Federated Investors' Closed-End Municipal Funds Report Semi-Annual Earnings
(PITTSBURGH, Pa., ) — 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, 2011. 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 $3.2 million or $0.52 per common share. From this amount, FMN paid dividends on preferred shares of $0.04 million, resulting in net investment income after the preferred dividends of $3.1 million or $0.51 per common share. Net realized and unrealized losses were $0.8 million or $0.14 per common share. At May 31, 2011, FMN had an undistributed income reserve of $0.087 per common share, down from $0.098 per common share at Nov. 30, 2010. Net managed assets of both common and preferred shareholders of FMN were $118.9 million and the net asset value per common share was $13.34.
For the six-month period, FPT had net investment income of $2.9 million or $0.42 per common share. From this amount, FPT paid dividends on preferred shares of $0.05 million, resulting in net investment income after the preferred dividends of $2.8 million or $0.41 per common share. Net realized and unrealized gains were $0.3 million or $0.05 per common share. At May 31, 2011, FPT had an undistributed income reserve of $0.037 per common share, down from $0.049 per common share at Nov. 30, 2010. Net managed assets of both common and preferred shareholders of FPT were $136.7 million and the net asset value per common share was $13.61.
Both FMN and FPT have paid monthly tax-free dividends since their first dividend declaration in February 2003. During the six-month period, the funds maintained their respective monthly common dividends with FMN paying $0.087 per share and FPT paying $0.070 per share.
Fund composition and performance data for the funds as of June 30, 2011 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 CEinfo@federatedinv.com 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 $349.4 billion in assets as of June 30, 2011. With 134 funds and a variety of separately managed account options, Federated provides comprehensive investment management worldwide to approximately 4,900 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. For more information, visit FederatedInvestors.com.
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