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: 11/30/04
--------
Date of Reporting Period: Quarter ended 8/31/04
---------------------
Item 1. Schedule of Investments
Federated Premier Municipal Income Fund
Portfolio of Investments
August 31, 2004 (unaudited)
Principal Credit
Amount Rating 1 Value
Long-Term Municipals--99.9%
Alabama--1.6%
$ 2,000,000 Jefferson County, AL Sewer System,
Capital Improvement Warrants (Series
2002D), 5.25% (FGIC INS), 2/1/2026 AAA / Aaa / AAA $ 2,267,920
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 519,320
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 1,090,150
750,000 Tempe, AZ IDA, Senior Living Revenue
Bonds (Series A), 6.75% (Friendship
Village of Tempe), 12/1/2030 NR 762,780
750,000 Verrado Community Facilities District No.
1, AZ, Revenue Bonds, 6.50%, 7/15/2027 NR 776,693
Total 3,148,943
Arkansas--0.7%
1,000,000 Arkansas Development Finance Authority,
Hospital Revenue Bonds (Series 2000),
7.375% (Washington Regional Medical
Center)/(Original Issue Yield: 7.50%), BBB- / Baa3 /
2/1/2029 BBB 1,089,420
California--5.2%
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- 1,066,590
2,000,000 California State, Refunding UT GO Bonds ,
5.25%, 2/1/2020 A / A3 / BBB 2,139,480
1,000,000 California State, UT GO Bonds , 5.25%,
10/1/2020 A / A3 / BBB 1,067,420
250,000 Golden State Tobacco Securitization
Corp., CA, Tobacco Settlement
Asset-Backed Revenue Bonds (Series
2003A-1), 6.75% (Original Issue Yield: BBB / Baa3 /
7.00%), 6/1/2039 BBB 233,725
750,000 Golden State Tobacco Securitization
Corp., CA, Tobacco Settlement Revenue BBB / Baa3 /
Bonds (Series 2003A-2), 7.90%, 6/1/2042 BBB 791,730
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 509,030
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 1,535,685
Total 7,343,660
Colorado--3.8%
725,000 Antelope Heights Metropolitan District,
CO, LT GO Bonds, 8.00%, 12/1/2023 NR 727,617
1,000,000 Buckhorn Valley Metropolitan District No.
2, CO, LT GO Bonds, 7.00%, 12/1/2023 NR 1,003,560
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 503,895
1,000,000 Colorado Health Facilities Authority,
Revenue Bonds (Series 2002A), 6.125%
(Covenant Retirement Communities,
Inc.)/(Original Issue Yield: 6.40%), BBB+ / NR /
12/1/2033 BBB+ 1,026,140
500,000 Conservatory Metropolitan District, CO,
LT GO Bonds, 7.55%, 12/1/2032 NR 516,565
1,000,000 Denver, CO Health & Hospital Authority,
Revenue Bonds, 6.25% (Original Issue
Yield: 6.28%), 12/1/2033 BBB / Baa3 / NR 1,048,080
500,000 Southlands, CO Metropolitan District No.
1, LT GO Bonds (Series 2004), 7.00%
(Original Issue Yield: 7.05%), 12/1/2024 NR 499,655
Total 5,325,512
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 1,273,375
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 2,087,060
Total 3,360,435
District Of Columbia--1.6%
2,500,000 District of Columbia Tobacco Settlement
Financing Corp., Asset Backed Revenue
Bonds, 6.50% (Original Issue Yield: BBB / Baa3 /
6.67%), 5/15/2033 BBB 2,251,050
Florida--7.4%
600,000 Broward County, FL Educational Facilities
Authority, Educational Facilities Revenue
Bonds (Series 2004B), 5.60% (Nova
Southeastern University)/(Original Issue BBB / Baa2 /
Yield: 5.625%), 4/1/2029 BBB+ 616,536
400,000 2,3 Capital Trust Agency, FL, Revenue Bonds
(Series 2003A), 8.95% (Seminole Tribe of
Florida Convention and Resort Hotel
Facilities), 10/1/2033 NR 464,500
1,000,000 2,3 Capital Trust Agency, FL, Revenue Bonds
(Series 2001), 10.00% (Seminole Tribe of
Florida Convention and Resort Hotel
Facilities), 10/1/2033 NR 1,197,620
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 1,543,357
1,320,000 Harbor Bay, FL Community Development
District, Special Assessment Revenue
Bonds, 6.75%, 5/1/2034 NR 1,413,179
2,000,000 Jacksonville, FL Sales Tax, Revenue Bonds
(Series 2003), 5.00% (MBIA Insurance
Corp. INS), 10/1/2024 AAA / Aaa / AAA 2,085,180
400,000 Midtown Miami, FL Community Development
District, Special Assessment Bonds
(Series 2004A), 6.00%, 5/1/2024 NR 408,636
400,000 Orlando, FL Urban Community Development
District, Capital Improvement Revenue
Bonds, 6.25%, 5/1/2034 NR 406,964
1,000,000 South Lake County, FL Hospital District,
Revenue Bonds, 6.625% (South Lake NR / Baa3 /
Hospital, Inc.), 10/1/2023 BBB- 1,048,560
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 1,243,383
Total 10,427,915
Georgia--0.3%
500,000 Athens, GA Housing Authority, Lease
Revenue Bonds, 5.25% (University of
Georgia-East Campus)/(AMBAC INS),
12/1/2023 NR / Aaa / AAA 531,415
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 1,416,030
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 997,460
2,500,000 Chicago, IL Sales Tax, Revenue Bonds,
5.25% (FGIC INS)/(Original Issue Yield:
5.385%), 1/1/2028 AAA / Aaa / AAA 2,583,450
1,000,000 Chicago, IL Special Assessment,
Improvement Revenue Bonds, 6.75%
(Lakeshore East Project)/(Original Issue
Yield: 6.769%), 12/1/2032 NR 1,036,530
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 1,024,720
Total 5,642,160
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 3,178,410
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 NR / NR / BBB+ 1,579,575
Massachusetts--3.4%
1,500,000 Commonwealth of Massachusetts, LT GO
Bonds, 5.25% (U.S. Treasury PRF), 1/1/2022 AAA / Aaa / AAA 1,684,215
2,000,000 Massachusetts Development Finance Agency,
Revenue Bonds, 5.75% (Massachusetts
College of Pharmacy & Allied Health
Sciences), 7/1/2033 BBB / NR / NR 2,063,940
1,000,000 Massachusetts HEFA, Revenue Bonds (Series
2003E), 6.75% (Jordan Hospital
)/(Original Issue Yield: 7.00%), 10/1/2033 BBB- / NR / NR 1,045,810
Total 4,793,965
Michigan--4.6%
2,000,000 Cornell Township MI, Economic Development
Corp., Refunding Revenue Bonds, 5.875%
(MeadWestvaco Corp.), 5/1/2018 BBB / Baa2 / NR 2,084,300
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 1,033,470
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 2,469,264
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 957,771
Total 6,544,805
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 912,384
Mississippi--1.6%
2,000,000 Lowndes County, MS Solid Waste Disposal,
Refunding PCR Bonds (Series 1992B), 6.70%
(Weyerhaeuser Co.), 4/1/2022 BBB / Baa2 / NR 2,280,380
Missouri--0.7%
1,000,000 Missouri Development Finance Board,
Infrastructure Facilities Bonds (Series
2003A), 5.50% (Branson, MO)/(Original BBB+ / Baa1 /
Issue Yield: 5.56%), 12/1/2032 NR 1,023,540
Nevada--2.4%
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 721,294
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 660,264
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 2,044,560
Total 3,426,118
New Hampshire--2.3%
3,000,000 Manchester, NH School Facilites, Revenue
Bonds , 5.50% (MBIA Insurance Corp. INS),
6/1/2028 AAA / Aaa / AAA 3,227,820
New Jersey--1.8%
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- 299,523
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 570,600
500,000 New Jersey Health Care Facilities
Financing Authority, Revenue Bonds,
6.625% (Palisades Medical
Center)/(Original Issue Yield: 6.67%), BBB- / Baa3 /
7/1/2031 BBB- 526,205
1,000,000 New Jersey State Educational Facilities
Authority, Revenue Bonds, Project C, BBB+ / Baa1 /
6.50% (Georgian Court College), 7/1/2033 NR 1,104,090
Total 2,500,418
New Mexico--0.6%
750,000 2,3 Jicarilla, NM Apache Nation, Revenue
Bonds, 5.50%, 9/1/2023 NR / NR / AAA 791,003
New York--4.8%
750,000 Dutchess County, NY IDA, Revenue Bonds,
5.00% (Marist College)/(Original Issue
Yield: 5.25%), 7/1/2022 NR / Baa1 / NR 767,970
750,000 Dutchess County, NY IDA, Civic Facility
Revenue Bonds (Series 2004B), 7.50% (St.
Francis Hospital and Health Centers),
3/1/2029 NR 742,620
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 3,141,300
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 2,193,980
Total 6,845,870
North Carolina--3.0%
1,000,000 Appalachian State University, NC, Revenue
Bonds, (Series 2003 A), 5.125% (FGIC
INS), 5/1/2021 NR / Aaa / AAA 1,067,830
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 1,049,490
1,000,000 North Carolina Eastern Municipal Power
Agency, Power System Refunding Revenue
Bonds (Series 2003C), 5.375% (Original BBB / Baa2 /
Issue Yield: 5.57%), 1/1/2017 BBB+ 1,065,550
1,000,000 North Carolina Municipal Power Agency No.
1, Electric Revenue Bonds (Series 2003A),
5.25% (Catawba Electric)/(MBIA Insurance
Corp. INS), 1/1/2019 AAA / Aaa / AAA 1,085,940
Total 4,268,810
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 2,182,800
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 2,041,480
Total 4,224,280
Ohio--0.7%
1,000,000 Ohio State Air Quality Development
Authority, PCR Refunding Bonds (Series
2002A), 6.00% (Cleveland Electric BB+ / Baa3 /
Illuminating Co.), 12/1/2013 BBB- 1,031,860
Pennsylvania--3.8%
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 / B2 / B+ 1,326,538
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 150,620
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 1,308,791
1,500,000 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 1,583,400
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 1,072,990
Total 5,442,339
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 1,036,800
1,940,000 Myrtle Beach, SC, Hospitality Fee Revenue
Bonds (Series2004A), 5.375% (FGIC INS),
6/1/2023 AAA / Aaa / NR 2,103,736
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- 2,531,050
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 2,119,340
Total 7,790,926
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 1,795,290
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), BBB+ / Baa2 /
7/1/2025 BBB- 2,348,460
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%), BBB+ / Baa1 /
7/1/2033 NR 1,565,193
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 1,449,570
Total 5,363,223
Texas--10.1%
1,200,000 Abilene, TX Health Facilites Development
Corp., Retirement Facilities Revenue
Bonds (Series 2003A), 7.00% (Sears
Methodist Retirement) /(Original Issue
Yield: 7.25%), 11/15/2033 NR 1,284,780
700,000 Decatur, TX Hospital Authority, Hospital
Revenue Bonds (Series 2004A), 7.125%
(Wise Regional Health System), 9/1/2034 NR 696,220
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 2,671,325
200,000 Matagorda County, TX Navigation District
Number One, Collateralized Refunding
Revenue Bonds, 5.60% (Centerpoint Energy BBB / Baa2 /
Houston Electric), 3/1/2027 BBB 203,800
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 4,231,120
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 1,401,300
335,000 Sabine River Authority, TX, Refunding PCR
Bonds (Series 2003A), 5.80% (TXU Energy),
7/1/2022 BBB / Baa2 / NR 342,782
1,050,000 Sabine River Authority, TX, PCR Refunding
Bonds (Series 2003B), 6.15% (TXU Energy), BBB / Baa2 /
8/1/2022 BBB+ 1,102,395
1,300,000 Texas State University System, Refunding
Revenue Bonds, 5.00% (FSA INS), 3/15/2020 AAA / Aaa / AAA 1,364,441
1,000,000 Tyler, TX Health Facilities Development
Corp., Hospital Revenue Bonds, 5.75%
(Mother Frances Hospital )/(Original NR / Baa1 /
Issue Yield: 5.84%), 7/1/2027 BBB+ 1,015,120
Total 14,313,283
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 989,940
1,280,000 Hampton, VA Convention Center, Revenue
Bonds, 5.125% (AMBAC INS), 1/15/2028 AAA / Aaa / AAA 1,325,914
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 1,467,116
1,000,000 Virginia Peninsula Port Authority, Coal
Terminal Revenue Refunding Bonds (Series
2003), 6.00% (Dominion Terminal
Associates Project-Brink's Issue),
4/1/2033 BBB / Baa3 / NR 1,033,940
Total 4,816,910
Washington--5.1%
1,000,000 Everett, WA, LT GO Refunding Bonds, 5.00%
(MBIA Insurance Corp. INS), 12/1/2020 NR / Aaa / AAA 1,054,870
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 AAA / Aaa / AAA 1,991,786
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 2,089,060
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 2,070,640
Total 7,206,356
Wisconsin--3.9%
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 3,092,640
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 162,418
250,000 Wisconsin State HEFA, Revenue Bonds
(Series 2004A), 6.25% (Southwest Health
Center)/(Original Issue Yield: 6.32%),
4/1/2034 NR 243,673
500,000 Wisconsin State HEFA, Revenue Bonds,
6.50% (Tomah Memorial Hospital,
Inc.)/(Original Issue Yield: 6.75%),
7/1/2023 NR 503,345
500,000 Wisconsin State HEFA, Revenue Bonds,
6.625% (Tomah Memorial Hospital,
Inc.)/(Original Issue Yield: 6.875%),
7/1/2028 NR 503,025
1,000,000 Wisconsin State HEFA, Revenue Bonds,
7.25% (Community Memorial
Hospital)/(Original Issue Yield: 7.45%),
1/15/2033 NR 1,012,130
Total 5,517,231
Total Long-Term
Municipals
(identified cost $136,926,021) 141,679,256
SHORT-TERM MUNICIPALS - 0.1%
Utah--0.1%
150,000 Weber County, UT, (Series 2000B) Daily
VRDNs (IHC Health Services, Inc.)/
(WestLB AG (GTD) LIQ) (at amortized cost) AA+ / Aa1 / NR 150,000
Total Investments -
100%
(identified cost $137,076,021)4 141,829,256
OTHER ASSETS AND LIABILITIES - NET 393,753
LIQUIDATION VALUE OF
AUCTION
PREFERRED SHARES (53,675,000)
TOTAL NET ASSETS APPLICABLE
TO
COMMON SHAREHOLDERS $ 88,548,009
At August 31, 2004, 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, unless registered
under the Act or exempted from registration, may only be sold to qualified
institutional investors. At August 31, 2004, these securities amounted to
$2,453,123 which represents 1.7% of total market value.
3 Denotes a restricted security, including securities purchased under Rule
144A that have been deemed liquid by criteria approved by the fund's Board
of Trustees. At August 31, 2004, these securities amounted to $2,453,123
which represents 1.7% of total market value.
4 The cost of investments for federal tax purposes amounts to $137,075,832.
The net unrealized appreciation of investments for federal tax purposes was
$4,753,424. This consists of net unrealized appreciation from investments
for those securities having an excess of value over cost of $5,174,087 and
net unrealized depreciation from investments for those securities having an
excess of cost over value of $420,663.
Note: The categories of investments are shown as a percentage of total market
value at August 31, 2004.
The following acronyms are used throughout this portfolio:
AMBAC --American Municipal Bond Assurance Corporation
EDA --Economic Development Authority
EDFA --Economic Development Finance 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
INS --Insured
LIQ --Liquidity Agreement
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 October 25, 2004
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 October 25, 2004
By /S/ Richard J. Thomas, Principal Financial Officer
Date October 25, 2004