United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-Q
Quarterly Schedule of Portfolio Holdings of
Registered Management Investment Companies
811-21235
(Investment Company Act File Number)
Federated Premier Municipal Income Fund
---------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, Pennsylvania 15237-7000
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/05
--------
Date of Reporting Period: Quarter ended 2/28/05
---------------------
Item 1. Schedule of Investments
Federated Premier Municipal Income Fund
Portfolio of Investments
February 28, 2005 (unaudited)
Principal Credit
Amount Rating (1) Value
MUNICIPAL BONDS--99.7%
Alabama--1.6%
$ 2,000,000 Jefferson County, AL Sewer System,
Capital Improvement Warrants
(Series 2002D), 5.25% (United
States Treasury PRF 8/1/2012 @
100), 2/1/2026 AAA / Aaa / AAA $ 2,239,260
Arizona--2.2%
500,000 Arizona Tourism & Sports Authority,
Multipurpose Stadium Facilities Tax
Revenue Bonds (Series A), 5.00%
(MBIA Insurance Corp. INS), 7/1/2024 NR / Aaa / AAA 526,795
1,000,000 Arizona Tourism & Sports Authority,
Multipurpose Stadium Facility Tax
Revenue Bonds (Series A), 5.375%
(MBIA Insurance Corp. INS), 7/1/2022 NR / Aaa / AAA 1,102,170
750,000 Tempe, AZ IDA, Senior Living
Revenue Bonds (Series A), 6.75%
(Friendship Village of Tempe),
12/1/2030 NR 764,775
750,000 Verrado Community Facilities
District No. 1, AZ, Revenue Bonds,
6.50%, 7/15/2027 NR 821,633
Total 3,215,373
Arkansas--0.8%
1,000,000 Arkansas Development Finance
Authority, Hospital Revenue Bonds
(Series 2000), 7.375% (Washington
Regional Medical Center)/(Original BBB- / Baa3 /
Issue Yield: 7.50%), 2/1/2029 BBB 1,097,150
California--5.3%
1,000,000 California State Department of
Water Resources Power Supply
Program, Power Supply Revenue Bonds
(Series A), 5.375% (Original Issue
Yield: 5.48%), 5/1/2022 BBB+ / A2 / A 1,083,060
2,000,000 California State, Refunding UT GO
Bonds, 5.25%, 2/1/2020 A / A3 / A- 2,166,740
1,000,000 California State, UT GO Bonds,
5.25%, 10/1/2020 A / A3 / A- 1,085,880
250,000 Golden State Tobacco Securitization
Corp., CA, Tobacco Settlement
Asset-Backed Revenue Bonds (Series
2003A-1), 6.75% (Original Issue
Yield: 7.00%), 6/1/2039 BBB / Baa3 / BBB 261,958
750,000 Golden State Tobacco Securitization
Corp., CA, Tobacco Settlement
Revenue Bonds (Series 2003A-2),
7.90%, 6/1/2042 BBB / Baa3 / BBB 862,448
500,000 La Verne, CA, Revenue Certificates
of Participation (Series 2003B),
6.625% (Brethren Hillcrest
Homes)/(Original Issue Yield:
6.70%), 2/15/2025 BBB- / NR / NR 546,655
1,500,000 Upland, CA Public Financing
Authority, Water System Improvement
Lease Revenue Bonds (Issue of
2003), 5.00% (AMBAC INS), 10/1/2027 AAA / Aaa / AAA 1,568,670
Total 7,575,411
Colorado--4.0%
725,000 Antelope Heights Metropolitan
District, CO, LT GO Bonds, 8.00%,
12/1/2023 NR 727,044
1,000,000 Buckhorn Valley Metropolitan
District No. 2, CO, LT GO Bonds,
7.00%, 12/1/2023 NR 1,002,770
500,000 Colorado Educational & Cultural
Facilities Authority, Revenue
Refunding Bonds (Series A), 7.00%
(Denver Academy)/(Original Issue
Yield: 7.25%), 11/1/2023 BB+ / NR / NR 503,255
1,000,000 Colorado Health Facilities
Authority, Revenue Bonds (Series
2002A), 6.125% (Covenant Retirement
Communities, Inc.)/(Original Issue
Yield: 6.40%), 12/1/2033 BBB+ / NR / BBB+ 1,074,000
250,000 Conservatory Metropolitan District,
CO, LT GO Bonds, 6.75%, 12/1/2034 NR 249,805
500,000 Conservatory Metropolitan District,
CO, LT GO Bonds, 7.55%, 12/1/2032 NR 529,970
1,000,000 Denver, CO Health & Hospital
Authority, Revenue Bonds, 6.25%
(Original Issue Yield: 6.28%),
12/1/2033 BBB / Baa3 / NR 1,083,050
500,000 Southlands, CO Metropolitan
District No. 1, LT GO Bonds (Series
2004), 7.00% (Original Issue Yield:
7.05%), 12/1/2024 NR 513,610
Total 5,683,504
Connecticut--2.4%
1,250,000 Connecticut State Development
Authority, First Mortgage Gross
Revenue Health Care Project Bonds
(Series 2003), 5.85% (Elim Park
Baptist Home, Inc.)/(Original Issue
Yield: 5.98%), 12/1/2033 BBB+ / NR / NR 1,299,600
2,000,000 Connecticut State Transportation
Infrastructure Authority,
Transportation Infrastructure
Special Tax Revenue Bonds (Series
2002B), 5.00% (AMBAC INS), 12/1/2022 AAA / Aaa / AAA 2,110,980
Total 3,410,580
District Of Columbia--1.8%
2,500,000 District of Columbia Tobacco
Settlement Financing Corp., Asset
Backed Revenue Bonds, 6.50%
(Original Issue Yield: 6.67%),
5/15/2033 BBB / Baa3 / BBB 2,645,775
Florida--7.3%
600,000 Broward County, FL Educational
Facilities Authority, Educational
Facilities Revenue Bonds (Series
2004B), 5.60% (Nova Southeastern
University)/(Original Issue Yield: BBB / Baa2 /
5.625%), 4/1/2029 BBB+ 626,640
1,000,000 (2) Capital Trust Agency, FL, Revenue
Bonds (Series 2001), 10.00%
(Seminole Tribe of Florida
Convention and Resort Hotel
Facilities), 10/1/2033 NR 1,129,350
400,000 (2) Capital Trust Agency, FL, Revenue
Bonds (Series 2003A), 8.95%
(Seminole Tribe of Florida
Convention and Resort Hotel
Facilities), 10/1/2033 NR 449,708
1,490,000 Citrus County, FL Hospital Board,
Revenue Refunding Bonds, 6.375%
(Citrus Memorial
Hospital)/(Original Issue Yield:
6.50%), 8/15/2032 NR / Baa3 / BBB 1,576,107
1,320,000 Harbor Bay, FL Community
Development District, Special
Assessment Revenue Bonds, 6.75%,
5/1/2034 NR 1,413,442
2,000,000 Jacksonville, FL Sales Tax, Revenue
Bonds (Series 2003), 5.00% (MBIA
Insurance Corp. INS), 10/1/2024 AAA / Aaa / AAA 2,108,120
400,000 Midtown Miami, FL Community
Development District, Special
Assessment Bonds (Series 2004A),
6.00%, 5/1/2024 NR 413,204
400,000 Orlando, FL Urban Community
Development District, Capital
Improvement Revenue Bonds, 6.25%,
5/1/2034 NR 411,944
1,000,000 South Lake County, FL Hospital
District, Revenue Bonds, 6.625%
(South Lake Hospital, Inc.),
10/1/2023 NR / Baa3 / BBB- 1,066,070
1,190,000 Verandah West, FL Community
Development District, Capital
Improvement Revenue Bonds (Series
2003A), 6.625% (Original Issue
Yield: 6.75%), 5/1/2033 NR 1,244,752
Total 10,439,337
Georgia--0.4%
500,000 Athens, GA Housing Authority, Lease
Revenue Bonds, 5.25% (University of
Georgia-East Campus)/(AMBAC INS),
12/1/2023 NR / Aaa / AAA 541,860
Hawaii--1.0%
1,400,000 Hawaii State Department of Budget &
Finance, Special Purpose Revenue
Bonds (Series A), 8.00% (Kahala
Nui)/(Original Issue Yield:
8.175%), 11/15/2033 NR 1,494,052
Illinois--4.0%
1,000,000 Antioch Village, IL Special Service
Area No. 1, Special Tax Revenue
Bonds, 6.625% (Deercrest Project),
3/1/2033 NR 1,017,170
2,500,000 Chicago, IL Sales Tax, Revenue
Bonds, 5.25% (FGIC INS)/(Original
Issue Yield: 5.385%), 1/1/2028 AAA / Aaa / AAA 2,638,650
1,000,000 Chicago, IL Special Assessment,
Improvement Revenue Bonds, 6.75%
(Lakeshore East Project)/(Original
Issue Yield: 6.769%), 12/1/2032 NR 1,034,880
1,000,000 Illinois Educational Facilities
Authority, Revenue Refunding Bonds
(Series A), 5.70% (Augustana
College)/(Original Issue Yield:
5.90%), 10/1/2032 NR / Baa1 / NR 1,039,300
Total 5,730,000
Kansas--2.2%
3,000,000 Wichita, KS Water & Sewer Utility,
Revenue Bonds (Series 2003), 5.00%
(FGIC INS), 10/1/2021 AAA / Aaa / AAA 3,200,250
Kentucky--1.1%
1,500,000 Kentucky Economic Development
Finance Authority, Revenue Bonds
(Series 2000A), 6.625% (Norton
Healthcare, Inc.)/(Original Issue
Yield: 6.97%), 10/1/2028 NR / NR / BBB+ 1,621,305
Massachusetts--3.0%
950,000 Commonwealth of Massachusetts,
General Obligation Ltd, 5.25%
(United States Treasury PRF to
1/1/2013 @ 100), 1/1/2022 AAA / Aaa / AAA 1,055,194
2,000,000 Massachusetts Development Finance
Agency, Revenue Bonds, 5.75%
(Massachusetts College of Pharmacy
& Allied Health Sciences), 7/1/2033 BBB / Baa1 / NR 2,100,060
1,000,000 Massachusetts HEFA, Revenue Bonds
(Series 2003E), 6.75% (Jordan
Hospital )/(Original Issue Yield:
7.00%), 10/1/2033 BBB- / NR / NR 1,065,240
Total 4,220,494
Michigan--4.7%
2,000,000 Cornell Township MI, Economic
Development Corp., Refunding
Revenue Bonds, 5.875% (MeadWestvaco
Corp.), 5/1/2018 BBB / Baa2 / NR 2,206,840
1,000,000 Detroit, MI Sewage Disposal System,
Refunding Senior Lien Revenue Bonds
(Series 2003A), 5.00% (FSA INS),
7/1/2024 AAA / Aaa / AAA 1,053,590
2,375,000 Melvindale-Northern Allen Park, MI
School District, Building & Site LT
GO Bonds, 5.00% (FSA LOC), 5/1/2023 AAA / Aaa / AAA 2,503,203
900,000 West Bloomfield, MI School
District, School Building & Site UT
GO Bonds, 5.125% (MBIA Insurance
Corp. INS)/(Original Issue Yield:
5.35%), 5/1/2021 AAA / Aaa / AAA 965,547
Total 6,729,180
Minnesota--0.7%
900,000 St. Paul, MN Port Authority, Hotel
Facility Revenue Bonds (Series 2),
7.375% (Radisson Kellogg
Project)/(Original Issue Yield:
7.50%), 8/1/2029 NR 941,958
Mississippi--1.7%
2,000,000 Lowndes County, MS Solid Waste
Disposal, Refunding PCR Bonds
(Series 1992B), 6.70% (Weyerhaeuser
Co.), 4/1/2022 BBB / Baa2 / NR 2,404,280
Missouri--0.4%
500,000 Missouri Development Finance Board,
Infrastructure Facilities Bonds
(Series 2003A), 5.50% (Branson,
MO)/(Original Issue Yield: 5.56%),
12/1/2032 BBB+ / Baa1 / NR 524,225
Nevada--2.9%
650,000 (2) Director of the State of Nevada
Department of Business and
Industry, Revenue Bonds (Series
2004A), 7.00% (Las Ventanas
Retirement Community)/(Original
Issue Yield: 7.125%), 11/15/2034 NR 670,501
700,000 Las Vegas, NV Special Improvement
District No. 607, Local Improvement
Special Assessment Bonds (Series
2004), 6.25% (Original Issue Yield:
6.285%), 6/1/2024 NR 721,511
650,000 North Las Vegas, NV Special
Improvement District No. 60, Local
Improvement Special Assessment
Bonds (Series 2002), 6.40%
(Aliante), 12/1/2022 NR 660,420
2,000,000 Truckee Meadows, NV Water
Authority, Water Revenue Bonds
(Series 2001A), 5.00% (FSA
INS)/(Original Issue Yield: 5.36%),
7/1/2025 AAA / Aaa / AAA 2,098,940
Total 4,151,372
New Hampshire--2.4%
3,000,000 Manchester, NH School Facilities,
Revenue Bonds, 5.50% (United States
Treasury PRF to 6/1/2013 @ 100),
6/1/2028 AAA / Aaa / AAA 3,392,910
New Jersey--1.8%
500,000 New Jersey EDA, Revenue Bonds,
(Series 2004), 5.75% (NJ Dedicated
Cigarette Excise Tax)/(Original
Issue Yield: 5.89%), 6/15/2029 BBB / Baa2 / BBB 531,970
300,000 New Jersey EDA, Revenue Refunding
Bonds (Series A), 5.80% (Winchester
Gardens at Ward
Homestead)/(Original Issue Yield:
5.82%), 11/1/2031 NR / NR / BBB- 310,320
600,000 New Jersey Health Care Facilities
Financing Authority, Revenue Bonds,
6.50% (Pascack Valley Hospital
Association)/(Original Issue Yield:
6.72%), 7/1/2023 B+ / NR / BB 595,554
1,000,000 New Jersey State Educational
Facilities Authority, Revenue
Bonds, Project C, 6.50% (Georgian
Court College), 7/1/2033 BBB+ / Baa1 / NR 1,129,210
Total 2,567,054
New Mexico--0.1%
750,000 (2) Jicarilla, NM Apache Nation,
Revenue Bonds, 5.50%, 9/1/2023 NR / NR / AAA 803,003
New York--4.8%
750,000 Dutchess County, NY IDA, Civic
Facility Revenue Bonds (Series
2004B), 7.50% (St. Francis Hospital
and Health Centers), 3/1/2029 NR 765,472
750,000 Dutchess County, NY IDA, Revenue
Bonds, 5.00% (Marist
College)/(Original Issue Yield:
5.25%), 7/1/2022 NR / Baa1 / NR 779,767
3,000,000 Metropolitan Transportation
Authority, NY, Service Contract
Revenue Refunding Bonds, (Series
A), 5.00% (FGIC INS)/(Original
Issue Yield: 5.14%), 7/1/2022 AAA / Aaa / AAA 3,186,720
2,000,000 New York State Dormitory Authority,
Revenue Bonds (Series 2003A), 5.50%
(Brooklyn Law School)/(Radian Asset
Assurance INS), 7/1/2019 AA / NR / NR 2,202,700
Total 6,934,659
North Carolina--3.5%
1,000,000 Appalachian State University, NC,
Revenue Bonds, (Series 2003 A),
5.125% (FGIC INS), 5/1/2021 NR / Aaa / AAA 1,078,670
1,000,000 Haywood County, NC Industrial
Facilities & Pollution Control
Financing Authority, Refunding
Revenue Bonds, 6.00% (Champion
International Corp.), 3/1/2020 NR / Baa2 / NR 1,042,360
1,000,000 North Carolina Eastern Municipal
Power Agency, Power System
Refunding Revenue Bonds (Series
2003C), 5.375% (Original Issue BBB / Baa2 /
Yield: 5.57%), 1/1/2017 BBB+ 1,063,670
800,000 North Carolina Medical Care
Commission, Health Care Housing
Revenue Bonds (Series 2004A), 5.80%
(Arc of North Carolina Projects),
10/1/2034 NR / Baa1 / NR 808,024
1,000,000 North Carolina Municipal Power
Agency No. 1, Electric Revenue
Bonds (Series 2003A), 5.25% (MBIA
Insurance Corp. INS), 1/1/2019 AAA / Aaa / AAA 1,093,230
Total 5,085,954
North Dakota--3.0%
2,000,000 Fargo, ND, Health System Revenue
Bonds (Series 2000A), 5.60%
(Meritcare Obligated Group)/(FSA
INS)/(Original Issue Yield: 5.70%),
6/1/2021 AAA / Aaa / NR 2,199,560
2,000,000 Ward County, ND Health Care
Facility, Revenue Bonds (Series A),
6.25% (Trinity Obligated Group,
ND)/(Original Issue Yield: 6.375%),
7/1/2026 BBB+ / NR / NR 2,109,660
Total 4,309,220
Ohio--0.8%
1,000,000 Ohio State Air Quality Development
Authority, PCR Refunding Bonds
(Series 2002A), 6.00% (Cleveland
Electric Illuminating Co.), BB+ / Baa3 /
12/1/2013 BBB- 1,060,370
Pennsylvania--3.1%
1,165,000 Allegheny County, PA HDA, Health
System Revenue Bonds (Series
2000B), 9.25% (West Penn Allegheny
Health System)/(Original Issue
Yield: 9.70%), 11/15/2030 B / B1 / B+ 1,349,419
200,000 Allegheny County, PA HDA, Revenue
Bonds, (Series A), 8.75% (Covenant
at South Hills)/(Original Issue
Yield: 8.80%), 2/1/2031 NR 129,790
1,295,000 Cumberland County, PA Municipal
Authority, Retirement Community
Revenue Bonds (Series 2002A), 7.25%
(Wesley Affiliated Services, Inc.
Obligated Group)/(Original Issue
Yield: 7.50%), 1/1/2035 NR 1,352,394
500,000 Pennsylvania State Higher Education
Facilities Authority, Revenue
Bonds, (Series A), 6.00% (UPMC
Health System)/(Original Issue
Yield: 6.16%), 1/15/2031 A+ / NR / A 548,875
1,000,000 Pennsylvania State Turnpike
Commission, Oil Franchise Tax
Revenue Bonds (Series 2003A), 5.25%
(MBIA Insurance Corp. INS),
12/1/2023 AAA / Aaa / AAA 1,087,830
Total 4,468,308
South Carolina--5.5%
1,000,000 Clemson University, SC, University
Revenue Bonds, 5.00% (XL Capital
Assurance Inc. INS), 5/1/2023 AAA / Aaa / AAA 1,053,710
1,940,000 Myrtle Beach, SC, Hospitality Fee
Revenue Bonds (Series2004A), 5.375%
(FGIC INS), 6/1/2023 AAA / Aaa/ NR 2,131,187
2,500,000 South Carolina Jobs-EDA, Health
System Revenue Bonds (Series A),
5.625% (Bon Secours Health
System)/(Original Issue Yield:
5.84%), 11/15/2030 A- / A3 / A- 2,591,650
2,000,000 South Carolina State Public Service
Authority, Refunding Revenue Bonds
(Series 2002D), 5.00% (Santee
Cooper)/(FSA INS), 1/1/2020 AAA / Aaa/ AAA 2,134,620
Total 7,911,167
South Dakota--1.3%
1,750,000 South Dakota State Health &
Educational Authority, Revenue
Bonds, 5.65% (Westhills Village
Retirement Community)/(Original
Issue Yield: 5.75%), 9/1/2023 A- / NR / NR 1,825,828
Tennessee--3.9%
2,000,000 Johnson City, TN Health & Education
Facilities Board, Hospital Revenue
Refunding Bonds (Series A), 7.50%
(Mountain States Health Alliance), BBB+ / Baa2 /
7/1/2025 BBB- 2,393,740
1,535,000 Knox County, TN Health Education &
Housing Facilities Board, Refunding
Improvement Revenue Bonds (Series
2003B), 5.75% (East Tennessee
Children's Hospital)/(Original
Issue Yield: 5.90%), 7/1/2033 BBB+ / Baa1 / NR 1,598,288
1,500,000 Knox County, TN Health Education &
Housing Facilities Board, Revenue
Bonds, 6.375% (Baptist Health
System of East Tennessee)/(Original
Issue Yield: 6.50%), 4/15/2022 NR / Baa3 / NR 1,540,005
Total 5,532,033
Texas--9.7%
600,000 Abilene, TX Health Facilities
Development Corp., Retirement
Facilities Revenue Bonds (Series
2003A), 7.00% (Sears Methodist
Retirement )/(Original Issue Yield:
7.25%), 11/15/2033 NR 632,766
700,000 Decatur, TX Hospital Authority,
Hospital Revenue Bonds (Series
2004A), 7.125% (Wise Regional
Health System), 9/1/2034 NR 753,858
2,500,000 Houston, TX Combined Utility
System, First Lien Revenue
Refunding Bonds (Series 2004A),
5.25% (FGIC INS), 5/15/2023 AAA / Aaa / AAA 2,711,625
200,000 Matagorda County, TX Navigation
District Number One, Collateralized
Refunding Revenue Bonds, 5.60%
(Centerpoint Energy Houston
Electric), 3/1/2027 BBB / Baa2 / BBB 207,318
4,000,000 North Central Texas HFDC, Hospital
Revenue Refunding Bonds (Series
2002), 5.25% (Children's Medical
Center of Dallas)/(AMBAC
INS)/(Original Issue Yield: 5.35%),
8/15/2022 AAA / Aaa / AAA 4,293,320
1,350,000 North Central Texas HFDC,
Retirement Facility Revenue Bonds
(Series 1999), 7.50% (Northwest
Senior Housing Corp. Edgemere
Project)/(Original Issue Yield:
7.75%), 11/15/2029 NR 1,462,766
1,050,000 Sabine River Authority, TX, PCR
Refunding Bonds (Series 2003B),
6.15% (TXU Energy), 8/1/2022 BBB / Baa2 / BBB 1,167,086
335,000 Sabine River Authority, TX,
Refunding PCR Bonds (Series 2003A),
5.80% (TXU Energy), 7/1/2022 BBB / Baa2 / NR 359,696
1,300,000 Texas State University System,
Refunding Revenue Bonds, 5.00% (FSA
INS), 3/15/2020 AAA / Aaa / AAA 1,386,528
1,000,000 Tyler, TX Health Facilities
Development Corp., Hospital Revenue
Bonds, 5.75% (Mother Frances
Hospital )/(Original Issue Yield:
5.84%), 7/1/2027 NR / Baa1 / BBB+ 1,044,330
Total 14,019,293
Virginia--3.4%
1,000,000 Broad Street Community Development
Authority, VA, Revenue Bonds, 7.50%
(Original Issue Yield: 7.625%),
6/1/2033 NR 1,035,630
1,280,000 Hampton, VA Convention Center,
Revenue Bonds, 5.125% (AMBAC INS),
1/15/2028 AAA / Aaa / AAA 1,346,393
1,400,000 Peninsula Port Authority, VA,
Residential Care Facility Revenue
Bonds (Series 2003A), 7.375%
(Virginia Baptist Homes Obligated
Group)/(Original Issue Yield:
7.625%), 12/1/2032 NR 1,473,948
1,000,000 Virginia Peninsula Port Authority,
Coal Terminal Revenue Refunding
Bonds (Series 2003), 6.00% (Brinks
Co. (The)), 4/1/2033 BBB / Baa3 / NR 1,045,310
Total 4,901,281
Washington--5.1%
1,000,000 Everett, WA, LT GO Refunding Bonds,
5.00% (MBIA Insurance Corp. INS),
12/1/2020 NR / Aaa / AAA 1,068,970
1,910,000 (3) King County, WA Public Hospital
District No. 1, Refunding LT GO
Bonds, 5.00% (FSA INS)/(Original
Issue Yield: 5.17%), 12/1/2021 AAA / Aaa / AAA 2,004,124
2,000,000 Washington State, UT GO Bonds
(Series 2002B), 5.00% (FSA
INS)/(Original Issue Yield: 5.05%),
1/1/2021 AAA / Aaa / AAA 2,119,440
2,000,000 Washington State, Various Purpose
UT GO Bonds (Series 2002A), 5.00%
(FSA INS)/(Original Issue Yield:
5.09%), 7/1/2022 AAA / Aaa / AAA 2,091,000
Total 7,283,534
Wisconsin--3.8%
3,000,000 Wisconsin State HEFA, Health
Facilities Revenue Bonds (Series
A), 5.25% (Ministry Health
Care)/(MBIA Insurance Corp.
INS)/(Original Issue Yield: 5.38%),
2/15/2032 AAA / Aaa / AAA 3,165,360
160,000 Wisconsin State HEFA, Revenue Bonds
(Series 2004), 5.75% (Blood Center
of Southeastern Wisconsin,
Inc.)/(Original Issue Yield:
5.82%), 6/1/2034 BBB+ / NR / NR 168,102
500,000 Wisconsin State HEFA, Revenue
Bonds, 6.50% (Tomah Memorial
Hospital, Inc.)/(Original Issue
Yield: 6.75%), 7/1/2023 NR 514,025
500,000 Wisconsin State HEFA, Revenue
Bonds, 6.625% (Tomah Memorial
Hospital, Inc.)/(Original Issue
Yield: 6.875%), 7/1/2028 NR 512,935
1,000,000 Wisconsin State HEFA, Revenue
Bonds, 7.25% (Community Memorial
Hospital)/(Original Issue Yield:
7.45%), 1/15/2033 NR 1,045,170
Total 5,405,592
Total mUNICIPAL BONDS
(identified cost $135,581,774) 143,365,572
sHORT-TERM MUNICIPALS--0.3%
Texas--0.3%
400,000 Harris County, TX HFDC, (Series
2002) Daily VRDNs (Methodist
Hospital, Harris County, TX) (AT
AMORTIZED COST) AA / NR / NR 400,000
Total Municipal Investments
- 100%
(identified cost
$135,981,774)(4) 143,765,572
other assets and liabilities
- net 1,569,434
Liquidation value of auction
perferred shares (53,675,000)
total net assets applicable
to common
shareholders $ 91,660,006
At February 28, 2005, the fund holds no securities that are subject to the federal
alternative minimum tax (AMT).
1 Current credit ratings provided by Standard & Poor's and Moody's Investors,
respectively, are unaudited
2 Denotes a restricted security, including securities purchased under Rule
144A of the Securities Act of 1933. These securities, all of which have
been deemed liquid by criteria approved by the fund's Board of Trustees
(the "Trustees"), unless registered under the Act or exempted from
registration, may only be sold to qualified institutional investors. At
February 28, 2005, these securities amounted to $3,052,562 which represents
2.1% of total market value.
Additional information on restricted securities, excluding securities
purchased under Rule 144A that have been deemed liquid by the Trustees,
held at February 28, 2005 is as follows:
Security Acquisition Date Acquisition Cost
Capital Trust Agency, FL, Revenue Bonds 12/23/2002 1,027,250
(Series 2001), 10.00% (Seminole Tribe of
Florida Convention and Resort Hotel
Facilities), 10/1/2033
Capital Trust Agency, FL, Revenue Bonds 05/09/2003 400,000
(Series 2003A), 8.95% (Seminole Tribe of
Florida Convention and Resort Hotel
Facilities), 10/1/2033
Director of the State of Nevada Department 12/23/2004 639,925
of Business and Industry, Revenue Bonds
(Series 2004A), 7.00% (Las Ventanas Retirement
Community)/(Original Issue Yield:
7.125%), 11/15/2034
3 Pledged as collateral to ensure the Fund is able to satisfy the obligations
of its outstanding short futures contracts.
At February 28, 2005, the Fund had the following open futures contracts:
Expiration Date Contracts to Receive Position Unrealized Appreciation
June 2005 145 U.S. Treasury Short $75,945
Notes 10 Year Futures
4 At February 28, 2005, the cost of investments for federal tax purposes
was $135,981,474. The net unrealized appreciation of investments for
federal tax purposes excluding any unrealized appreciation from
futures contracts was $7,784,098. This consists of net unrealized
appreciation from investments for those securities having an excess of
value over cost of $7,868,842 and net unrealized depreciation from
investments for those securities having an excess of cost over value
of $84,744.
Note: The categories of investments are shown as a percentage of
total market value at February 28, 2005.
Investment Valuation
Municipal bonds are valued by an independent pricing service, taking into
consideration yield, liquidity, risk, credit quality, coupon, maturity, type of
issue, and any other factors or market data the pricing service deems relevant.
Short-term securities are valued at the prices provided by an independent
pricing service. However, short-term securities with remaining maturities of 60
days or less at the time of purchase may be valued at amortized cost, which
approximates fair market value. Securities for which no quotations are readily
available are valued at fair value as determined in accordance with procedures
established by and under general supervision of the Trustees.
The following acronyms are used throughout this portfolio:
AMBAC --American Municipal Bond Assurance Corporation
EDA --Economic Development Authority
FGIC --Financial Guaranty Insurance Company
FSA --Financial Security Assurance
GO --General Obligation
HDA --Hospital Development Authority
HEFA --Health and Education Facilities Authority
HFDC --Health Facility Development Corporation
IDA --Industrial Development Authority
INS --Insured
LOC --Letter of Credit
LT --Limited Tax
PCR --Pollution Control Revenue
PRF --Prerefunded
UT --Unlimited Tax
VRDNs --Variable Rate Demand Notes
Item 2. Controls and Procedures
(a) The registrant's Principal Executive Officer and Principal Financial
Officer have concluded that the registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Act) are effective
in design and operation and are sufficient to form the basis of the
certifications required by Rule 30a-(2) under the Act, based on their
evaluation of these disclosure controls and procedures within 90 days
of the filing date of this report on Form N-Q.
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in rule 30a-3(d) under the Act) during
the last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
Item 3. Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Premier Municipal Income Fund
By /S/ Richard J. Thomas, Principal Financial Officer
(insert name and title)
Date April 19, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /S/ J. Christopher Donahue, Principal Executive Officer
Date April 19, 2005
By /S/ Richard J. Thomas, Principal Financial Officer
Date April 19, 2005