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
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
This is going to be a live demo on a production ready CICD pipeline which automate the deployment of application onto AWS ECS and Fargate. The same pipeline will automate deployment into various environment such as Test, UAT, and Prod. The pipeline will go through various stages such as source, build, test, approval, UAT stage, Prod stage. The demo will utilize only AWS services including AWS CodeCommit, Codebuild, code pipeline, Elastic container service (ECS), ECR, and Fargate.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As Enterprise business moves from Monoliths to Microservices, adoption and successful implementations of Microservices become more evident. The goal of Microservices is to improve software delivery speed and increase system safety as scale increases. Documenting hurdles and problems for the use of Microservices will help consultants, architects and specialists to avoid repeating the same mistakes and learn how and when to use (or not use) Microservices at the enterprise level. The circumstance w...