Fund Description: Federated Premier Municipal Income Fund is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Federated Premier Municipal Income Fund seeks to provide current income exempt from federal income tax, including alternative minimum tax (AMT). FUND STRATEGY: The Fund will Invests in long-term, tax-exempt municipal bonds diversified among states, sectors and issuer or in high-quality tax exempt securities with relatively low volatility, such as pre-refunded and intermediate-term bonds, to the extent such securities are available. If necessary to invest fully the net proceeds of the offering immediately, the Fund may also purchase, as temporary investments, short-term taxable investments the income on which is subject to federal regular income tax, and securities of other open- or closed-end investment companies that invest primarily in tax exempt securities of the type in which the Fund may invest directly. Under normal circumstances, the Fund will maintain a dollar-weighted average portfolio maturity of 15 to 30 years and a dollar-weighted average duration of 7 to 13 years. The Fund generally will not trade securities for the purpose of realizing short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or anticipated market conditions to accomplish its investment objective. Other than for consideration of tax consequences, frequency of portfolio turnover will not be a limiting factor if the Fund considers it advantageous to purchase or sell securities. FUND MANAGEMENT: Federated Investment Management Company serves as the investment advisor and conducts investment research and makes investment decisions for the Fund.