Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-05570
 
Nuveen Premium Income Municipal Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/12         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments (Unaudited) 
      
   
Nuveen Premium Income Municipal Fund, Inc. (NPI) 
      
   
January 31, 2012 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 4.7% (3.1% of Total Investments) 
      
$     4,050 
  
Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16 
6/12 at 100.00 
A1 
$   4,094,955 
   
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, 
      
   
Series 2006C-2: 
      
1,435 
  
5.000%, 11/15/36 (UB) 
11/16 at 100.00 
AA+ 
1,507,424 
4,000 
  
5.000%, 11/15/39 (UB) 
11/16 at 100.00 
AA+ 
4,187,600 
6,000 
  
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
AA+ 
6,281,400 
   
2006D, 5.000%, 11/15/39 (UB) 
      
   
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health 
      
   
System Inc., Series 2005A: 
      
6,000 
  
5.250%, 11/15/20 
11/15 at 100.00 
Baa2 
6,239,460 
1,300 
  
5.000%, 11/15/30 
11/15 at 100.00 
Baa2 
1,267,435 
12,000 
  
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, 
1/17 at 100.00 
AA+ 
12,300,000 
   
Series 2007A, 4.500%, 1/01/43 – BHAC Insured 
      
2,890 
  
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International 
6/15 at 100.00 
BBB 
2,917,513 
   
Paper Company, Series 2005A, 5.000%, 6/01/25 
      
5,020 
  
DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 
6/12 at 101.00 
A 
5,107,699 
   
5.250%, 6/01/18 
      
1,000 
  
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist 
11/14 at 100.00 
A3 (4) 
1,132,580 
   
Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) 
      
43,695 
  
Total Alabama 
    
45,036,066 
   
Alaska – 1.4% (0.9% of Total Investments) 
      
   
Anchorage, Alaska, General Obligation Refunding Bonds, Series 2003A: 
      
2,000 
  
5.250%, 9/01/17 (Pre-refunded 9/01/13) – FGIC Insured 
9/13 at 100.00 
AA (4) 
2,157,280 
2,035 
  
5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured 
9/13 at 100.00 
AA (4) 
2,195,032 
10,500 
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
B2 
8,628,270 
   
Series 2006A, 5.000%, 6/01/32 
      
14,535 
  
Total Alaska 
    
12,980,582 
   
Arizona – 2.1% (1.4% of Total Investments) 
      
   
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
      
   
Network, Series 2005B: 
      
500 
  
5.250%, 12/01/24 
12/15 at 100.00 
BBB 
515,290 
660 
  
5.250%, 12/01/25 
12/15 at 100.00 
BBB 
676,718 
9,720 
  
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 
No Opt. Call 
A+ 
10,369,102 
   
2010A, 5.000%, 7/01/40 
      
4,100 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A– 
4,076,466 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
      
4,130 
  
University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 – AMBAC Insured 
6/12 at 100.00 
AA– 
4,185,425 
19,110 
  
Total Arizona 
    
19,823,001 
   
Arkansas – 0.2% (0.1% of Total Investments) 
      
2,000 
  
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, 
2/15 at 100.00 
Baa1 
2,082,480 
   
Series 2005B, 5.000%, 2/01/25 
      
   
California – 22.4% (14.9% of Total Investments) 
      
9,200 
  
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 
No Opt. Call 
BBB+ 
6,092,240 
   
2004A, 0.000%, 10/01/20 – AMBAC Insured 
      
10,000 
  
Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 
9/17 at 100.00 
A1 
9,638,000 
   
2007A-1, 4.375%, 3/01/37 – FGIC Insured 
      
4,000 
  
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 
5/12 at 101.00 
Aaa 
4,098,640 
   
5/01/15 (Pre-refunded 5/01/12) 
      
5,400 
  
California Educational Facilities Authority, Revenue Bonds, University of Southern California, 
10/15 at 100.00 
Aa1 
5,773,086 
   
Series 2005, 4.750%, 10/01/28 (UB) 
      
1,500 
  
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 
11/15 at 100.00 
A2 
1,564,140 
   
2006, 5.000%, 11/01/30 
      
   
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist 
      
   
Health System/West, Series 2003A: 
      
3,730 
  
5.000%, 3/01/28 
3/13 at 100.00 
A 
3,771,217 
7,000 
  
5.000%, 3/01/33 
3/13 at 100.00 
A 
7,052,150 
5,425 
  
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, 
No Opt. Call 
A+ 
5,887,102 
   
Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 
      
8,560 
  
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, 
11/15 at 100.00 
AAA 
8,966,514 
   
Series 2005, 5.000%, 11/15/27 
      
8,570 
  
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, 
4/16 at 100.00 
A+ 
8,807,646 
   
Series 2006, 5.000%, 4/01/37 
      
4,250 
  
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA 
4,704,070 
   
Series 2009B, 5.500%, 10/01/39 
      
3,015 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
AA– 
3,103,309 
   
5.000%, 11/15/42 (UB) 
      
9,355 
  
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 
No Opt. Call 
A2 
9,890,948 
   
1993E, 5.500%, 6/01/15 
      
1,000 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
A2 
1,127,730 
   
2010A-1, 6.000%, 3/01/35 
      
   
California State, General Obligation Bonds, Series 2004: 
      
1,160 
  
5.125%, 2/01/25 
2/14 at 100.00 
A1 
1,238,602 
10,000 
  
5.125%, 2/01/26 
2/14 at 100.00 
A1 
10,612,500 
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
      
   
Health System, Series 2005A: 
      
1,640 
  
5.250%, 7/01/30 
7/15 at 100.00 
BBB 
1,636,080 
4,730 
  
5.000%, 7/01/39 
7/15 at 100.00 
BBB 
4,368,675 
5,000 
  
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
5,358,600 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
      
7,130 
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
No Opt. Call 
AA– 
9,581,009 
   
Option Bond Trust 3175, 13.832%, 5/15/14 (IF) 
      
3,130 
  
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 
No Opt. Call 
Aa3 
3,482,250 
905 
  
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM) 
No Opt. Call 
AAA 
1,011,500 
3,575 
  
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric 
6/14 at 102.00 
A 
3,826,573 
   
Company, Series 1996A, 5.300%, 7/01/21 
      
4,890 
  
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 
No Opt. Call 
AA+ 
2,576,590 
   
2006B, 0.000%, 8/01/26 – NPFG Insured 
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
7,200 
  
5.000%, 6/01/33 
6/17 at 100.00 
B– 
5,393,952 
2,000 
  
5.750%, 6/01/47 
6/17 at 100.00 
B– 
1,512,140 
3,000 
  
5.125%, 6/01/47 
6/17 at 100.00 
B– 
2,043,630 
5,000 
  
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 
No Opt. Call 
Aa2 
3,034,650 
   
11/01/24 – AGM Insured 
      
15,000 
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 
1/21 at 100.00 
AA 
16,716,300 
   
5.000%, 7/01/41 
      
590 
  
Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM) 
No Opt. Call 
Aaa 
709,469 
15,810 
  
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue 
No Opt. Call 
Aaa 
21,284,213 
   
Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) 
      
5,000 
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa2 (4) 
5,663,550 
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) 
      
2,000 
  
Redwood City School District, San Mateo County, California, General Obligation Bonds, Series 
7/12 at 100.00 
A+ 
2,031,380 
   
2002, 5.000%, 7/15/27 – FGIC Insured 
      
2,570 
  
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 
8/13 at 100.00 
A1 (4) 
2,757,841 
   
5.000%, 8/15/22 (Pre-refunded 8/15/13) – NPFG Insured 
      
1,130 
  
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 
No Opt. Call 
A+ 
1,193,043 
   
5.000%, 8/15/22 – NPFG Insured 
      
   
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 
      
400 
  
5.000%, 9/01/21 
9/15 at 102.00 
Baa3 
419,008 
445 
  
5.000%, 9/01/23 
9/15 at 102.00 
Baa3 
458,519 
3,500 
  
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – 
9/14 at 100.00 
A+ 
3,664,220 
   
NPFG Insured 
      
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
      
   
Refunding Bonds, Series 1997A: 
      
10,450 
  
0.000%, 1/15/31 – NPFG Insured 
No Opt. Call 
BBB 
2,626,294 
7,150 
  
0.000%, 1/15/32 – NPFG Insured 
No Opt. Call 
BBB 
1,670,669 
50,400 
  
0.000%, 1/15/34 – NPFG Insured 
No Opt. Call 
BBB 
10,179,792 
24,025 
  
0.000%, 1/15/36 – NPFG Insured 
No Opt. Call 
BBB 
4,194,525 
   
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
      
   
Redevelopment Project, Subordinate Lien Series 2011: 
      
1,000 
  
6.500%, 12/01/24 
No Opt. Call 
A 
1,165,490 
1,000 
  
6.625%, 12/01/25 
No Opt. Call 
A 
1,170,230 
1,325 
  
6.750%, 12/01/26 
No Opt. Call 
A 
1,570,589 
282,160 
  
Total California 
    
213,628,675 
   
Colorado – 1.8% (1.2% of Total Investments) 
      
2,500 
  
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 
12/14 at 100.00 
AA+ 
2,749,250 
   
2004, 5.000%, 12/01/21 – FGIC Insured 
      
690 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley 
9/15 at 100.00 
A 
735,236 
   
School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured 
      
2,125 
  
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan 
6/16 at 100.00 
A– 
2,167,628 
   
Society, Series 2005, 5.000%, 6/01/29 
      
1,000 
  
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 
9/14 at 100.00 
A3 
1,018,270 
   
5.000%, 9/01/25 
      
800 
  
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 
3/15 at 100.00 
A 
825,472 
   
5.000%, 3/01/25 
      
275 
  
Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 
4/12 at 105.00 
AA 
282,959 
   
7.250%, 10/01/31 (Alternative Minimum Tax) 
      
3,220 
  
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 
No Opt. Call 
A+ 
3,447,976 
   
(Alternative Minimum Tax) 
      
20,500 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – 
No Opt. Call 
BBB 
5,898,055 
   
NPFG Insured 
      
250 
  
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity 
7/20 at 100.00 
Baa3 
266,883 
   
Bonds, Series 2010, 6.000%, 1/15/41 
      
31,360 
  
Total Colorado 
    
17,391,729 
   
Connecticut – 0.5% (0.3% of Total Investments) 
      
1,930 
  
Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16 
No Opt. Call 
AA 
2,367,570 
2,310 
  
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System 
11/15 at 100.00 
A1 
2,454,190 
   
Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – NPFG Insured 
      
4,240 
  
Total Connecticut 
    
4,821,760 
   
Delaware – 0.1% (0.1% of Total Investments) 
      
1,000 
  
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., 
10/20 at 100.00 
AA 
1,091,330 
   
Series 2010A, 5.000%, 10/01/40 – NPFG Insured 
      
   
District of Columbia – 2.3% (1.6% of Total Investments) 
      
3,960 
  
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage 
6/12 at 100.00 
AA+ 
3,966,653 
   
Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) 
      
9,505 
  
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured 
No Opt. Call 
Aa2 
12,207,652 
2,130 
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
2,429,265 
   
Tender Option Bond Trust 1606, 11.636%, 10/01/30 – AMBAC Insured (IF) 
      
3,335 
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
3,803,367 
   
Tender Option Bond Trust 1730, 11.612%, 10/01/30 – AMBAC Insured (IF) 
      
18,930 
  
Total District of Columbia 
    
22,406,937 
   
Florida – 7.1% (4.7% of Total Investments) 
      
2,875 
  
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 
4/16 at 100.00 
A– 
3,030,221 
   
2005, 5.000%, 4/01/24 
      
2,000 
  
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Refunding 
10/21 at 100.00 
AA+ 
2,281,420 
   
Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax) 
      
8,000 
  
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/13 at 100.00 
A+ 
8,523,920 
   
Series 2003A, 5.375%, 10/01/16 – NPFG Insured (Alternative Minimum Tax) 
      
5,400 
  
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed 
4/12 at 100.00 
N/R 
5,042,790 
   
Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 
      
   
(Alternative Minimum Tax) 
      
8,000 
  
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 
No Opt. Call 
AA 
8,848,640 
19,750 
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 
7/16 at 100.00 
A 
20,238,023 
   
4.500%, 7/01/33 – AMBAC Insured 
      
7,475 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A2 
7,908,027 
   
5.000%, 10/01/41 
      
6,910 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
7,203,053 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
      
1,785 
  
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured 
10/15 at 100.00 
AA 
1,941,348 
2,375 
  
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 
8/15 at 100.00 
Aa3 
2,530,396 
   
8/01/22 – AGM Insured 
      
64,570 
  
Total Florida 
    
67,547,838 
   
Georgia – 1.6% (1.1% of Total Investments) 
      
2,625 
  
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science 
5/14 at 100.00 
Aa3 
2,829,488 
   
Building, Series 2004, 5.250%, 5/01/24 – NPFG Insured 
      
6,025 
  
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 
1/14 at 100.00 
Aa2 
6,388,368 
   
5.250%, 1/01/20 – AGM Insured 
      
5,010 
  
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, 
No Opt. Call 
Aa2 
5,991,810 
   
Series 1992P, 6.250%, 7/01/20 – AMBAC Insured 
      
13,660 
  
Total Georgia 
    
15,209,666 
   
Hawaii – 1.1% (0.8% of Total Investments) 
      
5,000 
  
Hawaii State, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – NPFG Insured 
9/13 at 100.00 
AA 
5,342,950 
5,000 
  
Hawaii State, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 (Pre-refunded 9/01/13) – 
9/13 at 100.00 
Aa2 (4) 
5,391,550 
   
NPFG Insured 
      
10,000 
  
Total Hawaii 
    
10,734,500 
   
Idaho – 0.3% (0.2% of Total Investments) 
      
   
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial 
      
   
Hospital, Series 2006: 
      
2,185 
  
5.250%, 9/01/30 
9/16 at 100.00 
BB+ 
1,972,225 
600 
  
5.250%, 9/01/37 
9/16 at 100.00 
BB+ 
520,764 
2,785 
  
Total Idaho 
    
2,492,989 
   
Illinois – 12.3% (8.2% of Total Investments) 
      
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
      
   
Revenues, Series 1998B-1: 
      
8,890 
  
0.000%, 12/01/16 – FGIC Insured 
No Opt. Call 
AA– 
7,968,107 
10,000 
  
0.000%, 12/01/20 – FGIC Insured 
No Opt. Call 
AA– 
7,552,600 
10,130 
  
0.000%, 12/01/24 – FGIC Insured 
No Opt. Call 
AA– 
6,216,781 
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
      
   
Revenues, Series 1999A: 
      
15,000 
  
0.000%, 12/01/21 – FGIC Insured 
No Opt. Call 
AA– 
10,770,600 
10,000 
  
0.000%, 12/01/23 – FGIC Insured 
No Opt. Call 
AA– 
6,526,300 
3,800 
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
AA 
4,246,728 
   
5.250%, 12/01/40 
      
2,630 
  
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/22 at 100.00 
AAA 
2,917,328 
13,310 
  
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA 
14,567,928 
8,810 
  
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois 
8/12 at 100.00 
Baa1 
8,822,951 
   
Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured 
      
   
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: 
      
1,050 
  
5.250%, 11/15/22 
5/14 at 100.00 
A 
1,093,670 
3,000 
  
5.250%, 11/15/23 
5/14 at 100.00 
A 
3,111,750 
985 
  
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 
1/16 at 100.00 
BB+ 
884,491 
2,880 
  
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
3,508,762 
1,225 
  
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
1,243,681 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
      
10,230 
  
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 
8/12 at 100.00 
BBB 
10,235,013 
   
5.250%, 8/01/27 – AMBAC Insured 
      
1,000 
  
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
1/16 at 100.00 
CCC 
615,080 
   
Revenue Bonds, Series 2005B, 5.250%, 1/01/30 
      
10,000 
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
AAA 
10,810,100 
   
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
      
6,450 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A3 
6,034,749 
   
Project, Series 1993A, 0.000%, 6/15/15 – FGIC Insured 
      
3,590 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A3 (4) 
3,490,162 
   
Project, Series 1993A, 0.000%, 6/15/15 – FGIC Insured (ETM) 
      
3,000 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
AAA 
4,275,870 
   
Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 
      
3,000 
  
Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris 
6/12 at 101.00 
BBB+ 
3,034,440 
   
Hospital, Series 2001, 6.625%, 12/01/31 
      
128,980 
  
Total Illinois 
    
117,927,091 
   
Indiana – 0.5% (0.3% of Total Investments) 
      
2,005 
  
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004, 
8/14 at 100.00 
Aaa 
2,207,405 
   
5.000%, 8/01/22 – AGM Insured 
      
2,500 
  
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 
12/20 at 100.00 
AA 
2,662,325 
   
5.000%, 12/01/37 
      
4,505 
  
Total Indiana 
    
4,869,730 
   
Iowa – 1.3% (0.8% of Total Investments) 
      
2,520 
  
Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel 
No Opt. Call 
AA+ (4) 
2,972,794 
   
Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM) 
      
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
      
10,000 
  
5.500%, 6/01/42 
6/15 at 100.00 
B+ 
7,546,800 
2,000 
  
5.625%, 6/01/46 
6/15 at 100.00 
B+ 
1,505,800 
14,520 
  
Total Iowa 
    
12,025,394 
   
Kansas – 0.7% (0.5% of Total Investments) 
      
6,000 
  
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21 (UB) 
3/14 at 100.00 
AAA 
6,496,140 
   
Kentucky – 2.0% (1.3% of Total Investments) 
      
3,800 
  
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
No Opt. Call 
Baa2 
4,237,722 
   
Medical Health System, Series 2010A, 6.500%, 3/01/45 
      
9,195 
  
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
Aa3 
10,485,978 
   
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 
      
   
Marshall County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 
      
   
Series 2004: 
      
1,210 
  
5.000%, 6/01/19 (Pre-refunded 6/01/14) – AMBAC Insured 
6/14 at 100.00 
Aa3 (4) 
1,339,071 
1,270 
  
5.000%, 6/01/20 (Pre-refunded 6/01/14) – AMBAC Insured 
6/14 at 100.00 
Aa3 (4) 
1,405,471 
1,335 
  
5.000%, 6/01/21 (Pre-refunded 6/01/14) – AMBAC Insured 
6/14 at 100.00 
Aa3 (4) 
1,477,404 
16,810 
  
Total Kentucky 
    
18,945,646 
   
Louisiana – 4.8% (3.2% of Total Investments) 
      
2,915 
  
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding 
12/12 at 100.00 
A+ (4) 
3,037,809 
   
Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured 
      
   
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care 
      
   
Corporation Project, Series 1994: 
      
215 
  
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
236,861 
1,995 
  
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
2,197,852 
2,000 
  
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
2,056,760 
   
Lady Health System, Series 2005A, 5.250%, 8/15/31 
      
5,800 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
5,933,400 
   
Series 2007A, 5.500%, 5/15/47 
      
4,305 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
Baa1 
4,960,953 
   
Series 2011, 6.750%, 5/15/41 
      
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: 
      
1,200 
  
5.000%, 5/01/25 – FGIC Insured 
5/15 at 100.00 
Aa1 
1,325,544 
2,210 
  
5.000%, 5/01/26 – FGIC Insured 
5/15 at 100.00 
Aa1 
2,441,210 
2,500 
  
5.000%, 5/01/27 – FGIC Insured 
5/15 at 100.00 
Aa1 
2,717,325 
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 
      
930 
  
4.750%, 5/01/39 – AGM Insured (UB) 
5/16 at 100.00 
Aa1 
973,431 
10,105 
  
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
10,397,641 
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2001B: 
      
350 
  
5.500%, 5/15/30 
5/12 at 100.00 
A1 
355,110 
8,785 
  
5.875%, 5/15/39 
5/12 at 100.00 
A– 
8,865,822 
43,310 
  
Total Louisiana 
    
45,499,718 
   
Maryland – 1.2% (0.8% of Total Investments) 
      
2,200 
  
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 
9/16 at 100.00 
BB+ 
2,151,820 
   
9/01/27 – SYNCORA GTY Insured 
      
450 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical 
7/21 at 100.00 
BBB 
512,069 
   
Center Issue, Series 2011, 6.000%, 7/01/25 
      
2,000 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County 
No Opt. Call 
BBB– 
2,112,040 
   
Hospital, Series 2008, 5.750%, 1/01/33 
      
3,445 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland 
7/16 at 100.00 
BBB 
3,545,043 
   
Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured 
      
2,995 
  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing 
7/12 at 100.00 
Aaa 
2,999,043 
   
Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) 
      
11,090 
  
Total Maryland 
    
11,320,015 
   
Massachusetts – 4.5% (3.0% of Total Investments) 
      
2,025 
  
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,126,372 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
2,825 
  
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden 
6/12 at 100.00 
A– 
2,827,543 
   
Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) 
      
700 
  
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 
7/21 at 100.00 
A 
763,273 
   
5.125%, 7/01/41 
      
3,820 
  
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 
1/14 at 100.00 
A1 (4) 
4,176,062 
   
1/01/24 (Pre-refunded 1/01/14) – FGIC Insured 
      
13,000 
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006, 
8/16 at 100.00 
AAA 
13,627,120 
   
4.375%, 8/01/36 (UB) 
      
5,960 
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 
8/17 at 100.00 
AA+ 
6,934,400 
   
8/01/25 – NPFG Insured 
      
5,535 
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 
2/17 at 100.00 
AA+ 
5,736,197 
   
8/01/46 – AGM Insured (UB) (5) 
      
6,700 
  
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue 
7/21 at 100.00 
A+ 
7,213,019 
   
Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
      
40,565 
  
Total Massachusetts 
    
43,403,986 
   
Michigan – 3.5% (2.3% of Total Investments) 
      
   
Detroit, Michigan, General Obligation Bonds, Series 2003A: 
      
3,565 
  
5.250%, 4/01/22 – SYNCORA GTY Insured 
4/13 at 100.00 
BB 
3,005,545 
1,275 
  
5.250%, 4/01/23 – SYNCORA GTY Insured 
4/13 at 100.00 
BB 
1,062,164 
3,000 
  
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 
7/15 at 100.00 
BB+ 
3,024,630 
   
6.000%, 7/01/35 
      
2,750 
  
Lansing Board of Water and Light, Michigan, Utility System Rvenue Bonds Series 2011A, 
7/21 at 100.00 
AA– 
3,198,690 
   
5.500%, 7/01/41 
      
10,000 
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 
10/13 at 100.00 
Aa3 
10,411,600 
   
5.000%, 10/15/23 – NPFG Insured 
      
1,000 
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 
No Opt. Call 
Aa3 
1,127,650 
   
2011-I-A, 5.375%, 10/15/41 
      
   
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
      
   
Series 2006A: 
      
725 
  
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB) 
12/16 at 100.00 
N/R (4) 
870,986 
3,275 
  
5.000%, 12/01/31 (UB) 
12/16 at 100.00 
AA 
3,443,171 
850 
  
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation 
6/16 at 100.00 
BBB– 
850,901 
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35 
      
6,390 
  
Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, 
12/12 at 100.00 
A2 
6,495,946 
   
5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax) 
      
32,830 
  
Total Michigan 
    
33,491,283 
   
Minnesota – 4.6% (3.1% of Total Investments) 
      
13,650 
  
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 
7/14 at 100.00 
A2 
14,315,847 
2,000 
  
Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, 
2/14 at 100.00 
N/R (4) 
2,203,780 
   
Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 
      
   
(Pre-refunded 2/15/14) 
      
   
Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills 
      
   
Project, Series 2001A: 
      
1,000 
  
6.150%, 8/20/31 
2/12 at 105.00 
Aaa 
1,051,410 
2,000 
  
6.200%, 2/20/43 
2/12 at 105.00 
Aaa 
2,102,480 
3,000 
  
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/20 at 100.00 
AA– 
3,325,140 
   
Senior Lien Series 2010A, 5.000%, 1/01/35 
      
90 
  
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, 
5/12 at 100.00 
A 
90,141 
   
Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured 
      
1,500 
  
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24 
10/14 at 100.00 
A3 
1,631,775 
1,545 
  
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., 
11/15 at 100.00 
BB+ 
1,572,007 
   
Series 2005, 6.000%, 11/15/25 
      
14,625 
  
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, 
11/15 at 103.00 
AA– 
17,670,510 
   
Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured 
      
39,410 
  
Total Minnesota 
    
43,963,090 
   
Mississippi – 0.8% (0.5% of Total Investments) 
      
6,875 
  
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
7,253,675 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 
      
   
Missouri – 0.6% (0.4% of Total Investments) 
      
2,000 
  
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
2,036,880 
   
Services – Heisinger Project, Series 2004, 5.250%, 2/01/24 
      
500 
  
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal 
3/16 at 100.00 
BBB+ 
520,980 
   
Regional Hospital, Series 2006, 5.000%, 3/01/22 
      
   
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing 
      
   
Project, Series 2005A: 
      
1,565 
  
6.000%, 6/01/20 
No Opt. Call 
A 
1,789,984 
1,660 
  
5.000%, 6/01/35 
6/15 at 100.00 
A 
1,705,235 
5,725 
  
Total Missouri 
    
6,053,079 
   
Nebraska – 0.3% (0.2% of Total Investments) 
      
1,620 
  
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 
2/17 at 100.00 
AA+ 
2,765,632 
   
2, Series 2006A, 20.018%, 8/01/40 – AMBAC Insured (IF) 
      
   
Nevada – 2.5% (1.7% of Total Investments) 
      
10,410 
  
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 
6/12 at 100.00 
AA (4) 
10,616,743 
   
(Pre-refunded 6/15/12) – NPFG Insured 
      
8,800 
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
9,889,792 
2,700 
  
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A 
3,227,229 
   
8.000%, 6/15/30 
      
21,910 
  
Total Nevada 
    
23,733,764 
   
New Hampshire – 0.0% (0.0% of Total Investments) 
      
340 
  
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, 
7/12 at 100.00 
Aa3 
340,527 
   
Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax) 
      
   
New Jersey – 8.0% (5.3% of Total Investments) 
      
10,150 
  
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District 
7/12 at 100.00 
AA– 
10,172,229 
   
Project, Series 1999B, 5.625%, 1/01/26 – AGM Insured 
      
275 
  
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center 
No Opt. Call 
B3 
167,841 
   
Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15 
      
   
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: 
      
3,655 
  
5.250%, 9/01/24 
9/15 at 100.00 
A+ 
4,068,819 
2,000 
  
5.250%, 9/01/26 
9/15 at 100.00 
A+ 
2,228,640 
300 
  
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine 
6/19 at 100.00 
Baa1 
367,104 
   
and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32 
      
800 
  
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BBB– 
832,776 
   
University Hospital, Series 2007, 5.750%, 7/01/37 
      
3,850 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
A+ 
4,763,336 
   
2006A, 5.250%, 12/15/20 
      
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C: 
      
5,410 
  
5.500%, 6/15/20 (Pre-refunded 6/15/13) 
6/13 at 100.00 
Aaa 
5,801,846 
9,250 
  
5.500%, 6/15/23 (Pre-refunded 6/15/13) 
6/13 at 100.00 
Aaa 
9,919,978 
7,330 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 
6/21 at 100.00 
A+ 
8,688,835 
   
5.500%, 6/15/31 
      
   
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A: 
      
3,915 
  
6.000%, 1/01/14 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
4,339,973 
7,585 
  
6.000%, 1/01/14 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
8,408,352 
2,500 
  
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured 
7/13 at 100.00 
A+ 
2,647,050 
9,130 
  
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured 
1/15 at 100.00 
AA– 
9,814,659 
4,535 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B1 
4,259,862 
   
Series 2007-1A, 4.500%, 6/01/23 
      
70,685 
  
Total New Jersey 
    
76,481,300 
   
New Mexico – 0.7% (0.5% of Total Investments) 
      
5,585 
  
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 
No Opt. Call 
AA– 
6,995,380 
   
1997, 6.000%, 2/01/27 – AGM Insured 
      
   
New York – 13.7% (9.1% of Total Investments) 
      
   
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
      
   
Bonds, Barclays Center Project, Series 2009: 
      
2,000 
  
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
2,126,660 
5,000 
  
0.000%, 7/15/44 
No Opt. Call 
BBB– 
770,750 
   
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, 
      
   
Series 2004A: 
      
1,000 
  
5.250%, 7/01/22 
7/14 at 100.00 
Aa3 
1,068,450 
500 
  
5.250%, 7/01/24 
7/14 at 100.00 
Aa3 
531,375 
1,025 
  
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 
7/14 at 100.00 
AA+ (4) 
1,145,366 
   
2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14) 
      
1,995 
  
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, 
7/14 at 100.00 
AA– 
2,163,438 
   
Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20 
      
5,325 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
3/21 at 100.00 
AAA 
5,990,465 
   
Purpose Series 2011C, 5.000%, 3/15/41 
      
2,335 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 
3/15 at 100.00 
AAA 
2,606,771 
   
2005F, 5.000%, 3/15/24 – AMBAC Insured 
      
6,915 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A 
6,860,579 
   
2/15/47 – NPFG Insured 
      
6,000 
  
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 
No Opt. Call 
A1 
6,599,760 
   
2005, 5.250%, 10/01/35 
      
   
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 
      
7,000 
  
5.000%, 12/01/23 – FGIC Insured 
6/16 at 100.00 
A– 
7,775,040 
5,000 
  
5.000%, 12/01/24 – FGIC Insured 
6/16 at 100.00 
A– 
5,520,550 
5,000 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 
11/16 at 100.00 
A– 
5,127,100 
   
5/01/33 – NPFG Insured 
      
3,900 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 
11/15 at 100.00 
A 
4,126,278 
   
5.000%, 11/15/30 – AMBAC Insured 
      
5,780 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 
11/15 at 100.00 
A 
6,115,356 
   
5.000%, 11/15/30 
      
750 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 
11/21 at 100.00 
A 
820,710 
   
5.000%, 11/15/41 
      
3,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, 
11/12 at 100.00 
A 
3,088,470 
   
Series 2002A, 5.125%, 11/15/21 – FGIC Insured 
      
   
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United 
      
   
Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A: 
      
2,185 
  
5.250%, 7/01/20 
7/14 at 100.00 
Aa1 
2,395,700 
2,050 
  
5.250%, 7/01/21 
7/14 at 100.00 
Aa1 
2,243,561 
2,420 
  
5.250%, 7/01/22 
4/14 at 100.00 
Aa1 
2,643,027 
1,370 
  
5.250%, 7/01/24 
4/14 at 100.00 
Aa1 
1,469,969 
3,125 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
3,580,000 
   
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
      
7,175 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22 
10/13 at 100.00 
AA 
7,710,829 
   
(WI/DD, Settling 2/09/12) 
      
5,325 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22 
10/13 at 100.00 
N/R (4) 
5,770,703 
   
(Pre-refunded 10/15/13) (WI/DD, Settling 2/09/12) 
      
95 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 
6/13 at 100.00 
AA 
100,899 
4,905 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 
6/13 at 100.00 
AA+ (4) 
5,249,037 
   
(Pre-refunded 6/01/13) 
      
7,960 
  
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB) 
4/15 at 100.00 
AA 
8,801,372 
6,000 
  
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/20 (UB) 
8/14 at 100.00 
AA 
6,651,900 
   
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005: 
      
5,000 
  
5.000%, 11/15/44 – AMBAC Insured 
11/15 at 100.00 
AA+ 
5,281,000 
1,630 
  
17.308%, 11/15/44 – AMBAC Insured (IF) 
11/15 at 100.00 
AA+ 
1,996,424 
650 
  
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 
6/12 at 100.00 
Baa1 
633,568 
   
6.500%, 6/01/35 
      
6,460 
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 
3/14 at 100.00 
AAA 
6,924,086 
   
2004A-1, 5.000%, 3/15/26 – FGIC Insured 
      
4,750 
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
3/14 at 101.00 
Aa2 
5,110,240 
   
Thirty-Fifth Series 2004, 5.000%, 9/15/28 – SYNCORA GTY Insured 
      
1,325 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
1,433,319 
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
      
124,950 
  
Total New York 
    
130,432,752 
   
North Carolina – 1.6% (1.0% of Total Investments) 
      
   
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
      
   
Series 2003G: 
      
5,785 
  
5.250%, 6/01/22 (UB) 
6/13 at 100.00 
AA+ 
6,121,051 
3,475 
  
5.250%, 6/01/23 (UB) 
6/13 at 100.00 
AA+ 
3,679,261 
2,850 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
3,234,294 
   
Bonds, Series 2008, Trust 1149, 15.087%, 7/15/32 (IF) (5) 
      
1,050 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, 
1/17 at 100.00 
AA– 
1,116,896 
   
Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 
      
1,000 
  
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, 
8/15 at 100.00 
N/R 
821,270 
   
National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 
      
   
(Alternative Minimum Tax) 
      
14,160 
  
Total North Carolina 
    
14,972,772 
   
Ohio – 1.4% (1.0% of Total Investments) 
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
250 
  
5.125%, 6/01/24 
6/17 at 100.00 
B– 
197,183 
2,850 
  
5.875%, 6/01/30 
6/17 at 100.00 
B– 
2,216,645 
2,745 
  
5.750%, 6/01/34 
6/17 at 100.00 
B– 
2,044,009 
6,285 
  
5.875%, 6/01/47 
6/17 at 100.00 
B– 
4,670,635 
1,000 
  
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding 
12/20 at 100.00 
A 
1,126,380 
   
Series 2011A, 5.375%, 12/01/30 
      
495 
  
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20 
6/13 at 100.00 
Aa1 
523,413 
2,225 
  
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20 
6/13 at 100.00 
N/R (4) 
2,372,206 
   
(Pre-refunded 6/01/13) 
      
665 
  
Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System 
11/12 at 100.00 
A– 
670,453 
   
Obligated Group, Series 2000A, 6.125%, 11/15/16 
      
16,515 
  
Total Ohio 
    
13,820,924 
   
Oklahoma – 2.5% (1.7% of Total Investments) 
      
1,050 
  
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 
9/16 at 100.00 
BB+ 
988,208 
   
9/01/36 
      
3,500 
  
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 
7/15 at 100.00 
AA 
3,912,055 
   
7/01/24 – AMBAC Insured 
      
   
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: 
      
6,840 
  
5.000%, 2/15/37 
No Opt. Call 
A 
7,141,302 
1,335 
  
5.000%, 2/15/42 
No Opt. Call 
A 
1,387,639 
10,035 
  
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA+ 
10,504,237 
   
System, Series 2006, 5.000%, 12/15/36 (UB) 
      
143 
  
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA+ 
155,156 
   
System, Series 2008, Trust 3500, 8.464%, 6/15/30 (IF) 
      
22,903 
  
Total Oklahoma 
    
24,088,597 
   
Oregon – 0.4% (0.3% of Total Investments) 
      
1,060 
  
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 
5/15 at 100.00 
AA 
1,143,146 
   
5.000%, 5/01/24 – AGM Insured 
      
2,500 
  
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 
11/14 at 100.00 
AAA 
2,815,625 
   
5.000%, 11/15/21 (Pre-refunded 11/15/14) 
      
3,560 
  
Total Oregon 
    
3,958,771 
   
Pennsylvania – 5.5% (3.7% of Total Investments) 
      
4,530 
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 
5/21 at 100.00 
A+ 
4,968,776 
980 
  
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, 
3/17 at 100.00 
BBB 
872,171 
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37 
      
   
Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall 
      
   
College, Series 2003C: 
      
1,340 
  
5.250%, 4/15/15 
4/13 at 100.00 
AA– 
1,405,915 
1,960 
  
5.250%, 4/15/17 
4/13 at 100.00 
AA– 
2,051,591 
1,670 
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue 
8/20 at 100.00 
AA 
1,827,164 
   
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 
      
870 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, 
11/20 at 100.00 
A– 
930,004 
   
Series 2010A, 5.000%, 11/01/40 
      
1,000 
  
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 
9/15 at 100.00 
Aa1 
1,112,210 
5,250 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue 
12/20 at 100.00 
Aa3 
4,624,358 
   
Bonds, Series 2010A-2, 0.000%, 12/01/34 
      
2,625 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – 
6/16 at 100.00 
Aa3 
2,863,271 
   
AMBAC Insured 
      
   
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1: 
      
4,505 
  
5.000%, 9/01/21 – AGM Insured 
9/14 at 100.00 
AA– 
4,773,138 
4,735 
  
5.000%, 9/01/22 – AGM Insured 
9/14 at 100.00 
AA– 
4,978,000 
7,570 
  
Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue 
4/12 at 100.00 
N/R 
7,475,526 
   
Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax) 
      
14,000 
  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AA+ (4) 
14,935,480 
   
District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured 
      
51,035 
  
Total Pennsylvania 
    
52,817,604 
   
Puerto Rico – 0.3% (0.2% of Total Investments) 
      
2,500 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 
8/17 at 100.00 
Aa2 
2,650,250 
   
5.250%, 8/01/57 
      
   
Rhode Island – 0.5% (0.3% of Total Investments) 
      
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2002A: 
      
1,020 
  
6.125%, 6/01/32 
6/12 at 100.00 
BBB 
1,020,867 
3,800 
  
6.250%, 6/01/42 
6/12 at 100.00 
Ba1 
3,800,000 
4,820 
  
Total Rhode Island 
    
4,820,867 
   
South Carolina – 4.5% (3.0% of Total Investments) 
      
8,610 
  
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, 
12/14 at 100.00 
AA– 
9,490,803 
   
GROWTH, Series 2004, 5.250%, 12/01/24 
      
   
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, 
      
   
Series 2003: 
      
5,090 
  
5.250%, 12/01/18 (UB) 
12/13 at 100.00 
AA 
5,463,759 
3,595 
  
5.250%, 12/01/20 (UB) 
12/13 at 100.00 
AA 
3,824,469 
1,865 
  
5.250%, 12/01/21 (UB) 
12/13 at 100.00 
AA 
1,978,467 
   
Lexington County Health Service District, South Carolina, Hospital Revenue Bonds, Series 2004: 
      
1,805 
  
6.000%, 5/01/19 (Pre-refunded 5/01/14) 
5/14 at 100.00 
AA– (4) 
2,031,690 
2,400 
  
5.500%, 5/01/24 (Pre-refunded 5/01/14) 
5/14 at 100.00 
AA– (4) 
2,674,560 
   
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement 
      
   
Revenue Bonds, Palmetto Health Alliance, Series 2003C: 
      
13,345 
  
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
14,514,689 
1,655 
  
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
1,804,000 
875 
  
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
AA– 
1,021,239 
   
Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 
      
39,240 
  
Total South Carolina 
    
42,803,676 
   
Tennessee – 1.5% (1.0% of Total Investments) 
      
6,400 
  
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain 
7/16 at 100.00 
BBB+ 
6,556,928 
   
States Health Alliance, Series 2006A, 5.500%, 7/01/36 
      
6,100 
  
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
1/17 at 31.69 
A– 
1,439,112 
   
Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40 
      
5,000 
  
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
10/19 at 100.00 
AA 
5,598,350 
   
Tennessee, Revenue Refunding Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39 
      
410 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
418,762 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
      
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
      
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
      
1,300 
  
5.500%, 11/01/37 (6), (7) 
11/17 at 100.00 
N/R 
96,083 
3,000 
  
5.500%, 11/01/46 (6), (7) 
11/17 at 100.00 
N/R 
221,730 
390 
  
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, 
7/13 at 100.00 
AA+ 
394,754 
   
7/01/34 (Alternative Minimum Tax) 
      
22,600 
  
Total Tennessee 
    
14,725,719 
   
Texas – 14.6% (9.7% of Total Investments) 
      
5,000 
  
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
N/R 
1,302,850 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (6) 
      
8,840 
  
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 
2/17 at 100.00 
AAA 
9,220,562 
   
4.250%, 8/15/36 (UB) 
      
2,150 
  
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC 
10/13 at 101.00 
CC 
387,473 
   
Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) 
      
2,500 
  
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman 
4/20 at 100.00 
Baa2 
2,705,625 
   
Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 
      
3,380 
  
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 
1/21 at 100.00 
BBB– 
3,627,991 
   
6.250%, 1/01/46 
      
2,500 
  
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
AA– 
2,753,825 
   
5.000%, 1/01/36 
      
3,500 
  
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 
11/20 at 100.00 
A+ 
3,752,035 
   
5.000%, 11/01/42 
      
4,000 
  
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 
5/12 at 100.00 
BBB 
3,506,880 
   
2001B, 5.250%, 11/15/40 – NPFG Insured 
      
5,000 
  
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 
5/14 at 100.00 
AA 
5,455,150 
   
5.250%, 5/15/25 – NPFG Insured 
      
4,000 
  
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 
11/21 at 100.00 
AA 
4,481,120 
   
5.000%, 11/15/40 
      
13,975 
  
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 
8/16 at 100.00 
AAA 
14,729,231 
   
2007A, 4.750%, 8/01/43 (UB) 
      
   
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
      
   
Memorial Hospital Project, Series 2005: 
      
2,000 
  
5.250%, 8/15/21 
No Opt. Call 
BBB– 
2,104,080 
2,800 
  
5.125%, 8/15/26 
No Opt. Call 
BBB– 
2,868,376 
4,000 
  
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
BBB– 
4,069,840 
   
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
      
1,505 
  
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services 
5/13 at 100.00 
A (4) 
1,602,374 
   
Corporation, Series 2003C, 5.250%, 5/15/23 (Pre-refunded 5/15/13) – AMBAC Insured 
      
   
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003: 
      
245 
  
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured 
5/13 at 100.00 
A1 (4) 
260,805 
125 
  
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured 
5/13 at 100.00 
A1 (4) 
132,378 
20 
  
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured 
5/13 at 100.00 
A1 (4) 
21,269 
3,010 
  
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, 
5/13 at 100.00 
A1 
3,152,885 
   
5.250%, 5/15/24 – AMBAC Insured 
      
5,650 
  
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 
1/18 at 100.00 
A3 
6,112,057 
   
5.750%, 1/01/38 
      
   
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011: 
      
2,070 
  
0.000%, 9/01/43 
9/31 at 100.00 
AA 
1,362,805 
8,470 
  
0.000%, 9/01/45 
9/31 at 100.00 
AA 
6,157,605 
11,000 
  
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender 
2/17 at 100.00 
AAA 
12,301,520 
   
Option Bond Trust 1124, 7.485%, 8/15/26 (IF) 
      
2,000 
  
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 
11/15 at 100.00 
CCC 
300,400 
   
2001C, 5.200%, 5/01/28 
      
12,130 
  
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
12,636,306 
   
Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 
      
7,255 
  
Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage 
6/12 at 104.00 
Aaa 
7,560,653 
   
Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing 
      
   
Center, Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1, 7.625%, 12/20/32 
      
5,000 
  
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 
3/13 at 100.00 
AAA 
5,250,200 
   
1999, 5.250%, 3/01/17 – AGM Insured 
      
2,985 
  
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.913%, 4/01/28 (IF) 
4/17 at 100.00 
AAA 
4,796,776 
25,000 
  
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
BBB+ 
14,725,750 
   
2002A, 0.000%, 8/15/24 – AMBAC Insured 
      
2,200 
  
Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 
7/15 at 100.00 
Aaa 
2,514,402 
   
2005, 5.000%, 7/01/20 (Pre-refunded 7/01/15) 
      
152,310 
  
Total Texas 
    
139,853,223 
   
Virginia – 1.1% (0.7% of Total Investments) 
      
5,000 
  
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, 
10/20 at 100.00 
AA– 
5,491,550 
   
Series 2010A, 5.000%, 10/01/39 
      
4,585 
  
Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue 
10/14 at 100.00 
N/R 
4,674,270 
   
Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) 
      
9,585 
  
Total Virginia 
    
10,165,820 
   
Washington – 3.0% (2.0% of Total Investments) 
      
2,500 
  
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, 
7/12 at 100.00 
Aa1 
2,554,775 
   
Series 2002A, 5.750%, 7/01/17 – NPFG Insured 
      
3,125 
  
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 
6/14 at 100.00 
A1 
3,411,688 
   
5.375%, 12/01/20 – NPFG Insured 
      
3,955 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical 
12/20 at 100.00 
Baa2 
4,053,361 
   
Center, Series 2010, 5.500%, 12/01/39 
      
   
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
      
   
Series 2002: 
      
1,705 
  
6.500%, 6/01/26 
6/13 at 100.00 
A3 
1,780,395 
2,715 
  
6.625%, 6/01/32 
6/13 at 100.00 
Baa1 
2,824,958 
6,480 
  
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 
No Opt. Call 
AA+ 
4,523,299 
   
6/01/24 – NPFG Insured 
      
11,050 
  
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured 
No Opt. Call 
AA+ 
9,420,788 
31,530 
  
Total Washington 
    
28,569,264 
   
Wisconsin – 3.7% (2.4% of Total Investments) 
      
   
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2002: 
      
665 
  
6.125%, 6/01/27 (Pre-refunded 6/01/12) 
6/12 at 100.00 
Aaa 
678,134 
300 
  
6.375%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
Aaa 
306,174 
   
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, 
      
   
Series 2003A: 
      
1,000 
  
5.125%, 8/01/22 (Pre-refunded 8/01/13) – AMBAC Insured 
8/13 at 100.00 
Aa3 (4) 
1,071,340 
750 
  
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured 
8/13 at 100.00 
Aa3 (4) 
803,505 
1,415 
  
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., 
2/19 at 100.00 
A3 
1,558,113 
   
Series 2009, 5.875%, 2/15/39 
      
9,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., 
4/13 at 100.00 
BBB+ 
9,259,110 
   
Series 2003, 6.400%, 4/15/33 
      
1,635 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., 
4/12 at 100.00 
BBB 
1,639,987 
   
Series 2001, 6.125%, 10/01/16 
      
790 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior 
5/16 at 100.00 
BBB 
795,498 
   
Healthcare, Series 2006, 5.000%, 5/01/32 
      
6,025 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
6,550,019 
   
Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 (Pre-refunded 9/01/13) 
      
4,995 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/17 at 100.00 
BBB+ 
5,024,970 
   
Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 
      
2,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
2,010,760 
   
Healthcare System, Series 2006, 5.250%, 8/15/34 
      
2,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/13 at 100.00 
BBB+ 
2,020,360 
   
Services Inc., Series 2003A, 5.250%, 8/15/25 
      
   
Wisconsin State, General Obligation Bonds, Series 2004-3: 
      
175 
  
5.250%, 5/01/19 – FGIC Insured 
5/14 at 100.00 
AA 
192,350 
130 
  
5.250%, 5/01/21 – FGIC Insured 
5/14 at 100.00 
AA 
142,607 
   
Wisconsin State, General Obligation Bonds, Series 2004-3: 
      
1,545 
  
5.250%, 5/01/19 (Pre-refunded 5/01/14) – FGIC Insured 
5/14 at 100.00 
Aa2 (4) 
1,706,108 
1,135 
  
5.250%, 5/01/21 (Pre-refunded 5/01/14) – FGIC Insured 
5/14 at 100.00 
Aa2 (4) 
1,253,353 
33,560 
  
Total Wisconsin 
    
35,012,388 
   
Wyoming – 0.4% (0.2% of Total Investments) 
      
3,400 
  
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 
12/15 at 100.00 
BBB+ 
3,441,509 
   
5.600%, 12/01/35 (Alternative Minimum Tax) 
      
$  1,491,473 
  
Total Long-Term Investments (cost $1,335,551,057) – 148.6% 
    
1,418,947,139 
   
Short-Term Investments – 1.8% (1.2% of Total Investments) 
      
   
Illinois – 0.6% (0.4% of Total Investments) 
      
5,585 
  
Central Lake County Joint Action Water Agency, Illinois, Water Revenue Bonds, Tender Option 
No Opt. Call 
N/R 
5,585,000 
   
Bond Trust B18, Variable Rate Demand Obligations, 0.100%, 5/01/20 – AMBAC Insured (8) 
      
   
Pennsylvania – 0.5% (0.3% of Total Investments) 
      
4,970 
  
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, 
No Opt. Call 
N/R 
4,970,000 
   
Tender Option Bond Trust 2028, Variable Rate Demand Obligations, 0.110%, 8/01/28 – AMBAC 
      
   
Insured (8) 
      
   
Texas – 0.7% (0.5% of Total Investments) 
      
7,000 
  
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Tender Option 
No Opt. Call 
F-1+ 
7,000,000 
   
Bond Trust 2043, Variable Rate Demand Obligations, 0.070%, 4/01/29 (8) 
      
$     17,555 
  
Total Short-Term Investments (cost $17,555,000) 
    
17,555,000 
   
Total Investments (cost $1,353,106,057) – 150.4% 
    
1,436,502,139 
   
Floating Rate Obligations – (10.5)% 
    
(100,039,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (42.1)% (9) 
    
(402,400,000) 
   
Other Assets Less Liabilities – 2.2% 
    
21,047,543 
   
Net Assets Applicable to Common Shares – 100% 
    
$   955,110,682 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of January 31, 2012:
 
 
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                      
Municipal Bonds 
 $ —     $ 1,418,629,326     $ 317,813     $ 1,418,947,139  
Short-Term Investments 
   —       17,555,000       —       17,555,000  
Total 
 $ —     $ 1,436,184,326     $ 317,813     $ 1,436,502,139  
 
The following is a reconciliation of the Fund's Level 3 investments held at the beginning and end of the measurement period:
 
 
Level 3 
 
Municipal Bonds 
Balance at the beginning of period 
$318,630 
Gains (losses): 
  
Net realized gains (losses) 
— 
Net change in unrealized appreciation (depreciation) 
(817) 
Purchases at cost 
— 
Sales at proceeds 
— 
Net discounts (premiums) 
— 
Transfers in to 
— 
Transfers out of 
— 
Balance at the end of period 
$317,813 
 
During the period ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At January 31, 2012, the cost of investments was $1,255,760,114.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2012, were as follows:
 
     
Gross unrealized: 
    
   Appreciation 
 $ 113,989,250  
   Depreciation 
   (33,372,059 ) 
Net unrealized appreciation (depreciation) of investments 
 $ 80,617,191  
 
     
(1) 
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
   
shares unless otherwise noted. 
(2) 
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
   
may be subject to periodic principal paydowns. 
(3) 
  
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service, 
   
Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or 
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any 
   
of these national rating agencies. 
(4) 
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, 
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(5) 
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(6) 
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income 
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the 
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s 
   
Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has 
   
directed the Fund’s custodian to cease accruing additional income on the Fund’s records. 
(7) 
  
For fair value measurement disclosure purposes, investment categorized as Level 3. 
(8) 
  
Investment has a maturity of more than one year, but has variable rate and demand features which qualify 
   
it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This 
   
rate changes periodically based on market conditions or a specified market index. 
(9) 
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments 
   
is 28.0%. 
N/R 
  
Not rated. 
WI/DD 
  
Purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's 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.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
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)  Nuveen Premium Income Municipal Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         March 30, 2012        
 
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 (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         March 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         March 30, 2012