FMN Federated Hermes Premier Municipal Income Fund Insider Trading

BofA (10% owner) executes 2 separate sales of 12 and 1 shares at FMN, exits to 0 shares

Bank of America, a 10% owner, executed 2 separate transactions on 2025-04-09: sold 12 shares at $10.94 for $131.28 and sold 1 share at $10.30 for $10.30, reducing its holdings to 0 shares, while simultaneously purchasing 13 shares at $10.85 for $141.05. The net result is a complete exit from FMN, with minimal economic impact ($141.05 spent vs $141.58 received across the three legs). Given the small notional size (~$140 per leg) and the resulting zero post-transaction holding, this transaction is primarily notable as a administrative close-out rather than a substantive portfolio decision. The fund's current price of $10.22 is -18.0% from its 52-week high of $12.47, though the insider's transaction prices clustered within a narrow $10.30–$10.94 range on the same day.

Bank of America (10% owner) bought and sold 4,007 shares of FMN across 7 purchases ($55.6K) and 23 sales ($55.5K), ending with zero holdings.

This Form 4 filing documents 30 separate transactions spanning nearly 2.5 years (March 2017 through October 2019) in which Bank of America purchased 4,007 shares totaling $55,556.11 and sold the same 4,007 shares totaling $55,472.29, resulting in a net position of 0 shares. The near-parity between buy and sell volumes and dollar amounts ($55.6K in, $55.5K out) indicates these were matched transactions with minimal net economic exposure. The timing patterns—including same-day buy-and-sell pairs on 2019-09-09 and rapid sequential sales following purchases in 2019—suggest portfolio rebalancing or operational trading rather than a conviction-driven directional bet. Current price of $11.29 is -9.5% from the 52-week high and 9.2% lower over the past 90 days, but Bank of America's exit to zero shares occurred at prices ranging from $13.36 to $14.12, above current levels. With zero post-transaction holdings, this filing presents minimal ongoing signaling value for assessing the insider's forward expectations.

Saba Capital sold 523,323 FMN shares at $12.67 (10% holder reducing stake by -32.0%)

Saba Capital Management executed a substantial open-market sale of 523,323 shares at $12.67 on 2024-10-14, reducing its stake in Federated Hermes Premier Municipal Income Fund from 1,635,209 to 1,111,886 shares—a -32.0% reduction relative to pre-transaction holdings. The transaction occurred at a price near the 52-week high of $12.47, with the stock currently trading at $12.27, approximately -1.6% below that high. Saba's cross-ticker track record shows 11 prior buys and 9 prior sells, indicating a pattern of regular open-market activity. This significant reduction in a 10% holder's position represents a material reallocation event and should be tracked by fund shareholders for any signaling about the fund's relative attractiveness versus alternative deployment of capital.