SYS-CON MEDIA Authors: Adrian Bridgwater, Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman

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
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.