Federated Investors' Closed-End Municipal Funds Report Semi-Annual Earnings
PITTSBURGH, July 30, 2014 /PRNewswire/ -- Federated Premier Municipal Income Fund (NYSE: FMN) and Federated Premier Intermediate Municipal Income Fund (NYSE: FPT) today announced earnings for the six-month period ended May 31, 2014. Established in 2002, 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 six-month period, FMN had net investment income of $2.8 million or $0.45 per common share. From this amount, FMN paid distributions on auction market preferred shares (AMPS) of $6,902. Net realized and unrealized gains were $7.0 million or $1.13 per common share. At May 31, 2014, FMN had an undistributed income reserve of $0.071 per common share, down from $0.074 per common share at Nov. 30, 2013. Total managed assets of both common and preferred shareholders of FMN were $129.9 million and the net asset value per common share was $15.08.
For the six-month period, FPT had net investment income of $2.4 million or $0.35 per common share. From this amount, FPT paid distributions on AMPS of $5,463. Net realized and unrealized gains were $5.7 million or $0.80 per common share. At May 31, 2014, FPT had an undistributed income reserve of $0.023 per common share, down from $0.041 per common share at Nov. 30, 2013. Total managed assets of both common and preferred shareholders of FPT were $142.7 million and the net asset value per common share was $14.43.
Both FMN and FPT have paid monthly tax-free dividends since their first dividend declaration in February 2003. The funds held their respective monthly common dividends steady throughout the six-month period, with FMN's monthly dividend at $0.0755 per share and FPT's monthly dividend at $0.0605 per share.
Fund composition and performance data for the funds as of June 30, 2014 is 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 1-800-245-0242 x5588079, email [email protected] 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 $351.6 billion in assets as of June 30, 2014. With 133 funds and a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 6,100 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) |
||||||
| Six Months Ended (unaudited) |
Year Ended Nov. 30, |
|||||
| May 31, 2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
|
| Net Asset Value, Beginning of Period |
$ 13.95 |
$ 16.08 |
$ 13.86 |
$ 13.49 |
$ 13.25 |
$ 11.08 |
| Income from Investment Operations: |
||||||
| Net investment income1 |
0.45 |
0.91 |
0.94 |
1.02 |
1.05 |
1.07 |
| Net realized and unrealized gain (loss) on investments, swap contracts and futures contracts |
1.13 |
(2.13) |
2.16 |
0.38 |
0.25 |
2.13 |
| Distributions to auction market preferred shareholders from net investment income2 |
(0.00)3 |
(0.00)3 |
(0.00)3 |
(0.01) |
(0.01) |
(0.02) |
| TOTAL FROM INVESTMENT OPERATIONS |
1.58 |
(1.22) |
3.10 |
1.39 |
1.29 |
3.18 |
| Less Distributions to Common Shareholders: |
||||||
| From net investment income |
(0.45) |
(0.91) |
(1.00) |
(1.02) |
(1.05) |
(1.01) |
| Increase from AMPS Tender and Repurchase |
— |
— |
0.12 |
— |
— |
— |
| Net Asset Value, End of Period |
$ 15.08 |
$ 13.95 |
$ 16.08 |
$ 13.86 |
$ 13.49 |
$ 13.25 |
| Market Price, End of Period |
$ 15.18 |
$ 12.47 |
$ 16.95 |
$ 14.89 |
$ 14.36 |
$ 14.47 |
| Total Return at Net Asset Value4 |
11.55% |
(7.76)% |
23.90% |
10.95% |
9.90% |
29.89% |
| Total Return at Market Price5 |
25.62% |
(21.58)% |
21.37% |
11.91% |
6.87% |
67.59% |
| 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. Total returns for periods of less than one year are not annualized. |
| 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) |
|||||||
| Six Months Ended (unaudited) |
Year Ended Nov. 30, |
||||||
| May 31, 2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
||
| Net Asset Value, Beginning of Period |
$ 13.64 |
$ 15.27 |
$ 13.94 |
$ 13.57 |
$ 13.46 |
$ 11.90 |
|
| Income from Investment Operations: |
|||||||
| Net investment income1 |
0.35 |
0.71 |
0.74 |
0.83 |
0.86 |
0.92 |
|
| Net realized and unrealized gain (loss) on investments, swap contracts and futures contracts |
0.80 |
(1.61) |
1.22 |
0.36 |
0.13 |
1.54 |
|
| Distributions to auction market preferred shareholders from net investment income2 |
(0.00)3 |
(0.00)3 |
(0.00)3 |
(0.01) |
(0.01) |
(0.02) |
|
| TOTAL FROM INVESTMENT OPERATIONS |
1.15 |
(0.90) |
1.96 |
1.18 |
0.98 |
2.44 |
|
| Less Distributions to Common Shareholders: |
|||||||
| From net investment income |
(0.36) |
(0.73) |
(0.78) |
(0.81) |
(0.87) |
(0.88) |
|
| Increase from AMPS Tender and Repurchase |
— |
— |
0.15 |
— |
— |
— |
|
| Net Asset Value, End of Period |
$ 14.43 |
$ 13.64 |
$ 15.27 |
$ 13.94 |
$ 13.57 |
$ 13.46 |
|
| Market Price, End of Period |
$ 13.20 |
$ 12.14 |
$ 16.09 |
$ 13.87 |
$ 13.60 |
$ 13.62 |
|
| Total Return at Net Asset Value4 |
8.57% |
(6.00)% |
15.51% |
9.06% |
7.40% |
21.24% |
|
| Total Return at Market Price5 |
11.84% |
(20.33)% |
22.29% |
8.51% |
6.38% |
56.22% |
|
| 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. Total returns for periods of less than one year are not annualized. |
| 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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