Federated Investors' Closed-End Municipal Funds Report Semi-Annual Earnings; Annual Shareholder Meeting Announced
July 30 2009 - 4:05PM
PR Newswire (US)
PITTSBURGH, July 30 /PRNewswire-FirstCall/ -- 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, 2009. 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 $3.3 million or $0.54 per common share. From
this amount, FMN paid dividends on preferred shares of $0.1
million, resulting in net investment income after the preferred
dividends of $3.2 million or $0.52 per common share. Net realized
and unrealized gains were $7.7 million or $1.25 per common share.
At May 31, 2009, FMN had an undistributed income reserve of $0.127
per common share, up from $0.075 per common share at Nov. 30, 2008.
Total managed assets of FMN were $112.6 million and the net asset
value per common share was $12.38. For the six-month period, FPT
had net investment income of $3.3 million or $0.47 per common
share. From this amount, FPT paid dividends on preferred shares of
$0.1 million, resulting in net investment income after the
preferred dividends of $3.2 million or $0.45 per common share. Net
realized and unrealized gains were $6.0 million or $0.87 per common
share. At May 31, 2009, FPT had an undistributed income reserve of
$0.096 per common share, up from $0.053 per common share at Nov.
30, 2008. Total managed assets of FPT were $130.9 million and the
net asset value per common share was $12.81. 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 markedly increased their respective monthly common dividends
with FMN's dividend rising to $0.090 per share from $0.067 and
FPT's dividend rising to $0.079 per share from $0.0575. The
dividend increase was due to the funds having experienced increased
income generally due to lower leverage costs resulting from the
sharp drop in short-term interest rates. Fund composition and
performance data for the funds as of June 30, 2009 is available in
the Products section of FederatedInvestors.com. Data is updated on
the Web site 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 x8079, email or write to
Federated Investors, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA
15222. The joint annual shareholder meeting for both common and
preferred shares of the closed-end municipal funds will be held on
Sept. 18, 2009 at 2 p.m. Eastern at Federated Investors' offices
located at 4000 Ericsson Drive, Warrendale, Pennsylvania
15086-7561. The purpose of the meeting is the election of trustees.
Shareholders of record at the close of business on July 8, 2009 are
entitled to vote at the meeting. Federated Investors, Inc.
(NYSE:FII) is one of the largest investment managers in the United
States, managing approximately $401.8 billion in assets as of June
30, 2009. With 155 funds and a variety of separately managed
account options, Federated provides comprehensive investment
management worldwide to more than 5,300 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,
------------------------------------- 2009 2008 2007 2006 2005 2004
------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of
Period $11.08 $14.60 $15.56 $15.05 $14.66 $14.56 Income From
Investment Operations: Net investment income(1) 0.54 1.12 1.12 1.12
1.12 1.13 Net realized and unrealized gain (loss) on investments,
swap contracts and futures contracts 1.25 (3.59) (0.96) 0.55 0.43
0.09 Distributions to preferred shareholders from net investment
income (2) (0.02) (0.25) (0.32) (0.29) (0.19) (0.10) ------ ------
------ ------ ------ ----- TOTAL FROM INVESTMENT OPERATIONS 1.77
(2.72) (0.16) 1.38 1.36 1.10 ---- ------ ------ ---- ---- ---- Less
Distributions to Common Shareholders: From net investment income
(0.47) (0.80) (0.80) (0.87) (0.97) (1.00) ------ ------ ------
------ ------ ------ Net Asset Value, End of Period $12.38 $11.08
$14.60 $15.56 $15.05 $14.66 ------ ------ ------ ------ ------
------ Market Price, End of Period $13.39 $9.37 $13.92 $15.80
$14.44 $14.31 ------ ----- ------ ------ ------ ------ Total Return
at Net Asset Value (3) 16.38% (19.45)% (1.01)% 9.51% 9.49% 8.05%
----- ------ ------ ---- ---- ---- Total Return at Market Price (4)
48.97% (28.31)% (7.03)% 15.90% 7.75% 7.76% ----- ------- ------
----- ---- ---- (1) Per share numbers have been calculated using
the average shares method. (2) The amounts shown are based on
Common Share equivalents. (3) 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. Total return for the year ended Nov.
30, 2004 was calculated utilizing the average price paid per share
at the time of reinvestment. If net asset value had been utilized,
the total return would have been 7.89%. (4) 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. Total returns for periods of less
than one year are not annualized. 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,
-------------------------------------- 2009 2008 2007 2006 2005
2004 ------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of
Period $11.90 $14.15 $14.83 $14.41 $14.53 $14.65 Income From
Investment Operations: Net investment income (1) 0.47 0.97 0.99
0.96 0.92 0.90 Net realized and unrealized gain (loss) on
investments, swap contracts and futures contracts 0.87 (2.29)
(0.66) 0.44 (0.08) (0.14) Distributions to preferred shareholders
from net investment income (2) (0.02) (0.24) (0.32) (0.29) (0.20)
(0.10) ----- ----- ----- ----- ----- ----- TOTAL FROM INVESTMENT
OPERATIONS 1.32 (1.56) 0.01 1.11 0.64 0.66 ---- ----- ---- ----
---- ---- Less Distributions to Common Shareholders: From net
investment income (0.41) (0.69) (0.69) (0.69) (0.76) (0.78) -----
----- ----- ----- ----- ----- Net Asset Value, End of Period $12.81
$11.90 $14.15 $14.83 $14.41 $14.53 ------ ------ ------ ------
------ ------ Market Price, End of Period $12.60 $9.37 $12.50
$13.81 $12.68 $13.50 ------ ----- ------ ------ ------ ------ Total
Return at Net Asset Value (3) 11.29% (11.47)% 0.10% 7.94% 4.46%
5.03% ----- ------ ---- ----- ---- ---- Total Return at Market
Price (4) 39.41% (20.62)% (4.80)% 14.63% (0.66)% 6.14% -----
------- ----- ----- ----- ---- (1) Per share numbers have been
calculated using the average shares method. (2) The amounts shown
are based on Common Share equivalents. (3) 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. Total return for the year
ended Nov. 30, 2004 was calculated utilizing the average price paid
per share at the time of reinvestment. If net asset value had been
utilized, the total return would have been 4.63%. (4) 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. Total returns
for periods of less than one year are not annualized. DATASOURCE:
Federated Investors, Inc. CONTACT: MEDIA: Melissa Ryan,
+1-412-288-8079, or Meghan McAndrew, +1-412-288-8103, both of
Federated Investors, Inc. Web Site: http://federatedinvestors.com/
Copyright