PITTSBURGH, July 29, 2021 /PRNewswire/ -- Federated Hermes
Premier Municipal Income Fund (NYSE: FMN) today announced earnings
for the six-month period ended May 31,
2021. 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
$3.9 million or $0.33 per common share. From this amount, FMN
paid distributions on auction market preferred shares (AMPS) of
$269. Net realized and unrealized
gains were $3.5 million or
$0.31 per common share. At
May 31, 2021, FMN had an
undistributed income reserve of $0.069 per common share. Total managed assets of
both common and preferred shareholders of FMN were $296.6 million and the net asset value per common
share was $15.81.
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 $0.054 throughout the
six-month period.
In addition, effective today, Duwayne
Walker joins Senior Portfolio Managers R.J. Gallo and Lee
Cunningham as a portfolio manager for the fund. He has
served as senior analyst for the municipal bond team at Federated
Hermes since 2016. Prior to joining the company, Walker served as a
municipal trading desk analyst at Raymond James and as a
quantitative analyst in the New York City Comptroller's
Office—Bureau of Debt Management. Walker, who has 13 years of
investment experience, earned his undergraduate degree from
Hofstra University and his MBA from
Cornell University.
Fund composition and performance data for the fund as of
June 30, 2021 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 $625.0 billion in assets under
management as of March 31, 2021.
Guided by our conviction that responsible investing is the best way
to create wealth over the long term, our investment solutions span
equity, fixed-income, alternative/private markets, multi-asset and
liquidity management 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' nearly 2,000
employees include those in London,
New York, Boston and offices worldwide. For more
information, visit FederatedHermes.com.
###
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, 2021
|
2020
|
2019
|
2018
|
2017
|
2016
|
Net Asset Value,
Beginning of Period
|
$
15.49
|
$
15.35
|
$
14.31
|
$
15.04
|
$
14.55
|
$
15.26
|
Income from
Investment Operations:
|
|
|
|
|
|
|
Net investment income
|
0.33
|
0.66
|
0.70
|
0.74
|
0.791
|
0.811
|
Net realized and
unrealized gain
(loss)
|
0.31
|
0.09
|
1.00
|
(0.73)
|
0.43
|
(0.66)
|
Distributions to auction market
preferred shareholders from
net
investment
income2
|
(0.00)3
|
(0.00)3
|
(0.07)
|
(0.05)
|
(0.00)3
|
(0.00)3
|
TOTAL FROM INVESTMENT
OPERATIONS
|
0.64
|
0.75
|
1.63
|
(0.04)
|
1.22
|
0.15
|
Less Distributions
to Common
Shareholders:
|
|
|
|
|
|
|
From net investment income
|
(0.32)
|
(0.61)
|
(0.62)
|
(0.69)
|
(0.73)
|
(0.86)
|
Net Asset Value,
End of Period
|
$
15.81
|
$
15.49
|
$
15.35
|
$
14.31
|
$
15.04
|
$
14.55
|
Market Price, End
of Period
|
$
15.83
|
$
14.45
|
$
14.09
|
$
12.40
|
$
14.11
|
$
14.07
|
Total Return at
Net Asset Value4
|
4.20%
|
5.11%
|
11.83%
|
(0.28)%
|
8.54%
|
0.73%
|
Total Return at
Market Price5
|
11.96%
|
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. 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 Hermes, Inc.