Federated Investors' Closed-End Municipal Funds Report Semi-Annual Earnings; Annual Shareholder Meeting Announced
PITTSBURGH, July 30 /PRNewswire-FirstCall/ -- 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, 2010. 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 $3.25 million or $0.53 per common share. From this amount, FMN paid dividends on preferred shares of $0.04 million, resulting in net investment income after the preferred dividends of $3.21 million or $0.52 per common share. Net realized and unrealized gains were $3.8 million or $0.61 per common share. At May 31, 2010, FMN had an undistributed income reserve of $0.101 per common share, down from $0.109 per common share at Nov. 30, 2009. Total managed assets of FMN were $121.8 million and the net asset value per common share was $13.85.
For the six-month period, FPT had net investment income of $3.01 million or $0.43 per common share. From this amount, FPT paid dividends on preferred shares of $0.04 million, resulting in net investment income after the preferred dividends of $2.97 million or $0.42 per common share. Net realized and unrealized gains were $1.7 million or $0.25 per common share. At May 31, 2010, FPT had an undistributed income reserve of $0.045 per common share, down from $0.066 per common share at Nov. 30, 2009. Total managed assets of FPT were $137.2 million and the net asset value per common share was $13.68.
Both FMN and FPT have paid monthly tax-free dividends since their first dividend declaration in February 2003. In March 2010, the funds reduced their respective monthly common dividends with FMN's dividend declining to $0.087 per share from $0.090 and FPT's dividend declining to $0.070 per share from $0.079. The dividend reductions reflect a drop in income as the current yields on portfolio assets are lower than the levels that prevailed during the prior fiscal year, reflecting lower yields generally available in the market.
Fund composition and performance data for the funds as of June 30, 2010 is available in the Products section of http://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 x8079, email [email protected] or write to Federated Investors, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222.
The joint annual shareholder meeting for both common and preferred shareholders of the closed-end municipal funds will be held on Sept. 17, 2010 at 2 p.m. Eastern at Federated Investors' offices located at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086-7561. The purpose of the meeting is the election of trustees. Shareholders of record at the close of business on July 8, 2010 are entitled to vote at the meeting.
Federated Investors, Inc. (NYSE: FII) is one of the largest investment managers in the United States, managing $336.8 billion in assets as of June 30, 2010. With 135 funds and a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 5,200 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit http://FederatedInvestors.com.
FEDERATED PREMIER MUNICIPAL INCOME FUND (FMN) |
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Six Months |
Year Ended Nov. 30, |
||||||
May 31, |
2009 |
2008 |
2007 |
2006 |
2005 |
||
Net Asset Value, Beginning of Period |
$ 13.25 |
$ 11.08 |
$ 14.60 |
$ 15.56 |
$ 15.05 |
$ 14.66 |
|
Income from Investment Operations: |
|||||||
Net investment income(1) |
0.53 |
1.07 |
1.12 |
1.12 |
1.12 |
1.12 |
|
Net realized and unrealized gain (loss) on investments, swap contracts and futures contracts |
0.61 |
2.13 |
(3.59) |
(0.96) |
0.55 |
0.43 |
|
Distributions to preferred shareholders from net investment income(2) |
(0.01) |
(0.02) |
(0.25) |
(0.32) |
(0.29) |
(0.19) |
|
TOTAL FROM INVESTMENT OPERATIONS |
1.13 |
3.18 |
(2.72) |
(0.16) |
1.38 |
1.36 |
|
Less Distributions to Common Shareholders: |
|||||||
From net investment income |
(0.53) |
(1.01) |
(0.80) |
(0.80) |
(0.87) |
(0.97) |
|
Net Asset Value, End of Period |
$ 13.85 |
$ 13.25 |
$ 11.08 |
$ 14.60 |
$ 15.56 |
$ 15.05 |
|
Market Price, End of Period |
$ 14.34 |
$ 14.47 |
$ 9.37 |
$ 13.92 |
$ 15.80 |
$ 14.44 |
|
Total Return at Net Asset Value(3) |
8.69% |
29.89% |
(19.45)% |
(1.01)% |
9.51% |
9.49% |
|
Total Return at Market Price(4) |
2.91% |
67.59% |
(28.31)% |
(7.03)% |
15.90% |
7.75% |
|
1 Per share numbers have been calculated using the average shares method. |
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FEDERATED PREMIER INTERMEDIATE MUNICIPAL INCOME FUND (FPT) |
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Six Months |
Year Ended Nov. 30, |
||||||
May 31, |
2009 |
2008 |
2007 |
2006 |
2005 |
||
Net Asset Value, Beginning of Period |
$ 13.46 |
$ 11.90 |
$ 14.15 |
$ 14.83 |
$ 14.41 |
$ 14.53 |
|
Income from Investment Operations: |
|||||||
Net investment income(1) |
0.43 |
0.92 |
0.97 |
0.99 |
0.96 |
0.92 |
|
Net realized and unrealized gain (loss) on investments, swap contracts and futures contracts |
0.25 |
1.54 |
(2.29) |
(0.66) |
0.44 |
(0.08) |
|
Distributions to preferred shareholders from net investment income(2) |
(0.01) |
(0.02) |
(0.24) |
(0.32) |
(0.29) |
(0.20) |
|
TOTAL FROM INVESTMENT OPERATIONS |
0.67 |
2.44 |
(1.56) |
0.01 |
1.11 |
0.64 |
|
Less Distributions to Common Shareholders: |
|||||||
From net investment income |
(0.45) |
(0.88) |
(0.69) |
(0.69) |
(0.69) |
(0.76) |
|
Net Asset Value, End of Period |
$ 13.68 |
$ 13.46 |
$ 11.90 |
$ 14.15 |
$ 14.83 |
$ 14.41 |
|
Market Price, End of Period |
$ 13.27 |
$ 13.62 |
$ 9.37 |
$ 12.50 |
$ 13.81 |
$ 12.68 |
|
Total Return at Net Asset Value(3) |
5.04% |
21.24% |
(11.47)% |
0.10% |
7.94% |
4.46% |
|
Total Return at Market Price(4) |
0.71% |
56.22% |
(20.62)% |
(4.80)% |
14.63% |
(0.66)% |
|
1 Per share numbers have been calculated using the average shares method. |
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SOURCE Federated Investors, Inc.
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