PITTSBURGH, July 31, 2020 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund (NYSE: FMN) today announced earnings for the six-month period ended May 31, 2020.  Established in 2002, 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 six-month period, FMN had net investment income of $3.6 million or $0.31 per common share.  From this amount, FMN paid distributions on auction market preferred shares (AMPS) of $3,489.  Net realized and unrealized losses were $7.6 million or $0.66 per common share.  At May 31, 2020, FMN had an undistributed income reserve of $0.015 per common share. Total managed assets of both common and preferred shareholders of FMN were $283.8 million and the net asset value per common share was $14.70

FMN has paid a monthly tax-free dividend since the first dividend declaration in February 2003. The monthly dividend to common shareholders of FMN held steady at $0.05 throughout the six-month period.

Fund composition and performance data for the fund as of June 30, 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 $628.8 billion in assets under management as of June 30, 2020. Guided by our conviction that responsible investing is the best way to create wealth over the long term, our investment solutions span 162 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 several other offices worldwide. For more information, visit FederatedHermes.com.

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Federated Hermes 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,

2020

 

2019

 

2018

 

2017

 

2016

 

2015

Net Asset Value, Beginning of Period

$     15.35

$     14.31

$     15.04

$     14.55

$     15.26

$     15.37

Income from Investment Operations:







    Net investment income

0.31

0.70

0.74

         0.791

         0.811

         0.871

Net realized and unrealized gain (loss)

 

 

(0.66)

 

 

1.00

 

 

(0.73)

 

 

0.43

 

 

(0.66)

 

 

(0.10)

    Distributions to auction market preferred shareholders from net 
    investment income2

 

        (0.00)3

 

(0.07)

 

(0.05)

 

        (0.00)3

 

        (0.00)3

 

        (0.00)3

TOTAL FROM INVESTMENT OPERATIONS

 

(0.35)

 

1.63

 

(0.04)

 

1.22

 

0.15

 

0.77

Less Distributions to Common Shareholders:







    From net investment income

(0.30)

(0.62)

(0.69)

(0.73)

(0.86)

(0.88)

Net Asset Value, End of Period

$     14.70

$     15.35

$     14.31

$     15.04

$     14.55

$     15.26

Market Price, End of Period

$     13.45

$     14.09

$     12.40

$     14.11

$     14.07

$     14.85

Total Return at Net Asset Value4

(2.26)%

11.83%

(0.28)%

8.54%

0.73%

5.17%

Total Return at Market Price5

(2.42)%

18.92%

(7.44)%

5.51%

0.17%

8.98%


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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