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 8/31/05
---------------------
Item 1. Schedule of Investments
Federated Premier Municipal Income Fund
Portfolio of Investments
August 31, 2005 (unaudited)
Principal Credit
Amount Rating (1) Value
MUNICIPAL BONDS--99.8%
Alabama--1.9%
$ 550,000 Courtland, AL IDB, PCR Refunding Bonds
(Series 2005A), 5.00% (International
Paper Co.), 6/1/2025 BBB / Baa2/ NR $ 555,285
2,000,000 Jefferson County, AL Sewer System,
Capital Improvement Warrants (Series
2002D), 5.25% (U.S. Treasury PRF 8/1/2012
@100), 2/1/2026 AAA / Aaa/ AAA 2,227,860
Total 2,783,145
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 539,805
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 1,117,280
750,000 Tempe, AZ IDA, Senior Living Revenue
Bonds (Series A), 6.75% (Friendship
Village of Tempe), 12/1/2030 NR 787,088
750,000 Verrado Community Facilities District No.
1, AZ, Revenue Bonds, 6.50%, 7/15/2027 NR 833,498
Total 3,277,671
Arkansas--0.8%
1,000,000 Arkansas Development Finance Authority,
Hospital Revenue Bonds (Series 2000),
7.375% (Washington Regional Medical
Center)/(Original Issue Yield: 7.50%),
2/1/2029 BBB / Baa2/ BBB 1,160,720
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 1,094,460
2,000,000 California State, Refunding UT GO Bonds,
5.25%, 2/1/2020 A / A2/ A 2,192,200
1,000,000 California State, UT GO Bonds, 5.25%,
10/1/2020 A / A2/ A 1,097,870
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 288,473
750,000 Golden State Tobacco Securitization
Corp., CA, Tobacco Settlement Revenue
Bonds (Series 2003A-2), 7.90%, 6/1/2042 BBB / Baa3/ BBB 944,625
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 556,630
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 1,595,760
Total 7,770,018
Colorado--4.0%
725,000 Antelope Heights Metropolitan District,
CO, LT GO Bonds, 8.00%, 12/1/2023 NR 806,359
1,000,000 Buckhorn Valley Metropolitan District No.
2, CO, LT GO Bonds, 7.00%, 12/1/2023 NR 1,014,530
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 554,830
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+ 1,096,980
250,000 Conservatory Metropolitan District, CO,
LT GO Bonds, 6.75%, 12/1/2034 NR 257,892
500,000 Conservatory Metropolitan District, CO,
LT GO Bonds, 7.55%, 12/1/2032 NR 544,815
1,000,000 Denver, CO Health & Hospital Authority,
Revenue Bonds, 6.25% (Original Issue
Yield: 6.28%), 12/1/2033 BBB / Baa3/ NR 1,109,170
500,000 Southlands, CO Metropolitan District No.
1, LT GO Bonds (Series 2004), 7.00%
(Original Issue Yield: 7.05%), 12/1/2024 NR 553,560
Total 5,938,136
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 1,341,512
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 2,162,580
Total 3,504,092
District Of Columbia--2.0%
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 2,947,200
Florida--7.2%
600,000 Broward County, FL Educational Facilities
Authority, Educational Facilities Revenue
Bonds (Series 2004B), 5.60% (Nova
Southeastern University)/(Original Issue
Yield: 5.625%), 4/1/2029 BBB / Baa2/ BBB+ 636,102
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 1,102,260
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 437,956
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 1,649,340
1,305,000 Harbor Bay, FL Community Development
District, Special Assessment Revenue
Bonds, 6.75%, 5/1/2034 NR 1,435,461
2,000,000 Jacksonville, FL Sales Tax, Revenue Bonds
(Series 2003), 5.00% (MBIA Insurance
Corp. INS), 10/1/2024 AAA / Aaa/ AAA 2,161,580
400,000 Midtown Miami, FL Community Development
District, Special Assessment Bonds
(Series 2004A), 6.00%, 5/1/2024 NR 420,784
400,000 Orlando, FL Urban Community Development
District, Capital Improvement Revenue
Bonds, 6.25%, 5/1/2034 NR 427,952
1,000,000 South Lake County, FL Hospital District,
Revenue Bonds, 6.625% (South Lake
Hospital, Inc.), 10/1/2023 NR / Baa3/ BBB- 1,119,960
1,075,000 Verandah West, FL Community Development
District, Capital Improvement Revenue
Bonds (Series 2003A), 6.625% (Original
Issue Yield: 6.75%), 5/1/2033 NR 1,144,800
Total 10,536,195
Hawaii--1.1%
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 1,624,168
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 1,058,490
2,500,000 Chicago, IL Sales Tax, Revenue Bonds,
5.25% (FGIC INS)/(Original Issue Yield:
5.385%), 1/1/2028 AAA / Aaa/ AAA 2,664,325
1,000,000 Chicago, IL Special Assessment,
Improvement Revenue Bonds, 6.75%
(Lakeshore East Project)/(Original Issue
Yield: 6.769%), 12/1/2032 NR 1,098,850
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 1,052,910
Total 5,874,575
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 3,260,850
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+ 1,660,695
Massachusetts--2.7%
700,000 Commonwealth of Massachusetts, General
Obligation Ltd, 5.25% (U.S. Treasury PRF
1/1/2013 @100), 1/1/2022 AAA / Aaa/ AAA 776,923
1,000,000 Massachusetts HEFA, Revenue Bonds (Series
2003E), 6.75% (Jordan Hospital
)/(Original Issue Yield: 7.00%), 10/1/2033 BBB- / NR/ NR 1,111,280
2,000,000 Massachusetts State Development Finance
Agency, Revenue Bonds, 5.75%
(Massachusetts College of Pharmacy &
Allied Health Sciences), 7/1/2033 BBB / Baa1/ NR 2,142,780
Total 4,030,983
Michigan--4.7%
2,000,000 Cornell Township MI, Economic Development
Corp., Refunding Revenue Bonds, 5.875%
(MeadWestvaco Corp.)/(U.S. Treasury PRF
5/1/2012 @100), 5/1/2018 AAA / Baa2/ NR 2,291,920
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 1,079,610
2,375,000 Melvindale-Northern Allen Park, MI School
District, Building & Site LT GO Bonds,
5.00% (FSA INS), 5/1/2023 AAA / Aaa/ AAA 2,560,868
900,000 West Bloomfield, MI School District,
School Building & Site UT GO Bonds,
5.125% (U.S. Treasury PRF 5/1/2011
@100)/(Original Issue Yield: 5.35%),
5/1/2021 AAA / Aaa / AAA 985,095
Total 6,917,493
Minnesota--0.6%
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 948,690
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 2,466,780
Missouri--0.4%
500,000 Missouri Development Finance Board,
Infrastructure Facilities Revenue Bonds
(Series 2003A), 5.50% (Branson,
MO)/(Original Issue Yield: 5.56%),
12/1/2032 BBB+ / Baa1/ NR 527,280
Nevada--2.4%
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 680,407
645,000 North Las Vegas, NV Special Improvement
District No. 60, Local Improvement
Special Assessment Bonds (Series 2002),
6.40% (Aliante), 12/1/2022 NR 667,491
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 2,124,420
Total 3,472,318
New Hampshire--2.3%
3,000,000 Manchester, NH School Facilities, Revenue
Bonds, 5.50% (U.S. Treasury PRF 6/1/2013
@100), 6/1/2028 AAA / Aaa/ AAA 3,392,730
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 540,585
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- 318,153
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 623,406
1,000,000 New Jersey State Educational Facilities
Authority, Revenue Bonds, Project C,
6.50% (Georgian Court College), 7/1/2033 BBB+ / Baa1/ NR 1,140,290
Total 2,622,434
New Mexico--0.6%
750,000 (2) Jicarilla, NM Apache Nation, Revenue
Bonds, 5.50%, 9/1/2023 NR/ NR/ AAA 811,215
New York--5.4%
750,000 Dutchess County, NY IDA, Civic Facility
Revenue Bonds (Series 2004B), 7.50% (St.
Francis Hospital and Health Centers),
3/1/2029 NR 827,175
750,000 Dutchess County, NY IDA, Revenue Bonds,
5.00% (Marist College)/(Original Issue
Yield: 5.25%), 7/1/2022 NR / Baa1/NR 787,358
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 3,231,570
800,000 (2) New York City, NY IDA, Liberty Revenue
Bonds (Series A), 6.50% (7 World Trade
Center LLC), 3/1/2035 NR 861,240
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 2,216,240
Total 7,923,583
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 1,097,820
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 1,032,310
1,000,000 North Carolina Eastern Municipal Power
Agency, Power System Refunding Revenue
Bonds (Series 2003C), 5.375% (Original
Issue Yield: 5.57%), 1/1/2017 BBB / Baa2/ BBB+ 1,069,860
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 833,816
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 1,100,730
Total 5,134,536
North Dakota--2.9%
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/ AAA 2,190,900
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 2,102,180
Total 4,293,080
Ohio--0.7%
1,000,000 Ohio State Air Quality Development
Authority, PCR Refunding Bonds (Series
2002A), 6.00% (Cleveland Electric
Illuminating Co.), 12/1/2013 BB+ / Baa3/ BBB- 1,042,910
Pennsylvania--3.2%
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+ 1,401,320
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 131,398
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 1,432,865
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 552,565
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 1,113,790
Total 4,631,938
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 1,069,180
1,940,000 Myrtle Beach, SC, Hospitality Fee Revenue
Bonds (Series2004A), 5.375% (FGIC INS),
6/1/2023 AAA / Aaa/ NR 2,154,079
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- 2,676,825
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 2,169,040
Total 8,069,124
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 1,866,883
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),
7/1/2025 BBB+ / Baa2/ BBB- 2,404,240
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 1,650,417
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 1,613,040
Total 5,667,697
Texas--9.6%
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 657,990
700,000 Decatur, TX Hospital Authority, Hospital
Revenue Bonds (Series 2004A), 7.125%
(Wise Regional Health System), 9/1/2034 NR 776,440
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 2,736,325
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 211,264
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 4,323,680
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 1,462,995
1,050,000 Sabine River Authority, TX, PCR Refunding
Bonds (Series 2003B), 6.15% (TXU Energy),
8/1/2022 BBB- / Baa2/ BBB 1,160,345
335,000 Sabine River Authority, TX, Refunding PCR
Bonds (Series 2003A), 5.80% (TXU Energy),
7/1/2022 BBB- / Baa2/ NR 361,907
1,300,000 Texas State University System, Refunding
Revenue Bonds, 5.00% (FSA INS), 3/15/2020 AAA / Aaa/ AAA 1,391,884
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+ 1,067,740
Total 14,150,570
Virginia--3.5%
1,000,000 Broad Street Community Development
Authority, VA, Revenue Bonds, 7.50%
(Original Issue Yield: 7.625%), 6/1/2033 NR 1,127,340
1,280,000 Hampton, VA Convention Center, Revenue
Bonds, 5.125% (AMBAC INS), 1/15/2028 AAA / Aaa/ AAA 1,361,766
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 1,567,524
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 1,088,910
Total 5,145,540
Washington--5.1%
1,000,000 Everett, WA, LT GO Refunding Bonds, 5.00%
(MBIA Insurance Corp. INS), 12/1/2020 NR / Aaa/ AAA 1,077,990
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 2,050,614
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 2,138,520
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 2,138,440
Total 7,405,564
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 3,197,460
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 172,557
500,000 Wisconsin State HEFA, Revenue Bonds,
6.50% (Tomah Memorial Hospital,
Inc.)/(Original Issue Yield: 6.75%),
7/1/2023 NR 529,145
500,000 Wisconsin State HEFA, Revenue Bonds,
6.625% (Tomah Memorial Hospital,
Inc.)/(Original Issue Yield: 6.875%),
7/1/2028 NR 528,685
1,000,000 Wisconsin State HEFA, Revenue Bonds,
7.25% (Community Memorial
Hospital)/(Original Issue Yield: 7.45%),
1/15/2033 NR 1,074,280
Total 5,502,127
Total MUNICIPAL
BONDS
(identified cost $135,240,915) 146,360,940
Short-Term Municipals--0.2%
Alaska--0.1%
200,000 Valdez, AK Marine Terminal, (Series
2003B) Daily VRDNs (BP Pipelines (Alaska)
Inc.)/(BP PLC GTD) A-1+ / VMIG1/ NR 200,000
Louisiana--0.1%
100,000 Louisiana State Offshore Terminal
Authority, (Series 2003A) Daily VRDNs
(Loop LLC)/(SunTrust Bank LOC) A-1+ / NR/ A+/F1+ 100,000
Total Short-Term
Municipals
(at amortized cost) 300,000
Total MUNICIPAL Investments -
100% (identified
cost $135,540,915)(4) 146,660,940
other assets and liabilities - net 1,469,915
liquidation value of auction preferred
shares (53,675,000)
total net assets applicable
to common shareholders $ 94,455,855
At August 31, 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, Moody's Investor Service, and Fitch
Ratings, 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 ("Trustees"), unless registered under the Act or exempted from
registration, may only be sold to qualified institutional investors. At August 31, 2005, these
securities amounted to $3,893,078 which represents 2.7% 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 August 31, 2005 is as follows:
Security Acquisition Date Acquisition Cost
Capital Trust Agency, FL, Revenue Bonds (Series 2001), 12/23/2002 $1,027,250
10.00% (Seminole Tribe of Florida Convention and
Resort Hotel Facilities), 10/1/2033
Capital Trust Agency, FL, Revenue Bonds (Series 5/9/2003 $400,000
2003A), 8.95% (Seminole Tribe of Florida Convention
and Resort Hotel Facilities), 10/1/2033
Director of the State of Nevada Department of Business 12/23/2004 $639,925
and Industry, Revenue Bonds (Series 2004A), 7.00% (Las
Ventanas Retirement Community)/(Original Issue Yield:
7.125%), 11/15/2034
New York City, NY IDA, Liberty Revenue Bonds (Series 3/15/2005 $800,000
A), 6.50% (7 World Trade Center LLC), 3/1/2035
3 Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding
short futures contracts.
At August 31, 2005, the Fund had the following open futures contracts:
Contracts Unrealized
Expiration Date To Receive Position Depreciation
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
December 2005 80 U.S. Treasury Short $(79,070)
Note 10-Year
Futures
---------------------------------------------------------------------------------------------------
4 At August 31, 2005, the cost of investments for federal tax purposes was $135,540,558 The net
unrealized appreciation of investments for federal tax purposes was $11,120,382. This consists
of net unrealized appreciation from investments for those securities having an excess of value
over cost of $11,202,604 and net unrealized depreciation from investments for those securities
having an excess of cost over value of $82,222.
Note: The categories of investments are shown as a percentage of total market
value at August 31, 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.
The Fund generally values short-term securities according to prices furnished by
an independent pricing service, except that short-term securities with remaining
maturities of less than 60 days at the time of purchase may be valued at
amortized cost. Prices furnished by an independent pricing service are intended
to be indicative of the mean between the bid and asked prices currently offered
to institutional investors for the securities. 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
GTD --Guaranteed
HDA --Hospital Development Authority
HEFA --Health and Education Facilities Authority
HFDC --Health Facility Development Corporation
IDA --Industrial Development Authority
IDB --Industrial Development Bond
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
Richard J. Thomas, Principal Financial Officer
(insert name and title)
Date October 21, 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
J. Christopher Donahue, Principal Executive Officer
Date October 21, 2005
By /S/ Richard J. Thomas
Richard J. Thomas, Principal Financial Officer
Date October 21, 2005