Federated Premier Municipal Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's objective is to provide income exempt from federal income tax, including the alternative minimum tax (AMT). The fund may invest up to 20% of its assets in non-investment grade securities that entail greater market, credit and liquidity risks than investment grade securities. The Fund invests in sectors, such as GO state, GO local, special tax, hospital, transportation, pre-refunded, senior care, water and sewer, education, electric and gas, and public power. The Fund's investment advisor is Federated Investment Management Company.