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: 11/30/06
Date of Reporting Period: Quarter ended 2/28/06
---------------------
Item 1. Schedule of Investments
FEDERATED PREMIER MUNICIPAL INCOME FUND
PORTFOLIO OF INVESTMENTS
February 28, 2006 (unaudited)
Principal
Amount 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 $ 556,462
2,000,000 Jefferson County, AL Sewer System, Capital
Improvement Warrants (Series 2002D), 5.25% (U.S.
Treasury PRF 8/1/2012 @100) (FGIC INS), 2/1/2026 2,183,780
TOTAL 2,740,242
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 527,755
1,000,000 Arizona Tourism & Sports Authority, Multipurpose
Stadium Facility Tax Revenue Bonds (Series A),
5.375% (MBIA Insurance Corp. INS), 7/1/2022 1,086,010
750,000 Tempe, AZ IDA, Senior Living Revenue Bonds (Series
A), 6.75% (Friendship Village of Tempe), 12/1/2030 798,255
750,000 Verrado Community Facilities District No. 1, AZ,
Revenue Bonds, 6.50%, 7/15/2027 824,985
TOTAL 3,237,005
Arkansas--0.8%
1,000,000 Arkansas Development Finance Authority, Hospital
Revenue Bonds (Series 2000), 7.375% (Washington
Regional Medical Center)/(U.S. Treasury PRF 2/1/2010
@100)/
(Original Issue Yield: 7.50%), 2/1/2029 1,131,010
California--5.3%
1,000,000 California State Department of Water Resources Power
Supply Program, Power Supply Revenue Bonds (Series
A), 5.375% (U.S. Treasury PRF 5/1/2012
@101)/(Original Issue Yield: 5.48%), 5/1/2022 1,107,050
2,000,000 California State, Refunding UT GO Bonds, 5.25%,
2/1/2020 2,152,360
1,000,000 California State, UT GO Bonds, 5.25%, 10/1/2020 1,078,970
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 281,678
750,000 Golden State Tobacco Securitization Corp., CA,
Tobacco Settlement Revenue Bonds (Series 2003A-2),
7.90%, 6/1/2042 903,758
500,000 La Verne, CA, Revenue COP (Series 2003B), 6.625%
(Brethren Hillcrest Homes)/(Original Issue Yield:
6.70%), 2/15/2025 550,200
1,500,000 Upland, CA Public Financing Authority, Water System
Improvement Lease Revenue Bonds (Issue of 2003),
5.00% (AMBAC INS), 10/1/2027 1,577,265
TOTAL 7,651,281
Colorado--4.1%
725,000 Antelope Heights Metropolitan District, CO, LT GO
Bonds, 8.00%, 12/1/2023 797,536
1,000,000 Buckhorn Valley Metropolitan District No. 2, CO, LT
GO Bonds, 7.00%, 12/1/2023 1,006,970
500,000 Colorado Educational & Cultural Facilities
Authority, Revenue Refunding Bonds (Series A), 7.00%
(Denver Academy)/(Original Issue Yield: 7.25%),
11/1/2023 549,675
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 1,083,180
250,000 Conservatory Metropolitan District, CO, LT GO Bonds,
6.75%, 12/1/2034 260,480
500,000 Conservatory Metropolitan District, CO, LT GO Bonds,
7.55%, 12/1/2032 548,535
1,000,000 Denver, CO Health & Hospital Authority, Revenue
Bonds, 6.25% (Original Issue Yield: 6.28%), 12/1/2033 1,108,630
500,000 Southlands, CO Metropolitan District No. 1, LT GO
Bonds (Series 2004), 7.00% (Original Issue Yield:
7.05%), 12/1/2024 547,155
TOTAL 5,902,161
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 1,327,100
2,000,000 Connecticut State Transportation Infrastructure
Authority, Transportation Infrastructure Special Tax
Revenue Bonds (Series 2002B), 5.00% (AMBAC INS),
12/1/2022 2,126,380
TOTAL 3,453,480
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 2,909,400
Florida--6.8%
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 632,010
400,000 (1) Capital Trust Agency, FL, Revenue Bonds (Series
2003A), 8.95% (Seminole Tribe of Florida Convention
and Resort Hotel Facilities)/(U.S. Treasury PRF
10/1/2012 @102), 10/1/2033 500,204
1,490,000 Citrus County, FL Hospital Board, Revenue Refunding
Bonds, 6.375% (Citrus Memorial Hospital)/(Original
Issue Yield: 6.50%), 8/15/2032 1,628,898
1,305,000 Harbor Bay, FL Community Development District,
Special Assessment Revenue Bonds, 6.75%, 5/1/2034 1,419,866
2,000,000 Jacksonville, FL Sales Tax, Revenue Bonds (Series
2003), 5.00% (MBIA Insurance Corp. INS), 10/1/2024 2,122,380
400,000 Midtown Miami, FL Community Development District,
Special Assessment Bonds (Series 2004A), 6.00%,
5/1/2024 426,540
400,000 Orlando, FL Urban Community Development District,
Capital Improvement Revenue Bonds, 6.25%, 5/1/2034 427,892
1,000,000 South Lake County, FL Hospital District, Revenue
Bonds, 6.625% (South Lake Hospital, Inc.), 10/1/2023 1,106,870
500,000 Tuscany Reserve Community Development District, FL,
Capital Improvement Revenue Bonds (Series 2005A),
5.55%, 5/1/2036 504,600
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 1,133,405
TOTAL 9,902,665
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 1,625,288
Illinois--4.4%
1,000,000 Antioch Village, IL Special Service Area No. 1,
Special Tax Revenue Bonds, 6.625% (Deercrest
Project), 3/1/2033 1,065,190
2,500,000 Chicago, IL Sales Tax, Revenue Bonds, 5.25% (FGIC
INS)/(Original Issue Yield: 5.385%), 1/1/2028 2,626,725
1,000,000 Chicago, IL Special Assessment, Improvement Revenue
Bonds, 6.75% (Lakeshore East Project)/(Original
Issue Yield: 6.769%), 12/1/2032 1,085,760
1,000,000 Illinois Educational Facilities Authority, Revenue
Refunding Bonds (Series A), 5.70% (Augustana
College)/(Original Issue Yield: 5.90%), 10/1/2032 1,044,320
625,000 Illinois Finance Authority, Revenue Bonds (Series
2005A), 6.00% (Landing at Plymouth Place)/(Original
Issue Yield: 6.04%), 5/15/2037 629,106
TOTAL 6,451,101
Indiana--1.3%
1,930,000 Indiana Health & Educational Facility Financing
Authority, Revenue Bonds (Series 2005), 5.25%
(Baptist Homes of Indiana), 11/15/2035 1,959,336
Kansas--2.2%
3,000,000 Wichita, KS Water & Sewer Utility, Revenue Bonds
(Series 2003), 5.00% (FGIC INS), 10/1/2021 3,192,630
Kentucky--1.1%
1,500,000 Kentucky EDFA, Revenue Bonds (Series 2000A), 6.625%
(Norton Healthcare, Inc.)/(Original Issue Yield:
6.97%), 10/1/2028 1,637,505
Massachusetts--2.2%
1,000,000 Massachusetts HEFA, Revenue Bonds (Series 2003E),
6.75% (Jordan Hospital )/(Original Issue Yield:
7.00%), 10/1/2033 1,098,110
2,000,000 Massachusetts State Development Finance Agency,
Revenue Bonds, 5.75% (Massachusetts College of
Pharmacy & Allied Health Sciences), 7/1/2033 2,127,780
TOTAL 3,225,890
Michigan--3.7%
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 2,243,560
1,000,000 Detroit, MI Sewage Disposal System, Refunding Senior
Lien Revenue Bonds (Series 2003A), 5.00% (FSA INS),
7/1/2024 1,060,640
1,000,000 Melvindale-Northern Allen Park, MI School District,
Building & Site LT GO Bonds, 5.00% (U. S. Treasury
PRF 11/1/2012 @100), (FSA INS) 5/1/2028 1,078,060
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%), (MBIA
INS) 5/1/2021 963,657
TOTAL 5,345,917
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 940,464
Mississippi--1.6%
2,000,000 Lowndes County, MS Solid Waste Disposal, Refunding
PCR Bonds (Series 1992B), 6.70% (Weyerhaeuser Co.),
4/1/2022 2,394,960
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 522,305
Nevada--2.4%
650,000 (1) 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 675,213
645,000 North Las Vegas, NV, Local Improvement Special
Assessment Bonds (Series 2002), 6.40% (Aliante SID
No. 60), 12/1/2022 667,872
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 2,110,980
TOTAL 3,454,065
New Hampshire--2.3%
3,000,000 Manchester, NH School Facilities, Revenue Bonds,
5.50% (U.S. Treasury PRF 6/1/2013 @100) (MBIA INS),
6/1/2028 3,323,280
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 533,210
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 320,532
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 612,906
1,000,000 New Jersey State Educational Facilities Authority,
Revenue Bonds, Project C, 6.50% (Georgian Court
College), 7/1/2033 1,124,460
TOTAL 2,591,108
New Mexico--0.6%
750,000 (1) Jicarilla, NM Apache Nation, Revenue Bonds, 5.50%,
9/1/2023 804,173
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 820,522
750,000 Dutchess County, NY IDA, Revenue Bonds, 5.00%
(Marist College)/(Original Issue Yield: 5.25%),
7/1/2022 779,835
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 3,181,950
800,000 (1) New York City, NY IDA, Liberty Revenue Bonds (Series
A), 6.50% (7 World Trade Center LLC), 3/1/2035 842,128
2,000,000 New York State Dormitory Authority, Revenue Bonds
(Series 2003A), 5.50% (Brooklyn Law School)/(Radian
Asset Assurance INS), 7/1/2019 2,178,500
TOTAL 7,802,935
North Carolina--3.5%
1,000,000 Appalachian State University, NC, Revenue Bonds,
(Series 2003 A), 5.125% (FGIC INS), 5/1/2021 1,071,900
1,000,000 Haywood County, NC Industrial Facilities & Pollution
Control Financing Authority, Refunding Revenue
Bonds, 6.00% (Champion International Corp.), 3/1/2020 1,021,290
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 1,069,800
800,000 North Carolina Medical Care Commission, Health Care
Housing Revenue Bonds (Series 2004A), 5.80% (Arc of
North Carolina Projects), 10/1/2034 855,168
1,000,000 North Carolina Municipal Power Agency No. 1,
Electric Revenue Bonds (Series 2003A), 5.25% (MBIA
Insurance Corp. INS), 1/1/2019 1,077,840
TOTAL 5,095,998
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 2,150,840
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 2,081,800
TOTAL 4,232,640
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 1,038,630
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 1,385,709
360,000 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 394,045
935,000 Cumberland County, PA Municipal Authority,
Retirement Community Revenue Bonds (Series 2002A),
7.25% (Wesley Affiliated Services, Inc. Obligated
Group)/(U.S. Treasury PRF 1/1/2013 @101)/(Original
Issue Yield: 7.50%), 1/1/2035 1,134,267
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 546,640
1,000,000 Pennsylvania State Turnpike Commission, Oil
Franchise Tax Revenue Bonds (Series 2003A), 5.25%
(MBIA Insurance Corp. INS), 12/1/2023 1,083,510
TOTAL 4,544,171
South Carolina--5.5%
1,000,000 Clemson University, SC, University Revenue Bonds,
5.00% (XL Capital Assurance Inc. INS), 5/1/2023 1,053,400
1,940,000 Myrtle Beach, SC, Hospitality Fee Revenue Bonds
(Series 2004A), 5.375% (FGIC INS), 6/1/2023 2,127,346
2,000,000 South Carolina State Public Service Authority
(Santee Cooper), Refunding Revenue Bonds (Series
2002D), 5.00% (Santee Cooper)/(FSA INS), 1/1/2020 2,125,960
2,500,000 South Carolina, EDA, Health System Revenue Bonds
(Series A), 5.625% (Bon Secours Health
System)/(Original Issue Yield: 5.84%), 11/15/2030 2,644,900
TOTAL 7,951,606
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 1,847,125
Tennessee--3.8%
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 2,363,740
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 1,627,146
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 1,599,090
TOTAL 5,589,976
Texas--9.8%
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 651,954
700,000 Decatur, TX Hospital Authority, Hospital Revenue
Bonds (Series 2004A), 7.125% (Wise Regional Health
System), 9/1/2034 761,299
2,500,000 Houston, TX Combined Utility System, First Lien
Revenue Refunding Bonds (Series 2004A), 5.25% (FGIC
INS), 5/15/2023 2,707,700
200,000 Matagorda County, TX Navigation District No. 1,
Collateralized Refunding Revenue Bonds, 5.60%
(Centerpoint Energy Houston Electric), 3/1/2027 209,978
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 4,261,360
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 1,451,588
500,000 Sabine River Authority, TX, PCR Refunding Bonds
(Series 2001C), 5.20% (TXU Energy Company LLC),
5/1/2028 507,175
1,050,000 Sabine River Authority, TX, PCR Refunding Bonds
(Series 2003B), 6.15% (TXU Energy Company LLC),
8/1/2022 1,148,238
335,000 Sabine River Authority, TX, Refunding PCR Bonds
(Series 2003A), 5.80% (TXU Energy Company LLC),
7/1/2022 358,939
1,000,000 Texas State University System, Refunding Revenue
Bonds, 5.00% (FSA INS), 3/15/2020 1,058,180
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 1,054,330
TOTAL 14,170,741
Virginia--3.5%
1,000,000 Broad Street Community Development Authority, VA,
Revenue Bonds, 7.50% (Original Issue Yield: 7.625%),
6/1/2033 1,116,420
1,280,000 Hampton, VA Convention Center, Revenue Bonds, 5.125%
(AMBAC INS), 1/15/2028 1,347,238
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 1,560,160
1,000,000 Virginia Peninsula Port Authority, Coal Terminal
Revenue Refunding Bonds (Series 2003), 6.00% (Brinks
Co. (The)), 4/1/2033 1,079,130
TOTAL 5,102,948
Washington--5.0%
1,000,000 Everett, WA, LT GO Refunding Bonds, 5.00% (MBIA
Insurance Corp. INS), 12/1/2020 1,065,350
1,910,000 King County, WA Public Hospital District No. 1,
Refunding LT GO Bonds, 5.00% (FSA INS)/(Original
Issue Yield: 5.17%), 12/1/2021 2,018,622
2,000,000 Washington State, UT GO Bonds (Series 2002B), 5.00%
(FSA INS)/(Original Issue Yield: 5.05%), 1/1/2021 2,108,500
2,000,000 Washington State, Various Purpose UT GO Bonds
(Series 2002A), 5.00% (FSA INS)/
(Original Issue Yield: 5.09%), 7/1/2022 2,108,020
TOTAL 7,300,492
Wisconsin--4.1%
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 3,159,930
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 169,555
500,000 Wisconsin State HEFA, Revenue Bonds, 6.50% (Tomah
Memorial Hospital, Inc.)/(Original Issue Yield:
6.75%), 7/1/2023 525,815
500,000 Wisconsin State HEFA, Revenue Bonds, 6.625% (Tomah
Memorial Hospital, Inc.)/(Original Issue Yield:
6.875%), 7/1/2028 525,090
1,000,000 Wisconsin State HEFA, Revenue Bonds, 7.25%
(Community Memorial Hospital)/(Original Issue Yield:
7.45%), 1/15/2033 1,065,600
500,000 Wisconsin State HEFA, Revenue Bonds, (Series 2006A),
5.375% (Marshfield Clinic, WI), 2/15/2034 518,895
TOTAL 5,964,885
TOTAL MUNICIPAL BONDS (IDENTIFIED COST
$135,574,405) 145,037,413
SHORT-TERM MUNICIPALS--0.2%(2)
Alabama--0.2%
300,000 Columbia, AL IDB, PCR (Series 1999C) Daily VRDNs
(Alabama Power Co.), 3.000%, 3/1/2006 (AT AMORTIZED
COST) 300,000
TOTAL MUNICIPAL INVESTMENTS -- 100.0%
(IDENTIFIED COST $135,874,405)(3) 145,337,413
OTHER ASSETS AND LIABILITIES - NET 1,618,444
LIQUIDATION VALUE OF AUCTION PREFERRED SHARES (53,675,000)
TOTAL NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS $ 93,280,857
At February 28, 2006, the Fund holds no securities that are subject to
the federal alternative minimum tax (AMT).
1 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, 2006, these securities amounted to $2,821,718 which
represents 1.9% of total market value.
2 Current rate and next reset date shown for Variable Rate Demand Notes.
3 At February 28, 2006, the cost of investments for federal tax purposes
amounts to $135,873,957. The net unrealized appreciation of investments
for federal tax purposes was $9,463,456. This consists of net unrealized
appreciation from investments for those securities having an excess of
value over cost of $9,463.
Note: The categories of investments are shown as a percentage of total market
value at February 28, 2006.
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 for municipal
bonds are intended to be indicative of the bid 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.
Restricted Securities
Additional information on restricted securities, excluding securities purchased
under Rule 144A that have been deemed liquid by the Trustees , held at February
28, 2006, is as follows:
Security Acquisition Date Acquisition Cost
Capital Trust Agency, 5/9/2003 $400,000
FL, Revenue Bonds
(Series 2003A), 8.95%
(Seminole Tribe of
Florida Convention and
Resort Hotel
Facilities)/(U.S.
Treasury PRF 10/1/2012
@102), 10/1/2033
Director of the State 12/23/2004 $639,925
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
New York City, NY IDA, 3/15/2005 $800,000
Liberty Revenue Bonds
(Series A), 6.50% (7
World Trade Center
LLC), 3/1/2035
The following acronyms are used throughout this portfolio:
AMBAC --American Municipal Bond Assurance Corporation
COP --Certificates of Participation
EDA --Economic Development Authority
EDFA --Economic Development Finance 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
IDB --Industrial Development Bond
INS --Insured
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 A. Novak
Richard A. Novak, Principal Financial Officer
(insert name and title)
Date April 24, 2006
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 April 21, 2006
By /s/ Richard A. Novak
Richard A. Novak, Principal Financial Officer
Date April 24, 2006