FMN - Federated Hermes Premier Municipal Income Fund

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. April 6, 2026

   Bank of America Corp. filed an updated notice; it still owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

2. March 30, 2026

   The fund said it will repay some borrowed money on April 2, 2026.

   Original document →

3. Jan 30, 2026

   First Trust Portfolios L.P. sold down below 5% and stopped reporting.

   Original document →

4. Feb 5, 2025

   Bank of America Corp. now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

5. Dec 13, 2024

   Bank of America Corp. filed an updated notice; it still owns 100%. It has said it may push for changes.

   Original document →

About this fund

• Run by Federated Advisory Services Company. Part of the Federated Hermes fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $94.1 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 39% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 97% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.6% a year in management fees; 1% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 14 charge a lower management fee and 10 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.51 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $12.51. The shares traded at $11.15, about 10.9% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 2.2% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2002.

How this has changed

• Payouts per share: $0.51 in the fiscal year ended Nov 30, 2025; $0.44 in the year ended Nov 30, 2024; $0.45 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.7% a year in the fiscal year ended Nov 30, 2025; 3.65% a year in the year ended Nov 30, 2024; 3.64% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $97.8 million at Nov 30, 2025; $101 million at Nov 30, 2024; $140 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• Borrowing: about 41% on top of its own money at Nov 30, 2025; 40% at Nov 30, 2024; 40% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• The fund had about 7.82 million shares at Nov 30, 2025, down 32% from Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +3.1%, counting payouts; the holdings +1.1%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +13.2%, counting payouts; the holdings +9.5%. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned -1.5%, counting payouts; the holdings +2.8%. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned -24.1%, counting payouts; the holdings -17.8%. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +10%, counting payouts; the holdings +5.3%. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -4.1%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $9,590 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6.8%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 50 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 34 reported a higher share return for that year and 15 a lower one. As of Nov 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Puerto Rico Sales Tax Financing, PR Prcgen 4.75 07/01/2053 - 5%
2. Illinois (IL), State of, State of Illinois - 4.4%
3. Virginia Commonwealth University Health System (VA), VA Vasmed 07/01/2037 - 4.3%
4. Indianapolis Local Public Improvement Bond Bank (IN) - 2.7%
5. Lower Alabama Gas District (AL) - 2.7%
6. Charlotte-Mecklenburg Hospital Authority (NC), NC Chamed 01/15/2048 - 2.7%
7. Delaware County Industrial Development Authority (PA), PA Delapt 09/01/2045 - 2.3%
8. Oregon (OR), State of, State of Oregon - 2.3%
9. Fort Bend Tex Indpt Sch Dist, Fort Bend Independent School District - 2.2%
10. Clifton Tex Higher Ed Fin, Clifton Higher Education Finance Corp - 2.2%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →