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
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...