Federated municipal funds to refinance preferreds with tender-option bonds

New York, Aug. 5 - Federated Investors, Inc. said the trustees for Federated Premier Municipal Income Fund and Federated Premier Intermediate Municipal Income Fund approved a plan to refinance part of each fund's auction-market preferred shares with tender-option bonds.

The funds' investment policies will changed so that they can invest in the inverse floaters of tender-option bonds.

The actual amount of preferreds to be redeemed has yet to be determined. Further details are expected to be announced later in the month.

Federated is a Pittsburgh-based fund manager.

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