Federated Hermes Premier Municipal Income Fund Reports Annual Earnings

Rhea-AI Summary

Federated Hermes Premier Municipal Income Fund (FMN) reported its fiscal year earnings for the year ending Nov. 30, 2021, showing a net investment income of $7.43 million or $0.65 per common share. The fund also recorded net realized and unrealized gains of $1.77 million or $0.16 per common share. Total portfolio assets were valued at $293.5 million, with a net asset value of $15.65 per share. FMN maintained a steady monthly dividend of $0.054 throughout the reported period, continuing its tradition of tax-free dividends since 2003.

Positive

• Net investment income of $7.43 million, or $0.65 per common share.
• Net realized and unrealized gains of $1.77 million, or $0.16 per common share.
• Total portfolio assets at $293.5 million.
• Monthly dividend consistently maintained at $0.054 since 2003.

Negative

• Undistributed net investment income reserve decreased from $0.055 to $0.053 per common share.

PITTSBURGH, Jan. 28, 2022 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund (NYSE: FMN) today announced earnings for the fiscal year ended Nov. 30, 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 fiscal year ended Nov. 30, 2021, FMN had net investment income of $7.43 million or $0.65 per common share. From this amount, FMN paid dividends on auction market preferred shares (AMPS) of $473 in total. Net realized and unrealized gains were $1.77 million or $0.16 per common share. At Nov. 30, 2021, FMN had an undistributed net investment income reserve of $0.053 per common share, down slightly from $0.055 per common share at Nov. 30, 2020. At Nov. 30, 2021, total portfolio assets of FMN were $293.5 million and the net asset value per common share outstanding on that date was $15.65.

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.

Fund composition and performance data for the fund as of Dec. 31, 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@FederatedHermes.com or write to Federated Hermes, 1001 Liberty Avenue, Floor 23, Pittsburgh, PA 15222.

Federated Hermes, Inc. (NYSE: FHI) is a global leader in active, responsible investment management, with $668.9 billion in assets under management as of Dec. 31, 2021. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 11,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. At Federated Hermes, responsibility is central to our client relationships, our long-term perspective and our fiduciary mindset. It's part of our heritage and the foundation of our future. 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)
		Year Ended Nov. 30,
		2021			2020	2019	2018	2017
Net Asset Value, Beginning of Period		$15.49			$15.35	$14.31	$15.04	$14.55
Income From Investment Operations:
Net investment income		0.65			0.66	0.70	0.74	0.791
Net realized and unrealized gain (loss) on investments		0.16			0.09	1.00	(0.73)	0.43
Distributions to auction market preferred shareholders from net investment income 2		(0.00)3			(0.00)3	(0.07)	(0.05)	(0.00)3
TOTAL FROM INVESTMENT OPERATIONS		0.81			0.75	1.63	(0.04)	1.22
Less Distributions to Common Shareholders:
From net investment income		(0.65)			(0.61)	(0.62)	(0.69)	(0.73)
Increase from Auction Market Preferred Share Tender and Repurchase		-			-	0.03	-	-
Net Asset Value, End of Period		$15.65			$15.49	$15.35	$14.31	$15.04
Market Price, End of Period		$15.23			$14.45	$14.09	$12.40	$14.11
Total Return at Net Asset Value 4				5.28%	5.11%	11.83%	(0.28)%	8.54%
Total Return at Market Price 5			9.99%		7.17%	18.92%	(7.44)%	5.51%

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.