PITTSBURGH, July 31, 2017 /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, 2017. 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
$2.4 million or $0.39 per common share. From this amount,
FMN paid distributions on auction market preferred shares (AMPS) of
$78,049. Net realized and
unrealized gains were $3.4 million or
$0.54 per common share. At
May 31, 2017, FMN had an
undistributed income reserve of $0.017 per common share. Total managed assets of
both common and preferred shareholders of FMN were $147.2 million and the net asset value per common
share was $15.11.
For the six-month period, FPT had net investment income of
$2.0 million or $0.28 per common share. From this amount,
FPT paid distributions on AMPS of $63,413. Net realized and unrealized gains
were $4.2 million or $0.60 per common share. At May 31, 2017, FPT had an undistributed income
reserve of $0.021 per common share.
Total managed assets of both common and preferred shareholders of
FPT were $161.2 million and the net
asset value per common share was $14.34.
Both FMN and FPT have paid monthly tax-free dividends since
their first dividend declaration in February 2003. Fund
composition and performance data for the funds as of June 30, 2017 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 x5587538, email
CEinfo@federatedinv.com or write to Federated Investors, 1001
Liberty Avenue, Floor 23, Pittsburgh,
PA 15222.
On July 14, 2017, FPT commenced a
tender offer for up to 20 percent of its outstanding common shares
at a price equal to 98 percent of its net asset value per common
share in U.S. dollars as determined as of the end of regular
trading on the NYSE on the day the tender offer expires. The
tender offer is currently expected to expire on Aug. 11, 2017. Questions about the tender
offer can be directed to the Georgeson LLC, the information agent
for the tender offer, toll free at (866) 856-6388.
The Boards of Trustees for FPT and FMN, upon the recommendation
of the Funds' investment adviser, have approved FPT reorganizing
with and into FMN in what is expected to be a tax-free
transaction. Implementing the reorganization also requires
the approval of FPT's and FMN's shareholders and, if so approved,
is currently anticipated to occur during the fourth quarter of
2017.
Federated Investors, Inc. (NYSE: FII) is one of the largest
investment managers in the United
States, managing $360.4
billion in assets as of June
30, 2017. With 122 funds and a variety of separately
managed account options, Federated provides comprehensive
investment management to more than 8,500 institutions and
intermediaries including corporations, government entities,
insurance companies, foundations and endowments, banks and
broker/dealers. For more information, visit
FederatedInvestors.com.
###
This press release is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of FPT or FMN.
FPT has commenced the tender offer mentioned in this press release
pursuant to an offer to purchase, a related letter of transmittal
and other documents that have been filed with the Securities and
Exchange Commission (the SEC) as exhibits to a tender offer
statement on Schedule TO and are available free of charge at the
SEC's website at www.sec.gov.
This press release mentions a reorganization, which, if approved
by shareholders, would be conducted pursuant to an agreement and
plan of reorganization that will be included in a registration
statement to be filed by FMN (the Registration Statement). The
Registration Statement has yet to be filed with the SEC. After the
Registration Statement is filed with the SEC, it may be amended or
withdrawn until the Registration Statement is declared effective by
the SEC. A joint prospectus/proxy statement to be included in the
Registration Statement will not be distributed to shareholders of
FPT and FMN unless and until the Registration Statement is declared
effective by the SEC. The joint prospectus/proxy statement will
contain information with respect to the investment objectives,
risks, charges and expenses of the funds and other important
information about FPT and FMN. The joint prospectus/proxy statement
will constitute neither an offer to sell securities, nor will it
constitute a solicitation of an offer to buy securities, in any
state where such offer or sale is not permitted.
Shareholders should read the offer to purchase and tender offer
statement on Schedule TO and related exhibits that have been filed
with the SEC and are available as they contain important
information about the tender offer. Shareholders should read
any Registration Statement and joint prospectus/proxy statement if
and when those documents are filed and become available as they
would contain important information about the proposed
reorganization. Investors should consider the investment
objectives, risks, charges and expenses of FPT and FMN
carefully.
Certain statements made in this press release, such as those
related to the tender offer and reorganization, are forward-looking
statements. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are
not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties.
As a result, none of the investment advisor, the funds or any other
person assumes responsibility for the accuracy and completeness of
such statements in the future.
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,
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
Net Asset Value,
Beginning of Period
|
$
14.55
|
$
15.26
|
$
15.37
|
$
13.95
|
$
16.08
|
$
13.86
|
Income from
Investment Operations:
|
|
|
|
|
|
|
Net investment income1
|
0.39
|
0.81
|
0.87
|
0.89
|
0.91
|
0.94
|
Net realized and
unrealized gain
(loss) on investments and futures
contracts
|
0.54
|
(0.66)
|
(0.10)
|
1.43
|
(2.13)
|
2.16
|
Distributions to auction
market
preferred shareholders from net
investment income2
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
TOTAL FROM INVESTMENT
OPERATIONS
|
0.93
|
0.15
|
0.77
|
2.32
|
(1.22)
|
3.10
|
Less Distributions
to Common Shareholders:
|
|
|
|
|
|
|
From net investment income
|
(0.37)
|
(0.86)
|
(0.88)
|
(0.90)
|
(0.91)
|
(1.00)
|
Increase from AMPS
Tender and Repurchase
|
—
|
—
|
—
|
—
|
—
|
0.12
|
Net Asset Value,
End of Period
|
$
15.11
|
$
14.55
|
$
15.26
|
$
15.37
|
$
13.95
|
$
16.08
|
Market Price, End
of Period
|
$
14.28
|
$
14.07
|
$
14.85
|
$
14.47
|
$
12.47
|
$
16.95
|
Total Return at
Net Asset Value4
|
6.44%
|
0.73%
|
5.17%
|
17.09%
|
(7.76)%
|
23.90%
|
Total Return at
Market Price5
|
4.14%
|
0.17%
|
8.98%
|
23.38%
|
(21.58)%
|
21.37%
|
|
|
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. 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,
2017
|
2016
|
2015
|
2014
|
2013
|
2012
|
Net Asset Value,
Beginning of Period
|
$
13.73
|
$
14.43
|
$
14.50
|
$
13.64
|
$
15.27
|
$
13.94
|
Income from
Investment Operations:
|
|
|
|
|
|
|
Net investment income1
|
0.28
|
0.62
|
0.72
|
0.67
|
0.71
|
0.74
|
Net realized and
unrealized gain
(loss) on investments and futures
contracts
|
0.60
|
(0.66)
|
(0.12)
|
0.90
|
(1.61)
|
1.22
|
Distributions to auction market
preferred shareholders from net
investment income2
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
(0.00)3
|
TOTAL FROM INVESTMENT
OPERATIONS
|
0.88
|
(0.04)
|
0.60
|
1.57
|
(0.90)
|
1.96
|
Less Distributions
to Common Shareholders:
|
|
|
|
|
|
|
From net investment income
|
(0.27)
|
(0.66)
|
(0.67)
|
(0.71)
|
(0.73)
|
(0.78)
|
Increase from AMPS
Tender and Repurchase
|
—
|
—
|
—
|
—
|
—
|
0.15
|
Net Asset Value,
End of Period
|
$
14.34
|
$
13.73
|
$
14.43
|
$
14.50
|
$
13.64
|
$
15.27
|
Market Price, End
of Period
|
$
13.55
|
$
12.73
|
$
13.29
|
$
12.59
|
$
12.14
|
$
16.09
|
Total Return at
Net Asset Value4
|
6.48%
|
(0.52)%
|
4.22%
|
11.76%
|
(6.00)%
|
15.51%
|
Total Return at
Market Price5
|
8.65%
|
0.41%
|
11.08%
|
9.59%
|
(20.33)%
|
22.29%
|
|
|
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. Total returns for periods of
less than one year are not annualized.
|
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SOURCE Federated Investors, Inc.