Federated Premier Municipal Income Fund Reports Semi-Annual Earnings
PITTSBURGH, July 31, 2019 /PRNewswire/ -- Federated Premier Municipal Income Fund (NYSE: FMN) today announced earnings for the six-month period ended May 31, 2019. Established in 2002, the fund seeks 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 $4.1 million or $0.36 per common share. From this amount, FMN paid distributions on auction market preferred shares (AMPS) of $436,405. Net realized and unrealized gains were $9.6 million or $0.84 per common share. At May 31, 2019, FMN had an undistributed income reserve of $0.002 per common share. Total managed assets of both common and preferred shareholders of FMN were $288.9 million and the net asset value per common share was $15.15.
FMN has paid a monthly tax-free dividend since the first dividend declaration in February 2003. The monthly dividend to common shareholders of FMN held steady at $0.054 throughout the six-month period.
Fund composition and performance data for the fund as of June 30, 2019 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 x5587538, email [email protected] or write to Federated Investors, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222.
Federated Investors, Inc. (NYSE: FII) is a leading global investment manager with $502.2 billion in assets under management as of June 30, 2019. Our investment solutions span 130 equity, fixed-income, alternative/private markets, multi-asset and money market funds and a range of separately managed account strategies. Providing comprehensive investment management to more than 10,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated's more than 1,900 employees include those in New York, Boston, London and several other offices worldwide. In 2018, Federated acquired a majority interest in Hermes Investment Management, which provides world-class active management and stewardship services. For more information, visit FederatedInvestors.com.
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Federated Premier Municipal Income Fund (FMN) SUMMARY OF RESULTS OF OPERATIONS (for a common share outstanding throughout each period) |
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Six Months Ended (unaudited) |
Year Ended Nov. 30, |
|||||
May 31, 2019 |
2018 |
2017 |
2016 |
2015 |
2014 |
|
Net Asset Value, Beginning of Period |
$ 14.31 |
$ 15.04 |
$ 14.55 |
$ 15.26 |
$ 15.37 |
$ 13.95 |
Income from Investment Operations: |
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Net investment income |
0.36 |
0.74 |
0.791 |
0.811 |
0.871 |
0.891 |
Net realized and unrealized gain |
0.84 |
(0.73) |
0.43 |
(0.66) |
(0.10) |
1.43 |
Distributions to auction market |
(0.04) |
(0.05) |
(0.00)3 |
(0.00)3 |
(0.00)3 |
(0.00)3 |
TOTAL FROM INVESTMENT OPERATIONS |
1.16 |
(0.04) |
1.22 |
0.15 |
0.77 |
2.32 |
Less Distributions to Common Shareholders: |
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From net investment income |
(0.32) |
(0.69) |
(0.73) |
(0.86) |
(0.88) |
(0.90) |
Net Asset Value, End of Period |
$ 15.15 |
$ 14.31 |
$ 15.04 |
$ 14.55 |
$ 15.26 |
$ 15.37 |
Market Price, End of Period |
$ 13.71 |
$ 12.40 |
$ 14.11 |
$ 14.07 |
$ 14.85 |
$ 14.47 |
Total Return at Net Asset Value4 |
8.23% |
(0.28)% |
8.54% |
0.73% |
5.17% |
17.09% |
Total Return at Market Price5 |
13.28% |
(7.44)% |
5.51% |
0.17% |
8.98% |
23.38% |
1 Per share numbers have been calculated using the average shares method. |
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2 The amounts shown are based on Common Share equivalents. |
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3 Represents less than $0.01. |
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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. |
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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. Total returns for periods of less than one year are not annualized. |
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SOURCE Federated Investors, Inc.
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