Federated Investors' Closed-End Municipal Funds Report Annual Earnings

FEDERATED PREMIER MUNICIPAL INCOME FUND (FMN)

SUMMARY OF RESULTS OF OPERATIONS

(For a Common Share Outstanding Throughout Each Period)

Year Ended Nov. 30,

2014

2013

2012

2011

2010

Net Asset Value, Beginning of Period

$13.95

$16.08

$13.86

$13.49

$13.25

Income From Investment Operations:

Net investment income ¹

0.89

0.91

0.94

1.02

1.05

Net realized and unrealized gain (loss) on investments and futures contracts

1.43

(2.13)

2.16

0.38

0.25

Distributions to auction market preferred shareholders from net investment income ²

(0.00)³

(0.00)³

(0.00)³

(0.01)

(0.01)

TOTAL FROM
INVESTMENT OPERATIONS

2.32

(1.22)

3.10

1.39

1.29

Less Distributions to

Common Shareholders:

From net investment income

(0.90)

(0.91)

(1.00)

(1.02)

(1.05)

Increase From Auction Market Preferred Share Tender and Repurchase

--

--

0.12

--

--

Net Asset Value, End of Period

$15.37

$13.95

$16.08

$13.86

$13.49

Market Price, End of Period

$14.47

$12.47

$16.95

$14.89

$14.36

Total Return at Net Asset Value ⁴

17.09%

(7.76)%

23.90%

10.95%

9.90%

Total Return at Market Price ⁵

23.38%

(21.58)%

21.37%

11.91%

6.87%

1) Per share numbers have been calculated using the average shares method.

2) The amounts shown are based on Common Share equivalents.

3) Represents less than $0.01.

4) Total Return at Net Asset Value is the combination of changes in the Common Share net asset value, reinvested dividend income and reinvested capital gains distributions at net asset value, if any, and does not reflect the sales charge, if applicable.

5) Total Return at Market Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of the reinvestment.

FEDERATED PREMIER INTERMEDIATE MUNICIPAL INCOME FUND (FPT)

SUMMARY OF RESULTS OF OPERATIONS

(For a Common Share Outstanding Throughout Each Period)

Year Ended Nov. 30,

2014

2013

2012

2011

2010

Net Asset Value, Beginning of Period

$13.64

$15.27

$13.94

$13.57

$13.46

Income From Investment Operations:

Net investment income ¹

0.67

0.71

0.74

0.83

0.86

Net realized and unrealized gain (loss) on investments and futures contracts

0.90

(1.61)

1.22

0.36

0.13

Distributions to auction market preferred shareholders from net investment income ²

(0.00) ³

(0.00) ³

(0.00) ³

(0.01)

(0.01)

TOTAL FROM
INVESTMENT OPERATIONS

(1.57)

(0.90)

1.96

1.18

0.98

Less Distributions to

Common Shareholders:

From net investment income

(0.71)

(0.73)

(0.78)

(0.81)

(0.87)

Increase From Auction Market Preferred Share Tender and Repurchase

--

--

0.15

--

--

Net Asset Value, End of Period

$14.50

$13.64

$15.27

$13.94

$13.57

Market Price, End of Period

$12.59

$12.14

$16.09

$13.87

$13.60

Total Return at Net Asset Value ⁴

11.76%

(6.00)%

15.51%

9.06%

7.40%

Total Return at Market Price ⁵

9.59%

(20.33)%

22.29%

8.51%

6.38%

1) Per share numbers have been calculated using the average shares method.

2) The amounts shown are based on Common Share equivalents.

3) Represents less than $0.01.

4) Total Return at Net Asset Value is the combination of changes in the Common Share net asset value, reinvested dividend income and reinvested capital gains distributions at net asset value, if any, and does not reflect the sales charge, if applicable.

5) Total Return at Market Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of the reinvestment.