Federated Hermes Premier Municipal Income Fund declares dividend and announces amendment and restatement of by-laws

Rhea-AI Summary

Federated Hermes Premier Municipal Income Fund (FMN) announced a tax-free dividend of $0.054 per share, with a record date of Feb. 23, 2021 and a payable date of March 1, 2021. This dividend is exempt from both regular federal income tax and the federal alternative minimum tax (AMT). Additionally, the fund's by-laws have been amended to strengthen governance, requiring large shareholders (10% threshold) to receive approval from remaining shareholders before voting. Shareholders should refer to the full by-laws for comprehensive details.

Positive

• Declared a tax-free dividend of $0.054 per share.
• Dividend exempt from regular federal income tax and AMT.

Negative

• Amended by-laws may limit voting power for large shareholders.

PITTSBURGH, Pa., Feb. 10, 2021 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has declared a dividend. The fund seeks to provide investors with current dividend income that is exempt from regular federal income tax. In addition, this fund features income exempt from the federal alternative minimum tax (AMT).

Record Date:	Feb. 23, 2021
Ex-Dividend Date:	Feb. 22, 2021
Payable Date:	March 1, 2021
Tax-Free Dividend Per Share
Amount	Change From Previous Month
$0.054	$ --

Investors can view additional portfolio information in the Products section of FederatedInvestors.com.

Amended and Restated By-Laws

The fund's board of trustees (the "board"), after a deliberative review and consistent with the interests of the fund and fund shareholders, amended and restated the fund's by-laws (as amended, the "by-laws"). Among other things, the amendments reflected in the by-laws provide that certain litigation relating to the internal governance of the fund (excluding claims arising under federal securities laws) must be brought in federal or state courts in Delaware.  The by-laws also amend the advance notice provisions to enhance the board's ability to respond to shareholder proposals, including by requiring that the proponent update certain information provided with the initial notice. In addition, the by-laws have been amended to provide that once large shareholders (individually or in a group) exceed certain threshold ownership levels (starting at 10% of fund shares) they may only vote shares that exceed the applicable threshold if the remaining fund shareholders so approve. Certain groups of investors are exempted from the provisions and the board also retains the authority to waive the application of the provisions in its discretion. The by-laws increase the quorum for a shareholder vote on allowing large shareholders to vote shares and on the election of trustees from a third to a majority of shares outstanding and entitled to vote.

This high-level summary of amendments is qualified in its entirety by reference to the full by-laws, which will be filed with the SEC.  Shareholders should refer to the by-laws for more information.

Federated Hermes, Inc. is a leading global investment manager with $619.4 billion in assets under management as of Dec. 31, 2020. Guided by our conviction that responsible investing is the best way to create wealth over the long term, our investment solutions span 163 equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies. Providing world-class active investment management and engagement services to more than 11,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes' more than 1,900 employees include those in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com.

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SOURCE Federated Hermes, Inc.

FAQ

What is the dividend amount for Federated Hermes Premier Municipal Income Fund (FMN)?

The dividend amount declared is $0.054 per share.

When is the record date for the FMN dividend?

The record date for the FMN dividend is February 23, 2021.

What is the ex-dividend date for FMN?

The ex-dividend date for FMN is February 22, 2021.

When will the FMN dividend be payable?

The FMN dividend will be payable on March 1, 2021.

What are the implications of the amended by-laws for FMN shareholders?

The amended by-laws may limit the voting rights of large shareholders unless approved by the remaining shareholders.