npi.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage and Other Information
8
   
Common Share Dividend and Price Information
10
   
Performance Overviews
12
   
Portfolios of Investments
15
   
Statement of Assets and Liabilities
60
   
Statement of Operations
61
   
Statement of Changes in Net Assets
62
   
Statement of Cash Flows
63
   
Financial Highlights
64
   
Notes to Financial Statements
70
   
Reinvest Automatically, Easily and Conveniently
80
   
Glossary of Terms Used in this Report
82
   
Additional Fund Information
87

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
 
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
 
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 20, 2012
 
4
 
Nuveen Investments

 
 

 
 
Portfolio Managers’ Comments
 
Nuveen Premium Income Municipal Fund, Inc. (NPI)
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
 
Portfolio managers Paul Brennan and Chris Drahn review key investment strategies and the six-month performance of these three national Funds. With 21 years of investment experience, including 15 years at Nuveen, Paul has managed NPI and NPM since 2006. Chris, who has 32 years of financial industry experience, assumed portfolio management responsibility for NPT in January 2011.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
 
During this period, municipal bond prices generally rallied, amid strong demand despite yields that continued to be relatively low. The availability of municipal supply improved in recent months from 2011 levels, although the pattern of new issuance remained light compared with long-term historical trends. In addition, approximately half of the new bonds issued during this period came from borrowers that were calling existing debt and refinancing at lower rates.
 
In this environment, much of our investment activity was opportunistic. NPI and NPM found value in various sectors of the market, including health care, higher education and tax-supported bonds. In NPT, we took advantage of opportunities created by temporary market imbalances to purchase bonds in the intermediate part of the yield curve at attractive prices, specifically in the water revenue, electric revenue and tax-backed sectors where new issues were more plentiful. Although the pattern of issuance tended to be shorter on the yield curve during this period due to refunding activity, our focus generally remained on longer maturities in order to take advantage of attractive yields at the longer end of the municipal yield curve. The majority of our purchases were made in the mid-tier credit quality categories, bonds rated AA, A and BBB. Overall, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds. A sizeable number of bond calls and refundings provided a meaningful source of liquidity, which sometimes were reinvested in the new credits issued to replace the refunded bonds as a way of maintaining our exposure to those borrowers. Selling was minimal during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

Nuveen Investments
 
5

 
 

 
 
As of April 30, 2012, all three of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month period ended April 30, 2012?
 
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 4/30/12

Fund
6-Month
1-Year
5-Year
10-Year
NPI
9.68%
20.80%
5.81%
6.18%
NPM
9.05%
19.24%
6.27%
6.54%
NPT
10.49%
23.35%
6.70%
6.47%
Standard & Poor’s (S&P) Municipal Bond Index**
5.70%
11.89%
5.26%
5.42%
Lipper General & Insured Leveraged
       
Municipal Debt Funds Classification Average**
10.74%
23.04%
6.00%
6.68%
 
For the six months ended April 30, 2012, the cumulative returns on common share net asset value (NAV) for these three Funds exceeded the return for the Standard & Poor’s (S&P) Municipal Bond Index. For the same period, the Funds trailed the average return for the Lipper General and Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Among these three Funds, NPT was the most advantageously positioned in terms of duration and yield curve exposure, with overweightings in the longer segments of the yield curve that performed best. NPI and NPM were slightly less advantageously positioned, with durations a little short of their target. NPM, which had the shortest duration among the three Funds, was the most impacted by this positioning.
 
Credit exposure was an important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, the performance of all three of these Funds were boosted by their strong
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
   
 
For additional information, see the individual Performance Overview for your Fund in this report.
   
*
Six-month returns are cumulative; all other returns are annualized.
   
**
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
 
6
 
Nuveen Investments

 
 

 
 
exposures to the lower rated credit spectrum, with NPT benefiting the most from significant overweight in bonds rated A and BBB and underweight in both AAA and AA credits.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds, particularly NPT, were overweight in health care bonds, which enhanced their returns. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing market segments during this period, as these bonds benefited from several developments in the market, including increased demand for higher yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. NPI, NPM and NPT had allocations in the tobacco sector as of April 30, 2012.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, NPM had the heaviest weighting in pre-refunded bonds among these three Funds, which detracted from its performance. General obligation (GO) and other tax-supported bonds as well as utilities and housing credits also lagged the performance of the general municipal market for this period. These Funds generally had relatively light exposures to housing, and NPI and NPT also benefited from being underweighted in state and local GOs.
 
Nuveen Investments
 
7

 
 

 
 
Fund Leverage and
Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2012, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
VMTP Shares
       
      VMTP Shares Issued
Fund
Series
  at Liquidation Value
NPI
2014
 
$
402,400,000

VRDP Shares

    VRDP Shares Issued
Fund
  at Liquidation Value
NPM
 
$
489,500,000
NPT
 
$
262,200,000
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on VMTP Shares and VRDP Shares.)
 
8
 
Nuveen Investments

 
 

 
 
RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Nuveen Investments
 
9

 
 

 
 
Common Share Dividend
and Price Information
 
DIVIDEND INFORMATION
 
The monthly dividends of all three Funds in this report remained stable throughout the six-month reporting period ended April 30, 2012.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2012, all three Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
As of April 30, 2012, and since the inception of the Funds’ repurchase programs, NPM has cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NPI and NPT have not repurchased any of their outstanding common shares.
 
 
Common Shares
% of Outstanding
Fund
Repurchased and Retired
Common Shares
NPM
422,900
0.6%
 
During the six-month reporting period, NPM did not repurchase any of its outstanding common shares.
 
10
 
Nuveen Investments

 
 

 
As of April 30, 2012 and during the six-month reporting period, the Funds’ share prices were trading at (-) discounts to their NAVs as shown in the accompanying table.
 
 
4/30/12
Six-Month Average
Fund
(-) Discount
(-) Discount
NPI
(-)2.60%
(-)1.76%
NPM
(-)3.09%
(-)2.54%
NPT
(-)1.43%
(-)1.43%

Nuveen Investments
 
11

 
 

 
 
NPI
 
Nuveen Premium
Performance
 
Income Municipal
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 
 
Fund Snapshot
             
Common Share Price
       
$
14.59
 
Common Share Net Asset Value (NAV)
       
$
14.98
 
Premium/(Discount) to NAV
         
-2.60
%
Market Yield
         
6.29
%
Taxable-Equivalent Yield1
         
8.74
%
Net Assets Applicable to Common Shares ($000)
       
$
957,995
 
 
Leverage
             
Regulatory Leverage
         
29.58
%
Effective Leverage
         
36.37
%
 
Average Annual Total Returns
             
(Inception 7/18/88)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
11.04
%
 
9.68
%
1-Year
   
22.30
%
 
20.80
%
5-Year
   
6.83
%
 
5.81
%
10-Year
   
6.79
%
 
6.18
%
               
States3
             
(as a % of total investments)
             
California
         
15.2
%
Texas
         
9.7
%
New York
         
9.5
%
Illinois
         
8.4
%
New Jersey
         
5.3
%
Florida
         
4.8
%
Louisiana
         
3.2
%
Alabama
         
3.2
%
Pennsylvania
         
3.1
%
Minnesota
         
3.1
%
Massachusetts
         
3.0
%
South Carolina
         
3.0
%
Wisconsin
         
2.5
%
Michigan
         
2.5
%
Washington
         
2.0
%
Oklahoma
         
1.7
%
Other
         
19.8
%
               
Portfolio Composition3
             
(as a % of total investments)
             
Health Care
         
18.0
%
Tax Obligation/Limited
         
17.8
%
Transportation
         
14.9
%
U.S. Guaranteed
         
13.3
%
Tax Obligation/General
         
11.7
%
Water and Sewer
         
6.3
%
Utilities
         
5.6
%
Other
         
12.4
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 
12
 
Nuveen Investments

 
 

 

NPM
 
Nuveen Premium
Performance
 
Income Municipal
OVERVIEW
 
Fund 2, Inc.
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
15.07
 
Common Share Net Asset Value (NAV)
       
$
15.55
 
Premium/(Discount) to NAV
         
-3.09
%
Market Yield
         
6.33
%
Taxable-Equivalent Yield1
         
8.79
%
Net Assets Applicable to Common Shares ($000)
       
$
1,099,329
 
 
Leverage
             
Regulatory Leverage
         
30.81
%
Effective Leverage
         
36.92
%
               
Average Annual Total Returns
             
(Inception 7/23/92)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
9.00
%
 
9.05
%
1-Year
   
23.05
%
 
19.24
%
5-Year
   
7.28
%
 
6.27
%
10-Year
   
7.05
%
 
6.54
%
               
States4
             
(as a % of total investments)
             
Florida2
         
24.9
%
California
         
9.6
%
Illinois
         
9.2
%
Texas
         
5.2
%
Washington
         
5.2
%
New York
         
4.6
%
Nevada
         
4.5
%
New Jersey
         
3.6
%
Massachusetts
         
3.4
%
Michigan
         
3.3
%
Louisiana
         
3.3
%
South Carolina
         
3.0
%
Alabama
         
2.1
%
Other
         
18.1
%
               
Portfolio Composition4
             
(as a % of total investments)
             
Tax Obligation/Limited
         
19.3
%
Health Care
         
17.5
%
U.S. Guaranteed
         
15.6
%
Tax Obligation/General
         
14.6
%
Transportation
         
10.5
%
Water and Sewer
         
7.0
%
Education and Civic Organizations
         
4.8
%
Other
         
10.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
As noted in previous shareholder reports percentage includes assets acquired in the Reorganization of Nuveen Florida Investment Quality Municipal Fund (NQF) and Nuveen Florida Quality Income Municipal Fund (NUF).
3 Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
Nuveen Investments
 
13

 
 

 

NPT
 
Nuveen Premium
Performance
 
Income Municipal
OVERVIEW
 
Fund 4, Inc.
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
13.80
 
Common Share Net Asset Value (NAV)
       
$
14.00
 
Premium/(Discount) to NAV
         
-1.43
%
Market Yield
         
6.17
%
Taxable-Equivalent Yield1
         
8.57
%
Net Assets Applicable to Common Shares ($000)
       
$
605,953
 
 
Leverage
             
Regulatory Leverage
         
30.20
%
Effective Leverage
         
36.25
%
               
Average Annual Total Returns
             
(Inception 2/19/93)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
11.59
%
 
10.49
%
1-Year
   
27.82
%
 
23.35
%
5-Year
   
7.69
%
 
6.70
%
10-Year
   
7.04
%
 
6.47
%
               
States3
             
(as a % of total investments)
             
California
         
15.3
%
Texas
         
12.7
%
Illinois
         
11.9
%
Florida
         
5.2
%
Colorado
         
3.6
%
Louisiana
         
3.2
%
Michigan
         
3.0
%
New York
         
2.8
%
Alabama
         
2.6
%
Georgia
         
2.5
%
Indiana
         
2.4
%
New Jersey
         
2.4
%
Ohio
         
2.2
%
Pennsylvania
         
2.2
%
Puerto Rico
         
2.1
%
Washington
         
2.0
%
South Carolina
         
1.8
%
Rhode Island
         
1.7
%
Arizona
         
1.6
%
Other
         
18.8
%
               
Portfolio Composition3
             
(as a % of total investments)
             
Health Care
         
22.5
%
Tax Obligation/Limited
         
15.6
%
Tax Obligation/General
         
14.0
%
U.S. Guaranteed
         
13.7
%
Transportation
         
7.9
%
Utilities
         
7.1
%
Water and Sewer
         
6.6
%
Other
         
12.6
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 
14
 
Nuveen Investments

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc.
NPI
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Alabama – 4.7% (3.2% of Total Investments)
           
$
4,050
 
Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16 (Pre-refunded 6/01/12)
6/12 at 100.00
 
A (4)
$
4,070,615
 
     
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+
 
1,501,613
 
 
4,000
 
5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
4,197,600
 
 
6,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006D, 5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
6,281,100
 
     
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
 
6,235,200
 
 
1,300
 
5.000%, 11/15/30
11/15 at 100.00
 
Baa2
 
1,295,307
 
 
12,000
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
1/17 at 100.00
 
AA+
 
12,214,320
 
 
2,890
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
6/15 at 100.00
 
BBB
 
2,926,038
 
 
5,020
 
DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 5.250%, 6/01/18
6/12 at 101.00
 
A
 
5,081,294
 
 
1,000
 
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)
11/14 at 100.00
 
A3 (4)
 
1,118,870
 
 
43,695
 
Total Alabama
       
44,921,957
 
     
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)
 
2,133,080
 
 
2,035
 
5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured
9/13 at 100.00
 
AA+ (4)
 
2,170,409
 
 
10,500
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/14 at 100.00
 
BB–
 
9,020,235
 
 
14,535
 
Total Alaska
       
13,323,724
 
     
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
 
515,225
 
 
660
 
5.250%, 12/01/25
12/15 at 100.00
 
BBB
 
677,272
 
 
9,720
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
10,408,662
 
 
4,100
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
4,165,395
 
 
4,130
 
University of Arizona, Certificates of Participation, Series 2002B, 5.125%,
6/12 at 100.00
 
AA–
 
4,144,331
 
         6/01/18 – AMBAC Insured            
 
19,110
 
Total Arizona
       
19,910,885
 
     
Arkansas – 0.2% (0.1% of Total Investments)
           
 
2,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
2/15 at 100.00
 
Baa1
 
2,065,800
 
     
California – 22.6% (15.2% of Total Investments)
           
 
9,200
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
 
BBB+
 
6,136,492
 
 
10,000
 
Anaheim Public Finance Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
A1
 
9,969,400
 
 
5,400
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28 (UB)
10/15 at 100.00
 
Aa1
 
5,696,730
 
 
1,500
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30
11/15 at 100.00
 
A2
 
1,559,265
 

Nuveen Investments
 
15
 
 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
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
$
3,757,863
 
 
7,000
 
5.000%, 3/01/33
3/13 at 100.00
 
A
 
7,042,000
 
 
5,425
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)
No Opt. Call
 
A+
 
5,838,060
 
 
8,560
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27
11/15 at 100.00
 
AAA
 
8,985,518
 
 
8,570
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
4/16 at 100.00
 
A+
 
8,851,096
 
 
4,250
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
4,764,208
 
 
3,015
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
3,124,445
 
 
9,355
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15
No Opt. Call
 
A2
 
9,827,615
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35
3/20 at 100.00
 
A2
 
1,146,740
 
     
California State, General Obligation Bonds, Series 2004:
           
 
1,160
 
5.125%, 2/01/25
2/14 at 100.00
 
A1
 
1,225,517
 
 
10,000
 
5.125%, 2/01/26
2/14 at 100.00
 
A1
 
10,505,400
 
 
2,610
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
 
2,792,100
 
     
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
 
1,662,550
 
 
4,730
 
5.000%, 7/01/39
7/15 at 100.00
 
BBB
 
4,726,169
 
 
5,000
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
5,377,100
 
 
7,130
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.558%, 5/15/14 (IF)
No Opt. Call
 
AA–
 
9,792,841
 
 
3,130
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
No Opt. Call
 
Aa3
 
3,447,163
 
 
905
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
No Opt. Call
 
Aaa
 
1,002,731
 
 
3,575
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
6/14 at 102.00
 
A+
 
3,804,730
 
 
4,890
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured
No Opt. Call
 
AA+
 
2,591,504
 
     
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
 
BB–
 
5,684,472
 
 
2,000
 
5.750%, 6/01/47
6/17 at 100.00
 
BB–
 
1,648,080
 
 
3,000
 
5.125%, 6/01/47
6/17 at 100.00
 
BB–
 
2,231,430
 
 
5,000
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
 
Aa2
 
3,044,350
 
 
15,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
 
AA
 
16,592,400
 
 
590
 
Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)
No Opt. Call
 
Aaa
 
706,737
 
 
15,370
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)
No Opt. Call
 
Aaa
 
20,473,897
 
 
5,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
7/14 at 100.00
 
Baa2 (4)
 
5,601,700
 
 
2,000
 
Redwood City School District, San Mateo County, California, General Obligation Bonds, Series 2002, 5.000%, 7/15/27 – FGIC Insured
7/12 at 100.00
 
A+
 
2,014,780
 
 
2,570
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 (Pre-refunded 8/15/13) – NPFG Insured
8/13 at 100.00
 
A1 (4)
 
2,727,156
 

16
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,130
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 – NPFG Insured
8/13 at 100.00
 
A+
$
1,184,929
 
     
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
           
 
400
 
5.000%, 9/01/21
9/15 at 102.00
 
Baa3
 
415,716
 
 
445
 
5.000%, 9/01/23
9/15 at 102.00
 
Baa3
 
455,422
 
 
3,500
 
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – NPFG Insured
9/14 at 100.00
 
A+
 
3,631,355
 
     
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
 
3,107,412
 
 
7,150
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
 
BBB
 
1,962,103
 
 
50,400
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
 
BBB
 
12,137,328
 
 
24,025
 
0.000%, 1/15/36 – NPFG Insured
No Opt. Call
 
BBB
 
5,013,297
 
     
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:
           
 
1,000
 
6.500%, 12/01/24
12/21 at 100.00
 
A
 
1,149,670
 
 
1,000
 
6.625%, 12/01/25
12/21 at 100.00
 
A
 
1,149,310
 
 
1,325
 
6.750%, 12/01/26
12/21 at 100.00
 
A
 
1,545,215
 
 
280,330
 
Total California
       
216,103,996
 
     
Colorado – 1.9% (1.3% of Total Investments)
           
 
2,500
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/21 – FGIC Insured
12/14 at 100.00
 
AA+
 
2,730,450
 
 
690
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured
9/15 at 100.00
 
A
 
731,510
 
 
2,125
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
6/16 at 100.00
 
A–
 
2,154,283
 
 
1,000
 
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25
9/14 at 100.00
 
A3
 
1,012,990
 
 
800
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
3/15 at 100.00
 
A
 
825,696
 
 
225
 
Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 7.250%, 10/01/31 (Alternative Minimum Tax)
10/12 at 104.50
 
AA
 
231,631
 
 
3,220
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
3,406,599
 
 
20,500
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
BBB
 
6,415,475
 
 
250
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
Baa3
 
274,310
 
 
31,310
 
Total Colorado
       
17,782,944
 
     
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
 
2,336,053
 
 
2,310
 
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – NPFG Insured
11/15 at 100.00
 
A1
 
2,538,644
 
 
4,240
 
Total Connecticut
       
4,874,697
 
     
Delaware – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured
10/20 at 100.00
 
AA
 
1,087,620
 
     
District of Columbia – 2.3% (1.6% of Total Investments)
           
 
3,960
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)
6/12 at 100.00
 
AA+
 
3,967,286
 
 
9,505
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured
No Opt. Call
 
Aa2
 
12,300,040
 
 
2,130
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
 
AA+
 
2,364,151
 

Nuveen Investments
 
17

 
 

 

   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
District of Columbia (continued)
           
$
3,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.092%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
 
AA+
$
3,701,483
 
 
18,930
 
Total District of Columbia
       
22,332,960
 
     
Florida – 7.1% (4.8% of Total Investments)
           
 
2,875
 
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24
4/16 at 100.00
 
A–
 
2,999,229
 
 
2,000
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax)
10/21 at 100.00
 
AA+
 
2,234,800
 
 
8,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.375%, 10/01/16 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
A+
 
8,452,880
 
 
5,400
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
10/12 at 100.00
 
N/R
 
5,366,628
 
 
8,000
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39
4/20 at 100.00
 
AA
 
8,797,360
 
 
19,750
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 4.500%, 7/01/33 – AMBAC Insured
7/16 at 100.00
 
A
 
20,136,113
 
 
7,575
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41
10/20 at 100.00
 
A2
 
8,069,875
 
 
6,910
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
 
AA
 
7,191,030
 
 
1,785
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
 
AA
 
1,951,505
 
 
2,375
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/22 – AGM Insured
8/15 at 100.00
 
Aa3
 
2,513,724
 
 
64,670
 
Total Florida
       
67,713,144
 
     
Georgia – 1.6% (1.1% of Total Investments)
           
 
2,625
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004, 5.250%, 5/01/24 – NPFG Insured
5/14 at 100.00
 
Aa3
 
2,801,558
 
 
6,025
 
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%, 1/01/20 – AGM Insured
1/14 at 100.00
 
Aa2
 
6,345,289
 
 
5,010
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
No Opt. Call
 
Aa2
 
5,940,608
 
 
13,660
 
Total Georgia
       
15,087,455
 
     
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
 
5,293,100
 
 
5,000
 
Hawaii State, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
 
Aa2 (4)
 
5,331,300
 
 
10,000
 
Total Hawaii
       
10,624,400
 
     
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+
 
2,155,743
 
 
600
 
5.250%, 9/01/37
9/16 at 100.00
 
BB+
 
576,804
 
 
2,785
 
Total Idaho
       
2,732,547
 
     
Illinois – 12.4% (8.4% 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–
 
8,096,123
 
 
10,000
 
0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
7,624,400
 
 
10,130
 
0.000%, 12/01/24 – FGIC Insured
No Opt. Call
 
AA–
 
6,016,916
 
     
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–
 
10,717,350
 
 
10,000
 
0.000%, 12/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
6,354,500
 

18
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
3,800
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
$
4,221,344
 
 
2,630
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AAA
 
2,866,569
 
 
13,310
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
14,559,010
 
 
8,810
 
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured
8/12 at 100.00
 
Baa1
 
8,822,510
 
     
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:
           
 
1,050
 
5.250%, 11/15/22
5/14 at 100.00
 
A
 
1,085,238
 
 
3,000
 
5.250%, 11/15/23
5/14 at 100.00
 
A
 
3,091,830
 
 
985
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
 
BB+
 
912,494
 
 
2,880
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
3,649,824
 
 
1,970
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
Aa1
 
2,132,131
 
 
10,230
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 – AMBAC Insured
8/12 at 100.00
 
BBB
 
10,235,422
 
 
1,000
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/30
1/16 at 100.00
 
CCC
 
662,330
 
 
10,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
 
AAA
 
10,875,800
 
 
6,450
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/15 – FGIC Insured
No Opt. Call
 
A3
 
6,055,647
 
 
3,590
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/15 – FGIC Insured (ETM)
No Opt. Call
 
A3 (4)
 
3,507,215
 
 
3,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
No Opt. Call
 
Aaa
 
4,298,070
 
 
3,000
 
Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris Hospital, Series 2001, 6.625%, 12/01/31
6/12 at 101.00
 
BBB+
 
3,034,560
 
 
129,725
 
Total Illinois
       
118,819,283
 
     
Indiana – 0.5% (0.3% of Total Investments)
           
 
2,005
 
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 8/01/22 – AGM Insured
8/14 at 100.00
 
Aaa
 
2,188,838
 
 
2,500
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
 
AA
 
2,658,575
 
 
4,505
 
Total Indiana
       
4,847,413
 
     
Iowa – 1.3% (0.9% of Total Investments)
           
 
2,520
 
Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
AA+ (4)
 
2,930,508
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
10,000
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
8,169,400
 
 
2,000
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
1,631,540
 
 
14,520
 
Total Iowa
       
12,731,448
 
     
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
 
6,439,500
 
     
Kentucky – 2.0% (1.3% of Total Investments)
           
 
3,800
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
 
4,381,172
 
 
9,195
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30
6/21 at 100.00
 
Aa3
 
10,418,763
 

Nuveen Investments
 
19

 
 

 


   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky (continued)
           
     
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)
$
1,327,164
 
 
1,270
 
5.000%, 6/01/20 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
 
Aa3 (4)
 
1,392,974
 
 
1,335
 
5.000%, 6/01/21 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
 
Aa3 (4)
 
1,464,268
 
 
16,810
 
Total Kentucky
       
18,984,341
 
     
Louisiana – 4.7% (3.2% of Total Investments)
           
 
2,915
 
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured
12/12 at 100.00
 
A+ (4)
 
3,001,401
 
     
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)
 
240,379
 
 
1,995
 
11.000%, 2/01/14 (ETM)
No Opt. Call
 
N/R (4)
 
2,229,472
 
 
2,000
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
8/15 at 100.00
 
A+
 
2,050,500
 
 
5,800
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
5,948,944
 
 
4,305
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
Baa1
 
4,998,837
 
     
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
 
1,313,928
 
 
2,210
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
 
Aa1
 
2,419,817
 
 
2,500
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
 
Aa1
 
2,712,800
 
     
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
 
966,196
 
 
10,105
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
10,333,373
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
           
 
350
 
5.500%, 5/15/30
5/12 at 100.00
 
A1
 
352,555
 
 
8,785
 
5.875%, 5/15/39
5/12 at 100.00
 
A–
 
8,820,316
 
 
43,310
 
Total Louisiana
       
45,388,518
 
     
Maryland – 1.2% (0.8% of Total Investments)
           
 
2,200
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
 
BB+
 
2,178,154
 
 
450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25
7/21 at 100.00
 
BBB
 
529,070
 
 
2,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33
1/18 at 100.00
 
BBB
 
2,112,980
 
 
3,445
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
7/16 at 100.00
 
BBB
 
3,543,803
 
 
2,995
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
7/12 at 100.00
 
Aaa
 
2,999,253
 
 
11,090
 
Total Maryland
       
11,363,260
 
     
Massachusetts – 4.5% (3.0% of Total Investments)
           
 
2,025
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,202,431
 
 
2,825
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)
6/12 at 100.00
 
A–
 
2,827,825
 
 
700
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
759,073
 
 
3,820
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
 
A1 (4)
 
4,132,285
 
 
13,000
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006, 4.375%, 8/01/36 (UB)
8/16 at 100.00
 
AAA
 
13,531,310
 

20
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
5,960
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
AA+
$
6,929,156
 
 
5,535
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
5,699,057
 
 
6,700
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
A+
 
7,175,164
 
 
40,565
 
Total Massachusetts
       
43,256,301
 
     
Michigan – 3.6% (2.5% 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
 
3,218,518
 
 
1,275
 
5.250%, 4/01/23 – SYNCORA GTY Insured
4/13 at 100.00
 
BB
 
1,142,477
 
 
3,000
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/15 at 100.00
 
BB+
 
3,073,440
 
 
3,580
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds Series 2011A, 5.500%, 7/01/41
7/21 at 100.00
 
AA–
 
4,144,888
 
 
10,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/23 – NPFG Insured
10/13 at 100.00
 
Aa3
 
10,577,900
 
 
1,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa3
 
1,121,180
 
     
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)
 
860,945
 
 
3,275
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
AA
 
3,428,336
 
 
850
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
 
BBB
 
858,458
 
 
6,390
 
Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, 5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax)
12/12 at 100.00
 
A2
 
6,464,507
 
 
33,660
 
Total Michigan
       
34,890,649
 
     
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
 
14,205,692
 
 
2,000
 
Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 (Pre-refunded 2/15/14)
2/14 at 100.00
 
N/R (4)
 
2,175,740
 
     
Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills Project, Series 2001A:
           
 
1,000
 
6.150%, 8/20/31
8/12 at 104.00
 
Aa1
 
1,051,570
 
 
2,000
 
6.200%, 2/20/43
8/12 at 104.00
 
Aa1
 
2,102,600
 
 
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35
1/20 at 100.00
 
AA–
 
3,307,680
 
 
90
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured
11/12 at 100.00
 
A
 
90,127
 
 
1,500
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24
10/14 at 100.00
 
A3
 
1,639,155
 
 
1,545
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
11/15 at 100.00
 
BBB–
 
1,588,492
 
 
14,625
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured
11/15 at 103.00
 
AA–
 
17,552,048
 
 
39,410
 
Total Minnesota
       
43,713,104
 
     
Mississippi – 0.7% (0.5% of Total Investments)
           
 
6,875
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
9/14 at 100.00
 
AA
 
7,183,481
 
     
Missouri – 0.6% (0.4% of Total Investments)
           
 
2,000
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24
2/14 at 100.00
 
BBB+
 
2,030,000
 

Nuveen Investments
 
21

 
 

 


   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri (continued)
           
$
500
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
3/16 at 100.00
 
BBB+
$
516,820
 
     
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
           
 
1,565
 
6.000%, 6/01/20
No Opt. Call
 
A
 
1,785,055
 
 
1,660
 
5.000%, 6/01/35
6/15 at 100.00
 
A
 
1,700,172
 
 
5,725
 
Total Missouri
       
6,032,047
 
     
Nebraska – 0.3% (0.2% of Total Investments)
           
 
1,620
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
 
AA+
 
2,703,197
 
     
Nevada – 2.4% (1.6% of Total Investments)
           
 
10,410
 
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 (Pre-refunded 6/15/12) – NPFG Insured
6/12 at 100.00
 
AA (4)
 
10,479,227
 
 
8,800
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
Aa3
 
9,841,832
 
 
2,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB–
 
2,955,096
 
 
21,910
 
Total Nevada
       
23,276,155
 
     
New Hampshire – 0.0% (0.0% of Total Investments)
           
 
340
 
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax)
7/12 at 100.00
 
Aa3
 
340,578
 
     
New Jersey – 7.9% (5.3% of Total Investments)
           
 
10,150
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District Project, Series 1999B, 5.625%, 1/01/26 – AGM Insured
7/12 at 100.00
 
AA–
 
10,170,199
 
 
275
 
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15
No Opt. Call
 
B3
 
174,721
 
     
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
           
 
3,655
 
5.250%, 9/01/24
9/15 at 100.00
 
A+
 
4,030,442
 
 
2,000
 
5.250%, 9/01/26
9/15 at 100.00
 
A+
 
2,207,480
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32
6/19 at 100.00
 
A–
 
364,323
 
 
800
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BBB–
 
841,200
 
 
3,850
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A+
 
4,714,287
 
     
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
 
5,728,379
 
 
9,250
 
5.500%, 6/15/23 (Pre-refunded 6/15/13)
6/13 at 100.00
 
Aaa
 
9,794,363
 
 
7,330
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31
6/21 at 100.00
 
A+
 
8,494,297
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:
           
 
3,915
 
6.000%, 1/01/14 – NPFG Insured (ETM)
No Opt. Call
 
A+ (4)
 
4,287,356
 
 
7,585
 
6.000%, 1/01/14 – NPFG Insured (ETM)
No Opt. Call
 
A+ (4)
 
8,306,409
 
 
2,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
 
A+
 
2,622,700
 
 
9,130
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
 
AA–
 
9,699,712
 
 
4,535
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
6/17 at 100.00
 
B1
 
4,302,899
 
 
70,685
 
Total New Jersey
       
75,738,767
 
     
New Mexico – 0.7% (0.5% of Total Investments)
           
 
5,585
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured
No Opt. Call
 
AA–
 
6,952,376
 

22
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York – 14.1% (9.5% 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–
$
2,219,540
 
 
5,000
 
0.000%, 7/15/44
No Opt. Call
 
BBB–
 
813,000
 
 
4,800
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
 
AA–
 
5,365,632
 
     
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
 
1,059,430
 
 
500
 
5.250%, 7/01/24
7/14 at 100.00
 
Aa3
 
526,510
 
 
1,025
 
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14)
7/14 at 100.00
 
AA+ (4)
 
1,135,926
 
 
1,995
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20
7/14 at 100.00
 
AA–
 
2,146,939
 
 
5,325
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
3/21 at 100.00
 
AAA
 
5,901,804
 
 
2,335
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
3/15 at 100.00
 
AAA
 
2,591,079
 
 
6,915
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
A
 
6,884,436
 
 
6,000
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A1
 
6,578,100
 
     
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
 
7,704,480
 
 
5,000
 
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
 
A
 
5,458,150
 
 
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
 
A
 
5,100,400
 
 
3,900
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
 
A
 
4,108,494
 
 
5,780
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
11/15 at 100.00
 
A
 
6,088,999
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
A
 
808,680
 
 
3,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 – FGIC Insured
11/12 at 100.00
 
A
 
3,061,050
 
     
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
 
2,376,122
 
 
2,050
 
5.250%, 7/01/21
7/14 at 100.00
 
Aa1
 
2,225,624
 
 
2,420
 
5.250%, 7/01/22
4/14 at 100.00
 
Aa1
 
2,622,433
 
 
1,370
 
5.250%, 7/01/24
4/14 at 100.00
 
Aa1
 
1,452,310
 
 
3,125
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
3,561,594
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2003D:
           
 
5,325
 
5.250%, 10/15/22 (Pre-refunded 10/15/13)
10/13 at 100.00
 
Aa2 (4)
 
5,711,702
 
 
7,175
 
5.250%, 10/15/22 (Pre-refunded 10/15/13)
10/13 at 100.00
 
AA (4)
 
7,696,049
 
 
95
 
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23
6/13 at 100.00
 
AA
 
99,863
 
 
4,905
 
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 (Pre-refunded 6/01/13)
6/13 at 100.00
 
AAA
 
5,185,860
 
 
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
 
8,730,050
 
 
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
 
6,594,660
 

Nuveen Investments
 
23

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
     
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+
$
5,246,850
 
 
1,630
 
16.498%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
 
AA+
 
1,951,892
 
 
650
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35
6/12 at 100.00
 
Baa1
 
640,036
 
 
6,460
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/26 – FGIC Insured
3/14 at 100.00
 
AAA
 
6,918,079
 
 
4,750
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fifth Series 2004, 5.000%, 9/15/28 – SYNCORA GTY Insured
3/14 at 101.00
 
Aa2
 
5,087,915
 
 
1,325
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
BBB–
 
1,472,579
 
 
129,750
 
Total New York
       
135,126,267
 
     
North Carolina – 1.6% (1.1% 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+
 
6,062,275
 
 
3,475
 
5.250%, 6/01/23 (UB)
6/13 at 100.00
 
AA+
 
3,643,503
 
 
2,850
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.827%, 7/15/32 (IF) (5)
1/18 at 100.00
 
AA–
 
3,219,759
 
 
1,050
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
1/17 at 100.00
 
AA–
 
1,112,391
 
 
1,000
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
8/15 at 100.00
 
N/R
 
844,780
 
 
14,160
 
Total North Carolina
       
14,882,708
 
     
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
 
204,368
 
 
2,850
 
5.875%, 6/01/30
6/17 at 100.00
 
B+
 
2,296,815
 
 
2,745
 
5.750%, 6/01/34
6/17 at 100.00
 
BB
 
2,142,143
 
 
6,285
 
5.875%, 6/01/47
6/17 at 100.00
 
BB
 
4,912,356
 
 
1,000
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30
12/20 at 100.00
 
A
 
1,110,180
 
 
495
 
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20
6/13 at 100.00
 
Aa1
 
518,616
 
 
2,225
 
Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20 (Pre-refunded 6/01/13)
6/13 at 100.00
 
N/R (4)
 
2,344,772
 
 
15,850
 
Total Ohio
       
13,529,250
 
     
Oklahoma – 2.5% (1.7% of Total Investments)
           
 
1,050
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BB+
 
1,019,676
 
 
3,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
 
AA
 
3,874,850
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
6,840
 
5.000%, 2/15/37
2/17 at 100.00
 
A
 
7,154,914
 
 
1,335
 
5.000%, 2/15/42
2/17 at 100.00
 
A
 
1,390,536
 
 
10,035
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
10,495,406
 
 
143
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.325%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
154,928
 
 
22,903
 
Total Oklahoma
       
24,090,310
 

24
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Oregon – 0.4% (0.3% of Total Investments)
           
$
1,060
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/24 – AGM Insured
5/15 at 100.00
 
AA
$
1,130,967
 
 
2,500
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 5.000%, 11/15/21 (Pre-refunded 11/15/14)
11/14 at 100.00
 
AAA
 
2,791,525
 
 
3,560
 
Total Oregon
       
3,922,492
 
     
Pennsylvania – 4.6% (3.1% 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+
 
4,913,238
 
 
980
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB
 
908,950
 
     
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–
 
1,401,064
 
 
1,960
 
5.250%, 4/15/17
4/13 at 100.00
 
AA–
 
2,047,004
 
 
1,670
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
 
AA
 
1,833,025
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
 
Aa1
 
1,098,530
 
 
5,250
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
12/20 at 100.00
 
AA
 
4,787,160
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
Aa3
 
2,933,018
 
     
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–
 
4,744,711
 
 
4,735
 
5.000%, 9/01/22 – AGM Insured
9/14 at 100.00
 
AA–
 
4,949,638
 
 
14,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
 
AA+ (4)
 
14,753,620
 
 
42,595
 
Total Pennsylvania
       
44,369,958
 
     
Puerto Rico – 0.3% (0.2% of Total Investments)
           
 
2,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57
8/17 at 100.00
 
Aa2
 
2,639,050
 
     
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+
 
1,023,672
 
 
3,860
 
6.250%, 6/01/42
6/12 at 100.00
 
BBB+
 
3,874,629
 
 
4,880
 
Total Rhode Island
       
4,898,301
 
     
South Carolina – 4.4% (3.0% of Total Investments)
           
 
8,610
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/24
12/14 at 100.00
 
AA–
 
9,390,324
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
           
 
5,090
 
5.250%, 12/01/18
12/13 at 100.00
 
AA
 
5,418,000
 
 
3,595
 
5.250%, 12/01/20
12/13 at 100.00
 
AA
 
3,796,859
 
 
1,865
 
5.250%, 12/01/21
12/13 at 100.00
 
AA
 
1,964,889
 
     
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)
 
2,009,055
 
 
2,400
 
5.500%, 5/01/24 (Pre-refunded 5/01/14)
5/14 at 100.00
 
AA– (4)
 
2,647,368
 
     
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)
 
14,340,003
 
 
1,655
 
6.375%, 8/01/34 (Pre-refunded 8/01/13)
8/13 at 100.00
 
BBB+ (4)
 
1,779,489
 
 
875
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
 
AA–
 
1,029,009
 
 
39,240
 
Total South Carolina
       
42,374,996
 

Nuveen Investments
 
25

 
 

 

   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tennessee – 1.5% (1.0% of Total Investments)
           
$
6,400
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
$
6,686,144
 
 
6,100
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40
1/17 at 31.69
 
A
 
1,471,869
 
 
5,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39
10/19 at 100.00
 
AA+
 
5,536,150
 
 
410
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
 
419,451
 
     
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)
11/17 at 100.00
 
N/R
 
25,987
 
 
3,000
 
5.500%, 11/01/46 (6)
11/17 at 100.00
 
B–
 
59,970
 
 
190
 
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, 7/01/34 (Alternative Minimum Tax)
7/13 at 100.00
 
AA+
 
192,242
 
 
22,400
 
Total Tennessee
       
14,391,813
 
     
Texas – 14.3% (9.7% of Total Investments)
           
 
5,000
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (6)
12/12 at 100.00
 
N/R
 
2,684,550
 
 
8,840
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
2/17 at 100.00
 
AAA
 
9,159,389
 
 
2,150
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)
10/13 at 101.00
 
CC
 
279,264
 
 
2,500
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
 
Baa2
 
2,692,100
 
 
3,380
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB–
 
3,736,590
 
 
2,500
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
1/21 at 100.00
 
AA–
 
2,743,900
 
 
3,500
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42
11/20 at 100.00
 
A+
 
3,754,100
 
 
4,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
5/12 at 100.00
 
BBB
 
3,999,800
 
 
5,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
 
AA
 
5,395,050
 
 
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
4,440,240
 
 
13,975
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 (UB)
8/16 at 100.00
 
AAA
 
14,644,962
 
     
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
           
 
2,000
 
5.250%, 8/15/21
2/16 at 100.00
 
BBB–
 
2,098,080
 
 
2,800
 
5.125%, 8/15/26
2/16 at 100.00
 
BBB–
 
2,846,816
 
 
4,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
BBB–
 
4,146,200
 
 
1,505
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/23 (Pre-refunded 5/15/13) – AMBAC Insured
5/13 at 100.00
 
A+ (4)
 
1,583,651
 
     
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)
 
257,765
 
 
125
 
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
5/13 at 100.00
 
A1 (4)
 
130,961
 
 
20
 
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
5/13 at 100.00
 
A1 (4)
 
21,025
 
 
20
 
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
5/13 at 100.00
 
A1 (4)
 
21,025
 
 
2,990
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, 5.250%, 5/15/24 – AMBAC Insured
5/13 at 100.00
 
A1
 
3,103,381
 
 
5,650
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
6,106,633
 

26
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
$
2,070
 
0.000%, 9/01/43
9/31 at 100.00
 
AA
$
1,345,997
 
 
8,470
 
0.000%, 9/01/45
9/31 at 100.00
 
AA
 
6,088,405
 
 
11,000
 
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.430%, 8/15/26 (IF)
2/17 at 100.00
 
AAA
 
12,113,750
 
 
2,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
11/15 at 100.00
 
CCC
 
205,160
 
 
12,130
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA–
 
12,742,565
 
 
3,615
 
Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage 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
6/12 at 104.00
 
Aaa
 
3,767,155
 
 
1,045
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.250%, 3/01/17 (Pre-refunded 3/01/13) – AGM Insured
3/13 at 100.00
 
Aa1 (4)
 
1,088,953
 
 
3,955
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.250%, 3/01/17 – AGM Insured
3/13 at 100.00
 
AAA
 
4,109,561
 
 
2,985
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.571%, 4/01/28 (IF)
4/17 at 100.00
 
Aaa
 
4,671,316
 
 
25,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/24 – AMBAC Insured
No Opt. Call
 
BBB+
 
14,614,000
 
 
2,200
 
Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 (Pre-refunded 7/01/15)
7/15 at 100.00
 
Aaa
 
2,509,782
 
 
148,670
 
Total Texas
       
137,102,126
 
     
Virginia – 1.4% (0.9% of Total Investments)
           
 
5,000
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39
10/20 at 100.00
 
AA–
 
5,460,750
 
 
4,585
 
Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)
10/14 at 100.00
 
N/R
 
4,696,599
 
 
3,020
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
3,116,640
 
 
12,605
 
Total Virginia
       
13,273,989
 
     
Washington – 3.0% (2.0% of Total Investments)
           
 
2,500
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series 2002A, 5.750%, 7/01/17 – NPFG Insured
7/12 at 100.00
 
Aa1
 
2,522,400
 
 
3,125
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/20 – NPFG Insured
6/14 at 100.00
 
A1
 
3,381,906
 
 
3,955
 
Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
 
Baa2
 
4,090,103
 
     
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
           
 
1,675
 
6.500%, 6/01/26
6/13 at 100.00
 
A3
 
1,741,715
 
 
2,715
 
6.625%, 6/01/32
6/13 at 100.00
 
Baa1
 
2,817,600
 
 
6,480
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – NPFG Insured
No Opt. Call
 
AA+
 
4,531,140
 
 
11,050
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
 
AA+
 
9,446,314
 
 
31,500
 
Total Washington
       
28,531,178
 
     
Wisconsin – 3.7% (2.5% 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
 
668,372
 
 
300
 
6.375%, 6/01/32 (Pre-refunded 6/01/12)
6/12 at 100.00
 
Aaa
 
301,572
 
     
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)
 
1,059,610
 
 
750
 
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured
8/13 at 100.00
 
Aa3 (4)
 
794,708
 

Nuveen Investments
 
27

 
 

 


   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
           
$
1,415
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
$
1,564,693
 
 
9,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33
4/13 at 100.00
 
A
 
9,215,820
 
 
1,635
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., Series 2001, 6.125%, 10/01/16
10/12 at 100.00
 
BBB
 
1,640,036
 
 
790
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
 
BBB
 
796,691
 
 
6,025
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 (Pre-refunded 9/01/13)
9/13 at 100.00
 
BBB+ (4)
 
6,469,223
 
 
4,995
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
9/17 at 100.00
 
BBB+
 
5,091,853
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34
8/16 at 100.00
 
A–
 
2,072,420
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.250%, 8/15/25
8/13 at 100.00
 
A–
 
2,031,900
 
     
Wisconsin State, General Obligation Bonds, Series 2004-3:
           
 
175
 
5.250%, 5/01/19 – FGIC Insured
5/14 at 100.00
 
AA
 
190,570
 
 
130
 
5.250%, 5/01/21 – FGIC Insured
5/14 at 100.00
 
AA
 
141,322
 
     
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)
 
1,692,300
 
 
1,135
 
5.250%, 5/01/21 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
 
Aa2 (4)
 
1,243,211
 
 
33,560
 
Total Wisconsin
       
34,974,301
 
     
Wyoming – 0.4% (0.2% of Total Investments)
           
 
3,400
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
12/15 at 100.00
 
BBB+
 
3,513,356
 
$
1,486,173
 
Total Investments (cost $1,335,028,272) – 148.1%
       
1,418,842,642
 
     
Floating Rate Obligations – (9.6)%
       
(92,124,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (42.0)% (7)
       
(402,400,000
)
     
Other Assets Less Liabilities – 3.5%
       
33,676,110
 
     
Net Assets Applicable to Common Shares – 100%
     
$
957,994,752
 
 
(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)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.4%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
28
 
Nuveen Investments

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc.
NPM
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Alabama – 3.2% (2.1% of Total Investments)
           
$
6,995
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
$
7,340,553
 
     
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A:
           
 
3,500
 
5.250%, 11/15/20
11/15 at 100.00
 
Baa2
 
3,637,200
 
 
1,000
 
5.000%, 11/15/30
11/15 at 100.00
 
Baa2
 
996,390
 
 
12,000
 
Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB)
1/17 at 100.00
 
AA+
 
12,234,720
 
 
1,960
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
6/15 at 100.00
 
BBB
 
1,984,441
 
 
1,690
 
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)
11/14 at 100.00
 
A3 (4)
 
1,890,890
 
 
6,255
 
University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 – FGIC Insured
3/14 at 100.00
 
A1
 
6,674,398
 
 
33,400
 
Total Alabama
       
34,758,592
 
     
Alaska – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/14 at 100.00
 
BB–
 
859,070
 
     
Arizona – 0.4% (0.2% of Total Investments)
           
     
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B:
           
 
200
 
5.250%, 12/01/24
12/15 at 100.00
 
BBB
 
206,090
 
 
265
 
5.250%, 12/01/25
12/15 at 100.00
 
BBB
 
271,935
 
 
800
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29
1/15 at 100.00
 
BBB–
 
848,704
 
 
2,750
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
2,793,863
 
 
4,015
 
Total Arizona
       
4,120,592
 
     
Arkansas – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
2/15 at 100.00
 
Baa1
 
1,032,900
 
     
California – 14.4% (9.6% of Total Investments)
           
     
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A:
           
 
3,255
 
0.000%, 10/01/23 – NPFG Insured
No Opt. Call
 
A2
 
2,019,304
 
 
5,890
 
0.000%, 10/01/24 – NPFG Insured
No Opt. Call
 
A2
 
3,449,361
 
 
7,615
 
0.000%, 10/01/25 – NPFG Insured
No Opt. Call
 
A2
 
4,197,616
 
 
3,330
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40
11/21 at 100.00
 
AA–
 
3,681,082
 
 
3,740
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27
11/15 at 100.00
 
AAA
 
3,925,915
 
 
15,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
 
AA
 
15,909,747
 
 
2,550
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
2,858,525
 
 
2,500
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
2,590,750
 
 
2,055
 
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/21
10/14 at 100.00
 
AA+
 
2,256,185
 
 
4,000
 
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21
7/19 at 100.00
 
Aa3
 
4,859,680
 
 
7,440
 
California State, General Obligation Bonds, Series 2004, 5.125%, 2/01/25
2/14 at 100.00
 
A1
 
7,860,211
 

Nuveen Investments
 
29

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
20,000
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
 
A1
$
23,266,997
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
7/15 at 100.00
 
BBB
 
999,190
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.558%, 5/15/14 (IF)
No Opt. Call
 
AA–
 
7,354,932
 
 
1,935
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
No Opt. Call
 
Aa3
 
2,131,074
 
 
565
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
No Opt. Call
 
Aaa
 
626,014
 
 
1,900
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
6/14 at 102.00
 
A+
 
2,022,094
 
 
2,500
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured
10/15 at 100.00
 
A
 
2,581,250
 
 
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM)
No Opt. Call
 
Aaa
 
25,235,096
 
 
1,385
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
9/15 at 100.00
 
A
 
1,398,961
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
 
BB–
 
824,040
 
 
3,850
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
7/21 at 100.00
 
Aa2
 
4,581,654
 
 
10,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
 
AA
 
11,061,600
 
     
Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A:
           
 
1,420
 
5.000%, 9/01/25
9/15 at 102.00
 
N/R
 
1,428,492
 
 
435
 
5.100%, 9/01/30
9/15 at 102.00
 
N/R
 
430,881
 
     
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
           
 
250
 
5.000%, 9/01/21
9/15 at 102.00
 
Baa3
 
259,823
 
 
275
 
5.000%, 9/01/23
9/15 at 102.00
 
Baa3
 
281,441
 
 
2,220
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured
9/14 at 100.00
 
AA–
 
2,291,351
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
4,595
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
 
BBB
 
1,260,960
 
 
32,400
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
 
BBB
 
7,802,568
 
 
6,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
8/14 at 100.00
 
BBB
 
6,123,300
 
 
3,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
1/14 at 100.00
 
A+
 
3,069,030
 
 
187,460
 
Total California
       
158,639,124
 
     
Colorado – 1.2% (0.8% of Total Investments)
           
 
1,700
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/22 – FGIC Insured
12/14 at 100.00
 
AA+
 
1,872,703
 
     
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005:
           
 
1,745
 
5.250%, 6/01/23
6/16 at 100.00
 
A–
 
1,838,794
 
 
475
 
5.000%, 6/01/29
6/16 at 100.00
 
A–
 
481,546
 
 
400
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
3/15 at 100.00
 
A
 
412,848
 
 
145
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
153,403
 
 
6,925
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
 
7,071,325
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
 
Aa3
 
701,984
 

30
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
400
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
Baa3
$
438,896
 
 
12,420
 
Total Colorado
       
12,971,499
 
     
Connecticut – 0.5% (0.3% of Total Investments)
           
 
5,000
 
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
 
AA (4)
 
5,391,450
 
     
Delaware – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured
10/20 at 100.00
 
AA
 
1,087,620
 
     
District of Columbia – 0.5% (0.3% of Total Investments)
           
 
5,000
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
 
A–
 
3,756,750
 
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
 
AA+
 
1,481,757
 
 
6,335
 
Total District of Columbia
       
5,238,507
 
     
Florida – 37.5% (24.9% of Total Investments)
           
 
1,055
 
Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24 – AMBAC Insured
7/14 at 100.00
 
A+
 
1,082,071
 
 
1,700
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured
5/13 at 101.00
 
N/R
 
1,713,311
 
 
1,130
 
Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM)
No Opt. Call
 
AA+ (4)
 
1,267,905
 
 
2,500
 
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B, 5.625%, 4/01/34
4/14 at 100.00
 
BBB+
 
2,534,525
 
 
790
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
6/12 at 100.00
 
Aaa
 
791,280
 
 
130
 
Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax)
10/12 at 32.13
 
Aaa
 
43,388
 
 
1,870
 
Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
 
AA– (4)
 
2,066,780
 
     
Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1:
           
 
2,225
 
5.250%, 10/01/21 – AMBAC Insured (Alternative Minimum Tax)
10/12 at 100.00
 
A+
 
2,245,225
 
 
8,900
 
5.250%, 10/01/26 – AMBAC Insured (Alternative Minimum Tax)
10/12 at 100.00
 
A+
 
8,943,610
 
 
2,150
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
 
A+
 
2,267,713
 
 
2,000
 
Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34
10/18 at 100.00
 
AA+
 
2,271,560
 
 
650
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AMBAC Insured
10/16 at 100.00
 
A1
 
670,092
 
 
1,500
 
Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding Series 2002, 6.375%, 8/15/32
8/13 at 100.00
 
BB+
 
1,443,735
 
 
750
 
City of Gainesville, Florida, Utilities System Revenue Bonds, Series 2003A, 5.250%, 10/01/21 (Pre-refunded 10/01/13)
10/13 at 100.00
 
AA (4)
 
802,710
 
 
3,010
 
Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 – AMBAC Insured
No Opt. Call
 
AA–
 
3,670,996
 
 
2,815
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
 
AA– (4)
 
3,125,382
 
 
1,290
 
Escambia County, Florida, Tourist Development Revenue Refunding Bonds, Series 2002, 5.000%, 10/01/18 – NPFG Insured
10/12 at 100.00
 
A1
 
1,310,769
 
 
4,230
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
 
A
 
4,408,421
 
 
70
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
 
AA+
 
75,892
 

Nuveen Investments
 
31

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
520
 
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 – NPFG Insured (Alternative Minimum Tax)
7/12 at 100.00
 
AA+
$
525,959
 
 
865
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax)
1/16 at 100.00
 
AA+
 
875,423
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
           
 
1,040
 
0.000%, 11/01/25 – NPFG Insured
No Opt. Call
 
A–
 
552,479
 
 
1,590
 
0.000%, 11/01/26 – NPFG Insured
No Opt. Call
 
A–
 
792,981
 
 
1,685
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured
5/13 at 100.00
 
A–
 
1,716,796
 
 
13,925
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 (Pre-refunded 6/01/12) – NPFG Insured
6/12 at 101.00
 
AAA
 
14,122,039
 
 
185
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/22 (Pre-refunded 6/01/12) – NPFG Insured
6/12 at 101.00
 
AAA
 
187,592
 
 
14,985
 
Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – NPFG Insured (UB)
7/15 at 101.00
 
AA
 
16,506,577
 
 
5,980
 
Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
8/15 at 101.00
 
AA+
 
6,709,440
 
 
2,580
 
Florida State Education System, Housing Facility Revenue Bonds, Florida International University, Series 2004A, 5.000%, 7/01/14 – NPFG Insured
No Opt. Call
 
BBB
 
2,734,129
 
 
4,000
 
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003C, 5.000%, 7/01/33
7/13 at 101.00
 
AA–
 
4,194,440
 
 
1,500
 
Florida State Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29
1/19 at 100.00
 
AAA
 
1,704,915
 
 
2,345
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 – AMBAC Insured
10/14 at 100.00
 
A1
 
2,551,266
 
 
4,100
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
 
Aa3
 
4,160,844
 
 
3,900
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Pre-refunded 10/01/12) – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
 
Aa3 (4)
 
3,968,211
 
     
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
           
 
1,720
 
5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
 
AA–
 
1,825,178
 
 
1,755
 
5.375%, 6/01/46
6/16 at 100.00
 
A–
 
1,798,103
 
 
5,000
 
Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured
No Opt. Call
 
BBB
 
6,081,300
 
 
3,600
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed
10/12 at 100.00
 
N/R
 
3,577,752
 
     
Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
           
 
2,000
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24
10/13 at 100.00
 
A3
 
2,043,580
 
 
1,535
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/24 – AMBAC Insured
11/13 at 101.00
 
AA
 
1,633,071
 
 
2,170
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
10/15 at 100.00
 
AA+
 
2,390,515
 
 
1,500
 
Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 10/01/20 – AGM Insured
10/13 at 100.00
 
Aa2
 
1,584,450
 
     
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003:
           
 
4,990
 
5.250%, 10/01/21 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
 
A1 (4)
 
5,334,759
 
 
2,090
 
5.000%, 10/01/22 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
 
A1 (4)
 
2,227,020
 
 
3,145
 
Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
AA+
 
3,295,646
 
     
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002:
           
 
2,230
 
5.000%, 10/01/21 – FGIC Insured
10/12 at 100.00
 
AA
 
2,269,716
 
 
2,000
 
5.000%, 10/01/22 – FGIC Insured
10/12 at 100.00
 
AA
 
2,034,760
 
 
2,750
 
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/17 – FGIC Insured
10/12 at 100.00
 
AA+
 
2,799,885
 

32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
     
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A:
           
$
3,235
 
5.000%, 10/01/18 – FGIC Insured
10/13 at 100.00
 
AA
$
3,440,875
 
 
5,090
 
5.000%, 10/01/19 – FGIC Insured
10/13 at 100.00
 
AA
 
5,410,161
 
     
Lake County School Board, Florida, Certificates of Participation, Series 2004A:
           
 
1,190
 
5.000%, 7/01/20 – AMBAC Insured
7/14 at 100.00
 
A+
 
1,245,847
 
 
1,470
 
5.000%, 7/01/24 – AMBAC Insured
7/14 at 100.00
 
A+
 
1,521,994
 
 
1,065
 
Lee County Industrial Development Authority, Florida, Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 – NPFG Insured (Alternative Minimum Tax)
11/12 at 100.00
 
AA–
 
1,080,634
 
 
1,000
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured
No Opt. Call
 
A–
 
1,095,680
 
 
3,500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
 
A
 
3,595,760
 
 
2,345
 
Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22
7/12 at 100.00
 
BBB+
 
2,348,869
 
 
3,430
 
Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/12
No Opt. Call
 
BBB+
 
3,447,939
 
 
5,130
 
Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/17 (Pre-refunded 10/01/13) – AMBAC Insured
10/13 at 100.00
 
A1 (4)
 
5,466,323
 
     
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A:
           
 
2,290
 
5.000%, 4/01/19 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
 
N/R (4)
 
2,488,680
 
 
3,305
 
5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
 
N/R (4)
 
3,591,742
 
     
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B:
           
 
2,000
 
5.250%, 7/01/18 – FGIC Insured
7/14 at 100.00
 
A
 
2,157,440
 
 
2,000
 
5.000%, 7/01/23 – FGIC Insured
7/14 at 100.00
 
A
 
2,146,380
 
 
2,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 – FGIC Insured
7/12 at 100.00
 
A3
 
2,006,140
 
 
3,630
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 – AGM Insured (Alternative Minimum Tax)
7/12 at 101.00
 
AA–
 
3,666,336
 
 
1,280
 
Miami-Dade County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Airis Miami II LLC – Miami International Airport, Series 1999, 6.000%, 10/15/25 – AMBAC Insured (Alternative Minimum Tax)
10/12 at 100.00
 
N/R
 
1,174,746
 
 
1,970
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 – AMBAC Insured
11/16 at 100.00
 
A1
 
2,057,448
 
 
7,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
 
A2
 
7,507,500
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 5.000%, 10/01/23 – NPFG Insured (Alternative Minimum Tax)
10/12 at 100.00
 
A2
 
4,004,760
 
 
5,390
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/18 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
 
A2
 
5,471,335
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41
10/19 at 100.00
 
A2
 
5,526,200
 
 
4,000
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1, 5.625%, 7/01/38
7/18 at 100.00
 
Aa2
 
4,461,880
 
 
11,300
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
7/18 at 100.00
 
AA
 
12,061,394
 
 
3,300
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
10/12 at 100.00
 
Aa2
 
3,308,910
 
 
1,175
 
Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 5.000%, 9/01/14 (Pre-refunded 9/01/12)
9/12 at 100.00
 
Aa2 (4)
 
1,194,047
 
 
5,000
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 (Pre-refunded 11/15/12)
11/12 at 101.00
 
N/R (4)
 
5,184,350
 
     
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002:
           
 
3,695
 
5.750%, 12/01/27 (Pre-refunded 12/01/12)
12/12 at 100.00
 
AA+ (4)
 
3,815,309
 
 
1,000
 
5.750%, 12/01/32 (Pre-refunded 12/01/12)
12/12 at 100.00
 
AA+ (4)
 
1,032,560
 

Nuveen Investments
 
33

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
2,440
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – AMBAC Insured
8/14 at 100.00
 
AA
$
2,630,686
 
     
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A:
           
 
1,665
 
5.125%, 1/01/20 – FGIC Insured
1/13 at 100.00
 
AA+
 
1,711,320
 
 
3,400
 
5.125%, 1/01/23 – FGIC Insured
1/13 at 100.00
 
AA+
 
3,486,462
 
 
4,295
 
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 (Pre-refunded 10/01/12)
10/12 at 100.00
 
Aa1 (4)
 
4,386,183
 
 
575
 
Osceola County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 – NPFG Insured
8/12 at 100.00
 
BBB
 
576,334
 
     
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
           
 
3,745
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
 
Aa3
 
3,996,477
 
 
2,000
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
 
Aa3
 
2,126,040
 
     
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
           
 
1,895
 
5.500%, 12/01/21
6/12 at 101.00
 
BBB–
 
1,902,807
 
 
6,470
 
5.625%, 12/01/31
6/12 at 101.00
 
BBB–
 
6,480,158
 
 
2,040
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/21 – AGM Insured
8/12 at 100.00
 
AA–
 
2,059,523
 
 
1,500
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – FGIC Insured
8/14 at 100.00
 
AA–
 
1,617,225
 
 
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – NPFG Insured
8/17 at 100.00
 
AA–
 
3,294,810
 
 
6,090
 
Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond Trust 2089, 12.810%, 8/01/14 – AGM Insured (IF)
No Opt. Call
 
AA–
 
7,549,225
 
 
4,490
 
Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park Project, Series 2005A, 5.000%, 6/01/25 – AMBAC Insured
6/15 at 100.00
 
AA+
 
4,889,969
 
 
4,000
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 2009, 5.250%, 10/01/33
10/19 at 100.00
 
AAA
 
4,558,880
 
 
6,545
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 11.190%, 10/01/14 (IF)
No Opt. Call
 
AAA
 
8,113,444
 
 
10,000
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 (UB)
10/16 at 100.00
 
AAA
 
11,233,400
 
 
2,500
 
Polk County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/18 – AGM Insured
10/14 at 100.00
 
AA–
 
2,683,550
 
 
2,060
 
Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 – FGIC Insured
10/13 at 100.00
 
Aa3
 
2,166,729
 
 
2,000
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
BBB
 
2,040,000
 
 
1,350
 
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
 
A+ (4)
 
1,433,444
 
 
650
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 – AMBAC Insured
10/15 at 100.00
 
A1
 
684,684
 
 
3,240
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2004A, 5.000%, 6/01/22 – NPFG Insured
4/14 at 100.00
 
Aa3
 
3,479,306
 
 
1,635
 
Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured
5/18 at 100.00
 
BB
 
1,449,101
 
 
2,750
 
Saint Johns County, Florida, Transportation Improvement Revenue Bonds, Series 2003, 5.000%, 10/01/23 – AMBAC Insured
10/13 at 100.00
 
Aa3
 
2,890,828
 
 
3,570
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
 
BBB (4)
 
4,356,400
 
 
1,680
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
 
BBB
 
1,837,836
 
 
625
 
Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36
5/15 at 100.00
 
N/R
 
638,163
 
 
7,500
 
South Florida Water Management District, Certificates of Participation, Series 2007, Trust 1036, 9.012%, 10/01/14 – AMBAC Insured (IF)
No Opt. Call
 
AA
 
8,266,050
 

34
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
5,000
 
South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%, 10/01/36 – AMBAC Insured
10/16 at 100.00
 
AA
$
5,255,350
 
 
2,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
 
AA
 
2,554,845
 
     
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A:
           
 
2,250
 
5.850%, 8/01/24
8/14 at 101.00
 
A–
 
2,337,998
 
 
3,135
 
5.625%, 8/01/34
8/14 at 101.00
 
A–
 
3,187,229
 
 
5,000
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured
6/16 at 100.00
 
A
 
5,189,450
 
 
620
 
Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured
10/15 at 100.00
 
AA+
 
689,756
 
 
5,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
 
AA
 
5,341,050
 
 
5,000
 
Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008, 5.000%, 10/01/34
10/18 at 100.00
 
AA+
 
5,486,450
 
     
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995:
           
 
1,250
 
5.750%, 10/01/20 – NPFG Insured
No Opt. Call
 
BBB
 
1,387,288
 
 
2,785
 
5.750%, 10/01/25 – NPFG Insured
No Opt. Call
 
BBB
 
3,083,162
 
 
2,250
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 – AMBAC Insured
7/15 at 101.00
 
A–
 
2,519,865
 
 
7,285
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
 
Aaa
 
8,397,492
 
     
Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002:
           
 
11,815
 
5.375%, 10/01/14 (Pre-refunded 10/01/12) – AGM Insured
10/12 at 100.00
 
AA– (4)
 
12,068,432
 
 
8,605
 
5.375%, 10/01/15 (Pre-refunded 10/01/12) – AGM Insured
10/12 at 100.00
 
AA– (4)
 
8,789,577
 
 
1,000
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
12/14 at 100.00
 
Aa3
 
1,043,300
 
 
388,900
 
Total Florida
       
412,315,708
 
     
Georgia – 1.7% (1.1% of Total Investments)
           
 
6,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/42 (WI/DD, Settling 5/03/12)
1/22 at 100.00
 
A+
 
6,544,800
 
 
500
 
Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health University Medical Center Inc., Series 2004A, 5.375%, 1/01/26
1/14 at 100.00
 
Baa3
 
502,150
 
 
2,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
12/20 at 100.00
 
N/R
 
2,131,640
 
 
10
 
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 5.250%, 11/01/15 (Pre-refunded 11/01/13) – NPFG Insured
11/13 at 100.00
 
Aaa
 
10,751
 
     
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
           
 
3,405
 
5.250%, 11/01/15 – NPFG Insured
11/13 at 100.00
 
A1
 
3,618,630
 
 
3,365
 
5.000%, 11/01/18 – NPFG Insured
11/13 at 100.00
 
A1
 
3,549,066
 
 
2,235
 
Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured
12/14 at 100.00
 
A1
 
2,321,718
 
 
17,515
 
Total Georgia
       
18,678,755
 
     
Idaho – 0.5% (0.3% of Total Investments)
           
 
40
 
Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax)
7/12 at 100.00
 
Aaa
 
40,190
 
 
3,015
 
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37
3/16 at 101.00
 
Aaa
 
3,170,634
 
 
50
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax)
7/12 at 100.00
 
AAA
 
50,229
 
 
110
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax)
7/12 at 100.00
 
AAA
 
111,002
 

Nuveen Investments
 
35

 
 

 


   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Idaho (continued)
           
$
175
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
7/12 at 100.00
 
Aaa
$
175,658
 
     
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
           
 
1,000
 
5.250%, 9/01/30
9/16 at 100.00
 
BB+
 
986,610
 
 
470
 
5.250%, 9/01/37
9/16 at 100.00
 
BB+
 
451,830
 
 
4,860
 
Total Idaho
       
4,986,153
 
     
Illinois – 13.9% (9.2% of Total Investments)
           
 
5,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
3,812,200
 
 
5,700
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
6,332,016
 
 
22,670
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – FGIC Insured
No Opt. Call
 
Aa3
 
12,972,227
 
 
3,945
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AAA
 
4,299,853
 
 
1,280
 
Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14
7/12 at 100.00
 
N/R
 
1,283,085
 
 
1,320
 
Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14
7/12 at 100.00
 
N/R
 
1,323,722
 
 
4,865
 
Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured (ETM)
No Opt. Call
 
Aa2 (4)
 
3,644,080
 
 
2,575
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%,
No Opt. Call
 
Baa2
 
1,789,136
 
         12/01/20 – NPFG Insured            
 
3,615
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%,
No Opt. Call
 
N/R (4)
 
3,025,538
 
         12/01/20 – NPFG Insured (ETM)            
 
3,500
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22 Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:
11/20 at 100.00
 
AA
 
4,114,250
 
 
2,000
 
5.250%, 11/15/14
5/14 at 100.00
 
A
 
2,130,460
 
 
4,420
 
5.250%, 11/15/15
5/14 at 100.00
 
A
 
4,693,421
 
 
395
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
 
BB+
 
365,924
 
 
1,900
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
2,407,870
 
 
4,480
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
 
AA–
 
5,056,173
 
 
6,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
Aa1
 
6,493,800
 
 
3,540
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
11/16 at 100.00
 
BBB+
 
3,646,306
 
 
3,090
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33
7/13 at 100.00
 
AA+
 
3,170,958
 
 
3,000
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18
No Opt. Call
 
Aa2
 
3,514,890
 
 
10,000
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%,
1/20 at 100.00
 
AA–
 
11,068,200
 
         1/01/21 – AGM Insured            
 
2,000
 
Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34
9/18 at 100.00
 
A+
 
2,081,880
 
 
11,050
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured
No Opt. Call
 
A+
 
13,244,751
 
     
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B:
           
 
3,230
 
0.000%, 11/01/19 – AGM Insured
No Opt. Call
 
Aa3
 
2,550,699
 
 
1,740
 
0.000%, 11/01/21 – AGM Insured
No Opt. Call
 
Aa3
 
1,216,504
 
 
4,020
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB)
No Opt. Call
 
AAA
 
5,102,988
 
     
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
           
 
855
 
5.250%, 1/01/25
1/16 at 100.00
 
CCC
 
561,359
 
 
1,750
 
5.250%, 1/01/30
1/16 at 100.00
 
CCC
 
1,159,078
 

36
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
17,945
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured
No Opt. Call
 
N/R
$
12,103,005
 
 
2,910
 
McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured
No Opt. Call
 
Aa2
 
2,147,638
 
 
15,595
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
 
AAA
 
16,960,807
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
8,000
 
0.000%, 6/15/26 – NPFG Insured
6/22 at 101.00
 
AAA
 
7,025,760
 
 
3,385
 
5.000%, 12/15/28 – NPFG Insured
6/12 at 101.00
 
AAA
 
3,432,999
 
 
165,775
 
Total Illinois
       
152,731,577
 
     
Indiana – 1.5% (1.0% of Total Investments)
           
 
3,880
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
4,179,963
 
 
2,500
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
 
AA
 
2,658,575
 
     
Indiana University, Student Fee Revenue Bonds, Series 2004P:
           
 
2,750
 
5.000%, 8/01/22 – AMBAC Insured
8/14 at 100.00
 
Aaa
 
3,002,148
 
 
1,600
 
5.000%, 8/01/24 – AMBAC Insured
8/14 at 100.00
 
Aaa
 
1,724,848
 
 
4,300
 
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36
3/18 at 100.00
 
Aaa
 
4,738,256
 
 
1,550
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/23 (5)
2/15 at 100.00
 
N/R
 
221,418
 
 
16,580
 
Total Indiana
       
16,525,208
 
     
Iowa – 0.6% (0.4% of Total Investments)
           
 
8,340
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
6/15 at 100.00
 
B+
 
6,813,280
 
     
Kansas – 0.0% (0.0% of Total Investments)
           
 
90
 
Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax)
No Opt. Call
 
Aaa
 
91,591
 
     
Kentucky – 1.0% (0.7% of Total Investments)
           
 
4,300
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
 
4,957,642
 
 
1,000
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42
8/21 at 100.00
 
AA–
 
1,059,780
 
 
4,630
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31
6/21 at 100.00
 
Aa3
 
5,233,150
 
 
9,930
 
Total Kentucky
       
11,250,572
 
     
Louisiana – 4.9% (3.3% of Total Investments)
           
 
4,350
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/22 – AMBAC Insured
6/16 at 100.00
 
A–
 
4,735,932
 
 
4,000
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
8/15 at 100.00
 
A+
 
4,101,000
 
 
2,700
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
2,769,336
 
 
5,750
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
Baa1
 
6,676,728
 
 
3,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
5/20 at 100.00
 
AA
 
3,282,150
 

Nuveen Investments
 
37

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
$
14,550
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
 
Aa1
$
15,116,286
 
 
5,920
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
6,053,792
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
           
 
105
 
5.500%, 5/15/30
5/12 at 100.00
 
A1
 
105,767
 
 
11,360
 
5.875%, 5/15/39
5/12 at 100.00
 
A–
 
11,405,667
 
 
51,735
 
Total Louisiana
       
54,246,658
 
     
Maryland – 0.5% (0.4% of Total Investments)
           
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
 
BB+
 
1,856,496
 
 
1,205
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
6/16 at 100.00
 
AA–
 
1,244,235
 
 
1,390
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.250%, 7/01/19 (Pre-refunded 7/01/14)
7/14 at 100.00
 
A2 (4)
 
1,534,352
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.250%, 7/01/31
7/21 at 100.00
 
BBB
 
1,164,130
 
 
5,460
 
Total Maryland
       
5,799,213
 
     
Massachusetts – 5.2% (3.4% of Total Investments)
           
 
8,125
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
1/20 at 100.00
 
A+
 
8,804,575
 
 
1,005
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
1,038,848
 
 
1,005
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
989,694
 
 
1,000
 
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34
10/14 at 100.00
 
BBB
 
1,026,490
 
 
9,175
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 5.700%, 10/01/25 – RAAI Insured
10/13 at 100.00
 
BBB+
 
9,272,530
 
 
1,500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
7/20 at 100.00
 
BBB–
 
1,570,515
 
 
900
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
975,951
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
           
 
2,250
 
5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
 
A1 (4)
 
2,433,938
 
 
4,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
 
A1 (4)
 
4,327,000
 
 
3,795
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
2/17 at 100.00
 
AA+
 
3,907,484
 
     
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:
           
 
11,400
 
5.250%, 1/01/21 (Pre-refunded 1/01/13) – AGM Insured
1/13 at 100.00
 
AA+ (4)
 
11,777,454
 
 
1,850
 
5.250%, 1/01/21 (Pre-refunded 1/01/13) – AGM Insured
1/13 at 100.00
 
AA+ (4)
 
1,911,254
 
 
8,050
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
A+
 
8,620,906
 
 
54,055
 
Total Massachusetts
       
56,656,639
 
     
Michigan – 4.9% (3.3% of Total Investments)
           
 
7,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.250%, 11/01/35
11/20 at 100.00
 
AA
 
7,497,700
 
     
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001:
           
 
7,660
 
0.000%, 12/01/21
No Opt. Call
 
AAA
 
5,742,625
 
 
7,955
 
0.000%, 12/01/22
No Opt. Call
 
AAA
 
5,691,484
 
 
8,260
 
0.000%, 12/01/23
No Opt. Call
 
AAA
 
5,651,822
 
 
8,575
 
0.000%, 12/01/24
No Opt. Call
 
AAA
 
5,580,782
 

38
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
1,200
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/15 at 100.00
 
BB+
$
1,229,376
 
 
10,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
AA
 
10,777,000
 
 
6,200
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
 
A1
 
6,813,490
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
275
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
 
N/R (4)
 
326,565
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
AA
 
1,282,355
 
 
340
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
 
BBB
 
343,383
 
 
3,270
 
Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/22
5/13 at 100.00
 
Aa2
 
3,409,204
 
 
61,960
 
Total Michigan
       
54,345,786
 
     
Minnesota – 1.4% (0.9% of Total Investments)
           
 
8,165
 
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds,
7/14 at 100.00
 
A2
 
8,497,397
 
     
HealthPartners Inc., Series 2003:
           
 
1,000
 
6.000%, 12/01/18
12/13 at 100.00
 
A3
 
1,059,410
 
 
1,050
 
5.875%, 12/01/29
12/13 at 100.00
 
A3
 
1,082,949
 
 
580
 
Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax)
7/12 at 100.00
 
AA+
 
593,711
 
 
1,000
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19
10/14 at 100.00
 
A3
 
1,095,030
 
 
1,620
 
St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%, 7/01/25 (Pre-refunded 7/01/14)
7/14 at 100.00
 
N/R (4)
 
1,797,341
 
 
1,000
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
11/15 at 100.00
 
BBB–
 
1,028,150
 
 
14,415
 
Total Minnesota
       
15,153,988
 
     
Mississippi – 0.4% (0.2% of Total Investments)
           
 
3,675
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
9/14 at 100.00
 
AA
 
3,839,897
 
     
Missouri – 1.7% (1.2% of Total Investments)
           
 
2,000
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24
2/14 at 100.00
 
BBB+
 
2,030,000
 
 
200
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
3/16 at 100.00
 
BBB+
 
206,728
 
 
2,885
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24
2/15 at 102.00
 
BBB+
 
3,034,097
 
 
9,000
 
Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 – FGIC Insured
9/12 at 100.00
 
A+
 
9,118,170
 
     
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
           
 
780
 
6.000%, 6/01/20
No Opt. Call
 
A
 
889,676
 
 
1,525
 
5.000%, 6/01/35
6/15 at 100.00
 
A
 
1,561,905
 
 
1,000
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24
5/13 at 100.00
 
AA
 
1,041,090
 
 
1,200
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.125%, 2/15/18
2/14 at 100.00
 
BBB+
 
1,254,060
 
 
18,590
 
Total Missouri
       
19,135,726
 
     
Nebraska – 0.8% (0.5% of Total Investments)
           
 
1,470
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A, 5.250%, 4/01/23 (Pre-refunded 4/01/13) – AGM Insured
4/13 at 100.00
 
AA– (4)
 
1,536,694
 

Nuveen Investments
 
39

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nebraska (continued)
           
$
5,130
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
2/17 at 100.00
 
Aa1
$
5,605,808
 
 
1,050
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
 
AA+
 
1,752,072
 
 
7,650
 
Total Nebraska
       
8,894,574
 
     
Nevada – 6.8% (4.5% of Total Investments)
           
 
10,410
 
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 (Pre-refunded 6/15/12) – NPFG Insured
6/12 at 100.00
 
AA (4)
 
10,479,227
 
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009:
1/20 at 100.00
 
Aa3
 
11,183,900
 
 
3,520
 
5.000%, 6/01/27
6/19 at 100.00
 
AA+
 
3,919,942
 
 
3,695
 
5.000%, 6/01/28
6/19 at 100.00
 
AA+
 
4,092,619
 
 
3,880
 
5.000%, 6/01/29
6/19 at 100.00
 
AA+
 
4,279,446
 
     
Clark County, Nevada, General Obligation Transportation Bonds, Refunding Series 2010B:
           
 
4,915
 
5.000%, 7/01/25
1/20 at 100.00
 
AA+
 
5,603,690
 
 
4,160
 
5.000%, 7/01/26
1/20 at 100.00
 
AA+
 
4,701,715
 
 
5,795
 
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – AMBAC Insured
7/13 at 100.00
 
AA– (4)
 
6,113,030
 
 
4,000
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured
7/14 at 100.00
 
Aa3
 
4,279,400
 
 
10,000
 
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
6/21 at 100.00
 
AA+
 
10,982,900
 
 
8,540
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32
7/21 at 100.00
 
AA
 
9,227,128
 
 
68,915
 
Total Nevada
       
74,862,997
 
     
New Jersey – 5.4% (3.6% of Total Investments)
           
 
5,480
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 – AGM Insured
12/13 at 100.00
 
Aa2
 
5,850,667
 
 
135
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 (Pre-refunded 12/15/13) – AGM Insured
12/13 at 100.00
 
Aa2 (4)
 
145,595
 
     
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
           
 
1,325
 
5.250%, 9/01/24
9/15 at 100.00
 
A+
 
1,461,104
 
 
1,000
 
5.250%, 9/01/26
9/15 at 100.00
 
A+
 
1,103,740
 
 
520
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BBB–
 
546,780
 
 
3,675
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40 – AMBAC Insured (Alternative Minimum Tax)
11/12 at 100.00
 
A+
 
3,677,132
 
 
17,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
 
A+
 
5,828,197
 
 
3,425
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A+
 
4,193,878
 
 
3,400
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13)
6/13 at 100.00
 
Aaa
 
3,600,090
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
 
A+
 
6,045,150
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
 
A+
 
4,196,320
 
 
3,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – AGM Insured
1/15 at 100.00
 
AA–
 
3,203,250
 
 
5,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36
1/19 at 100.00
 
A+
 
5,472,000
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
10,555
 
5.000%, 6/01/29
6/17 at 100.00
 
B2
 
9,582,779
 
 
6,125
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
4,781,359
 
 
69,940
 
Total New Jersey
       
59,688,041
 

40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York – 7.0% (4.6% of Total Investments)
           
$
5,000
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/28 – FGIC Insured
2/15 at 100.00
 
BBB
$
5,419,950
 
 
1,500
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19
7/14 at 100.00
 
AA–
 
1,610,745
 
 
1,250
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/30
10/15 at 100.00
 
A
 
1,310,925
 
 
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
2,374,155
 
 
5,025
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
A
 
5,002,790
 
 
2,575
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
 
A
 
2,626,706
 
 
2,100
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
2,393,391
 
     
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003B:
           
 
6,875
 
5.000%, 8/01/23 (UB)
8/13 at 100.00
 
AAA
 
7,235,731
 
 
7,260
 
5.000%, 8/01/24 (UB)
8/13 at 100.00
 
AAA
 
7,628,445
 
 
2,500
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 (UB)
2/14 at 100.00
 
AAA
 
2,688,750
 
 
10
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26
5/12 at 100.00
 
AA
 
10,040
 
 
2,150
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
3/15 at 100.00
 
AA
 
2,355,734
 
 
5,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB)
4/15 at 100.00
 
AA
 
5,483,700
 
 
4,000
 
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/20 (UB)
8/14 at 100.00
 
AA
 
4,396,440
 
     
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005:
           
 
2,475
 
5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
 
AA+
 
2,597,191
 
 
1,235
 
16.498%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
 
AA+
 
1,478,888
 
     
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C:
           
 
6,000
 
5.250%, 6/01/20
6/13 at 100.00
 
AA–
 
6,298,980
 
 
5,100
 
5.250%, 6/01/21
6/13 at 100.00
 
AA–
 
5,350,155
 
 
2,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/19
6/13 at 100.00
 
AA–
 
2,107,600
 
 
1,060
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
BBB–
 
1,178,063
 
 
6,250
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
 
BBB
 
6,922,750
 
 
71,465
 
Total New York
       
76,471,129
 
     
North Carolina – 0.8% (0.5% of Total Investments)
           
 
1,775
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.827%, 7/15/32 (IF) (6)
1/18 at 100.00
 
AA–
 
2,005,289
 
 
1,000
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
1/21 at 100.00
 
AA–
 
1,108,550
 
 
1,825
 
Durham Urban Redevelopment Authority, North Carolina, FHA-Insured Mortgage Loan Revenue Bonds, Durham Hosiery Mill, Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax)
8/12 at 100.00
 
AA+
 
1,834,070
 
     
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A:
           
 
1,250
 
5.000%, 2/01/21 (Pre-refunded 2/01/14)
2/14 at 100.00
 
AA+ (4)
 
1,349,363
 
 
2,445
 
5.000%, 2/01/22 (Pre-refunded 2/01/14)
2/14 at 100.00
 
AA+ (4)
 
2,639,353
 
 
8,295
 
Total North Carolina
       
8,936,625
 

Nuveen Investments
 
41

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 2.8% (1.9% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
$
1,075
 
5.125%, 6/01/24
6/17 at 100.00
 
B
$
878,780
 
 
900
 
5.875%, 6/01/30
6/17 at 100.00
 
B+
 
725,310
 
 
845
 
5.750%, 6/01/34
6/17 at 100.00
 
BB
 
659,421
 
 
1,965
 
5.875%, 6/01/47
6/17 at 100.00
 
BB
 
1,535,844
 
 
3,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
AA+ (4)
 
3,366,330
 
     
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2003C:
           
 
2,330
 
5.250%, 5/15/17 – NPFG Insured
5/13 at 100.00
 
AA
 
2,429,514
 
 
4,105
 
5.250%, 5/15/18 – NPFG Insured
5/13 at 100.00
 
AA
 
4,262,878
 
 
4,495
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA
 
4,806,234
 
 
10,000
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 5.500%, 4/01/39
4/19 at 100.00
 
A
 
10,652,800
 
 
2,000
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Courtyards of Kettering, Series 1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax)
7/12 at 100.00
 
Aa2
 
2,001,320
 
 
30,715
 
Total Ohio
       
31,318,431
 
     
Oklahoma – 1.9% (1.3% of Total Investments)
           
 
750
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BB+
 
728,340
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
2,690
 
5.000%, 2/15/37
2/17 at 100.00
 
A
 
2,813,848
 
 
1,020
 
5.000%, 2/15/42
2/17 at 100.00
 
A
 
1,062,432
 
 
10,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
 
A
 
10,271,500
 
 
570
 
Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds, Series 2001A-1, 5.625%, 6/01/31 (Alternative Minimum Tax)
6/12 at 101.00
 
Aaa
 
577,758
 
 
5,460
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
5,710,505
 
 
99
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.325%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
107,258
 
 
20,589
 
Total Oklahoma
       
21,271,641
 
     
Oregon – 0.8% (0.5% of Total Investments)
           
 
7,860
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence Health System, Series 2004, 5.500%, 10/01/21 (UB)
10/14 at 100.00
 
AA
 
8,574,710
 
     
Pennsylvania – 2.7% (1.8% of Total Investments)
           
 
3,500
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
A1
 
3,920,630
 
 
1,500
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 – AGM Insured
3/15 at 100.00
 
Aa3
 
1,621,620
 
 
500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB
 
463,750
 
 
1,050
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured
No Opt. Call
 
A2
 
1,237,646
 
 
50
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
No Opt. Call
 
N/R
 
55,372
 
 
5,850
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
Aa2
 
6,021,932
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
 
Aa1
 
1,098,530
 
 
15,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
 
A–
 
13,640,700
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
Aa3
 
1,173,207
 
 
29,500
 
Total Pennsylvania
       
29,233,387
 

42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Puerto Rico – 0.7% (0.4% of Total Investments)
           
$
8,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
8/29 at 100.00
 
A+
$
7,336,963
 
     
Rhode Island – 1.5% (1.0% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
5,305
 
6.000%, 6/01/23
6/12 at 100.00
 
Baa1
 
5,323,886
 
 
6,425
 
6.125%, 6/01/32
6/12 at 100.00
 
BBB+
 
6,448,130
 
 
5,110
 
6.250%, 6/01/42
6/12 at 100.00
 
BBB+
 
5,129,367
 
 
16,840
 
Total Rhode Island
       
16,901,383
 
     
South Carolina – 4.5% (3.0% of Total Investments)
           
 
9,000
 
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24
12/13 at 100.00
 
A1
 
9,365,220
 
 
15,445
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/17 (Pre-refunded 12/01/12)
12/12 at 101.00
 
AA (4)
 
16,113,611
 
 
2,500
 
Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 5/01/25 – AMBAC Insured
5/13 at 100.00
 
AA–
 
2,542,950
 
 
1,250
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
11/12 at 100.00
 
A3 (4)
 
1,286,800
 
 
4,750
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
11/12 at 100.00
 
A–
 
4,772,230
 
     
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C:
           
 
1,335
 
6.875%, 8/01/27 (Pre-refunded 8/01/13)
8/13 at 100.00
 
BBB+ (4)
 
1,442,775
 
 
165
 
6.875%, 8/01/27 (Pre-refunded 8/01/13)
8/13 at 100.00
 
BBB+ (4)
 
178,429
 
 
4,450
 
6.375%, 8/01/34 (Pre-refunded 8/01/13)
8/13 at 100.00
 
BBB+ (4)
 
4,781,792
 
 
550
 
6.375%, 8/01/34 (Pre-refunded 8/01/13)
8/13 at 100.00
 
BBB+ (4)
 
591,371
 
 
8,100
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 100.00
 
A1 (4)
 
8,239,482
 
 
47,545
 
Total South Carolina
       
49,314,660
 
     
Tennessee – 0.3% (0.2% of Total Investments)
           
 
3,200
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
 
3,343,072
 
     
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
           
 
800
 
5.500%, 11/01/37 (5)
11/17 at 100.00
 
N/R
 
15,992
 
 
1,000
 
5.500%, 11/01/46 (5)
11/17 at 100.00
 
B–
 
19,990
 
 
5,000
 
Total Tennessee
       
3,379,054
 
     
Texas – 7.9% (5.2% of Total Investments)
           
 
5,810
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
2/17 at 100.00
 
AAA
 
6,019,915
 
 
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
4/13 at 101.00
 
Ca
 
728,175
 
 
10,000
 
Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) (Alternative Minimum Tax)
5/12 at 101.00
 
BBB
 
10,118,900
 
 
1,000
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
7/17 at 100.00
 
A+
 
1,065,700
 
 
5,240
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB–
 
5,792,820
 
 
6,100
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 (WI/DD, Settling
11/21 at 100.00
 
A+
 
6,575,800
 
         5/10/12) – AGM Insured            
     
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A:
           
 
1,000
 
5.000%, 12/01/20
12/14 at 100.00
 
A+
 
1,062,910
 
 
1,000
 
5.000%, 12/01/21
12/14 at 100.00
 
A+
 
1,060,070
 
 
2,500
 
5.125%, 12/01/22
12/14 at 100.00
 
A+
 
2,643,275
 
 
2,925
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
11/12 at 100.00
 
BBB
 
2,954,250
 

Nuveen Investments
 
43

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
 
AA
$
4,316,040
 
 
6,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
6,660,360
 
 
10,850
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured
No Opt. Call
 
A2
 
5,767,535
 
     
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
           
 
800
 
5.250%, 8/15/21
2/16 at 100.00
 
BBB–
 
839,232
 
 
1,250
 
5.125%, 8/15/26
2/16 at 100.00
 
BBB–
 
1,270,900
 
 
3,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
BBB–
 
3,109,650
 
 
3,100
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
3,350,542
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
1,880
 
0.000%, 9/01/43
9/31 at 100.00
 
AA
 
1,222,451
 
 
7,990
 
0.000%, 9/01/45
9/31 at 100.00
 
AA
 
5,743,372
 
 
1,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
11/15 at 100.00
 
CCC
 
102,580
 
 
2,500
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
10/20 at 100.00
 
AA–
 
2,774,250
 
 
7,100
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA–
 
7,458,550
 
 
3,755
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.571%, 4/01/28 (IF)
4/17 at 100.00
 
Aaa
 
5,876,312
 
 
93,910
 
Total Texas
       
86,513,589
 
     
Utah – 0.6% (0.4% of Total Investments)
           
 
6,335
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
 
AA+
 
6,800,242
 
     
Washington – 7.8% (5.2% of Total Investments)
           
 
15,000
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002A, 5.450%, 7/01/37 (Pre-refunded 7/01/12) – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
 
AA+ (4)
 
15,123,000
 
 
6,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series 2002A, 5.750%, 7/01/17 – NPFG Insured
7/12 at 100.00
 
Aa1
 
6,053,760
 
 
5,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (Pre-refunded 7/01/13)
7/13 at 100.00
 
Aa1 (4)
 
5,305,400
 
 
10,080
 
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2002, 5.500%, 12/01/16 (Pre-refunded 6/01/12) – FGIC Insured
6/12 at 100.00
 
AA+ (4)
 
10,125,662
 
 
10,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
 
AA+
 
10,840,800
 
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
 
AA+
 
2,818,125
 
 
4,160
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
8/22 at 100.00
 
Aa3
 
4,757,085
 
 
6,965
 
Port of Seattle, Washington, Revenue Bonds, Subordinate Lien Series 1999A, 5.250%, 9/01/22 (Pre-refunded 9/01/12) – FGIC Insured
9/12 at 100.00
 
A1 (4)
 
7,083,544
 
 
2,820
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/19 – NPFG Insured
12/14 at 100.00
 
A1
 
3,072,531
 
 
5,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
5,530,700
 
 
3,410
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
 
3,676,287
 
 
4,155
 
Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
 
Baa2
 
4,296,935
 
 
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
12/17 at 100.00
 
N/R
 
980,950
 

44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington (continued)
           
     
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
           
$
3,220
 
6.500%, 6/01/26
6/13 at 100.00
 
A3
$
3,348,253
 
 
2,395
 
6.625%, 6/01/32
6/13 at 100.00
 
Baa1
 
2,485,507
 
 
81,705
 
Total Washington
       
85,498,539
 
     
West Virginia – 0.2% (0.2% of Total Investments)
           
 
2,355
 
West Virginia University, University Revenue Improvement Bonds, West Virginia University Projects, Series 2004C, 5.000%, 10/01/24 – FGIC Insured
10/14 at 100.00
 
Aa3
 
2,559,791
 
     
Wisconsin – 1.9% (1.2% of Total Investments)
           
 
1,135
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39
4/20 at 100.00
 
A
 
1,229,466
 
 
6,775
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
7/21 at 100.00
 
A
 
7,466,660
 
 
315
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
 
BBB
 
317,668
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24
5/14 at 100.00
 
BBB+
 
1,026,860
 
 
4,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34
8/16 at 100.00
 
A–
 
4,694,031
 
 
5,300
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB)
5/16 at 100.00
 
AA
 
5,954,656
 
 
19,055
 
Total Wisconsin
       
20,689,341
 
     
Wyoming – 0.2% (0.1% of Total Investments)
           
 
2,250
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
12/15 at 100.00
 
BBB+
 
2,325,015
 
$
1,672,184
 
Total Investments (cost $1,541,999,477) – 150.8%
       
1,657,240,217
 
     
Floating Rate Obligations – (8.7)%
       
(95,759,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.5)% (7)
       
(489,500,000
)
     
Other Assets Less Liabilities – 2.4%
       
27,347,407
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,099,328,624
 
 
(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)
 
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.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.5%.
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. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

Nuveen Investments
 
45

 
 

 

   
Nuveen Premium Income Municipal Fund 4, Inc.
NPT
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Alabama – 3.8% (2.6% of Total Investments)
           
$
11,895
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, Series 1995, 5.000%, 11/01/25 (ETM)
11/12 at 100.00
 
Aaa
$
11,939,963
 
 
5,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
5,247,000
 
 
1,000
 
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30
11/15 at 100.00
 
Baa2
 
996,390
 
 
1,000
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
6/15 at 100.00
 
BBB
 
1,012,470
 
 
1,500
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
1/14 at 100.00
 
AA
 
1,479,780
 
 
2,325
 
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2010A, 5.800%, 5/01/34
5/20 at 100.00
 
BBB
 
2,494,748
 
 
22,720
 
Total Alabama
       
23,170,351
 
     
Alaska – 0.8% (0.6% of Total Investments)
           
 
1,665
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured (UB)
12/14 at 100.00
 
AA+
 
1,718,696
 
 
3,065
 
Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 (Pre-refunded 12/01/13) – NPFG Insured
12/13 at 100.00
 
AA (4)
 
3,306,001
 
 
4,730
 
Total Alaska
       
5,024,697
 
     
Arizona – 2.4% (1.6% of Total Investments)
           
 
1,300
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
3/22 at 100.00
 
BBB–
 
1,310,842
 
 
5,000
 
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/31 – NPFG Insured
7/13 at 100.00
 
A1
 
5,034,100
 
     
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:
           
 
400
 
5.000%, 7/01/27 (Alternative Minimum Tax)
7/22 at 100.00
 
AA+
 
428,124
 
 
950
 
5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
AA+
 
990,337
 
 
3,710
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41
7/21 at 100.00
 
A
 
3,999,306
 
 
3,000
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
3,047,850
 
 
14,360
 
Total Arizona
       
14,810,559
 
     
California – 23.0% (15.3% of Total Investments)
           
 
1,500
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30
5/20 at 100.00
 
A–
 
1,645,605
 
 
8,000
 
Anaheim Public Finance Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
A1
 
7,975,520
 
 
17,000
 
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
3/13 at 100.00
 
A
 
17,102,000
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
4/16 at 100.00
 
A+
 
5,164,000
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
3,005,270
 
 
1,390
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
1,492,151
 
 
1,220
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A2
 
1,426,888
 
 
1,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
3/20 at 100.00
 
A2
 
1,669,140
 

46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
4,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31
10/21 at 100.00
 
A2
$
4,822,740
 
 
19,095
 
California State, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured
6/15 at 100.00
 
A1
 
20,215,108
 
 
1,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
A1
 
1,111,720
 
 
1,030
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39
10/19 at 100.00
 
BBB+
 
1,092,892
 
 
1,050
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40
1/19 at 100.00
 
BBB
 
1,112,507
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
7/15 at 100.00
 
BBB
 
999,190
 
 
1,685
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.558%, 5/15/14 (IF)
No Opt. Call
 
AA–
 
2,314,297
 
 
4,780
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/14 (ETM)
No Opt. Call
 
Aaa
 
4,750,173
 
 
1,000
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
8/21 at 100.00
 
Aa2
 
1,183,850
 
 
2,000
 
Glendale Redevelopment Agency, California, Central Glendale Redevelopment Project, Tax Allocation Bonds, Series 2010, 5.500%, 12/01/24
12/16 at 100.00
 
A
 
2,097,400
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
6/13 at 100.00
 
Aaa
 
1,069,520
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,000
 
5.750%, 6/01/47
6/17 at 100.00
 
BB–
 
2,472,120
 
 
610
 
5.125%, 6/01/47
6/17 at 100.00
 
BB–
 
453,724
 
 
3,190
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27
No Opt. Call
 
AAA
 
1,647,571
 
 
360
 
Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33
9/20 at 100.00
 
AA–
 
381,229
 
 
540
 
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
A+
 
562,469
 
 
2,000
 
Marinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 0.000%, 8/01/31
8/24 at 100.00
 
AA–
 
1,988,120
 
 
1,000
 
Mendocino-Lake Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2011, 0.000%, 8/01/31 – AGM Insured
8/26 at 100.00
 
AA–
 
900,170
 
 
2,700
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 7.000%, 11/01/34
No Opt. Call
 
A
 
3,450,627
 
 
3,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Baa3
 
3,322,620
 
 
1,250
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
11/20 at 100.00
 
Baa3
 
1,348,875
 
 
2,500
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
5/21 at 100.00
 
AA–
 
2,826,575
 
 
2,000
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
 
A–
 
2,137,440
 
 
11,310
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2006A, 4.250%, 7/01/31 – AGM Insured (UB)
7/16 at 100.00
 
AA+
 
11,664,795
 
 
670
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
8/19 at 100.00
 
A–
 
761,174
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
4,430
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
 
BBB
 
1,215,681
 
 
31,300
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
 
BBB
 
7,537,666
 
 
4,000
 
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 16.757%, 9/01/38 – NPFG Insured (IF)
9/17 at 100.00
 
AA+
 
5,161,840
 
 
440
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
12/19 at 100.00
 
AA–
 
478,887
 

Nuveen Investments
 
47

 
 

 


   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
690
 
South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series 1996A, 6.000%, 10/01/12 – FGIC Insured
No Opt. Call
 
BBB
$
697,169
 
     
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B:
           
 
4,005
 
0.000%, 8/01/36 – AGM Insured
8/31 at 100.00
 
AA–
 
2,129,939
 
 
3,900
 
5.625%, 5/01/41 – AGM Insured
8/21 at 100.00
 
AA–
 
4,426,188
 
 
3,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
3,290,130
 
 
162,545
 
Total California
       
139,104,980
 
     
Colorado – 5.4% (3.6% of Total Investments)
           
 
1,250
 
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35
12/20 at 100.00
 
Aa2
 
1,526,850
 
 
4,735
 
Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2012, 5.000%, 12/01/20
No Opt. Call
 
A1
 
5,680,153
 
 
120
 
Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 6.750%, 10/01/21
10/12 at 104.50
 
Aa2
 
121,489
 
 
1,200
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A, 5.000%, 3/01/34
3/19 at 100.00
 
Aa2
 
1,315,800
 
 
1,000
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40
12/20 at 100.00
 
BBB
 
1,061,340
 
 
1,035
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
1,094,978
 
     
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A:
           
 
2,940
 
5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
 
N/R (4)
 
3,152,239
 
 
10,185
 
5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
 
N/R (4)
 
10,920,255
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
 
Aa2 (4)
 
845,638
 
 
1,000
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
A
 
1,038,150
 
 
1,765
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
 
AA–
 
2,011,129
 
     
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
           
 
1,245
 
6.000%, 1/15/34
7/20 at 100.00
 
Baa3
 
1,385,884
 
 
2,365
 
6.000%, 1/15/41
7/20 at 100.00
 
Baa3
 
2,594,973
 
 
29,595
 
Total Colorado
       
32,748,878
 
     
Florida – 7.8% (5.2% of Total Investments)
           
 
1,250
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40
9/20 at 100.00
 
BBB
 
1,304,813
 
 
250
 
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39
4/19 at 100.00
 
A–
 
292,545
 
 
5,000
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
 
Aa3 (4)
 
5,274,400
 
 
3,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA–
 
3,241,980
 
 
1,100
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
4/21 at 100.00
 
BBB+
 
1,220,241
 
 
5,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
 
A+
 
5,251,300
 
 
1,750
 
Jacksonville, Florida, Transportation Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/24
10/22 at 100.00
 
AA–
 
2,040,693
 
 
5,000
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
6/12 at 100.00
 
BB+
 
5,018,050
 
 
1,380
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – AGM Insured (Alternative Minimum Tax)
7/12 at 101.00
 
AA–
 
1,396,256
 

48
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
2,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
10/15 at 100.00
 
A2
$
2,020,880
 
 
1,000
 
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 46B, Series 2007A, 5.350%, 8/01/41
8/17 at 100.00
 
N/R
 
936,890
 
 
1,925
 
Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35
5/15 at 101.00
 
N/R
 
1,901,149
 
 
5,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
 
AA
 
5,676,855
 
 
11,000
 
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured
10/18 at 100.00
 
AA–
 
11,917,950
 
 
45,110
 
Total Florida
       
47,494,002
 
     
Georgia – 3.7% (2.5% of Total Investments)
           
 
4,400
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
 
A1
 
5,305,388
 
 
1,500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
11/19 at 100.00
 
AA–
 
1,676,625
 
 
2,500
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30
2/20 at 100.00
 
A
 
2,661,500
 
 
5,355
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
 
A1 (4)
 
6,599,341
 
 
6,000
 
The Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/41
8/20 at 100.00
 
AA–
 
6,273,960
 
 
19,755
 
Total Georgia
       
22,516,814
 
     
Guam – 0.7% (0.4% of Total Investments)
           
 
4,000
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30
7/20 at 100.00
 
Ba2
 
4,068,080
 
     
Hawaii – 0.8% (0.5% of Total Investments)
           
 
1,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40
7/20 at 100.00
 
A3
 
1,052,640
 
 
2,050
 
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13
No Opt. Call
 
Aa1
 
2,186,981
 
 
1,580
 
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13 (ETM)
No Opt. Call
 
Aaa
 
1,685,923
 
 
4,630
 
Total Hawaii
       
4,925,544
 
     
Idaho – 0.3% (0.2% of Total Investments)
           
 
855
 
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26
7/19 at 100.00
 
A1
 
923,323
 
 
595
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32
9/22 at 100.00
 
Baa1
 
619,591
 
 
1,450
 
Total Idaho
       
1,542,914
 
     
Illinois – 17.8% (11.9% of Total Investments)
           
 
1,180
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
AA–
 
1,271,686
 
 
3,090
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
 
Aa3
 
3,309,483
 
 
5,550
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%,
7/12 at 100.00
 
AA–
 
5,554,718
 
         1/01/26 – AGM Insured (Alternative Minimum Tax)            
 
415
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 – FGIC Insured
1/16 at 100.00
 
A1
 
428,795
 
     
Cook County School District 99, Cicero, Illinois, General Obligation School Bonds, Series 1997:
           
 
1,455
 
8.500%, 12/01/13 – FGIC Insured
No Opt. Call
 
N/R
 
1,616,781
 
 
1,685
 
8.500%, 12/01/15 – FGIC Insured
No Opt. Call
 
N/R
 
2,074,067
 

Nuveen Investments
 
49

 
 

 

   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
500
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30
5/20 at 100.00
 
N/R
$
521,650
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 75 Series 2010D-1, 7.000%, 5/15/18
11/12 at 100.00
 
N/R
 
502,000
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
1,077,310
 
 
5,220
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27
4/21 at 100.00
 
A
 
5,990,159
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
 
A–
 
3,134,220
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.375%, 8/15/40
8/15 at 105.00
 
A+
 
1,578,750
 
 
2,515
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.250%, 8/15/34 (Pre-refunded 8/15/14)
8/14 at 100.00
 
N/R (4)
 
2,793,260
 
 
3,200
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
 
3,597,728
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
633,650
 
 
1,665
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39
5/19 at 100.00
 
A2
 
2,044,137
 
 
5,565
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
8/17 at 100.00
 
BBB
 
5,721,432
 
 
2,000
 
6.875%, 8/15/38
8/19 at 100.00
 
BBB+
 
2,216,280
 
 
2,000
 
7.000%, 8/15/44
8/19 at 100.00
 
BBB+
 
2,224,920
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
 
AA–
 
550,310
 
 
3,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25
5/19 at 100.00
 
BBB+
 
3,393,120
 
 
1,000
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
 
BBB+
 
1,019,800
 
 
4,000
 
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37
8/13 at 100.00
 
Aa2
 
4,050,520
 
     
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002:
           
 
3,000
 
5.500%, 1/01/22
1/13 at 100.00
 
A–
 
3,078,840
 
 
1,000
 
5.625%, 1/01/28
1/13 at 100.00
 
A–
 
1,010,140
 
 
2,655
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 7.000%, 4/01/14
No Opt. Call
 
Aa2
 
2,863,125
 
 
2,250
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/26
1/22 at 100.00
 
A+
 
2,246,378
 
 
9,795
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/19 – AGM Insured (UB)
No Opt. Call
 
AAA
 
12,328,183
 
 
1,245
 
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B, 6.250%, 2/01/21 – AGM Insured
2/20 at 100.00
 
Aa3
 
1,495,768
 
     
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:
           
 
825
 
6.000%, 2/01/24 – AGM Insured
2/20 at 100.00
 
Aa3
 
958,947
 
 
1,030
 
6.000%, 2/01/25 – AGM Insured
2/20 at 100.00
 
Aa3
 
1,181,760
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
9,500
 
0.000%, 6/15/24 – NPFG Insured
6/22 at 101.00
 
AAA
 
8,579,545
 
 
4,555
 
5.000%, 12/15/28 – NPFG Insured
6/12 at 101.00
 
AAA
 
4,619,590
 
 
36,040
 
0.000%, 6/15/40 – NPFG Insured
No Opt. Call
 
AAA
 
8,108,279
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
780
 
5.250%, 6/01/21
No Opt. Call
 
A
 
888,100
 
 
2,000
 
6.250%, 6/01/24
6/16 at 100.00
 
A–
 
2,250,200
 
 
2,655
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
No Opt. Call
 
AA
 
3,220,648
 
 
128,370
 
Total Illinois
       
108,134,279
 

50
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 3.6% (2.4% of Total Investments)
           
     
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:
           
$
1,950
 
0.000%, 2/01/24
No Opt. Call
 
AA+
$
1,272,063
 
 
2,705
 
0.000%, 2/01/25
No Opt. Call
 
AA+
 
1,674,125
 
 
3,000
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
8/16 at 100.00
 
Baa2
 
3,071,430
 
 
680
 
Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Butler University Project, Series 2012B, 5.000%, 2/01/29
2/22 at 100.00
 
BBB+
 
718,937
 
 
1,050
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
10/19 at 100.00
 
BBB–
 
1,143,503
 
 
1,500
 
Indiana Finance Authority, Hospital Refunding Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Series 2010, 5.125%, 3/01/30
3/20 at 100.00
 
A–
 
1,572,855
 
 
1,885
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
No Opt. Call
 
AA–
 
2,053,274
 
     
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A:
           
 
4,000
 
5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
 
AA+ (4)
 
4,206,600
 
 
6,000
 
5.000%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
 
AA+ (4)
 
6,309,900
 
 
22,770
 
Total Indiana
       
22,022,687
 
     
Iowa – 0.8% (0.5% of Total Investments)
           
 
1,000
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20
7/16 at 100.00
 
BB+
 
994,960
 
 
1,630
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31
10/21 at 100.00
 
BBB–
 
1,711,207
 
 
2,000
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25
12/19 at 100.00
 
A1
 
2,193,180
 
 
4,630
 
Total Iowa
       
4,899,347
 
     
Kansas – 1.8% (1.2% of Total Investments)
           
     
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:
           
 
2,000
 
5.000%, 9/01/26
9/21 at 100.00
 
Aa3
 
2,340,400
 
 
1,000
 
5.000%, 9/01/27
9/21 at 100.00
 
Aa3
 
1,160,440
 
 
2,000
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA
 
2,134,260
 
 
985
 
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31
12/20 at 100.00
 
Baa1
 
1,028,636
 
 
600
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32
4/20 at 100.00
 
BBB
 
654,792
 
 
1,750
 
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
6/14 at 100.00
 
A3
 
1,804,338
 
 
2,980
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area
No Opt. Call
 
BBB
 
2,015,940
 
         B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B,            
         0.000%, 6/01/21            
 
11,315
 
Total Kansas
       
11,138,806
 
     
Kentucky – 1.2% (0.8% of Total Investments)
           
 
1,000
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
 
BBB+
 
1,132,180
 
 
5,000
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31
3/21 at 100.00
 
A3
 
5,844,350
 
 
6,000
 
Total Kentucky
       
6,976,530
 
     
Louisiana – 4.8% (3.2% of Total Investments)
           
 
165
 
DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)
11/14 at 100.00
 
BBB
 
173,776
 
 
1,750
 
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37
6/12 at 105.00
 
Aaa
 
1,841,630
 

Nuveen Investments
 
51

 
 

 

   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
$
5,150
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
8/15 at 100.00
 
A+
$
5,275,300
 
 
3,800
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
3,897,584
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
1,480
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
 
Aa1
 
1,537,602
 
 
15,820
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
16,177,532
 
 
170
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Residuals 660, 15.714%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
 
Aa1
 
185,361
 
 
28,335
 
Total Louisiana
       
29,088,785
 
     
Maine – 0.6% (0.4% of Total Investments)
           
 
2,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/36
7/21 at 100.00
 
Baa3
 
2,254,740
 
 
1,250
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
AA
 
1,331,375
 
 
3,250
 
Total Maine
       
3,586,115
 
     
Maryland – 0.5% (0.4% of Total Investments)
           
 
1,030
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16
7/12 at 100.00
 
Aa2
 
1,032,730
 
 
50
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
8/14 at 100.00
 
A2
 
53,467
 
 
2,090
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)
7/12 at 100.00
 
Aaa
 
2,094,473
 
 
3,170
 
Total Maryland
       
3,180,670
 
     
Massachusetts – 1.6% (1.0% of Total Investments)
           
 
2,805
 
Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, 3/01/35 – ACA Insured
3/15 at 100.00
 
BBB
 
2,816,585
 
 
1,000
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
10/12 at 102.00
 
N/R
 
930,530
 
 
1,900
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,066,478
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
3,567,703
 
 
9,170
 
Total Massachusetts
       
9,381,296
 
     
Michigan – 4.6% (3.0% of Total Investments)
           
 
625
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
11/20 at 100.00
 
AA
 
673,644
 
 
6,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
A
 
6,026,640
 
 
5,400
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured
7/16 at 100.00
 
A
 
5,235,732
 
 
2,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
 
A+
 
2,042,920
 
 
1,500
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 – AGM Insured
6/20 at 100.00
 
AA–
 
1,656,225
 
 
5,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 – NPFG Insured
10/13 at 100.00
 
Aa3
 
5,201,100
 
 
3,210
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
 
A1
 
3,527,630
 
 
1,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15)
5/15 at 100.00
 
AA+ (4)
 
1,134,210
 

52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
$
365
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
 
N/R (4)
$
433,441
 
 
1,635
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
AA
 
1,711,551
 
 
26,735
 
Total Michigan
       
27,643,093
 
     
Minnesota – 1.5% (1.0% of Total Investments)
           
 
1,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40
11/20 at 100.00
 
BBB–
 
1,003,650
 
 
3,000
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2012, 4.000%, 11/15/41
5/22 at 100.00
 
AA
 
2,987,070
 
 
2,875
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36
8/16 at 100.00
 
N/R
 
2,876,409
 
 
2,315
 
Washington County Housing & Redevelopment Authority, Minnesota, Hospital Facility Revenue Bonds, Healtheast Project, Series 1998, 5.500%, 11/15/27
11/12 at 100.00
 
BBB–
 
2,315,069
 
 
9,190
 
Total Minnesota
       
9,182,198
 
     
Mississippi – 1.9% (1.3% of Total Investments)
           
 
1,000
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
10/12 at 100.00
 
BBB
 
1,002,900
 
 
2,975
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
9/14 at 100.00
 
AA
 
3,108,488
 
 
5,215
 
Mississippi, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18
No Opt. Call
 
AA+
 
6,573,664
 
 
1,000
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32
9/18 at 100.00
 
BBB
 
1,111,160
 
 
10,190
 
Total Mississippi
       
11,796,212
 
     
Missouri – 1.2% (0.8% of Total Investments)
           
 
1,450
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
6/17 at 100.00
 
BBB+
 
1,440,894
 
 
1,000
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35
2/14 at 100.00
 
BBB+
 
1,013,150
 
 
1,000
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
10/19 at 100.00
 
A–
 
1,088,840
 
     
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:
           
 
1,080
 
5.000%, 1/01/22
1/21 at 100.00
 
A2
 
1,244,214
 
 
1,000
 
5.000%, 1/01/23
1/21 at 100.00
 
A2
 
1,141,390
 
 
1,250
 
5.000%, 1/01/25
1/21 at 100.00
 
A2
 
1,398,525
 
 
6,780
 
Total Missouri
       
7,327,013
 
     
Nevada – 2.3% (1.5% of Total Investments)
           
 
4,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
Aa3
 
4,473,560
 
 
7,000
 
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – AMBAC Insured
7/13 at 100.00
 
AA– (4)
 
7,384,160
 
 
1,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB–
 
1,860,616
 
 
12,700
 
Total Nevada
       
13,718,336
 
     
New Jersey – 3.6% (2.4% of Total Investments)
           
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
835
 
5.750%, 6/01/31
6/20 at 100.00
 
Baa3
 
915,135
 
 
3,000
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
3,262,050
 
 
880
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
 
A+
 
1,043,953
 

Nuveen Investments
 
53

 
 

 


   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
$
300
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
A+ (4)
$
364,446
 
 
1,805
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
A+ (4)
 
2,007,593
 
 
7,655
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)
6/12 at 100.00
 
Aaa
 
7,691,514
 
 
4,005
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
6/13 at 100.00
 
Aaa
 
4,283,428
 
 
2,710
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B2
 
2,115,507
 
 
21,190
 
Total New Jersey
       
21,683,626
 
     
New Mexico – 0.3% (0.2% of Total Investments)
           
 
1,500
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 6.125%, 7/01/40
7/20 at 100.00
 
BBB
 
1,608,285
 
     
New York – 4.2% (2.8% of Total Investments)
           
 
855
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
4/17 at 100.00
 
BBB–
 
798,707
 
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
1,945
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
2,158,503
 
 
3,065
 
6.250%, 7/15/40
1/20 at 100.00
 
BBB–
 
3,398,227
 
 
4,070
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
A
 
4,052,011
 
 
1,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
 
AA
 
1,107,390
 
 
1,250
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
1,424,638
 
 
1,870
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
 
1,997,945
 
 
660
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C, 5.500%, 6/01/18
6/12 at 100.00
 
AA–
 
662,541
 
 
1,840
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/18 (Pre-refunded 6/01/12)
6/12 at 100.00
 
Aa3 (4)
 
1,848,022
 
 
795
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
BBB–
 
883,547
 
 
6,250
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
 
BBB
 
6,922,750
 
 
23,600
 
Total New York
       
25,254,281
 
     
North Carolina – 2.3% (1.5% of Total Investments)
           
 
750
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
1/17 at 100.00
 
AA–
 
794,565
 
 
2,460
 
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/21 (Pre-refunded 2/01/14)
2/14 at 100.00
 
AA+ (4)
 
2,655,545
 
 
10,000
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/18 – NPFG Insured
1/13 at 100.00
 
A
 
10,315,300
 
 
13,210
 
Total North Carolina
       
13,765,410
 
     
North Dakota – 0.6% (0.4% of Total Investments)
           
 
2,190
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
AA–
 
2,609,801
 
 
1,125
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32 (WI/DD, Settling 5/09/12)
12/21 at 100.00
 
A–
 
1,190,374
 
 
3,315
 
Total North Dakota
       
3,800,175
 

54
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 3.3% (2.2% of Total Investments)
           
$
5,370
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24
6/17 at 100.00
 
B
$
4,389,814
 
     
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
           
 
2,000
 
5.250%, 11/01/29
11/20 at 100.00
 
BBB+
 
2,121,680
 
 
3,000
 
5.750%, 11/01/40
11/20 at 100.00
 
BBB+
 
3,246,000
 
 
3,040
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
7/21 at 100.00
 
BBB
 
3,248,939
 
 
700
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
 
BB+
 
772,807
 
 
4,615
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA–
 
5,403,011
 
 
800
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
917,528
 
 
19,525
 
Total Ohio
       
20,099,779
 
     
Oklahoma – 1.0% (0.7% of Total Investments)
           
 
5,615
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
5,872,616
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.325%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
95,340
 
 
5,703
 
Total Oklahoma
       
5,967,956
 
     
Pennsylvania – 3.3% (2.2% of Total Investments)
           
 
1,000
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB
 
927,500
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
 
BBB+
 
1,078,330
 
 
600
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
7/20 at 100.00
 
BBB–
 
640,206
 
 
5,490
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
 
Aa2
 
5,651,351
 
 
1,595
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
 
AA
 
1,711,100
 
     
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:
           
 
5,445
 
6.000%, 8/01/36
8/20 at 100.00
 
A2
 
6,280,154
 
 
1,425
 
6.500%, 8/01/41
8/20 at 100.00
 
A2
 
1,705,868
 
 
1,670
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.250%, 8/01/19
No Opt. Call
 
BBB+
 
1,831,573
 
 
18,225
 
Total Pennsylvania
       
19,826,082
 
     
Puerto Rico – 3.1% (2.1% of Total Investments)
           
 
4,810
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
8/20 at 100.00
 
A+
 
5,507,450
 
 
12,390
 
Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 7/01/13 – NPFG Insured
No Opt. Call
 
Baa1
 
13,115,806
 
 
17,200
 
Total Puerto Rico
       
18,623,256
 
     
Rhode Island – 2.5% (1.7% of Total Investments)
           
 
15,000
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
6/12 at 100.00
 
BBB+
 
15,056,850
 
     
South Carolina – 2.7% (1.8% of Total Investments)
           
 
4,120
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/23 – NPFG Insured
8/14 at 100.00
 
BBB
 
4,441,278
 
 
5,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.250%, 1/01/21 – FGIC Insured
No Opt. Call
 
A–
 
6,423,850
 

Nuveen Investments
 
55

 
 

 

   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina (continued)
           
$
5,085
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1998A, 5.500%, 1/01/13 – NPFG Insured
No Opt. Call
 
A–
$
5,245,076
 
 
14,205
 
Total South Carolina
       
16,110,204
 
     
South Dakota – 0.3% (0.2% of Total Investments)
           
 
1,750
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31
11/14 at 100.00
 
AA–
 
1,814,243
 
     
Tennessee – 0.3% (0.2% of Total Investments)
           
 
5,075
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41
1/17 at 30.07
 
A
 
1,157,049
 
 
680
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
 
695,674
 
     
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
           
 
860
 
5.500%, 11/01/37 (6)
11/17 at 100.00
 
N/R
 
17,191
 
 
1,000
 
5.500%, 11/01/46 (6)
11/17 at 100.00
 
B–
 
19,990
 
 
7,615
 
Total Tennessee
       
1,889,904
 
     
Texas – 19.1% (12.7% of Total Investments)
           
 
3,000
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (6)
12/12 at 100.00
 
N/R
 
1,610,730
 
 
5,440
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
2/17 at 100.00
 
AAA
 
5,636,547
 
 
1,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB–
 
1,106,620
 
 
2,285
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2001A, 5.875%, 11/01/19 – NPFG Insured (Alternative Minimum Tax)
11/12 at 100.00
 
A+
 
2,293,272
 
 
2,600
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 (WI/DD, Settling 5/10/12) – AGM Insured
11/21 at 100.00
 
A+
 
2,802,800
 
 
2,275
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, 11/01/27 – AGM Insured (Alternative Minimum Tax)
11/14 at 100.00
 
AA–
 
2,354,329
 
 
6,000
 
Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax)
6/12 at 101.00
 
N/R
 
6,018,840
 
 
7,000
 
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured
11/13 at 100.00
 
AA
 
7,296,870
 
 
28,305
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/28 – AMBAC Insured
No Opt. Call
 
A2
 
12,462,692
 
 
7,500
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
No Opt. Call
 
AA (4)
 
10,686,525
 
 
3,000
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
A+
 
3,247,170
 
 
33,505
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/39
8/14 at 25.08
 
AAA
 
7,789,242
 
 
2,000
 
Lubbock, Texas, General Obligation Bonds, Series 2012, 5.000%, 2/15/27
2/22 at 100.00
 
AA+
 
2,360,180
 
 
1,100
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – AGC Insured
1/18 at 100.00
 
AA–
 
1,211,067
 
 
2,500
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
2,702,050
 
 
1,960
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
9/31 at 100.00
 
AA
 
1,274,470
 

56
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
1,100
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
1/19 at 100.00
 
A2
$
1,242,527
 
 
6,000
 
Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State University – Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) – NPFG Insured
8/12 at 100.00
 
N/R (4)
 
6,071,220
 
 
3,410
 
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/12)
12/12 at 100.00
 
Aaa
 
3,576,715
 
 
1,800
 
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 – RAAI Insured
10/12 at 100.00
 
BBB+
 
1,820,412
 
 
5,200
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA–
 
5,462,600
 
 
250
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 17.310%, 2/15/30 (IF) (5)
2/17 at 100.00
 
AA–
 
300,500
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
 
AA–
 
3,157,990
 
 
1,505
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
 
A–
 
1,782,221
 
 
1,620
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39
12/19 at 100.00
 
Baa2
 
1,862,482
 
     
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:
           
 
2,000
 
7.000%, 6/30/34
6/20 at 100.00
 
Baa3
 
2,339,880
 
 
500
 
7.000%, 6/30/40
6/20 at 100.00
 
Baa3
 
583,110
 
 
1,000
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured
8/17 at 100.00
 
BBB+
 
1,001,770
 
 
3,395
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.571%, 4/01/28 (IF)
4/17 at 100.00
 
Aaa
 
5,312,937
 
 
1,320
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/21 – AMBAC Insured
No Opt. Call
 
BBB+
 
930,824
 
 
8,500
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)
11/12 at 100.00
 
Aaa
 
9,176,260
 
 
149,960
 
Total Texas
       
115,474,852
 
     
Utah – 2.0% (1.3% of Total Investments)
           
 
4,420
 
Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18
6/12 at 100.00
 
N/R
 
4,423,315
 
 
3,670
 
Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14 (ETM)
7/12 at 100.00
 
Aa3 (4)
 
3,870,529
 
 
380
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax)
7/12 at 100.00
 
AA
 
402,682
 
     
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:
           
 
655
 
5.500%, 1/01/18 (Alternative Minimum Tax)
7/12 at 100.00
 
AA–
 
656,002
 
 
345
 
5.650%, 1/01/21 (Alternative Minimum Tax)
7/12 at 100.00
 
Aaa
 
345,511
 
 
810
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40
7/20 at 100.00
 
BBB–
 
826,475
 
 
1,555
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40
7/20 at 100.00
 
BBB–
 
1,571,623
 
 
11,835
 
Total Utah
       
12,096,137
 

Nuveen Investments
 
57

 
 

 

   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virgin Islands – 0.5% (0.3% of Total Investments)
           
$
250
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39
10/19 at 100.00
 
Baa3
$
270,068
 
 
2,480
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
BBB
 
2,862,019
 
 
2,730
 
Total Virgin Islands
       
3,132,087
 
     
Virginia – 2.3% (1.6% of Total Investments)
           
 
7,185
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 – AMBAC Insured
1/13 at 100.00
 
Aa3
 
7,341,920
 
 
1,005
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 (Pre-refunded 1/15/13) – AMBAC Insured
1/13 at 100.00
 
Aa3 (4)
 
1,039,110
 
 
1,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B2
 
686,370
 
 
4,640
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
5,056,254
 
 
13,830
 
Total Virginia
       
14,123,654
 
     
Washington – 3.0% (2.0% of Total Investments)
           
 
220
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
Aa3 (4)
 
246,750
 
 
5,780
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/34 – FGIC Insured
1/15 at 100.00
 
AA
 
5,959,411
 
 
1,500
 
Snohomish County School District 6, Mukilteo, Washington, Unlimited Tax General Obligation and Refunding Bonds, Series 1993, 5.700%, 12/01/12 – FGIC Insured
No Opt. Call
 
Aa2
 
1,546,800
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
2,212,280
 
 
1,095
 
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured
8/13 at 102.00
 
N/R
 
1,098,701
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
12/17 at 100.00
 
N/R
 
1,961,900
 
 
1,460
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured
8/17 at 100.00
 
BBB
 
1,525,758
 
 
3,745
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
 
A3
 
3,894,163
 
 
17,800
 
Total Washington
       
18,445,763
 
     
West Virginia – 0.3% (0.2% of Total Investments)
           
 
1,950
 
West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
9/19 at 100.00
 
A3
 
2,098,902
 

58
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin – 2.4% (1.6% of Total Investments)
           
$
815
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
$
901,219
 
 
1,400
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
 
A–
 
1,417,752
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:
           
 
5,000
 
5.250%, 8/15/21
8/16 at 100.00
 
A–
 
5,377,400
 
 
1,000
 
5.250%, 8/15/34
8/16 at 100.00
 
A–
 
1,036,210
 
 
5,000
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB)
5/16 at 100.00
 
AA
 
5,617,600
 
 
13,215
 
Total Wisconsin
       
14,350,181
 
$
964,858
 
Total Investments (cost $844,764,624) – 150.0%
       
908,703,813
 
     
Floating Rate Obligations – (9.9)%
       
(59,703,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.3)% (7)
       
(262,200,000
     
Other Assets Less Liabilities – 3.2%
       
19,152,114
 
     
Net Assets Applicable to Common Shares – 100%
     
$
605,952,927
 
 
(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)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
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. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
59

 
 

 
 
   
Statement of
   
Assets & Liabilities
April 30, 2012 (Unaudited)

     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Assets
                   
Investments, at value (cost $1,335,028,272, $1,541,999,477 and $844,764,624, respectively)
 
$
1,418,842,642
 
$
1,657,240,217
 
$
908,703,813
 
Cash
   
4,039,134
   
   
253,560
 
Receivables:
                   
Interest
   
20,998,788
   
23,276,305
   
13,811,057
 
Investments sold
   
13,047,476
   
21,251,272
   
10,375,819
 
Deferred offering costs
   
1,452,127
   
2,213,993
   
1,873,849
 
Other assets
   
208,101
   
633,146
   
345,030
 
Total assets
   
1,458,588,268
   
1,704,614,933
   
935,363,128
 
Liabilities
                   
Cash overdraft
   
   
193,603
   
 
Floating rate obligations
   
92,124,000
   
95,759,000
   
59,703,000
 
Payables:
                   
Common share dividends
   
4,244,170
   
5,138,278
   
2,838,225
 
Interest
   
485,958
   
   
 
Investments purchased
   
   
13,041,743
   
3,977,078
 
Offering costs
   
115,785
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
402,400,000
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
489,500,000
   
262,200,000
 
Accrued expenses:
                   
Management fees
   
714,087
   
803,401
   
448,999
 
Other
   
509,516
   
850,284
   
242,899
 
Total liabilities
   
500,593,516
   
605,286,309
   
329,410,201
 
Net assets applicable to Common shares
 
$
957,994,752
 
$
1,099,328,624
 
$
605,952,927
 
Common shares outstanding
   
63,966,288
   
70,692,851
   
43,288,550
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.98
 
$
15.55
 
$
14.00
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
639,663
 
$
706,929
 
$
432,886
 
Paid-in surplus
   
902,553,201
   
999,191,940
   
549,799,252
 
Undistributed (Over-distribution of) net investment income
   
12,715,286
   
14,723,518
   
7,946,187
 
Accumulated net realized gain (loss)
   
(41,727,768
)
 
(30,534,503
)
 
(16,164,587
)
Net unrealized appreciation (depreciation)
   
83,814,370
   
115,240,740
   
63,939,189
 
Net assets applicable to Common shares
 
$
957,994,752
 
$
1,099,328,624
 
$
605,952,927
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.
 
60
 
Nuveen Investments

 
 

 

   
Statement of
 
   
Operations
 
     
Six Months Ended April 30, 2012
(Unaudited)

     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Investment Income
 
$
35,568,371
 
$
40,960,063
 
$
23,321,315
 
Expenses
                   
Management fees
   
4,291,742
   
4,838,189
   
2,691,821
 
Dividend disbursing agent fees
   
62,603
   
22,992
   
 
Shareholders’ servicing agent fees and expenses
   
59,472
   
27,995
   
25,000
 
Interest expense and amortization of offering costs
   
3,327,153
   
1,002,793
   
504,820
 
Fees on VRDP Shares
   
   
2,767,946
   
1,818,114
 
Custodian’s fees and expenses
   
98,896
   
117,113
   
66,596
 
Directors’ fees and expenses
   
16,889
   
19,757
   
10,815
 
Professional fees
   
40,839
   
56,135
   
52,296
 
Shareholders’ reports – printing and mailing expenses
   
89,176
   
124,379
   
68,161
 
Stock exchange listing fees
   
10,297
   
11,269
   
6,925
 
Investor relations expense
   
48,017
   
51,392
   
29,784
 
Other expenses
   
31,193
   
42,544
   
33,367
 
Total expenses before custodian fee credit and legal fee refund
   
8,076,277
   
9,082,504
   
5,307,699
 
Custodian fee credit
   
(2,661
)
 
(4,297
)
 
(1,854
)
Legal fee refund
   
(133,800
)
 
(10,529
)
 
(23,778
)
Net expenses
   
7,939,816
   
9,067,678
   
5,282,067
 
Net investment income (loss)
   
27,628,555
   
31,892,385
   
18,039,248
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
(8,690,351
)
 
1,474,103
   
(504,785
)
Change in net unrealized appreciation (depreciation) of investments
   
67,175,268
   
59,959,797
   
41,234,039
 
Net realized and unrealized gain (loss)
   
58,484,917
   
61,433,900
   
40,729,254
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
86,113,472
 
$
93,326,285
 
$
58,768,502
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
61

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)
 
                                       
   
Premium Income (NPI)
 
Premium Income 2 (NPM)
 
Premium Income 4 (NPT)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Operations
                                     
Net investment income (loss)
 
$
27,628,555
 
$
57,234,424
 
$
31,892,385
 
$
67,419,666
 
$
18,039,248
 
$
36,154,285
 
Net realized gain (loss) from investments
   
(8,690,351
)
 
(174,650
)
 
1,474,103
   
2,383,283
   
(504,785
)
 
1,087,506
 
Change in net unrealized appreciation (depreciation) of investments
   
67,175,268
   
(21,805,880
)
 
59,959,797
   
(23,079,569
)
 
41,234,039
   
(11,019,587
)
Distributions to Auction Rate
                                     
Preferred Shareholders:
                                     
From net investment income
   
   
(636,204
)
 
   
(1,137,377
)
 
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
86,113,472
   
34,617,690
   
93,326,285
   
45,586,003
   
58,768,502
   
26,222,204
 
Distributions to Common Shareholders
                                     
From net investment income
   
(29,354,316
)
 
(58,668,998
)
 
(33,720,491
)
 
(64,754,653
)
 
(18,439,476
)
 
(36,875,407
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(29,354,316
)
 
(58,668,998
)
 
(33,720,491
)
 
(64,754,653
)
 
(18,439,476
)
 
(36,875,407
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
774,990
   
383,154
   
   
   
94,795
   
233,533
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
774,990
   
383,154
   
   
   
94,795
   
233,533
 
Net increase (decrease) in net assets applicable to Common shares
   
57,534,146
   
(23,668,154
)
 
59,605,794
   
(19,168,650
)
 
40,423,821
   
(10,419,670
)
Net assets applicable to Common shares at the beginning of period
   
900,460,606
   
924,128,760
   
1,039,722,830
   
1,058,891,480
   
565,529,106
   
575,948,776
 
Net assets applicable to Common shares at the end of period
 
$
957,994,752
 
$
900,460,606
 
$
1,099,328,624
 
$
1,039,722,830
 
$
605,952,927
 
$
565,529,106
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
12,715,286
 
$
14,441,047
 
$
14,723,518
 
$
16,551,624
 
$
7,946,187
 
$
8,346,415
 
 
See accompanying notes to financial statements.
 
62
 
Nuveen Investments

 
 

 

   
Statement of
 
   
Cash Flows
 
     
Six Months Ended April 30, 2012
     
(Unaudited)

                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Sharesfrom Operations
 
$
86,113,472
 
$
93,326,285
 
$
58,768,502
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(49,463,066
)
 
(88,575,671
)
 
(48,109,265
)
Proceeds from sales and maturities of investments
   
71,857,171
   
91,326,807
   
52,869,811
 
Proceeds from (Purchases of) short-term investments, net
   
17,580,000
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(8,774,167
)
 
(2,203,895
)
 
(1,149,765
)
(Increase) Decrease in:
                   
Receivable for interest
   
398,801
   
102,223
   
697,185
 
Receivable for investments sold
   
(10,417,476
)
 
(13,568,627
)
 
(6,464,078
)
Other assets
   
141,269
   
(3,729
)
 
42,086
 
Increase (Decrease) in:
                   
Payable for interest
   
9,803
   
   
 
Payable for investments purchased
   
(2,258,784
)
 
9,653,567
   
2,831,086
 
Accrued management fees
   
(5,785
)
 
(8,602
)
 
(1,187
)
Accrued other expenses
   
(24,511
)
 
(128,486
)
 
(10,161
)
Net realized (gain) loss from investments
   
8,690,351
   
(1,474,103
)
 
504,785
 
Change in net unrealized (appreciation) depreciation of investments
   
(67,175,268
)
 
(59,959,797
)
 
(41,234,039
)
Taxes paid on undistributed capital gains
   
(2,167
)
 
(1,159
)
 
(3,300
)
Net cash provided by (used in) operating activities
   
46,669,643
   
28,484,813
   
18,741,660
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(53,270
)
 
(325,540
)
 
(56,956
)
Increase (Decrease) in:
                   
Cash overdraft balance
   
   
193,603
   
 
Floating rate obligations
   
(19,855,000
)
 
(6,675,000
)
 
 
Payable for offering costs
   
(130,057
)
 
(98,005
)
 
(242,356
)
Cash distributions paid to Common shareholders
   
(28,559,954
)
 
(33,653,987
)
 
(18,350,268
)
Net cash provided by (used in) financing activities
   
(48,598,281
)
 
(40,558,929
)
 
(18,649,580
)
Net Increase (Decrease) in Cash
   
(1,928,638
)
 
(12,074,116
)
 
92,080
 
Cash at the beginning of period
   
5,967,772
   
12,074,116
   
161,480
 
Cash at the End of Period
 
$
4,039,134
 
$
 
$
253,560
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $774,990 and $94,795 for Premium Income (NPI) and Premium Income 4 (NPT), respectively.
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Cash paid for interest (excluding amortization of offering costs)
 
$
3,034,937
 
$
970,896
 
$
472,868
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
63

 
 

 


   
Financial
   
Highlights(Unaudited)
     
 
Selected data for a Common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Shareholders
 
Capital
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Premium Income (NPI)
                                                                   
Year Ended 10/31:
                                                                   
2012(f)
 
$
14.09
 
$
.43
 
$
.92
 
$
 
$
 
$
1.35
 
$
(.46
)
$
 
$
(.46
)
$
 
$
14.98
 
$
14.59
 
2011
   
14.47
   
.90
   
(.35
)
 
(.01
)
 
   
.54
   
(.92
)
 
   
(.92
)
 
   
14.09
   
13.56
 
2010
   
13.72
   
.99
   
.67
   
(.03
)
 
   
1.63
   
(.88
)
 
   
(.88
)
 
   
14.47
   
14.34
 
2009
   
11.86
   
.99
   
1.70
   
(.05
)
 
   
2.64
   
(.78
)
 
   
(.78
)
 
   
13.72
   
12.77
 
2008
   
14.76
   
.97
   
(2.88
)
 
(.28
)
 
   
(2.19
)
 
(.71
)
 
   
(.71
)
 
   
11.86
   
10.93
 
2007
   
15.33
   
.98
   
(.55
)
 
(.29
)
 
   
.14
   
(.71
)
 
   
(.71
)
 
   
14.76
   
13.30
 
                                                                           
Premium Income 2 (NPM)
                                                                   
Year Ended 10/31:
                                                                   
2012(f)
   
14.71
   
.45
   
.87
   
   
   
1.32
   
(.48
)
 
   
(.48
)
 
   
15.55
   
15.07
 
2011
   
14.98
   
.95
   
(.28
)
 
(.02
)
 
   
.65
   
(.92
)
 
   
(.92
)
 
   
14.71
   
14.27
 
2010
   
14.17
   
1.01
   
.71
   
(.03
)
 
   
1.69
   
(.88
)
 
   
(.88
)
 
*
 
14.98
   
14.54
 
2009
   
11.71
   
.95
   
2.34
   
(.05
)
 
   
3.24
   
(.78
)
 
   
(.78
)
 
*
 
14.17
   
13.02
 
2008
   
14.85
   
.97
   
(3.10
)
 
(.29
)
 
(.01
)
 
(2.43
)
 
(.69
)
 
(.02
)
 
(.71
)
 
*
 
11.71
   
10.28
 
2007
   
15.45
   
.97
   
(.56
)
 
(.30
)
 
(.01
)
 
.10
   
(.69
)
 
(.02
)
 
(.71
)
 
.01
   
14.85
   
13.25
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value 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 reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

64
 
Nuveen Investments

 
 

 
 
     
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
11.04
%
 
9.68
%
$
957,995
   
1.71
%**
 
5.91
%**
 
4
%
   
1.37
   
4.18
   
900,461
   
1.66
   
6.60
   
9
 
   
19.68
   
12.26
   
924,129
   
1.21
   
7.05
   
6
 
   
24.61
   
22.89
   
875,341
   
1.31
   
7.79
   
4
 
   
(13.10
)
 
(15.39
)
 
756,782
   
1.49
   
6.95
   
11
 
   
(1.02
)
 
.93
   
941,220
   
1.56
   
6.52
   
14
 
                                     
                                     
   
9.00
   
9.05
   
1,099,329
   
1.69
**
 
5.95
**
 
5
 
   
4.95
   
4.74
   
1,039,723
   
1.48
   
6.74
   
8
 
   
18.89
   
12.25
   
1,058,891
   
1.16
   
6.89
   
7
 
   
35.00
   
28.38
   
1,003,366
   
1.36
   
7.71
   
9
 
   
(17.95
)
 
(16.96
)
 
477,603
   
1.56
   
6.93
   
8
 
   
(.81
)
 
.71
   
605,817
   
1.62
   
6.44
   
12
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 - General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
 
Premium Income (NPI)
       
Year Ended 10/31:
       
2012(f)
   
.72
%**
2011
   
.58
 
2010
   
.09
 
2009
   
.14
 
2008
   
.31
 
2007
   
.39
 
         
Premium Income 2 (NPM)
       
Year Ended 10/31:
       
2012(f)
   
.70
%**
2011
   
.42
 
2010
   
.07
 
2009
   
.16
 
2008
   
.34
 
2007
   
.43
 
 
(f)
For the six months ended April 30, 2012.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
65

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
   
 
Selected data for a Common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Shareholders
 
Capital
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Premium Income 4 (NPT)
                                                                   
Year Ended 10/31:
                                                                   
2012(f)
 
$
13.07
 
$
.42
 
$
.94
 
$
 
$
 
$
1.36
 
$
(.43
)
$
 
$
(.43
)
$
 
$
14.00
 
$
13.80
 
2011
   
13.31
   
.82
   
(.21
)
 
   
   
.61
   
(.85
)
 
   
(.85
)
 
   
13.07
   
12.76
 
2010
   
12.58
   
.87
   
.70
   
(.01
)
 
   
1.56
   
(.83
)
 
   
(.83
)
 
   
13.31
   
13.34
 
2009
   
10.59
   
.91
   
1.83
   
(.05
)
 
   
2.69
   
(.70
)
 
   
(.70
)
 
   
12.58
   
11.69
 
2008
   
13.22
   
.91
   
(2.67
)
 
(.28
)
 
   
(2.04
)
 
(.59
)
 
   
(.59
)
 
   
10.59
   
9.24
 
2007
   
13.69
   
.90
   
(.45
)
 
(.28
)
 
   
.17
   
(.64
)
 
   
(.64
)
 
   
13.22
   
11.77
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value 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 reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
66
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
11.59
%
 
10.49
%
$
605,953
   
1.80
%*
 
6.15
%*
 
5
%
   
2.63
   
5.13
   
565,529
   
1.99
   
6.71
   
11
 
   
21.76
   
12.77
**   
575,949
   
1.67
   
6.76
   
16
 
   
35.01
   
26.11
   
543,812
   
1.33
   
7.89
   
6
 
   
(17.19
)
 
(15.97
)
 
457,866
   
1.62
   
7.19
   
10
 
   
(3.30
)
 
1.25
   
571,427
   
1.69
   
6.68
   
14
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
 
Premium Income 4 (NPT)
       
Year Ended 10/31:
       
2012(f)
   
.79
%*
2011
   
.94
 
2010
   
.59
 
2009
   
.10
 
2008
   
.37
 
2007
   
.46
 
 
(f)
For the six months ended April 30, 2012.
*
Annualized.
**
During the fiscal year ended October 31, 2010, Premium Income 4 (NPT) received payments from the Adviser of $240 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return Based on Common Share Net Asset Value.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
67

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
VMTP Shares at the End of Period
 
VRDP Shares at the End of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Premium Income (NPI)
                                                       
Year Ended 10/31:
                                                       
2012(a)
 
$
 
$
 
$
 
$
402,400
 
$
100,000
 
$
338,070
 
$
 
$
 
$
 
2011
   
   
   
   
402,400
   
100,000
   
323,773
   
   
   
 
2010
   
400,650
   
25,000
   
82,664
   
   
   
   
   
   
 
2009
   
400,650
   
25,000
   
79,620
   
   
   
   
   
   
 
2008
   
415,450
   
25,000
   
70,540
   
   
   
   
   
   
 
2007
   
525,000
   
25,000
   
69,820
   
   
   
   
   
   
 
                                                         
Premium Income 2 (NPM)
                                                       
Year Ended 10/31:
                                                       
2012(a)
   
   
   
   
   
   
   
489,500
   
100,000
   
324,582
 
2011
   
   
   
   
   
   
   
489,500
   
100,000
   
312,405
 
2010
   
487,525
   
25,000
   
79,299
   
   
   
   
   
   
 
2009
   
487,525
   
25,000
   
76,452
   
   
   
   
   
   
 
2008
   
283,550
   
25,000
   
67,109
   
   
   
   
   
   
 
2007
   
347,000
   
25,000
   
68,647
   
   
   
   
   
   
 
 
(a)
For the six months ended April 30, 2012.
 
See accompanying notes to financial statements.
 
68
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
VRDP Shares at the End of Period
   
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Premium Income 4 (NPT)
                                     
Year Ended 10/31:
                                     
2012(a)
 
$
 
$
 
$
 
$
262,200
 
$
100,000
 
$
331,103
 
2011
   
   
   
   
262,200
   
100,000
   
315,686
 
2010
   
   
   
   
262,200
   
100,000
   
319,660
 
2009
   
259,050
   
25,000
   
77,481
   
   
   
 
2008
   
302,200
   
25,000
   
62,878
   
   
   
 
2007
   
338,400
   
25,000
   
67,215
   
   
   
 
 
(a)
For the six months ended April 30, 2012.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
69

 
 

 

   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are Nuveen Premium Income Municipal Fund, Inc. (NPI), Nuveen Premium Income Municipal Fund 2, Inc. (NPM) and Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (each a “Fund” and collectively the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
 
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2012, Premium Income 2 (NPM) and Premium Income 4 (NPT) had outstanding when-issued/delayed delivery purchase commitments of $13,033,692 and $3,977,078, respectively.There were no such outstanding purchase commitments in Premium Income (NPI).

70
 
Nuveen Investments

 
 

 
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented in the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2011, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
Variable Rate MuniFund Term Preferred Shares
Premium Income (NPI) has issued and outstanding $4,024 Series 2014 Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. Premium Income (NPI) issued its VMTP Shares in a privately negotiated offering in February 2011. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem the remainder of the Fund’s outstanding ARPS. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
The Fund is obligated to redeem its VMTP Shares on March 1, 2014, unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares were subject to redemption at the option of the Fund until March 1, 2012, subject to payment of a premium until February 29, 2012, and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value outstanding and annualized dividend rate of VMTP Shares for the Fund during the six months ended April 30, 2012 were $402,400,000 and 1.39%, respectively.
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Premium Income 2 (NPM) and Premium Income 4 (NPT) issued their VRDP Shares in a privately negotiated offering during May 2011 and March 2010, respectively. Proceeds of each Fund’s offering were used to redeem all, or a portion of, each Fund’s outstanding ARPS. The VRDP Shares were offered

Nuveen Investments
 
71

 
 

 


   
Notes to
   
Financial Statements (Unaudited) (continued)
 
to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:

     
Premium
   
Premium
 
     
Income 2
   
Income 4
 
     
(NPM
)
 
(NPT
)
Series
   
1
   
1
 
Shares Outstanding
   
4,895
   
2,622
 
Maturity
   
May 1, 2041
   
March 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended April 30, 2012, were as follows:
               
     
Premium
   
Premium
 
     
Income 2
   
Income 4
 
     
(NPM
)
 
(NPT
)
Average liquidation value outstanding
 
$
489,500,000
 
$
262,200,000
 
Annualized dividend rate
   
0.29%
   
0.26%
 
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as components of “Fees on VRDP Shares” on the Statement of Operations.
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an

72
 
Nuveen Investments

 
 

 
 
inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended April 30, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
At April 30, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Maximum exposure to Recourse Trusts
 
$
4,885,000
 
$
3,715,000
 
$
12,000,000
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2012, were as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Average floating rate obligations outstanding
 
$
105,290,319
 
$
97,472,874
 
$
59,703,000
 
Average annual interest rate and fees
   
0.51
%
 
0.56%
   
0.45%
 
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2012.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser, believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Nuveen Investments
 
73

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Offering Costs
Costs incurred by Premium Income (NPI) in connection with its offering of VMTP Shares ($1,710,000) were recorded as a deferred charge which are being amortized over the life of the shares. Costs incurred by Premium Income 2 (NPM) and Premium Income 4 (NPT) in connection with their offerings of VRDP Shares ($1,920,000 and $1,921,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
Fair value is defined as the price that the Funds 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 each Fund’s fair value measurements as of April 30, 2012:
 
Premium Income (NPI)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
1,418,842,642
 
$
 
$
1,418,842,642
 
                           
Premium Income 2 (NPM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
1,657,240,217
 
$
 
$
1,657,240,217
 
                           
Premium Income 4 (NPT)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
908,703,813
 
$
 
$
908,703,813
 

74
 
Nuveen Investments

 
 

 
 
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:

   
Premium
Income
(NPI)
Level 3
Municipal
Bonds
 
Premium
Income 2
(NPM)
Level 3
Municipal
Bonds
 
Premium
Income 4
(NPT)
Level 3
Municipal
Bonds
 
Balance at the beginning of period
 
$
318,630
 
$
133,380
 
$
137,826
 
Gains (losses):
                   
Net realized gains (losses)
   
   
   
 
Net change in unrealized appreciation (depreciation)
   
56,124
   
23,494
   
24,277
 
Purchases at cost
   
   
   
 
Sales at proceeds
   
(288,797
)
 
(120,892
)
 
(124,922
)
Net discounts (premiums)
   
   
   
 
Transfers in to
   
   
   
 
Transfers out of
   
(85,957
)
 
(35,982
)
 
(37,181
)
Balance at the end of period
 
$
 
$
 
$
 
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012
 
$
 
$
 
$
 
 
During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2012.
 
4. Fund Shares
Common Shares
The Funds did not repurchase any of their outstanding shares during the six months ended April 30, 2012, or the fiscal year ended October 31, 2011.
 
Transactions in Common shares were as follows:

   
Premium
Income (NPI)
 
Premium
Income 2 (NPM)
 
Premium
Income 4 (NPT)
   
Six Months
Ended
4/30/12
 
Year Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year Ended
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
54,394
   
27,784
   
   
   
6,795
   
18,014
 

Nuveen Investments
 
75

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Preferred Shares
Premium Income (NPI) and Premium Income 2 (NPM) redeemed all of their outstanding ARPS during the fiscal year ended October 31, 2011. Premium Income 4 (NPT) redeemed all of its outstanding ARPS during the fiscal year ended October 31, 2010.
 
Transactions in ARPS during the fiscal year ended October 31, 2011, were as follows:

   
Premium
Income (NPI)
 
Premium
Income 2 (NPM)
   
Year Ended
10/31/11
 
Year Ended
10/31/11
   
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                         
Series M
   
2,900
 
$
72,500,000
   
1,600
 
$
40,000,000
 
Series M2
   
1,526
   
38,150,000
   
1,379
   
34,475,000
 
Series T
   
2,900
   
72,500,000
   
2,401
   
60,025,000
 
Series T2
   
   
   
2,683
   
67,075,000
 
Series W
   
2,900
   
72,500,000
   
1,600
   
40,000,000
 
Series TH
   
2,901
   
72,525,000
   
2,401
   
60,025,000
 
Series TH2
   
   
   
1,379
   
34,475,000
 
Series F
   
2,899
   
72,475,000
   
1,601
   
40,025,000
 
Series F2
   
   
   
1,504
   
37,600,000
 
Series F3
   
   
   
1,915
   
47,875,000
 
Series F4
   
   
   
1,038
   
25,950,000
 
Total
   
16,026
 
$
400,650,000
   
19,501
 
$
487,525,000
 
 
Transactions for VMTP Shares were as follows:

   
Premium
Income (NPI)
   
Six Months Ended
4/30/12
 
Year Ended
10/31/11
   
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                         
Series 2014
   
 
$
   
4,024
 
$
402,400,000
 
 
Transactions in VRDP Shares were as follows:

   
Premium
Income 2 (NPM)
   
Six Months Ended
4/30/12
 
Year Ended
10/31/11
   
Shares
 
Amount
 
Shares
 
Amount
 
VRDP Shares issued:
                         
Series 1
   
 
$
   
4,895
 
$
489,500,000
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2012, were as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Purchases
 
$
49,463,066
 
$
88,575,671
 
$
48,109,265
 
Sales and maturities
   
71,857,171
   
91,326,807
   
52,869,811
 

76
 
Nuveen Investments

 
 

 
 
6. 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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Cost of investments
 
$
1,242,364,825
 
$
1,445,471,096
 
$
784,776,772
 
Gross unrealized:
                   
Appreciation
 
$
109,434,576
 
$
131,886,311
 
$
70,667,298
 
Depreciation
   
(25,166,068
)
 
(15,842,328
)
 
(6,400,205
)
Net unrealized appreciation (depreciation) of investments
 
$
84,268,508
 
$
116,043,983
 
$
64,267,093
 
 
Permanent differences, primarily due to federal taxes paid, non-deductible offering costs, expiring capital loss carryforwards, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2011, the Funds’ last tax year end, as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Paid-in-surplus
 
$
(4,530,046
)
$
(31,547
)
$
(23,680,944
)
Undistributed (Over-distribution of) net investment income
   
362,843
   
9,780
   
(24,153
)
Accumulated net realized gain (loss)
   
4,167,203
   
21,767
   
23,705,097
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Undistributed net tax-exempt income *
 
$
17,607,955
 
$
21,033,809
 
$
10,722,593
 
Undistributed net ordinary income **
   
14,288
   
7,726
   
21,997
 
Undistributed net long-term capital gains
   
   
   
 
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2011, paid on November 1, 2011.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Distributions from net tax-exempt income
 
$
62,787,473
 
$
65,953,092
 
$
37,916,463
 
Distributions from net ordinary income **
   
   
360,050
   
 
Distributions from net long-term capital gains
   
   
   
 
 
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 

Nuveen Investments
 
77

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
At October 31, 2011, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Expiration:
                   
October 31, 2013
 
$
 
$
 
$
6,161,830
 
October 31, 2014
   
4,614,516
   
   
806,337
 
October 31, 2015
   
   
9,711,914
   
 
October 31, 2016
   
11,536,998
   
18,051,540
   
7,113,122
 
October 31, 2017
   
11,817,772
   
488,931
   
 
Total
 
$
27,969,286
 
$
28,252,385
 
$
14,081,289
 
 
During the Funds’ last tax year ended October 31, 2011, the Funds utilized capital loss carryforwards as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Utilized capital loss carryforwards
 
$
1,041,192
 
$
2,405,050
 
$
1,137,800
 
 
During the Funds’ last tax year ended October 31, 2011, the following Funds had capital loss carryforwards expire as follows:
               
     
Premium
   
Premium
 
     
Income
   
Income 4
 
     
(NPI
)
 
(NPT
)
Expired capital loss carryforwards
 
$
4,143,892
 
$
23,654,803
 
 
7. Management Fees and Other Transactions with Affiliates
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
         
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For the next $3 billion
   
.3875
 
For managed assets over $5 billion
   
.3750
 

78
 
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The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
         
Complex-Level Managed Asset Breakpoint Level*
   
Effective Rate at Breakpoint Level
$55 billion
   
.2000
%
$56 billion
   
.1996
 
$57 billion
   
.1989
 
$60 billion
   
.1961
 
$63 billion
   
.1931
 
$66 billion
   
.1900
 
$71 billion
   
.1851
 
$76 billion
   
.1806
 
$80 billion
   
.1773
 
$91 billion
   
.1691
 
$125 billion
   
.1599
 
$200 billion
   
.1505
 
$250 billion
   
.1469
 
$300 billion
   
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2012, the complex-level fee rate for each of these Funds was .1724%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. New Accounting Pronouncements
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.
 
Nuveen Investments
 
79

 
 

 
 
Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
80
 
Nuveen Investments

 
 

 
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
Nuveen Investments
 
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Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse-floaters or tender option bonds (TOBs), are created by depositing a municipal Bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the shortterm rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
 
82
 
Nuveen Investments

 
 

 

Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
   
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
Standard & Poor’s (S&P) Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
Nuveen Investments
 
83

 
 

 
 
Notes
 
84
 
Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments
 
85

 
 

 
 
Notes
 
86
 
Nuveen Investments

 
 

 
 
Additional Fund Information
 
Board of Directors
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.
   
 
Common Shares
Fund
Repurchased
NPI
NPM
NPT
 
Any future repurchases will be reported to shareholders in the next annual or semiannual report.
 
Nuveen Investments
 
87

 
 

 
 
 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 

ESA-E-0412D

 
 

 

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
 
ITEM 11. 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
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)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 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: July 9, 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: July 9, 2012

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 9, 2012