Federated Hermes Premier Municipal Income Fund Reports Semi-Annual Earnings

Rhea-AI Summary

Federated Hermes Premier Municipal Income Fund (FMN) reported net investment income of $3.9 million or $0.33 per common share for the six-month period ending May 31, 2021. The fund also realized net gains of $3.5 million or $0.31 per share. As of the end of this period, the net asset value per share stood at $15.81, with total managed assets reaching $296.6 million. FMN maintained a stable monthly dividend of $0.054 since February 2003. The fund welcomed a new portfolio manager, Duwayne Walker, enhancing its management team.

Positive

• Net investment income of $3.9 million or $0.33 per share.
• Net realized and unrealized gains of $3.5 million or $0.31 per share.
• Stable monthly dividend of $0.054 maintained since February 2003.
• Net asset value per share increased to $15.81.

Negative

• None.

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.

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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, 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.

FAQ

What is the net investment income reported by FMN for the six-month period ending May 31, 2021?

FMN reported net investment income of $3.9 million or $0.33 per common share.

What were the net realized and unrealized gains for FMN during the six-month period?

FMN had net realized and unrealized gains of $3.5 million or $0.31 per common share.

What is the current net asset value per share of FMN as of May 31, 2021?

As of May 31, 2021, the net asset value per share of FMN was $15.81.

Has FMN maintained its dividend payout, and if so, what is the amount?

Yes, FMN has maintained a stable monthly dividend of $0.054 since February 2003.

Who is the new portfolio manager for FMN announced in July 2021?

The new portfolio manager for FMN announced in July 2021 is Duwayne Walker.