PITTSBURGH, Feb. 1, 2021 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund FMN today announced earnings for the fiscal year ended Nov. 30, 2020. The fund seeks 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 fiscal year ended Nov. 30, 2020, FMN had net investment income of $7.61 million or $0.66 per common share1. From this amount, FMN paid dividends on auction market preferred shares (AMPS) of $3,816 or less than $0.01 per common share, resulting in net investment income after the AMPS dividends of $7.61 million or $0.66 per common share. Net realized and unrealized gains were $1.07 million or $0.09 per common share. At Nov. 30, 2020, FMN had an undistributed net investment income reserve of $0.055 per common share, up sharply from $0.006 per common share at Nov. 30, 2019. At Nov. 30, 2020, total portfolio assets of FMN were $292.9 million and the net asset value per common share outstanding on that date was $15.49.
FMN has paid a monthly tax-free dividend since the first dividend declaration in February 2003.
Fund composition and performance data for the fund as of Dec. 31, 2020 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 Hermes, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222.
Federated Hermes, Inc. is a leading global investment manager with $619.4 billion in assets under management as of Dec. 31, 2020. Guided by our conviction that responsible investing is the best way to create wealth over the long term, our investment solutions span 163 equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies and a range of separately managed account strategies. Providing world-class active investment management and engagement services to more than 11,000 institutions and intermediaries, our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes' more than 1,900 employees include those in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com.
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1. | Except where noted, per share numbers are based on the average number of common shares outstanding during the fiscal year. |
FEDERATED HERMES PREMIER MUNICIPAL INCOME FUND (FMN) | ||||||||
SUMMARY OF RESULTS OF OPERATIONS | ||||||||
(for a Common Share Outstanding Throughout Each Period) | ||||||||
Year Ended Nov. 30,
| ||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||
Net Asset Value, Beginning of Period | $15.35 | $14.31 | $15.04 | $14.55 | $15.26 | |||
Income From Investment Operations: | ||||||||
Net investment income | 0.66 | 0.70 | 0.74 | 0.791 | 0.811 | |||
Net realized and unrealized gain (loss) on investments |
0.09 |
1.00 |
(0.73) |
0.43 |
(0.66) | |||
Distributions to auction market preferred shareholders from net investment income 2 |
(0.00)3 |
(0.07) |
(0.05) |
(0.00)3 |
(0.00)3 | |||
TOTAL FROM INVESTMENT OPERATIONS |
0.75 | 1.63 | (0.04) | 1.22 | 0.15 | |||
Less Distributions to Common Shareholders: | ||||||||
From net investment income | (0.61) | (0.62) | (0.69) | (0.73) | (0.86) | |||
Increase from Auction Market Preferred Share Tender and Repurchase |
- |
0.03 |
- |
- |
- | |||
Net Asset Value, End of Period | $15.49 | $15.35 | $14.31 | $15.04 | $14.55 | |||
Market Price, End of Period | $14.45 | $14.09 | $12.40 | $14.11 | $14.07 | |||
Total Return at Net Asset Value 4 | 5.11% | 11.83% | (0.28)% | 8.54% | 0.73% | |||
Total Return at Market Price 5 | 7.17% | 18.92% | (7.44)% | 5.51% | 0.17% | |||
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. |
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. |
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SOURCE Federated Hermes, Inc.
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