SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C. 20549


                                          FORM 8-K


                                       CURRENT REPORT

                             Pursuant to Section 13 or 15(d) of
                            The Securities Exchange Act of 1934


               Date of Report (Date of earliest event reported): May 14, 2003


                    FEDERATED PREMIER MUNICIPAL INCOME FUND
             (Exact name of registrant as specified in its charter)


              Delaware             001-31562           47-0896539
    (State or other jurisdiction  (Commission         (IRS Employer
          of incorporation)      File Number)      Identification No.)




              5800 Corporate Drive
            Pittsburgh, Pennsylvania                   15237-7000
    (Address of Principal Executive Offices)           (Zip Code)


Registrant's telephone number, including area code:   (800) 341-7400



Item 9.  Regulation FD Disclosure.

      The following information is furnished pursuant to Item 9 of Form 8-K :

     Following is  information  that may be made publicly  available on or after
May 14, 2003.

Information as of 4/30/03 unless otherwise noted.

Overview
Objective
Current income exempt from federal income tax, including the
alternative minimum tax (AMT)

Pricing
Market Price      $14.75 (Source: Bloomberg)
Daily NAV         $14.54

Yield (%)
Current Yield based on Market Price 6.81
Current Yield based on NAV 6.91
Taxable Equivalent Market Yield* 11.09

Dividends
Paid Monthly
Record Date: 23rd or the preceding business day of the month
4/03 $0.08375
3/03 $0.08375
2/03 $0.08375

Investment Concentration
Long-term municipal securities

Portfolio Assets
$142.5 million

Portfolio Profile
Weighted Average Effective Maturity 11.24 Years
Weighted Average Effective Duration to Common** 11.05 Years
Weighted Average Effective Duration to Gross 6.89 Years
Weighted Average Quality Aa2/AA (Rated Only)
Average Coupon    5.78%
Number of Securities 82

Recommended Benchmark
Lehman Brothers Aggregate Municipal Bond Index





Portfolio Managers
Mary Jo Ochson, CFA
Began Managing Fund: 12/02
Lee R. Cunningham, II
Began Managing Fund: 12/02
R.J. Gallo
Began Managing Fund: 12/02

Fund History
NYSE Ticker FMN
CUSIP 31423P108
Inception 12/20/02
Inception NAV $14.33
Inception Share Price $15.00

Portfolio Manager Commentary
Fund Performance

     The fund's NAV rose 0.90% to end April at $14.54.  Based on NAV, the fund's
total return,  which includes the monthly dividend of 8.375 cents per share, was
1.49%.  The fund's common market price  increased 4.91% over the month to end at
$14.75.  Based on the common market price, the fund's total return for April was
5.52%.

     The share price  ended the month at a premium of 1.44%  relative to NAV, in
contrast to the discount of 2.43% at the end of March.  Trading  volume of FMN's
common  shares on the NYSE  averaged  about 9,100  shares per day, up from 8,700
last month.

     The annualized  current yield of the fund relative to its month-end closing
market price was 6.81%,  which equates to 11.09% on a taxable  equivalent  basis
for shareholders in the 38.6% federal tax bracket.

Municipal Market

     The military success of U.S. forces in Iraq allowed market  participants to
refocus on the economy  during  April.  Anticipation  of  accelerating  economic
growth  following  the end of fighting in Iraq seemed to diminish in the face of
generally weak economic data.  Treasury and municipal yields rose early in April
as imminent military success was clear, but reversed course as signs of economic
acceleration failed to emerge. On net, the AAA 10-year yield fell 7 basis points
to 3.54% during April,  and yields across the municipal  yield curve fell from 1
to 14 basis points. (All yields from Municipal Market Data).

     Seasonal upward pressure on short-term  municipal  yields during tax season
contributed  to a slight  flattening in the slope of the municipal  yield curve,
with the difference  between one-year and 20-year AAA yields ending April at 335
basis points,  down from 350 basis points last month. The tepid pace of economic
recovery continues to underpin the ongoing steep slope of the yield curve.

     The total return on the Lehman Brothers Aggregate  Municipal Bond Index was
0.66% for the month. The healthcare, education and insured segments of the index
were the three strongest  performing  credit sectors.  Holdings in these sectors
contributed  to the  fund's  positive  performance  in  April  and  cumulatively
represent over 75% of the fund portfolio.

Investment Strategy

     The  portfolio  management  team  continued  to evaluate  opportunities  to
increase fund holdings of bonds rated BBB or lower,  consistent  with the fund's
income objective.  The fund purchased such securities in the hospital, life care
and special  tax sectors  during the month.  The use of  leverage  continues  to
enhance the fund's ability to pay attractive  dividends to common  shareholders.
The fund paid an average of 1.19% in preferred  share  dividends  during  April,
while the capital  contributed  by  preferred  shareholders  was invested in the
fund's  portfolio of long-term  bonds,  which had an average  yield to effective
maturity of 5.53% for the month.

Cumulative Total Return (%)
                              1 month     Since Inception
                                          (12/20/02)
Market Price                   5.52         0.07
NAV (based on $15.00)         (3.08)       (1.42)
NAV (based on $14.33)          1.49         3.25

Premium/Discount of Market Price to NAV
1.44% Premium

Top Ten Holdings
Total % of Portfolio: 24.94%
Jefferson County, AL Sewer, Capital             2.96%
Improvement Warrants (FGIC Insured)
North Central Texas HFDC                        2.94%
(AMBAC Insured)
Wisconsin State HEFA, (MBIA Insured)            2.89%
Village Center Community Development            2.89%
District, FL, (MBIA Insured)
Seattle, WA Municipal Light & Power             2.82%
(FSA Insured)
Commonwealth of Massachusetts,                  2.28%
(FGIC Insured)
Wichita, KS Water & Sewer Utility               2.22%
(FGIC Insured)
California State Public Works Board             2.19%
(AMBAC Insured)
Houston, TX, Refunding Public                   1.90%
Improvement LT GO Bonds (MBIA Insured)
South Carolina State Public Service             1.85%
Authority, Santee Cooper (FSA Insured)
*Insured

Sector Breakdown (Top Six) (%)
Total % of Portfolio: 91.40%
Insured                 47.90
Hospital                19.44
Lifecare                8.73
Special Tax                   6.94
Industrial Revenue            4.77
General Obligation-State      2.90

Quality Breakdown (%)
AAA               47.90
AA                3.55
A                 12.44
BBB               22.11
B                 0.94
Not Rated         13.06


Percent of Portfolio Callable
2003        0.46%
2004        0.00%
2005        0.00%
2006        0.71%
2007        1.44%
As of 5/8/03

Preferred Share Ratings
Moody's Aaa
Fitch AAA
Face Value of Preferred Shares $53,675,000

     *Taxable Equivalent Market Yields - In calculating these yields, the market
yield is divided by (1 minus the applicable tax rate).  The maximum  federal tax
rate  (38.6%) is used when  calculating  the taxable  equivalent  market  yield.
Federal Tax Rates are based on the 2003 rates as stated in the  Economic  Growth
and Tax Relief Reconciliation Act of 2001.

     **Duration  is a measure of a security's  price  sensitivity  to changes in
interest rates.  Securities with longer  durations are more sensitive to changes
in interest rates than securities of shorter durations. The Fund is a closed-end
fund.Unlike open-end funds,  closed-end funds are not continually  offered.There
is a one-time public offering,  and once issued,  shares of closed-end funds are
bought and sold in the open market.Consequently,  shares of closed-end funds may
trade at, above or below their net asset values ("NAV").  If a closed-end fund's
shares  trade at a price  below  their  NAV,  they are said to be  trading  at a
"discount."  Conversely,  if a closed-end  fund's  shares trade at a price above
their  NAV,  they are said to be trading at a  "premium."  Shares of  closed-end
funds frequently trade at a discount.

     The Fund offers  Common Shares and Preferred  Shares.  The Pricing,  Yield,
Dividends,  Fund History and Total Return information provided herein relates to
Common Shares only. Unlike Preferred Shares, Common Shares are not rated.

     The Fund's issuance of Preferred  Shares creates leverage risks for holders
of Common Shares.Two major types of risks created by leverage  include:  (1) the
likelihood  of  greater  volatility  of NAV and market  price of Common  Shares,
because  changes  in the  value of the  Fund's  portfolio  securities  are borne
entirely by holders of Common Shares; and (2) the possibility either that income
available for Common Share dividends will fall if the Preferred  Shares dividend
rate rises, or that income  available for Common Shares dividends will fluctuate
because the Preferred Shares dividend rate varies.

     The Fund  invests in  high-yield,  lower-rated  securities  that  generally
entail  greater  market,   credit  and  liquidity  risks  than  investment-grade
securities.  Please refer to the Fund's  prospectus for more  information on the
risks associated with an investment in the Fund.

Income may be subject to state and local taxes.

     Past  performance is no guarantee of future results.  Total return,  price,
yields,  and  NAV  will  fluctuate.  Total  returns  of  less  than 1  year  are
cumulative.

     Portfolio composition is subject to change.

     Credit ratings  pertain only to the securities in the Fund's  portfolio and
do not protect the Fund against market risk.

     For  additional  information,  including  definitions  of related terms and
indexes, see the Financial Glossary and Benchmark Index Glossary.

     The Fund's  Common  Shares are only  available for purchase and sale on the
New York Stock Exchange at the current market price.  Common Shares may trade at
a discount to NAV.  Total return data assumes full  reinvestment  of  dividends.
Consult your investment professional for further information.

Not FDIC Insured May Lose Value No Bank Guarantee








                                         SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                         FEDERATED PREMIER MUNICIPAL INCOME FUND
                                                (Registrant)



                                          By     /s/ Mary Jo Ochson
                                                     Mary Jo Ochson
                                                     Vice President


Date:  May 14, 2003