Welcome!

News Feed Item

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facing...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...