%, 1/1/2047
|
138,000
|
1,000,000
|
|
Chattanooga, TN Health, Educational & Housing Facility Board
(CommonSpirit Health), Revenue Bonds (Series 2019A), 5.000%, 8/1/2049
|
1,007,993
|
1,000,000
|
|
Metropolitan Nashville Tennessee Airport Authority, Airport Revenue
Bonds (Series 2022A), 5.000%, 7/1/2052
|
1,063,316
|
|
|
TOTAL
|
2,209,309
|
|
|
Texas— 8.6%
|
|
500,000
|
|
Austin, TX (Austin, TX Water and Wastewater System), Water and
Wastewater System Revenue Refunding Bonds (Series 2022),
5.000%, 11/15/2052
|
532,824
|
270,000
|
|
Clifton Higher Education Finance Corporation, TX (Idea Public Schools ),
6.000%, 8/15/2033
|
270,427
|
920,000
|
|
Clifton Higher Education Finance Corporation, TX (Idea Public Schools),
Education Revenue Bonds (Series 2012), 5.000%, 8/15/2032
|
920,671
|
987,000
|
|
Decatur, TX Hospital Authority (Wise Regional Health System), Hospital
Revenue Bonds (Series 2021C), 4.000%, 9/1/2034
|
924,636
|
764,000
|
|
Decatur, TX Hospital Authority (Wise Regional Health System), Hospital
Revenue Bonds (Series 2021C), 4.000%, 9/1/2044
|
636,005
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
Texas— continued
|
|
$1,000,000
|
|
Harris County, TX Cultural Education Facilities Finance Corp. (Brazos
Presbyterian Homes Holding, Inc.), First Mortgage Revenue Bonds
(Series 2016), 5.000%, 1/1/2048
|
$ 785,201
|
1,460,000
|
|
Harris County, TX IDC (Energy Transfer LP), Marine Terminal Refunding
Revenue Bonds (Series 2023), 4.050%, Mandatory Tender 6/1/2033
|
1,451,131
|
2,000,000
|
|
Jarrell, TX ISD, UT GO School Building Bonds (Series 2023), (Texas
Permanent School Fund Guarantee Program GTD), 4.250%, 2/15/2053
|
2,004,233
|
1,500,000
|
|
Lower Colorado River Authority, TX (LCRA Transmission Services Corp.),
Transmission Contract Refunding Revenue Bonds (Series 2021),
5.000%, 5/15/2051
|
1,559,043
|
685,000
|
|
North Texas Tollway Authority, First Tier Revenue Refunding Bonds
(Series 2015B), 5.000%, 1/1/2045
|
690,614
|
1,930,000
|
|
North Texas Tollway Authority, First Tier Revenue Refunding Bonds
(Series 2017A), 5.000%, 1/1/2048
|
2,000,710
|
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
|
430,818
|
1,500,000
|
|
San Antonio, TX Electric & Gas System, Revenue Refunding Bonds
(Series 2017), 5.000%, 2/1/2047
|
1,543,523
|
750,000
|
|
Spring Branch, TX ISD, UT GO Schoolhouse Bonds (Series 2022), (Texas
Permanent School Fund Guarantee Program GTD), 5.000%, 2/1/2042
|
816,817
|
2,000,000
|
|
Spring, TX ISD, UT School Building Bonds (Series 2019), (Texas Permanent
School Fund Guarantee Program GTD), 4.000%, 8/15/2043
|
1,947,865
|
1,600,000
|
|
Texas Municipal Gas Acquisition & Supply Corp. IV, Gas Supply Revenue
Bonds (Series 2023B), (BP PLC GTD), 5.500%, Mandatory Tender 1/1/2034
|
1,720,942
|
1,550,000
|
|
Texas State Transportation Commission (State Highway 249 System), First
Tier Toll Revenue Bonds (Series 2019A), 5.000%, 8/1/2057
|
1,557,711
|
|
|
TOTAL
|
19,793,171
|
|
|
Utah— 0.9%
|
|
1,970,000
|
|
Intermountain Power Agency, Power Supply Revenue Bonds
(Series 2022A), 5.000%, 7/1/2041
|
2,162,409
|
|
|
Washington— 1.3%
|
|
280,000
|
1
|
Washington State Housing Finance Commission (Heron’s Key Senior
Living), Nonprofit Housing Revenue Bonds (Series 2015A), (United States
Treasury PRF 7/1/2025@100), 6.000%, 7/1/2025
|
286,249
|
500,000
|
1
|
Washington State Housing Finance Commission (Presbyterian Retirement
Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2031
|
457,709
|
1,000,000
|
1
|
Washington State Housing Finance Commission (Presbyterian Retirement
Communities Northwest), Revenue Bonds (Series 2016), 5.000%, 1/1/2051
|
741,287
|
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
|
802,481
|
1,000,000
|
1
|
Washington State Housing Finance Commission (Rockwood Retirement
Communities), Nonprofit Housing Revenue Bonds (Series 2020A),
5.000%, 1/1/2051
|
736,591
|
|
|
TOTAL
|
3,024,317
|
Principal
Amount
|
|
|
Value
|
|
|
MUNICIPAL BONDS— continued
|
|
|
|
West Virginia— 0.5%
|
|
$1,050,000
|
|
West Virginia State Hospital Finance Authority (Vandalia Health), Hospital
Refunding and Improvement Revenue Bonds (Series 2023B),
6.000%, 9/1/2048
|
$ 1,166,972
|
|
|
Wisconsin— 0.4%
|
|
1,000,000
|
1
|
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue Bonds
(Series 2022A), 7.250%, 12/1/2042
|
995,911
|
|
|
TOTAL MUNICIPAL BONDS
(IDENTIFIED COST $229,284,070)
|
226,140,082
|
|
4
|
SHORT-TERM MUNICIPALS— 1.5%
|
|
|
|
Alabama— 0.8%
|
|
600,000
|
|
Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily
VRDNs, 3.700%, 12/1/2023
|
600,000
|
850,000
|
|
Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily
VRDNs, 3.700%, 12/1/2023
|
850,000
|
350,000
|
|
Mobile, AL IDB (Alabama Power Co.), (Second Series 2009) Daily VRDNs,
3.460%, 12/1/2023
|
350,000
|
|
|
TOTAL
|
1,800,000
|
|
|
Michigan— 0.3%
|
|
600,000
|
|
Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007)
Daily VRDNs, 3.370%, 12/1/2023
|
600,000
|
|
|
Ohio— 0.2%
|
|
500,000
|
|
Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs,
(BMO Bank, N.A. LOC), 3.300%, 12/1/2023
|
500,000
|
|
|
Pennsylvania— 0.2%
|
|
450,000
|
|
Southcentral PA, General Authority (Wellspan Health Obligated Group),
(Series 2019C) Daily VRDNs, (Bank of America N.A. LIQ),
3.340%, 12/1/2023
|
450,000
|
|
|
TOTAL SHORT-TERM MUNICIPALS
(IDENTIFIED COST $3,350,000)
|
3,350,000
|
|
|
TOTAL INVESTMENT IN SECURITIES—100%
(IDENTIFIED COST $232,634,070)5
|
229,490,082
|
|
|
OTHER ASSETS AND LIABILITIES - NET6
|
(664,182)
|
|
|
LIQUIDATION VALUE OF VARIABLE RATE MUNICIPAL TERM
PREFERRED SHARES (VMTPS)
|
(88,600,000)
|
|
|
TOTAL NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
|
$140,225,900
|
Description
|
Number of
Contracts
|
Notional
Value
|
Expiration
Date
|
Value and
Unrealized
Appreciation
|
Long Futures:
|
|
|
|
|
United States Treasury Long Bond
Long Futures
|
40
|
$4,657,500
|
March 2024
|
$7,408
|
1
|
Denotes a restricted security that either: (a) cannot be offered for public sale without
first being
registered, or availing of an exemption from registration, under the Securities Act
of 1933; or
(b) is subject to a contractual restriction on public sales. At November 30, 2023,
these restricted
securities amounted to $10,509,322, which represented 7.5% of total net assets.
|
2
|
Non-income-producing security.
|
3
|
Security in default.
|
4
|
Current rate and current maturity or next reset date shown for floating rate notes
and variable
rate notes/demand instruments. Certain variable rate securities are not based on a
published
reference rate and spread but are determined by the issuer or agent and are based
on current
market conditions. These securities do not indicate a reference rate and spread in
their
description above.
|
5
|
The cost of investments for federal tax purposes amounts to $232,394,238.
|
6
|
Assets, other than investments in securities, less liabilities. See Statement of Assets
and
Liabilities.
|
Valuation Inputs
|
||||
|
Level 1—
Quoted
Prices
|
Level 2—
Other
Significant
Observable
Inputs
|
Level 3—
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
|
|
|
|
Municipal Bonds
|
$—
|
$226,140,082
|
$—
|
$226,140,082
|
Short-Term Municipals
|
—
|
3,350,000
|
—
|
3,350,000
|
TOTAL SECURITIES
|
$—
|
$229,490,082
|
$—
|
$229,490,082
|
Other Financial Instruments:*
|
|
|
|
|
Assets
|
$7,408
|
$—
|
$—
|
$7,408
|
TOTAL OTHER
FINANCIAL INSTRUMENTS
|
$7,408
|
$—
|
$—
|
$7,408
|
*
|
Other financial instruments are futures contracts.
|
The following acronym(s) are used throughout this portfolio:
|
|
|
CDD
|
—Community Development District
|
|
EDA
|
—Economic Development Authority
|
|
GO
|
—General Obligation
|
|
GTD
|
—Guaranteed
|
|
HFDC
|
—Health Facility Development Corporation
|
|
IDA
|
—Industrial Development Authority
|
|
IDB
|
—Industrial Development Bond
|
|
IDC
|
—Industrial Development Corporation
|
|
INS
|
—Insured
|
|
ISD
|
—Independent School District
|
|
LIQ
|
—Liquidity Agreement
|
|
LOC
|
—Letter of Credit
|
|
LP
|
—Limited Partnership
|
|
LT
|
—Limited Tax
|
|
PCRB
|
—Pollution Control Revenue Bond(s)
|
|
PRF
|
—Pre-refunded
|
|
TEMPS
|
—Tax Exempt Mandatory Paydown Securities
|
|
UT
|
—Unlimited Tax
|
|
VRDNs
|
—Variable Rate Demand Notes
|
|
Year Ended November 30,
|
||||
|
2023
|
2022
|
2021
|
2020
|
2019
|
Net Asset Value, Beginning of Period
|
$12.32
|
$15.65
|
$15.49
|
$15.35
|
$14.31
|
Income From Investment Operations:
|
|
|
|
|
|
Net investment income1
|
0.45
|
0.53
|
0.65
|
0.66
|
0.70
|
Net realized and unrealized gain (loss)
|
(0.12)
|
(3.29)
|
0.16
|
0.09
|
1.00
|
Distributions to auction market preferred
shareholders from net investment income2
|
—
|
—
|
(0.00)3
|
(0.00)3
|
(0.07)
|
Total from Investment Operations
|
0.33
|
(2.76)
|
0.81
|
0.75
|
1.63
|
Less Distributions to Common Shareholders:
|
|
|
|
|
|
Distributions from net investment income
|
(0.45)
|
(0.57)
|
(0.65)
|
(0.61)
|
(0.62)
|
Increase From Auction Market Preferred Share
Tender and Repurchase
|
—
|
—
|
—
|
—
|
0.03
|
Net Asset Value, End of Period
|
$12.20
|
$12.32
|
$15.65
|
$15.49
|
$15.35
|
Market Price, End of Period
|
$10.40
|
$11.02
|
$15.23
|
$14.45
|
$14.09
|
Total Return at Net Asset Value4
|
2.76%
|
(17.84)%
|
5.28%
|
5.11%
|
11.83%
|
Total Return at Market Price5
|
(1.51)%
|
(24.14)%
|
9.99%
|
7.17%
|
18.92%
|
Ratios to Average Net Assets:
|
|
|
|
|
|
Net expenses6
|
3.64%
|
2.17%
|
1.62%
|
2.05%
|
2.66%
|
Net expenses excluding all interest and trust
expenses7
|
0.99%8
|
0.99%
|
0.99%
|
0.99%8
|
0.99%8
|
Net investment income9
|
3.73%
|
3.93%
|
4.11%
|
4.37%
|
4.66%
|
Expense waiver/reimbursement10
|
0.23%
|
0.22%
|
0.19%
|
0.22%
|
0.26%
|
Supplemental Data:
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$140,226
|
$141,705
|
$179,906
|
$178,130
|
$176,491
|
Portfolio turnover11
|
39%
|
52%
|
19%
|
20%
|
15%
|
|
Total
Amount
Outstanding
|
Asset
Coverage
Per Share
|
Minimum
Required
Asset
Coverage
Per Share
|
Involuntary
Liquidating
Preference
Per Share
|
Average
Market
Value
Per Share12
|
11/30/2023 - VMTPS
|
$88,600,000
|
$129,128
|
$100,371
|
$50,186
|
$50,000
|
11/30/2022 - VMTPS
|
$88,600,000
|
$129,957
|
$100,250
|
$50,125
|
$50,000
|
11/30/2021 - VMTPS
|
$113,600,000
|
$129,256
|
$100,082
|
$50,041
|
$50,000
|
11/30/2020 - VMTPS
|
$113,600,000
|
$126,287
|
$100,086
|
$50,043
|
$50,000
|
11/30/2020 - AMPS
|
$1,175,000
|
$126,287
|
$50,000
|
$25,000
|
$25,000
|
11/30/2019 - VMTPS
|
$113,600,000
|
$125,600
|
$100,168
|
$50,084
|
$50,000
|
11/30/2019 - AMPS
|
$1,175,000
|
$125,600
|
$50,002
|
$25,001
|
$25,000
|
1
|
Per share numbers have been calculated using the average shares method.
|
2
|
The amounts shown are based on Common Share equivalents.
|
3
|
Represents less than $0.01.
|
4
|
Total Return at Net Asset Value is the combination of changes in the Common Share
net asset
value, reinvested dividend income and reinvested capital gains distributions at net
asset value, if
any, and does not reflect the sales charge, if applicable.
|
5
|
Total Return at Market Price is the combination of changes in the market price per
share and the
effect of reinvested dividend income and reinvested capital gains distributions, if
any, at the
average price paid per share at the time of the reinvestment.
|
6
|
Amount does not reflect net expenses incurred by investment companies in which the
Fund may
invest.
|
7
|
Ratios do not reflect the effect of interest expense on variable rate municipal term
preferred
shares, dividend payments to preferred shareholders and any associated commission
costs, or
interest and trust expenses on tender option bond trusts.
|
8
|
The net expense ratio is calculated without reduction for expense offset arrangements.
The net
expense ratio is 0.99% for the years ended November 30, 2023, 2020 and 2019, after
taking into
account these expense reductions.
|
9
|
Ratios reflect reductions for dividend payments to preferred shareholders.
|
10
|
This expense decrease is reflected in both the net expense and net investment income
(loss) ratios shown above. Amount does not reflect expense waiver/reimbursement recorded
by
investment companies in which the Fund may invest.
|
11
|
Securities that mature are considered sales for purposes of this calculation.
|
12
|
Represents initial public offering price.
|
Assets:
|
|
Investment in securities, at value (identified cost $232,634,070)
|
$229,490,082
|
Cash
|
84,666
|
Income receivable
|
3,388,415
|
Due from broker (Note 2)
|
153,500
|
Total Assets
|
233,116,663
|
Liabilities:
|
|
Payable for investments purchased
|
$3,397,430
|
Income distribution payable - Common Shares
|
402,433
|
Interest payable - VMTPS
|
328,718
|
Payable for variation margin on futures contracts
|
40,000
|
Payable for investment adviser fee (Note 4)
|
2,576
|
Accrued expenses (Note 4)
|
130,188
|
TOTAL ACCRUED LIABILITIES
|
4,301,345
|
Other Liabilities:
|
|
Variable Rate Municipal Term Preferred Shares (VMTPS) (1,772 shares authorized and
issued at $50,000 per share) (net of deferred offering costs of $10,582, Note 7)
|
$88,589,418
|
TOTAL LIABILITIES
|
92,890,763
|
Net assets applicable to Common Shares
|
$140,225,900
|
Net Assets Applicable to Common Shares Consists of:
|
|
Paid-in capital
|
$158,805,344
|
Total distributable earnings (loss)
|
(18,579,444)
|
TOTAL NET ASSETS APPLICABLE TO COMMON SHARES
|
$140,225,900
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
|
|
$140,225,900 ÷ 11,498,091 shares outstanding, ($0.01 par value, unlimited
shares authorized)
|
$12.20
|
Investment Income:
|
|
Interest
|
$10,316,215
|
Expenses:
|
|
Investment adviser fee (Note 4)
|
$1,257,243
|
Administrative fee (Note 4)
|
111,439
|
Custodian fees
|
4,443
|
Transfer agent fees
|
55,425
|
Directors’/Trustees’ fees (Note 4)
|
7,579
|
Auditing fees
|
46,000
|
Legal fees
|
22,249
|
Portfolio accounting fees
|
113,542
|
Printing and postage
|
25,246
|
Interest expense - VMTPS (Note 6)
|
3,710,010
|
Miscellaneous (Note 4)
|
63,435
|
TOTAL EXPENSES
|
5,416,611
|
Waiver and Reduction:
|
|
Waiver of investment adviser fee (Note 4)
|
(313,839)
|
Reduction of custodian fees (Note 5)
|
(4,418)
|
TOTAL WAIVER AND REDUCTION
|
(318,257)
|
Net expenses
|
5,098,354
|
Net investment income
|
5,217,861
|
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
|
|
Net realized loss on investments
|
(3,363,613)
|
Net realized loss on futures contracts
|
(1,149,458)
|
Net change in unrealized depreciation of investments
|
2,931,076
|
Net change in unrealized depreciation of futures contracts
|
42,116
|
Net realized and unrealized gain (loss) on investments and futures contracts
|
(1,539,879)
|
Change in net assets resulting from operations applicable to Common Shares
|
$3,677,982
|
Year Ended November 30
|
2023
|
2022
|
Increase (Decrease) in Net Assets
|
|
|
Operations:
|
|
|
Net investment income
|
$5,217,861
|
$6,063,028
|
Net realized loss
|
(4,513,071)
|
(11,475,692)
|
Net change in unrealized appreciation/depreciation
|
2,973,192
|
(26,234,920)
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
APPLICABLE TO COMMON SHARES
|
3,677,982
|
(31,647,584)
|
Distribution to Common Shareholders
|
(5,156,894)
|
(6,553,912)
|
Change in net assets
|
(1,478,912)
|
(38,201,496)
|
Net Assets:
|
|
|
Beginning of period
|
141,704,812
|
179,906,308
|
End of period
|
$140,225,900
|
$141,704,812
|
Operating Activities:
|
|
Change in net assets resulting from operations applicable to common shares
|
$3,677,982
|
Adjustments to Reconcile Change in Net Assets Resulting From Operations to Net
Cash Provided By Operating Activities:
|
|
Purchases of investment securities
|
(88,940,367)
|
Proceeds from sale of investment securities
|
87,892,162
|
Net purchases of short-term investment securities
|
(350,000)
|
Increase in due from broker
|
(27,500)
|
Increase in income receivable
|
(22,023)
|
Increase in payable for investments purchased
|
1,454,726
|
Increase in variation margin on futures contracts
|
29,687
|
Increase in interest payable—VMTPS
|
106,975
|
Decrease in payable for investment adviser fee
|
(43)
|
Decrease in accrued expenses
|
(427)
|
Net amortization of premium
|
963,858
|
Net realized loss on investments
|
3,363,613
|
Net change in unrealized depreciation of investments
|
(2,931,076)
|
Net Cash Provided By Operating Activities
|
5,217,567
|
Financing Activities:
|
|
Decrease in deferred offering costs
|
10,585
|
Income distributions to participants
|
(5,225,883)
|
Net Cash Used In Financing Activities
|
(5,215,298)
|
Net increase in cash
|
2,269
|
Cash:
|
|
Cash at beginning period
|
82,397
|
Cash at end of period
|
$84,666
|
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
|
$171,637
|
$138,334
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2014A), 5.000%, 7/1/2034
|
6/13/2014
|
$600,426
|
$602,985
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2014A), 5.125%, 7/1/2044
|
7/10/2014
|
$250,177
|
$250,297
|
California School Finance Authority (KIPP LA), School Facility
Revenue Bonds (Series 2015A), 5.000%, 7/1/2035
|
8/27/2015
|
$1,011,362
|
$1,014,337
|
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
|
$602,034
|
$19,090
|
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
|
$558,237
|
$404,736
|
Kansas City, MO Redevelopment Authority (Kansas City
Convention Center Headquarters Hotel CID), Revenue
Bonds (Series 2018B), 5.000%, 2/1/2040
|
1/10/2018
|
$751,426
|
$595,053
|
Maricopa County, AZ, IDA (Paradise Schools), Revenue
Refunding Bonds, 5.000%, 7/1/2036
|
10/6/2016
|
$587,350
|
$575,864
|
New Hampshire Health and Education Facilities Authority
(Hillside Village), Revenue Bonds (Series 2017A),
6.125%, 7/1/2037
|
6/18/2017
|
$345,850
|
$25,044
|
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
|
$970,905
|
Pima County, AZ IDA (La Posada at Pusch Ridge), Senior
Living Revenue Bonds (Series 2022A), 6.750%, 11/15/2042
|
10/6/2022
|
$628,482
|
$632,068
|
Public Finance Authority, WI (LVHN CHP JV, LLC), Revenue
Bonds (Series 2022A), 7.250%, 12/1/2042
|
2/2/2023
|
$1,000,000
|
$995,911
|
South Carolina Jobs-EDA (Seafields at Kiawah Island),
Retirement Community Revenue Bonds TEMPS-50
(Series 2023B-2), 5.250%, 11/15/2028
|
7/21/2023
|
$650,000
|
$646,073
|
South Carolina Jobs-EDA (Seafields at Kiawah Island),
Retirement Community Revenue Bonds TEMPS-75
(Series 2023B-1), 5.750%, 11/15/2029
|
7/21/2023
|
$618,486
|
$614,308
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
Value
|
Washington State Housing Finance Commission (Heron’s Key
Senior Living), Nonprofit Housing Revenue Bonds
(Series 2015A), (United States Treasury PRF 7/1/2025@100),
6.000%, 7/1/2025
|
7/22/2015
|
$280,414
|
$286,249
|
Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2031
|
12/14/2016
|
$501,411
|
$457,709
|
Washington State Housing Finance Commission
(Presbyterian Retirement Communities Northwest), Revenue
Bonds (Series 2016), 5.000%, 1/1/2051
|
2/13/2019
|
$1,023,177
|
$741,287
|
Washington State Housing Finance Commission (Rockwood
Retirement Communities), Nonprofit Housing Revenue &
Refunding Revenue Bonds (Series 2020A), 5.000%, 1/1/2041
|
1/14/2021
|
$1,042,514
|
$802,481
|
Washington State Housing Finance Commission (Rockwood
Retirement Communities), Nonprofit Housing Revenue
Bonds (Series 2020A), 5.000%, 1/1/2051
|
6/9/2021
|
$1,076,378
|
$736,591
|
Fair Value of Derivative Instruments
|
||||
|
Asset
|
Liability
|
||
|
Statement of
Assets and
Liabilities
Location
|
Fair
Value
|
Statement of
Assets and
Liabilities
Location
|
Fair
Value
|
Derivatives not accounted for as hedging
instruments under ASC Topic 815
|
|
|
|
|
Interest rate contracts
|
|
—
|
Payable for
variation margin on
futures contracts
|
$(7,408)*
|
*
|
Includes cumulative appreciation of futures contracts as reported in the footnotes
to the
Portfolio of Investments. Only the current day’s variation margin is reported within the Statement
of Assets and Liabilities.
|
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
|
|
|
Futures
Contracts
|
Interest rate contracts
|
$(1,149,458)
|
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
|
|
|
Futures
Contracts
|
Interest rate contracts
|
$42,116
|
|
2023
|
2022
|
Tax-exempt income
|
$8,866,904
|
$8,373,811
|
Undistributed tax-exempt income
|
$108,359
|
Net unrealized depreciation
|
$(2,904,156)
|
Capital loss carryforwards
|
$(15,783,647)
|
TOTAL
|
$(18,579,444)
|
Short-Term
|
Long-Term
|
Total
|
$6,639,276
|
$9,144,371
|
$15,783,647
|
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
|
$88,940,367
|
Sales
|
$87,892,162
|
For
|
Withheld
Authority
to Vote
|
8,075,181
|
1,933,995
|
For
|
Withheld
Authority
to Vote
|
7,570,227
|
2,438,949
|
For
|
Withheld
Authority
to Vote
|
7,883,084
|
2,126,092
|
For
|
Withheld
Authority
to Vote
|
1,772
|
0
|
For
|
Withheld
Authority
to Vote
|
1,772
|
0
|
Name
Birth Date
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
|
Year of
Term
Expiration
|
J. Christopher Donahue*+
Birth Date: April 11, 1949
PRESIDENT AND TRUSTEE
Began serving:
December 2002
|
Principal Occupations: Principal Executive Officer and
President of certain of the Funds in the Federated Hermes
Fund Family; Director or Trustee of the Funds in the
Federated Hermes Fund Family; President, Chief Executive
Officer and Director, Federated Hermes, Inc.; Chairman
and Trustee, Federated Investment Management
Company; Trustee, Federated Investment Counseling;
Chairman and Director, Federated Global Investment
Management Corp.; Chairman and Trustee, Federated
Equity Management Company of Pennsylvania; Trustee,
Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions: President, Federated Investment
Counseling; President and Chief Executive Officer,
Federated Investment Management Company, Federated
Global Investment Management Corp. and Passport
Research, Ltd.; Chairman, Passport Research, Ltd.
|
2026
|
Name
Birth Date
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s)
|
Year of
Term
Expiration
|
John B. Fisher*
Birth Date: May 16, 1956
TRUSTEE
Began serving: May 2016
|
Principal Occupations: Principal Executive Officer and
President of certain of the Funds in the Federated Hermes
Fund Family; Director or Trustee of certain of the Funds in
the Federated Hermes Fund Family; Director and Vice
President, Federated Hermes, Inc.; President, Director/
Trustee and CEO, Federated Advisory Services Company,
Federated Equity Management Company of Pennsylvania,
Federated Global Investment Management Corp.,
Federated Investment Counseling, Federated Investment
Management Company and Federated MDTA LLC; and
Director, Federated Investors Trust Company.
Previous Positions: President and Director of the
Institutional Sales Division of Federated Securities Corp.;
President and CEO of Passport Research, Ltd.; Director
and President, Technology, Federated Services Company.
|
2024
|
Name
Birth Date
Address
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous
Position(s) and Qualifications
|
Year of
Term
Expiration
|
John G. Carson++
Birth Date: May 15, 1965
TRUSTEE
Began serving: January 2024
|
Principal Occupations: Director or Trustee of certain
funds in the Federated Hermes Fund Family; Chief
Executive Officer, Chief Investment Officer, Northstar
Asset Management (Financial Services); formerly, Chief
Compliance Officer, Northstar Asset Management
(Financial Services).
Other Directorships Held: None.
Qualifications: Mr. Carson has served in various business
management roles throughout his career. Mr. Carson was
a Vice President at the Glenmede Trust Company and a
Managing Director at Oppenheimer & Company. Prior to
that he spent more than a decade with the Bank of
America/Merrill Lynch as a Director of Institutional Sales.
Earlier on, Mr. Carson held similar positions for Wertheim
Schroder/Schroders PLC and Drexel Burnham Lambert.
|
2024
|
Name
Birth Date
Address
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous
Position(s) and Qualifications
|
Year of
Term
Expiration
|
G. Thomas Hough+ ++
Birth Date: February 28, 1955
TRUSTEE
Began serving: January 2016
|
Principal Occupations: Director or Trustee, and Chair
of the Board of Directors or Trustees, of the Federated
Hermes Fund Family; formerly, Vice Chair, Ernst & Young
LLP (public accounting firm) (Retired).
Other Directorships Held: Director, Chair of the Audit
Committee, Member of the Compensation Committee,
Equifax, Inc.; Lead Director, Member of the Audit and
Nominating and Corporate Governance Committees,
Haverty Furniture Companies, Inc.; formerly, Director,
Member of Governance and Compensation Committees,
Publix Super Markets, Inc.
Qualifications: Mr. Hough has served in accounting,
business management and directorship positions
throughout his career. Mr. Hough most recently held the
position of Americas Vice Chair of Assurance with Ernst
& Young LLP (public accounting firm). Mr. Hough serves
on the President’s Cabinet and Business School Board
of Visitors for the University of Alabama. Mr. Hough
previously served on the Business School Board of Visitors
for Wake Forest University, and he previously served as
an Executive Committee member of the United States
Golf Association.
|
2024
|
Name
Birth Date
Address
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous
Position(s) and Qualifications
|
Year of
Term
Expiration
|
Maureen Lally-Green**++
Birth Date: July 5, 1949
TRUSTEE
Began serving: August 2009
|
Principal Occupations: Director or Trustee of the
Federated Hermes Fund Family; Adjunct Professor of Law,
Emerita, Duquesne University School of Law; formerly,
Dean of the Duquesne University School of Law and
Professor of Law and Interim Dean of the Duquesne
University School of Law; formerly, Associate General
Secretary and Director, Office of Church Relations,
Diocese of Pittsburgh.
Other Directorships Held: Director, CNX Resources
Corporation (natural gas).
Qualifications: Judge Lally-Green has served in various
legal and business roles and directorship positions
throughout her career. Judge Lally-Green previously held
the position of Dean of the School of Law of Duquesne
University (as well as Interim Dean). Judge Lally-Green
previously served as Director of the Office of Church
Relations and later as Associate General Secretary for the
Diocese of Pittsburgh, a member of the Superior Court
of Pennsylvania and as a Professor of Law, Duquesne
University School of Law. Judge Lally-Green was
appointed by the Supreme Court of Pennsylvania and
previously served on the Supreme Court’s Board of
Continuing Judicial Education and the Supreme Court’s
Appellate Court Procedural Rules Committee. Judge
Lally-Green was then appointed by the Supreme Court of
Pennsylvania and currently serves on the Judicial Ethics
Advisory Board. Judge Lally-Green also currently holds the
positions on not for profit or for profit boards of directors
as follows: Director and Chair, UPMC Mercy Hospital;
Regent, Saint Vincent Seminary; Member, Pennsylvania
State Board of Education (public); Director, Catholic
Charities, Pittsburgh; and Director, CNX Resources
Corporation (natural gas). Judge Lally-Green has held
the positions of: Director, Auberle; Director, Epilepsy
Foundation of Western and Central Pennsylvania; Director,
Ireland Institute of Pittsburgh; Director, Saint Thomas
More Society; Director and Chair, Catholic High Schools of
the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar
Institute; Director, Saint Vincent College; Director and
Chair, North Catholic High School, Inc.; Director and Vice
Chair, Our Campaign for the Church Alive!, Inc.; and
Director and Vice Chair, Saint Francis University.
|
2025
|
Name
Birth Date
Address
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous
Position(s) and Qualifications
|
Year of
Term
Expiration
|
Thomas M. O’Neill++**
Birth Date: June 14, 1951
TRUSTEE
Began serving: August 2006
|
Principal Occupations: Director or Trustee and Chair
of the Audit Committee of the Federated Hermes Fund
Family; Sole Proprietor, Navigator Management Company
(investment and strategic consulting).
Other Directorships Held: None.
Qualifications: Mr. O’Neill has served in several business,
mutual fund and financial management roles and
directorship positions throughout his career. Mr. O’Neill
serves as Director, Medicines for Humanity. Mr. O’Neill
previously served as Chief Executive Officer and President,
Managing Director and Chief Investment Officer, Fleet
Investment Advisors; President and Chief Executive
Officer, Aeltus Investment Management, Inc.; General
Partner, Hellman, Jordan Management Co., Boston, MA;
Chief Investment Officer, The Putnam Companies, Boston,
MA; Credit Analyst and Lending Officer, Fleet Bank;
Director and Consultant, EZE Castle Software (investment
order management software); Director, Midway Pacific
(lumber); and Director, The Golisano Children’s Museum
of Naples, Florida.
|
2025
|
Madelyn Reilly++
Birth Date: February 2, 1956
TRUSTEE
Began serving:
November 2020
|
Principal Occupations: Director or Trustee of the
Federated Hermes Fund Family; formerly, Executive Vice
President for Legal Affairs, General Counsel and Secretary
of Board of Directors, Duquesne University (Retired).
Other Directorships Held: None.
Qualifications: Ms. Reilly has served in various business
and legal management roles throughout her career.
Ms. Reilly previously served as Senior Vice President for
Legal Affairs, General Counsel and Secretary of Board of
Directors and Director of Risk Management and Associate
General Counsel, Duquesne University. Prior to her work
at Duquesne University, Ms. Reilly served as Assistant
General Counsel of Compliance and Enterprise Risk as
well as Senior Counsel of Environment, Health and Safety,
PPG Industries. Ms. Reilly currently serves as a member
of the Board of Directors of UPMC Mercy Hospital, and
as a member of the Board of Directors of Catholic
Charities, Pittsburgh.
|
2026
|
Name
Birth Date
Address
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous
Position(s) and Qualifications
|
Year of
Term
Expiration
|
P. Jerome Richey++**
Birth Date: February 23, 1949
TRUSTEE
Began serving: January 2014
|
Principal Occupations: Director or Trustee of the
Federated Hermes Fund Family; Retired; formerly, Senior
Vice Chancellor and Chief Legal Officer, University of
Pittsburgh and Executive Vice President and Chief Legal
Officer, CONSOL Energy, Inc. (split into two separate
publicly traded companies known as CONSOL Energy, Inc.
and CNX Resources Corp.).
Other Directorships Held: None.
Qualifications: Mr. Richey has served in several business
and legal management roles and directorship positions
throughout his career. Mr. Richey most recently held the
positions of Senior Vice Chancellor and Chief Legal
Officer, University of Pittsburgh. Mr. Richey previously
served as Chairman of the Board, Epilepsy Foundation of
Western Pennsylvania and Chairman of the Board, World
Affairs Council of Pittsburgh. Mr. Richey previously served
as Chief Legal Officer and Executive Vice President,
CONSOL Energy Inc. and CNX Gas Company; and Board
Member, Ethics Counsel and Shareholder, Buchanan
Ingersoll & Rooney PC (a law firm).
|
2026
|
John S. Walsh+**++
Birth Date:
November 28, 1957
TRUSTEE
Began serving:
December 2002
|
Principal Occupations: Director or Trustee of the
Federated Hermes Fund Family; President and Director,
Heat Wagon, Inc. (manufacturer of construction temporary
heaters); President and Director, Manufacturers Products,
Inc. (distributor of portable construction heaters);
President, Portable Heater Parts, a division of
Manufacturers Products, Inc.
Other Directorships Held: None.
Qualifications: Mr. Walsh has served in several business
management roles and directorship positions throughout
his career. Mr. Walsh previously served as Vice President,
Walsh & Kelly, Inc. (paving contractors).
|
2024
|
Name
Birth Date
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years
and Previous Position(s)
|
Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013
|
Principal Occupations: Principal Financial Officer and Treasurer of the
Federated Hermes Fund Family; Senior Vice President, Federated
Administrative Services; Financial and Operations Principal for
Federated Securities Corp.; and Assistant Treasurer, Federated
Investors Trust Company. Ms. Hensler has received the Certified
Public Accountant designation.
Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice
President and Assistant Treasurer, Federated Investors Management
Company; Treasurer, Federated Investors Trust Company; Assistant
Treasurer, Federated Administrative Services, Federated
Administrative Services, Inc., Federated Securities Corp., Edgewood
Services, Inc., Federated Advisory Services Company, Federated
Equity Management Company of Pennsylvania, Federated Global
Investment Management Corp., Federated Investment Counseling,
Federated Investment Management Company, Passport Research,
Ltd., and Federated MDTA, LLC; Financial and Operations Principal for
Federated Securities Corp., Edgewood Services, Inc. and Southpointe
Distribution Services, Inc.
|
Peter J. Germain
Birth Date:
September 3, 1959
CHIEF LEGAL OFFICER,
SECRETARY and EXECUTIVE
VICE PRESIDENT
Officer since: January 2005
|
Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary
and Executive Vice President of the Federated Hermes Fund Family.
He is General Counsel, Chief Legal Officer, Secretary and Executive
Vice President, Federated Hermes, Inc.; Trustee and Senior Vice
President, Federated Investors Management Company; Trustee and
President, Federated Administrative Services; Director and President,
Federated Administrative Services, Inc.; Director and Vice President,
Federated Securities Corp.; Director and Secretary, Federated Private
Asset Management, Inc.; Secretary, Federated Shareholder Services
Company; and Secretary, Retirement Plan Service Company of
America. Mr. Germain joined Federated Hermes, Inc. in 1984 and is a
member of the Pennsylvania Bar Association.
Previous Positions: Deputy General Counsel, Special Counsel,
Managing Director of Mutual Fund Services, Federated Hermes, Inc.;
Senior Vice President, Federated Services Company; and Senior
Corporate Counsel, Federated Hermes, Inc.
|
Stephen Van Meter
Birth Date: June 5, 1975
CHIEF COMPLIANCE
OFFICER AND SENIOR
VICE PRESIDENT
Officer since: July 2015
|
Principal Occupations: Senior Vice President and Chief Compliance
Officer of the Federated Hermes Fund Family; Vice President and
Chief Compliance Officer of Federated Hermes, Inc. and Chief
Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined
Federated Hermes, Inc. in October 2011. He holds FINRA licenses
under Series 3, 7, 24 and 66.
Previous Positions: Mr. Van Meter previously held the position of
Compliance Operating Officer, Federated Hermes, Inc. Prior to joining
Federated Hermes, Inc., Mr. Van Meter served at the United States
Securities and Exchange Commission in the positions of Senior
Counsel, Office of Chief Counsel, Division of Investment Management
and Senior Counsel, Division of Enforcement.
|
Name
Birth Date
Positions Held with Funds
Date Service Began
|
Principal Occupation(s) for Past Five Years
and Previous Position(s)
|
Robert J. Ostrowski
Birth Date: April 26, 1963
SENIOR VICE PRESIDENT
AND CHIEF
INVESTMENT OFFICER
Officer since: February 2010
|
Principal Occupations: Robert J. Ostrowski joined Federated Hermes,
Inc. in 1987 as an Investment Analyst and became a Portfolio Manager
in 1990. He was named Chief Investment Officer of Federated
Hermes, Inc. taxable fixed-income products in 2004 and also serves as
a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice
President of the Fund’s Adviser in 2009 and served as a Senior Vice
President of the Fund’s Adviser from 1997 to 2009. Mr. Ostrowski has
received the Chartered Financial Analyst designation. He received his
M.S. in Industrial Administration from Carnegie Mellon University.
|
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c),(d) There were no amendments to or waivers from the Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers during the period covered by this report.
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Thomas M. O’Neill and John S. Walsh.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 – $44,304
Fiscal year ended 2022 - $42,600
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2023 - $0
Fiscal year ended 2022 - $0
Amount requiring approval of the registrant’s Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its chairman (the “Chairman”) for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and,
(2) With respect to such services rendered to the Fund’s investment adviser ( the “Adviser”)and any entity controlling, controlled by to under common control with the Adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its Adviser and any entity controlling, controlled by, or under common control with the Adviser during the fiscal year in which the services are provided; and
(3) Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and
(4) Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee.
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The Securities and Exchange Commission’s (the “SEC”) rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 - 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2023 – 0%
Fiscal year ended 2022 – 0%
Percentage of services provided to the registrant’s Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) NA
(g) Non-Audit Fees billed to the registrant, the registrant’s Adviser, and certain entities controlling, controlled by or under common control with the Adviser:
Fiscal year ended 2023 - $210,943
Fiscal year ended 2022 - $156,701
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s Adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants |
The registrant has established an Audit Committee of the Board as described in Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee consists of the following Board members: Maureen Lally-Green, Thomas M. O’Neill, P. Jerome Richey and John S. Walsh.
Item 6. | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Voting Proxies On Fund Portfolio Securities
The Board has delegated to the Adviser authority to vote proxies on the securities held in the Fund's portfolio. The Board has also approved the Adviser's policies and procedures for voting the proxies, which are described below.
Proxy Voting Policies
As an investment adviser with a fiduciary duty to the Fund and its shareholders, the Adviser's general policy is to cast proxy votes in favor of management proposals and shareholder proposals that the Adviser anticipates will enhance the long-term value of the securities being voted in a manner that is consistent with the investment objectives of the Fund. Generally, this will mean voting for proposals that the Adviser believes will improve the management of a company, increase the rights or preferences of the voted securities, or increase the chance that a premium offer would be made for the company or for the voted securities. This approach to voting proxy proposals will be referred to hereafter as the “General Policy.”
The Adviser generally votes consistently on the same matter when securities of an issuer are held by multiple client portfolios. However, the Adviser may vote differently if a client’s investment objectives differ from those of other clients or if a client explicitly instructs the Adviser to vote differently.
The following examples illustrate how the General Policy may apply to the most common management proposals and shareholder proposals. However, whether the Adviser supports or opposes a proposal will always depend on a thorough understanding of the registrant’s investment objectives and the specific circumstances described in the proxy statement and other available information.
On matters related to the board of directors, generally the Adviser will vote to elect nominees to the board in uncontested elections except in certain circumstances, such as where the director: (1) had not attended at least 75% of the board meetings during the previous year; (2) serves as the company’s chief financial officer, unless the company is headquartered in the UK where this is market practice; (3) has become over-boarded (more than five boards for retired executives and more than two boards for CEOs); (4) is the chair of the nominating or governance committee when the roles of chairman of the board and CEO are combined and there is no lead independent director; (5) served on the compensation committee during a period in which compensation appears excessive relative to performance and peers; or (6) served on a board that did not implement a shareholder proposal that the Adviser supported and received more than 50% shareholder support the previous year. In addition, the Adviser will generally vote in favor of: (7) a full slate of directors, where the directors are elected as a group and not individually, unless more than half of the nominees are not independent; (8) shareholder proposals to declassify the board of directors; (9) shareholder proposals to require a majority voting standard in the election of directors; (10) shareholder proposals to separate the roles of chairman of the board and CEO; (11) a proposal to require a company’s audit committee to be comprised entirely of independent directors; and (12) shareholder proposals to eliminate supermajority voting requirements in company bylaws.
On other matters of corporate governance, generally the Adviser will vote: (1) in favor of proposals to grant shareholders the right to call a special meeting if owners of at least 10% of the outstanding stock agree; (2) against proposals to allow shareholders to act by written consent; (3) on a case-by-case basis for proposals to adopt or amend shareholder rights plans (also known as “poison pills”); (4) in favor of shareholder proposals to eliminate supermajority requirements in company bylaws; and (5) in favor of shareholder proposals calling for “Proxy Access,” that is, a bylaw change allowing shareholders owning at least 3% of the outstanding common stock for at least three years to nominate candidates for election to the board of directors.
Generally, the Adviser will vote every shareholder proposal of an environmental or social nature on a case-by-case basis. The quality of these shareholder proposals varies widely across markets. Similarly, company disclosures of their business practices related to environmental and social risks are not always adequate for investors to make risk assessments. Thus, the Adviser places great importance on company-specific analyses to determine how to vote. Above all, the Adviser will vote in a manner that would enhance the long-term value of the investment within the framework of the client’s investment objectives.
The Adviser’s general approach to analyzing these proposals calls for considering the literal meaning of the written proposal, the financial materiality of the proposal’s objective, and the practices followed by industry peers. This analysis utilizes research reports from the Adviser’s proxy advisors, company filings, as well as reports published by the company and other outside organizations.
On matters of capital structure, generally, the Adviser will vote proxies for U.S. issuers on a case-by-case basis for proposals to authorize the issuance of new shares if not connected to an M&A transaction and the potential dilution is more than 10%, against proposals to create multiple-class voting structures where one class has superior voting rights to the other classes, in favor of proposals to authorize reverse stock splits unless the amount of authorized shares is not also reduced proportionately. Generally, the Adviser will vote proxies for non-U.S. issuers in favor of proposals to authorize issuance of shares with and without pre-emptive rights unless the size of the authorities would threaten to unreasonably dilute existing shareholders.
Votes on executive compensation come in many forms, including advisory votes on U.S. executive compensation plans (“Say On Pay”), advisory and binding votes on the design or implementation of non-U.S. executive remuneration plans, and votes to approve new equity plans or amendment to existing plans. Generally, the Adviser will support compensation arrangements that are aligned with the client’s long-term investment objectives. With respect to Say On Pay proposals, the Adviser will generally vote in favor unless the compensation plan has failed to align executive compensation with corporate performance, or the design of the plan is likely to lead to misalignment in the future. The Adviser supports the principle of an annual shareholder vote on executive pay and will generally vote accordingly on proposals which set the frequency of the Say On Pay vote.
In some markets, especially Europe, shareholders are provided a vote on the remuneration policy, which sets out the structural elements of a company’s executive remuneration plan on a forward-looking basis. The Adviser will generally support these proposals unless the design of the remuneration policy fails to appropriately link executive compensation with corporate performance, total compensation appears excessive relative to the company’s industry peer group, with local market dynamics also taken into account; or there is insufficient disclosure to enable an informed judgment, particularly as it relates to the disclosure of the maximum amounts of compensation that may be awarded.
The Adviser will generally vote in favor of equity plan proposals unless they result in unreasonable dilution to existing shareholders, permit replacement of “underwater” options with new options on more favorable terms for the recipient, or omit the criteria for determining the granting or vesting of awards.
On matters relating to corporate transactions, the Adviser will generally vote in favor of mergers, acquisitions, and sales of assets if the Adviser’s analysis of the proposed business strategy and the transaction price would have a positive impact on the total return for shareholders.
If a shareholders meeting is contested, that is, shareholders are presented with a set of director candidates nominated by company management and a set of director candidates nominated by a dissident shareholder, the Adviser will study the proposed business strategies of both groups and vote in a way that maximizes expected total return for the registrant.
In addition, the Adviser will not vote any proxy if it determines that the consequences or costs of voting outweigh the potential benefit of voting. For example, if a foreign market requires shareholders voting proxies to retain the voted shares until the meeting date (thereby rendering the shares “illiquid” for some period of time), the Adviser will not vote proxies for such shares. In addition, the Adviser is not obligated to incur any expense to send a representative to a shareholder meeting or to translate proxy materials into English.
To the extent that the Adviser is permitted to loan securities, the Adviser does not have the right to vote on securities while they are on loan. However, the Adviser will take all reasonable steps to recall shares prior to the record date when the meeting raises issues that the Adviser believes materially affect shareholder value, provided that the Adviser considers that the benefits of voting on the securities are greater than the associated costs, including the opportunity cost of the lost revenue that would otherwise be generated by the loan. However, there can be no assurance that the Adviser will have sufficient notice of such matters to be able to terminate the loan in time to vote thereon.
The Adviser will take into account feedback from issuers on the voting recommendations of the Adviser’s proxy advisory firm if the feedback is provided at least five days before the voting cut-off date. In certain circumstances, primarily those where the Adviser’s voting policy is absolute and without exception, issuer feedback will not be part of the voting decision. For example, it is the Adviser’s policy to always support a shareholder proposal to separate the roles of chairman of the board and CEO. Thus, any comments from the issuer opposing this proposal would not be considered.
If proxies are not delivered in a timely or otherwise appropriate basis, the Adviser may not be able to vote a particular proxy.
For an Adviser that employs a quantitative investment strategy for certain funds or accounts that does not make use of qualitative research (“Non-Qualitative Accounts”), the Adviser may not have the kind of research to make decisions about how to vote proxies for them. Therefore, the Adviser will vote the proxies of these Non-Qualitative Accounts as follows: (a) in accordance with the Standard Voting Instructions (defined below); (b) if the Adviser is casting votes for the same proxy on behalf of a regular qualitative account and a Non-Qualitative Account, the Non-Qualitative Account would vote in the same manner as the regular qualitative account; (c) if neither of the first two conditions apply, as the proxy advisory firm is recommending; and (d) if none of the previous conditions apply, as recommended by the Proxy Voting Committee.
Proxy Voting Procedures
The Adviser has established a Proxy Voting Committee (“Proxy Committee”), to exercise all voting discretion granted to the Adviser by the Board in accordance with the proxy voting policies. To assist it in carrying out the day-to-day operations related to proxy voting, the Proxy Committee has created the Proxy Voting Management Group (PVMG). The day-to-day operations related to proxy voting are carried out by the Proxy Voting Operations Team (PVOT) and overseen by the PVMG. Besides voting the proxies, this work includes engaging with investee companies on corporate governance matters, managing the proxy advisory firm, soliciting voting recommendations from the Adviser's investment professionals, bringing voting recommendations to the Proxy Committee for approval, filing with regulatory agencies any required proxy voting reports, providing proxy voting reports to clients and investment companies as they are requested from time to time, and keeping the Proxy Committee informed of any issues related to corporate governance, and proxy voting.
The Adviser has compiled a list of specific voting instructions based on the General Policy (the “Standard Voting Instructions”). The Standard Voting Instructions and any modifications to them are approved by the Proxy Committee. The Standard Voting Instructions sometimes call for an investment professional to review the ballot question and provide a voting recommendation to the Proxy Committee (a “case-by-case vote”). The foregoing notwithstanding, the Proxy Committee always has the authority to determine a final voting decision.
The Adviser has hired a proxy advisory firm to perform various proxy voting related administrative services such as ballot reconciliation, vote processing, and recordkeeping functions. Currently this service is provided by Glass Lewis & Co. LLC. The Proxy Committee has supplied the proxy advisory firm with the Standard Voting Instructions. The Proxy Committee retains the right to modify the Standard Voting Instructions at any time or to vote contrary to them at any time in order to cast proxy votes in a manner that the Proxy Committee believes is in accordance with the General Policy. The proxy advisory firm may vote any proxy as directed in the Standard Voting Instructions without further direction from the Proxy Committee. However, if the Standard Voting Instructions require case-by-case handling for a proposal, the PVOT will work with the investment professionals and the proxy advisory firm to develop a voting recommendation for the Proxy Committee and to communicate the Proxy Committee's final voting decision to the proxy advisory firm. Further, if the Standard Voting Instructions require the PVOT to analyze a ballot question and make the final voting decision, the PVOT will report such votes to the Proxy Committee on a quarterly basis for review.
Conflicts of Interest
The Adviser has adopted procedures to address situations where a matter on which a proxy is sought may present a potential conflict between the interests of the registrant (and its shareholders) and those of the Adviser or the Distributor. This may occur where a significant business relationship exists between the Adviser (or its affiliates) and a company involved with a proxy vote.
A company that is a proponent, opponent or the subject of a proxy vote, and which to the knowledge of the Proxy Committee has this type of significant business relationship, is referred to below as an “Interested Company.”
The Adviser has implemented the following procedures in order to avoid concerns that the conflicting interests of the Adviser or its affiliates have influenced proxy votes. Any employee of the Adviser or its affiliates who is contacted by an Interested Company regarding proxies to be voted by the Adviser must refer the Interested Company to a member of the Proxy Committee, and must inform the Interested Company that the Proxy Committee has exclusive authority to determine how the proxy will be voted. Any Proxy Committee member contacted by an Interested Company must report it to the full Proxy Committee and provide a written summary of the communication. This requirement includes engagement meetings with investee companies and does not include communications with proxy solicitation firms. Under no circumstances will the Proxy Committee or any member of the Proxy Committee make a commitment to an Interested Company regarding the voting of proxies or disclose to an Interested Company how the Proxy Committee has directed such proxies to be voted. If the Standard Voting Instructions already provide specific direction on the proposal in question, the Proxy Committee shall not alter or amend such directions. If the Standard Voting Instructions require the Proxy Committee to provide further direction, the Proxy Committee shall do so in accordance with the proxy voting policies, without regard for the interests of the Adviser with respect to the Interested Company. If the Proxy Committee provides any direction as to the voting of proxies relating to a proposal affecting an Interested Company, it must disclose annually to the Fund's Board information regarding: the significant business relationship; any material communication with the Interested Company; the matter(s) voted on; and how, and why, the Adviser voted as it did.
In certain circumstances it may be appropriate for the Adviser to vote in the same proportion as all other shareholders, so as to not affect the outcome beyond helping to establish a quorum at the shareholders' meeting. This is referred to as “proportional voting.” If the registrant owns shares of another Federated Hermes, Inc. (“Federated Hermes”) mutual fund, generally the Adviser will proportionally vote the client's proxies for that fund or seek direction from the Board or the client on how the proposal should be voted. If the registrant owns shares of an unaffiliated mutual fund, the Adviser may proportionally vote the registrant's proxies for that fund depending on the size of the position. If the registrant owns shares of an unaffiliated exchange-traded fund, the Adviser will proportionally vote the registrant's proxies for that fund.
Downstream Affiliates
If the Proxy Committee gives further direction, or seeks to vote contrary to the Standard Voting Instructions, for a proxy relating to a portfolio company in which the registrant owns more than 10% of the portfolio company's outstanding voting securities at the time of the vote (“Downstream Affiliate”), the Proxy Committee must first receive guidance from counsel to the Proxy Committee as to whether any relationship between the Adviser and the portfolio company, other than such ownership of the portfolio company's securities, gives rise to an actual conflict of interest. If counsel determines that an actual conflict exists, the Proxy Committee must address any such conflict with the executive committee of the board of directors or trustees of any investment company client prior to taking any action on the proxy at issue.
Proxy Advisers' Conflicts of Interest
Proxy advisory firms may have significant business relationships with the subjects of their research and voting recommendations. For example, a proxy advisory firm board member also sits on the board of a public company for which the proxy advisory firm will write a research report. This and similar situations give rise to an actual or apparent conflict of interest.
In order to avoid concerns that the conflicting interests of the engaged proxy advisory firm have influenced proxy voting recommendations, the Adviser will take the following steps:
1. | A due diligence team made up of employees of the Adviser and/or its affiliates will meet with the proxy advisory firm on an annual basis and determine through a review of their policies and procedures and through inquiry that the proxy advisory firm has established a system of internal controls that provide reasonable assurance that their voting recommendations are not influenced by the business relationships they have with the subjects of their research. |
2. | Whenever the standard voting guidelines call for voting a proposal in accordance with the proxy advisory firm recommendation and the proxy advisory firm has disclosed that they have a conflict of interest with respect to that issuer, the PVOT will take the following steps: (a) the PVOT will obtain a copy of the research report and recommendations published by another proxy advisory firm for that issuer; (b) the Director of Proxy Voting, or his designee, will review both the engaged proxy advisory firm research report and the research report of the other proxy advisory firm and determine what vote will be cast. The PVOT will report all proxies voted in this manner to the Proxy Committee on a quarterly basis. Alternatively, the PVOT may seek direction from the Committee on how the proposal shall be voted. |
Proxy Voting Report
A report on “Form N-PX” of how the registrant voted any proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the registrant at www.FederatedHermes.com/us/FundInformation. Form N-PX filings are also available at the SEC's website at www.sec.gov.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
As of the date of filing of the report, the Portfolio Managers listed below are jointly and primarily responsible for managing the registrant’s assets.
R.J. Gallo
R.J. Gallo, CFA, Senior Portfolio Manager, has been the registrant’s portfolio manager since its inception in December of 2002.
Mr. Gallo is Head of the Municipal Bonds Group and Head of the Duration Committee. He is responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security selection. He has been with the Adviser or an affiliate since 2000; has worked in investment management since 1996; has managed investment portfolios since 2002. Education: B.A., University of Michigan; M.P.A., Princeton University.
Portfolio Manager Information
The following information about the registrant’s portfolio manager is provided as of the end of the registrant's most recently completed fiscal year.
Other Accounts Managed by Richard J. Gallo | Total Number of Other Accounts Managed / Total Assets* |
Registered Investment Companies | 8/$15.5 billion |
Other Pooled Investment Vehicles | 1/$312.9 million |
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.
Richard J. Gallo 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 Municipal Bond Index reweighted 40% AAA&AA-rated, 27.5% A-rated, 17.5% BBB-rated, 15% High Yield, 3 years and longer maturity) 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.
As noted above, Mr. Gallo is also the portfolio manager for other accounts in addition to the Fund. Such other accounts may have different benchmarks and performance measures. The allocation or weighting given to the performance of the Fund or other accounts or activities for which Mr. Gallo is responsible when his compensation is calculated may be equal or can vary.
In addition, Mr. Gallo has oversight responsibility for other portfolios that he does not personally manage and serves on one or more Investment Teams that establish guidelines on various performance drivers (e.g., currency, duration, sector, volatility and/or yield curve) for taxable, fixed-income accounts. A portion of the IPP score is based on Federated Hermes senior management’s assessment of team contributions.
For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of five 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 or activity engaged in by the portfolio manager and included in the IPP groups. At the account level, the weighting assigned to the Fund is greater than or equal to the weighting assigned to certain other accounts or activities used to determine IPP (but can be adjusted periodically). 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. Gallo 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.
Lee R. Cunningham II
Lee R. Cunningham II, Senior Portfolio Manager, has been the registrant’s portfolio manager since its inception in December of 2002.
Mr. Cunningham 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 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.
Portfolio Manager Information
The following information about the registrant’s portfolio manager is provided as of the end of the registrant's most recently completed fiscal year.
Other Accounts Managed by Lee Cunningham | Total Number of Additional Accounts Managed / Total Assets* |
Registered Investment Companies | 4/$913.3 million |
Other Pooled Investment Vehicles | 0/$0 |
Other Accounts | 2/$28.4 billion |
* 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.
Lee Cunningham 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 Municipal Bond Index reweighted 40% AAA&AA-rated, 27.5% A-rated, 17.5% BBB-rated, 15% High Yield, 3 years and longer maturity) and versus the 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.
As noted above, Mr. Cunningham is also the portfolio manager for other accounts in addition to the Fund. Such other accounts may have different benchmarks and performance measures. The allocation or weighting given to the performance of the Fund or other accounts for which Mr. Cunningham is responsible when his compensation is calculated may be equal or can vary.
For purposes of calculating the annual incentive amount, each account managed by the portfolio manager currently is categorized into one of four 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 or equal to the weighting assigned to certain other accounts used to determine IPP, and is lesser than or equal to the weighting assigned to certain other accounts used to determine IPP (but can be adjusted periodically). 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).
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 products 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable. The registrant does not currently participate in a securities lending program and did not engage in any securities lending activities during the period of this report.
Item 18. Recovery of Erroneously Awarded Compensation
(a) Not applicable.
(b) Not applicable.
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Premier Municipal Income Fund
By /S/ Lori A. Hensler
Lori A. Hensler, Treasurer and Principal Financial Officer
Date ___January 23, 2024____
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, President and Principal Executive Officer
Date ___January 23, 2024____
By /S/ Lori A. Hensler
Lori A. Hensler, Treasurer and Principal Financial Officer
Date ___January 23, 2024____
N-CSR Item 13(a)(2) - Exhibits: Certifications
I, J. Christopher Donahue, certify that:
Date: January 23, 2024
/S/ J. Christopher Donahue
J. Christopher Donahue, President - Principal Executive Officer
N-CSR Item 13(a)(2) - Exhibits: Certifications
I, Lori A. Hensler, certify that:
Date: January 23, 2024
/S/ Lori A. Hensler
Lori A. Hensler, Treasurer - Principal Financial Officer
N-CSR Item 13(b) - Exhibits: Certifications
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C.§ 1350, the undersigned officers of Federated Hermes Premier Municipal Income Fund(the “Registrant”), hereby certify, to the best of our knowledge, that the Registrant’s Report on Form N-CSR for the period ended November 30, 2023(the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Dated: January 23, 2024
/s/ J. Christopher Donahue
J. Christopher Donahue
Title: President, Principal Executive Officer
Dated: January 23, 2024
/s/ Lori A. Hensler
Lori A. Hensler
Title: Treasurer, Principal Financial Officer
This certification is being furnished solely pursuant to 18 U.S.C.§ 1350 and is not being filed as part of the Report or as a separate disclosure document.
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