Federated Investors' Closed-End Municipal Funds Report Annual Earnings

Jan 29, 2016, 08:45 ET from Federated Investors, Inc.

PITTSBURGH, Jan. 29, 2016 /PRNewswire/ -- Federated Premier Municipal Income Fund (NYSE: FMN) and Federated Premier Intermediate Municipal Income Fund (NYSE: FPT) today announced earnings for the fiscal year ended Nov. 30, 2015.  The funds seek to provide investors with income that is exempt from federal income tax, including alternative minimum tax (AMT), by investing in municipal securities from different sectors, states and issuers across the country. 

For the fiscal year ended Nov. 30, 2015, FMN had net investment income of $5.41 million or $0.87 per common share.  From this amount, FMN paid dividends on auction market preferred shares (AMPS) of $0.02 million, resulting in net investment income after the AMPS dividends of $5.39 million or $0.87 per common share.  Net realized and unrealized losses were $0.59 million or $0.10 per common share.  At Nov. 30, 2015, FMN had an undistributed net investment income reserve of $0.066 per common share, down from $0.078 per common share at Nov. 30, 2014.  Total portfolio assets of FMN were $148.1 million and the net asset value per common share was $15.26

For the fiscal year ended Nov. 30, 2015, FPT had net investment income of $5.02 million or $0.72 per common share.  From this amount, FPT paid dividends on auction market preferred shares (AMPS) of $0.02 million, resulting in net investment income after the AMPS dividends of $5.00 million or $0.72 per common share.  Net realized and unrealized losses were $0.87 million or $0.12 per common share.  At Nov. 30, 2015, FPT had an undistributed net investment income reserve of $0.064 per common share, up from $0.013 per common share at Nov. 30, 2014.  Total portfolio assets of FPT were $161.8 million and the net asset value per common share was $14.43

Both FMN and FPT have paid monthly tax-free dividends since the first dividend declaration in February 2003.  During the fiscal year, the funds maintained their respective monthly common dividends with FMN paying $0.0735 and FPT paying $0.0555 per share.

Fund composition and performance data for the funds as of Dec. 31, 2015 are available in the Products section of FederatedInvestors.com.  Data is updated on the website approximately 15 days following each month-end and full portfolio listings are updated approximately 30 days following each calendar quarter-end.  To order hard copies or to be placed on a mailing list, call 800-245-0242 x5587538, email CEinfo@federatedinv.com  or write to Federated Investors, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA  15222. 

Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $361.1 billion in assets as of Dec. 31, 2015.  With 122 funds, as well as a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 8,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.  For more information, visit FederatedInvestors.com

FEDERATED PREMIER MUNICIPAL INCOME FUND (FMN) SUMMARY OF RESULTS OF OPERATIONS (For a Common Share Outstanding Throughout Each Period)

Year Ended Nov. 30,

 

2015

2014

2013

2012

2011

Net Asset Value, Beginning of Period

$15.37

$13.95

$16.08

$13.86

$13.49

Income From Investment Operations:

Net investment income 1

0.87

0.89

0.91

0.94

1.02

Net realized and unrealized gain (loss) on investments and futures contracts

 

 

(0.10)

 

 

1.43

 

 

(2.13)

 

 

2.16

 

 

0.38

Distributions to auction market preferred shareholders from net investment income 2

 

   (0.00)3

 

   (0.00)3

 

   (0.00)3

 

   (0.00)3

 

(0.01)

TOTAL FROM INVESTMENT OPERATIONS

0.77

2.32

(1.22)

3.10

1.39

Less Distributions to

Common Shareholders:

From net investment income

(0.88)

(0.90)

(0.91)

(1.00)

(1.02)

Increase From Auction Market Preferred Share Tender and Repurchase

 

--

 

--

 

--

 

0.12

 

--

Net Asset Value, End of Period

$15.26

$15.37

$13.95

$16.08

$13.86

Market Price, End of Period

$14.85

$14.47

$12.47

$16.95

$14.89

Total Return at Net Asset Value 4

5.17%

17.09%

(7.76)%

23.90%

10.95%

Total Return at Market Price 5

8.98%

23.38%

(21.58)%

21.37%

11.91%

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.

 

FEDERATED PREMIER INTERMEDIATE MUNICIPAL INCOME FUND (FPT) SUMMARY OF RESULTS OF OPERATIONS (For a Common Share Outstanding Throughout Each Period)

Year Ended Nov. 30,

 

2015

2014

2013

2012

2011

Net Asset Value, Beginning of Period

$14.50

$13.64

$15.27

$13.94

$13.57

Income From Investment Operations:

Net investment income 1

0.72

0.67

0.71

0.74

0.83

Net realized and unrealized gain (loss) on investments and futures contracts

 

 

(0.12)

 

 

0.90

 

 

(1.61)

 

 

1.22

 

 

0.36

Distributions to auction market preferred shareholders from net investment income 2

 

   (0.00) 3

 

   (0.00) 3

 

   (0.00) 3

 

   (0.00)3

 

(0.01)

TOTAL FROM INVESTMENT OPERATIONS

0.60

1.57

(0.90)

1.96

1.18

Less Distributions to

Common Shareholders:

From net investment income

(0.67)

(0.71)

(0.73)

(0.78)

(0.81)

Increase From Auction Market Preferred Share Tender and Repurchase

 

--

 

--

 

--

 

0.15

 

--

Net Asset Value, End of Period

$14.43

$14.50

$13.64

$15.27

$13.94

Market Price, End of Period

$13.29

$12.59

$12.14

$16.09

$13.87

Total Return at Net Asset Value 4

4.22%

11.76%

(6.00)%

15.51%

9.06%

Total Return at Market Price 5

11.08%

9.59%

(20.33)%

22.29%

8.51%

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.

SOURCE Federated Investors, Inc.



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