Saba Capital Amends 13D Filing for Federated Hermes Muni Fund

TL;DR

Saba Capital updated its filing for Federated Hermes Muni Fund - watch for changes.

AI Summary

Saba Capital Management, L.P. has filed an amendment (Amendment No. 7) to its Schedule 13D on September 4, 2024, regarding its holdings in Federated Hermes Premier Municipal Income Fund. The filing indicates a change in the beneficial ownership of common shares, though specific new holdings or percentage changes are not detailed in this excerpt.

Why It Matters

This filing signals potential shifts in activist investor Saba Capital's stake or strategy concerning the Federated Hermes Premier Municipal Income Fund, which could influence the fund's future operations or shareholder value.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings by activist investors like Saba Capital can indicate strategic changes or increased activity, potentially leading to volatility.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filing entity
• Federated Hermes Premier Municipal Income Fund (company) — Subject company
• Boaz R. Weinstein (person) — Group member of Saba Capital

FAQ

Key Financial Figures

• $0.01 — Fund (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securiti
• $17,291,096 — ported herein. A total of approximately $17,291,096 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 61KB
• exhibit2.htm (EX-2) — 59KB
• 0001062993-24-016051.txt ( ) — 122KB

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On August 30, 2024, Saba Capital Management, L.P. entered into a standstill agreement (the "Agreement") with respect to the Issuer, pursuant to which the Issuer agreed to commence a cash tender offer to purchase 32% of its outstanding Common Shares at a price per share equal to 99% of the Issuer's net asset value per share (the " Tender Offer "). Saba Capital agreed to tender the Common Shares then owned by Saba Capital and one or more private funds and accounts managed by Saba Capital, subject to the terms and conditions therein. The Agreement also provides for customary standstill provisions during the period from the date of the Agreement through the date that is the earlier of (a) such date that the Issuer determines not to conduct the Tender Offer, and (b) 60 days prior to the earlier of the last date that a shareholder proposal pursuant to Rule 14a-8 under the Exchange Act or trustee nomination is permitted to be submitted to the Issuer for the Issuer's 2027 annual meeting of shareholders (the " Annual Meeting "). The foregoing summary of the Agreement shall not be deemed complete and is qualified in its entirety by reference to the full text of the Agreement, the form of which is attached hereto as Exhibit 2 to this Schedule 13D and incorporated by reference herein. CUSIP No. 31423P108 SCHEDULE 13D/A Page 6 of 7 Pages Item 5. INTEREST IN SECURITIES OF THE ISSUER (a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 11,498,091 shares of common stock outstanding as of 5/31/23, as disclosed in the company's N-CSRS filed 7/31/24. (b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to

is hereby amended and supplemented by the addition of the following

Item 6 is hereby amended and supplemented by the addition of the following: The Reporting Persons' response to Item 4 is incorporated by reference into this Item 6. Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 2: Standstill Agreement, dated as of August 30, 2024. CUSIP No. 31423P108 SCHEDULE 13D/A Page 7 of 7 Pages

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: September 4, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer SABA CAPITAL MANAGEMENT GP, LLC By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory BOAZ R. WEINSTEIN By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Attorney-in-fact* * Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

View Full Filing

View this SC 13D/A filing on SEC EDGAR