Washington, D.C. 20549
Nuveen Premium Income Municipal Fund 4, Inc.
Kevin J. McCarthy
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.
INVESTMENT ADVISER NAME CHANGE
Effective January 1, 2011, Nuveen Asset Management, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”).
Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp – the parent of FAF Advisors – received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long-term investment business of FAF Advisors, including investment management responsibilities for the non-money market mutual funds of the First American Funds family.
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
Table of Contents
| Chairman’s Letter to Shareholders | | 4 |
| Portfolio Managers’ Comments | | 5 |
| Common Share Dividend and Share Price Information | | 12 |
| Performance Overviews | | 13 |
| Portfolios of Investments | | 16 |
| Statement of Assets and Liabilities | | 64 |
| Statement of Operations | | 65 |
| Statement of Changes in Net Assets | | 66 |
| Statement of Cash Flows | | 67 |
| Financial Highlights | | 68 |
| Notes to Financial Statements | | 72 |
| Board Approval of Sub-Advisory Arrangements | | 83 |
| Reinvest Automatically, Easily and Conveniently | | 84 |
| Glossary of Terms Used in this Report | | 86 |
| Other Useful Information | | 91 |
Chairman’s
Letter to Shareholders
Dear Shareholders,
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
As of the end of May 2011, Nuveen Investments had completed the refinancing of all of the Auction Rate Preferred Securities issued by its taxable closed-end funds and 91% of the MuniPreferred shares issued by its tax-exempt closed-end funds. Please consult the Nuveen Investments web site, www.Nuveen.com, for the current status of this important refinancing program.
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 21, 2011
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 20 years of investment experience, including 14 years at Nuveen, Paul has managed NPI and NPM since 2006. Chris, who has 31 years of financial industry experience, assumed portfolio management responsibility for NPT from Paul in January 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2011?
After rallying through most of 2010, municipal bond prices declined during this six-month period, impacted by investor concerns about inflation, the federal deficit, and the deficit’s impact on demand for U.S. Treasury securities. Adding to this market pressure was media coverage of the strained finances of many state and local governments. As a result, money began to flow out of municipal bond funds, yields rose and valuations declined. Toward the end of this period, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields and rising valuations.
The municipal bond market also was affected by a significant decline in new tax-exempt issuance during this period. One reason for this decrease was the heavy issuance of taxable municipal debt at the end of 2010 under the Build America Bond (BAB) program. During November and December 2010, taxable BABs issuance nationwide totaled $31.5 billion, accounting for 34.5% of new bonds in the municipal market. Since interest payments from BABs represent taxable income, we did not view these bonds as appropriate investment opportunities for these Funds. The BAB program expired December 31, 2010, after Congress failed to include legislation extending the program in the tax bill it passed earlier that month. In addition to the BAB program’s impact on tax-exempt issuance during the November-December period, borrowers trying to take advantage of the program’s favorable terms before its termination at year end accelerated issuance that potentially would have come to market as tax-exempt bonds in 2011, choosing instead to issue taxable BABs during the last two months of 2010. Due in part
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.
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
to this, national municipal issuance was down 49% for the first four months of 2011 compared with the same period in 2010.
In this environment of constrained tax-exempt municipal bond issuance, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, we found value in essential services sectors such as health care, transportation, specifically tollroads and airports and general obligation and other tax-supported bonds issued by state and local governments for infrastructure projects. NPT also purchased higher education credits. For the most part, the Funds focused on purchasing longer bonds in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ durations and yield curve positionings. In general, NPI and NPM emphasized bonds with credit ratings of A or higher, while NPT’s purchases were diversified across the rating spectrum.
During the last months of 2010, some of our investment activity resulted from opportunities created by the provisions of the BAB program. For example, tax-exempt supply was more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally did not qualify for the BAB program and continued to issue bonds in the tax-exempt municipal market. In addition, bonds with proceeds earmarked for refundings, working capital, and private activities were not covered by the BAB program, and this resulted in attractive opportunities in other sectors of the market, such as airports.
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds as fully invested as possible. NPT also took advantage of strong bids to sell a few holdings at attractive prices, mainly from the health care and industrial development revenue sectors.
As of April 30, 2011, all three of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform?
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 4/30/11
| Fund | | 6-Month | 1-Year | 5-Year | 10-Year |
| NPI | | | -5.42 | % | | 0.33 | % | | 3.41 | % | | 4.93 | % |
| NPM | | | -4.22 | % | | 1.45 | % | | 4.17 | % | | 5.42 | % |
| NPT | | | -5.83 | % | | 0.02 | % | | 3.79 | % | | 4.70 | % |
| | | | | | | | | | | | | | |
Standard & Poor’s (S&P) National Municipal Bond Index1 | | | -1.99 | % | | 1.98 | % | | 4.18 | % | | 4.94 | % |
Lipper General Leveraged Municipal Debt Funds Average2 | | | -5.81 | % | | 0.10 | % | | 3.04 | % | | 5.25 | % |
For the six months ended April 30, 2011, the cumulative returns on common share net asset value (NAV) for these three Funds underperformed the return for the Standard & Poor’s (S&P) National Municipal Bond Index. For the same period, NPI and NPM exceeded the average return for the Lipper General Leveraged Municipal Debt Funds Average, while NPT performed in line with this benchmark.
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 structural leverage also had an impact on the Funds’ performance. Leverage is discussed in more detail on page eight.
During this period, municipal bonds with shorter maturities generally outperformed other maturity categories, with credits at the longest end of the yield curve posting the weakest returns. The underperformance of longer bonds was due in part to the rise in municipal yields at the longer end of the curve. Among these three Funds, NPM was the most advantageously situated in terms of duration and yield curve positioning, with more exposure to the outperforming shorter end of the yield curve. NPT, on the other hand, had the longest duration among these three Funds, and its greater exposure to the underperforming long part of the curve detracted from its performance for this period. Overall, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
Credit exposure also played a role in performance. During the market reversal of late 2010, as the redemption activity in municipal bond funds and, especially, high-yield funds increased, lower-rated credits were negatively impacted. For the period as a whole, bonds rated BBB generally underperformed those rated AAA. All of these Funds
| * | Six-month returns are cumulative; all other returns are annualized. |
| | |
| | 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. |
| | |
| 1 | The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. |
| | |
| 2 | The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 74 funds; 1-year, 73 funds; 5-year, 70 funds; and 10-year, 51 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment. |
tended to be overweighted in bonds rated BBB, which hurt their performance, with NPT having the heaviest exposure to BBB rated bonds and the smallest position in AAA bonds among these Funds.
Holdings that generally helped the Funds’ returns included housing, resource recovery and general obligation and other tax-supported bonds. In general, these Funds had relatively light exposures to housing and were somewhat underweighted in tax-supported credits, which limited their participation in the performance of these sectors. During this period, pre-refunded bonds, which are often backed by U.S. Treasury securities, also were among the strongest performers, primarily due to their shorter effective maturities and higher credit quality. As of April 30, 2011, all three Funds had strong weightings in pre-refunded bonds, which benefited their performance.
In contrast, the health care and transportation sectors turned in relatively weaker performance. NPT, in particular, was overweighted in the health care sector, which negatively affected its performance.
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of all these Funds relative to the comparative indexes the Funds’ use of structural 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. This is what happened in these Funds during the period, as the use of structural leverage hurt their overall performance.
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
Shortly after their respective inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so.
This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multi-generational lows, those maximum rates also have been low.
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable MuniFund Term Preferred (VMTP) Shares, which are a floating rate form of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NPI and NPM) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and
recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
Subsequently, the funds that received demand letters (including NPI and NPM) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
As of April 30, 2011, the amount of ARPS redeemed at par by the Funds is as shown in the accompanying table.
| Fund | | ARPS Redeemed | | % of Original ARPS |
| NPI | | $ | 525,000,000 | | | 100.0 | % |
| NPM | | $ | 108,475,000 | | | 18.2 | % |
| NPT | | $ | 338,400,000 | | | 100.0 | % |
VMTP Shares
During the current reporting period, the following Fund completed the issuance of VMTP Shares as shown in the accompanying table. The net proceeds from this offerings was used to refinance the Fund’s remaining outstanding ARPS at par.
| Fund | | | VMTP Series | | | VMTP Shares Issued at Liquidation Value |
| NPI | | | 2014 | | | |
As noted previously, VMTP is a newly-developed instrument that essentially replaces all or a portion of the ARPS used as leverage and potentially could be used to refinance all or a portion of the ARPS of other funds. VMTP is offered only to qualified institutional buyers, defined pursuant to Rule 144A under the Securities Act of 1933.
VRDP
As of April 30, 2011, and as noted in a previous shareholder report, the following Fund has issued and outstanding VRDP Shares, at liquidation value, as shown in the accompanying table.
| Fund | | | VRDP Shares at Liquidation Value |
| NPT | | $ | 262,200,000 |
Subsequent to the reporting period, the following Fund completed the issuance of VRDP Shares as shown in the accompanying table. The net proceeds from this offerings was used to refinance the Fund’s remaining outstanding ARPS at par.
| Fund | | | VRDP Shares Issued at Liquidation Value |
| NPM | | $ | 489,500,000 |
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP, VMTP and VRDP Shares.)
At the time this report was prepared, all 84 of the Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $10.0 billion of the approximately $11.0 billion originally outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
Regulatory Matters
During May 2011, Nuveen Securities, LLC entered into a settlement with the Financial Industry Regulatory Authority (FINRA) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities, LLC neither admitted to nor denied FINRA’s allegations. Nuveen Securities, LLC is the broker-dealer subsidiary of Nuveen Investments.
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities, LLC were false and misleading. Nuveen Securities, LLC agreed to a censure and the payment of a $3 million fine.
Common Share Dividend
and Share Price Information
The monthly dividends of all three Funds in this report remained stable throughout the six-month reporting period ended April 30, 2011.
Due to normal portfolio activity, common shareholders of NPM received a net ordinary income distribution of $0.0050 per share in December 2010.
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, 2011, all three of the 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 SHARE PRICE INFORMATION
As of April 30, 2011, and since the inception of the Funds’ repurchase program, NPM has cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase program, NPI and NPT have not repurchased any of their outstanding common shares.
| Fund | | Common Shares Repurchased and Retired | | % of Outstanding Common Shares |
| NPI | | | — | | | — | % |
| NPM | | | 422,900 | | | 0.6 | % |
| NPT | | | — | | | — | % |
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
As of April 30, 2011, and during the six-month reporting period, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.
| Fund | | 4/30/11 (-) Discount | | Six-Month Average (-) Discount |
| NPI | | | -3.63% | | | -3.98 | % |
| NPM | | | -5.90% | | | -5.86 | % |
| NPT | | | -4.71% | | | -3.50 | % |
| NPI | | Nuveen Premium | |
| Performance | | Income Municipal | |
| OVERVIEW | | Fund, Inc. | |
| | | as of April 30, 2011 |
| Fund Snapshot | | | | |
| Common Share Price | | $ | 12.74 | |
| Common Share Net Asset Value (NAV) | | $ | 13.22 | |
| Premium/(Discount) to NAV | | | -3.63 | % |
| Market Yield | | | 7.21 | % |
Taxable-Equivalent Yield1 | | | 10.01 | % |
| Net Assets Applicable to Common Shares ($000) | | $ | 845,208 | |
| Leverage | | | | |
| (as a % of total Managed Assets) | | | | |
| Structural Leverage | | | 29.33 | % |
| Effective Leverage | | | 41.36 | % |
| Average Annual Total Return | | | | | | | |
| (Inception 7/18/88) | | | | | | | |
| | | On Share Price | On NAV |
| 6 Month (Cumulative) | | | -7.95 | % | | -5.42 | % |
| 1-Year | | | -0.46 | % | | 0.33 | % |
| 5-Year | | | 4.80 | % | | 3.41 | % |
| 10-Year | | | 5.85 | % | | 4.93 | % |
States3 | | | | |
| (as a % of total investments) | | | | |
| California | | | 13.3 | % |
| Texas | | | 9.7 | % |
| New York | | | 9.4 | % |
| Illinois | | | 7.5 | % |
| New Jersey | | | 5.1 | % |
| Florida | | | 4.5 | % |
| Pennsylvania | | | 4.3 | % |
| South Carolina | | | 3.5 | % |
| Minnesota | | | 3.3 | % |
| Alabama | | | 3.2 | % |
| Nevada | | | 3.1 | % |
| Louisiana | | | 2.9 | % |
| Washington | | | 2.7 | % |
| Wisconsin | | | 2.7 | % |
| Massachusetts | | | 2.5 | % |
| Michigan | | | 2.1 | % |
| Oklahoma | | | 1.7 | % |
| Other | | | 18.5 | % |
Portfolio Composition3 | | | | |
| (as a % of total investments) | | | | |
| Health Care | | | 16.8 | % |
| Tax Obligation/Limited | | | 16.1 | % |
| U.S. Guaranteed | | | 16.0 | % |
| Tax Obligation/General | | | 13.8 | % |
| Transportation | | | 13.0 | % |
| Utilities | | | 5.9 | % |
| Other | | | 18.4 | % |
| | 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 of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| 3 | Holdings are subject to change. |
| NPM | | Nuveen Premium | |
| Performance | | Income Municipal | |
| OVERVIEW | | Fund 2, Inc. | |
as of April 30, 2011
| Fund Snapshot | | | | |
| Common Share Price | | $ | 13.07 | |
| Common Share Net Asset Value (NAV) | | $ | 13.89 | |
| Premium/(Discount) to NAV | | | -5.90 | % |
| Market Yield | | | 6.79 | % |
Taxable-Equivalent Yield1 | | | 9.43 | % |
| Net Assets Applicable to Common Shares ($000) | | $ | 982,100 | |
| Leverage | | | | |
| (as a % of total Managed Assets) | | | | |
| Structural Leverage | | | 31.34 | % |
| Effective Leverage | | | 41.66 | % |
| Average Annual Total Return | | | | | |
| (Inception 7/23/92) | | | | | | | |
| | | On Share Price | On NAV |
| 6 Month (Cumulative) | | | -7.03 | % | | -4.22 | % |
| 1-Year | | | 0.26 | % | | 1.45 | % |
| 5-Year | | | 5.03 | % | | 4.17 | % |
| 10-Year | | | 5.72 | % | | 5.42 | % |
States4 | | | | |
| (as a % of total investments) | | | | |
Florida2 | | | 30.9 | % |
| California | | | 7.8 | % |
| Illinois | | | 7.3 | % |
| New York | | | 4.9 | % |
| Texas | | | 4.8 | % |
| Washington | | | 4.4 | % |
| South Carolina | | | 3.9 | % |
| New Jersey | | | 3.6 | % |
| Nevada | | | 3.4 | % |
| Massachusetts | | | 3.2 | % |
| Louisiana | | | 2.8 | % |
| Michigan | | | 2.4 | % |
| Alabama | | | 2.1 | % |
| Other | | | 18.5 | % |
Portfolio Composition4 | | | | |
| (as a % of total investments) | | | | |
| Tax Obligation/Limited | | | 22.7 | % |
| U.S. Guaranteed | | | 14.6 | % |
| Health Care | | | 14.4 | % |
| Tax Obligation/General | | | 14.0 | % |
| Transportation | | | 9.9 | % |
| Utilities | | | 6.3 | % |
| Other | | | 18.1 | % |
| | 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 of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| 4 | Holdings are subject to change. |
| 5 | The Fund paid shareholders an ordinary income distribution in December 2010 of $0.0050. |
| NPT | | Nuveen Premium | |
| Performance | | Income Municipal | |
| OVERVIEW | | Fund 4, Inc. | |
| Fund Snapshot | | | | |
| Common Share Price | | $ | 11.53 | |
| Common Share Net Asset Value (NAV) | | $ | 12.10 | |
| Premium/(Discount) to NAV | | | -4.71 | % |
| Market Yield | | | 7.39 | % |
Taxable-Equivalent Yield1 | | | 10.26 | % |
| Net Assets Applicable to Common Shares ($000) | | $ | 523,540 | |
| Leverage | | | | |
| (as a % of total Managed Assets) | | | | |
| Structural Leverage | | | 31.27 | % |
| Effective Leverage | | | 41.10 | % |
| Average Annual Total Return | | | | | | | |
| (Inception 2/19/93) | | | | | | | |
| | | On Share Price | On NAV |
| 6 Month (Cumulative) | | | -10.40 | % | | -5.83 | % |
| 1-Year | | | -2.81 | % | | 0.02 | % |
| 5-Year | | | 4.95 | % | | 3.79 | % |
| 10-Year | | | 5.10 | % | | 4.70 | % |
States3 | | | | |
| (as a % of total investments) | | | | |
| California | | | 13.2 | % |
| Texas | | | 12.7 | % |
| Illinois | | | 12.4 | % |
| Florida | | | 4.7 | % |
| Michigan | | | 3.8 | % |
| Alabama | | | 3.3 | % |
| Indiana | | | 3.3 | % |
| Colorado | | | 3.1 | % |
| Louisiana | | | 3.1 | % |
| Ohio | | | 3.0 | % |
| New Jersey | | | 2.8 | % |
| South Carolina | | | 2.5 | % |
| New York | | | 2.5 | % |
| Georgia | | | 2.4 | % |
| Wisconsin | | | 2.3 | % |
| Puerto Rico | | | 2.2 | % |
| Pennsylvania | | | 2.1 | % |
| Washington | | | 2.1 | % |
| Other | | | 18.5 | % |
Portfolio Composition3 | | | | |
| (as a % of total investments) | | | | |
| Health Care | | | 22.7 | % |
| Tax Obligation/Limited | | | 16.4 | % |
| U.S. Guaranteed | | | 14.1 | % |
| Tax Obligation/General | | | 11.8 | % |
| Transportation | | | 7.6 | % |
| Utilities | | | 6.9 | % |
| Water and Sewer | | | 6.2 | % |
| Other | | | 14.3 | % |
| | 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 of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| 3 | Holdings are subject to change. |
| | | Nuveen Premium Income Municipal Fund, Inc. |
| NPI | | Portfolio of Investments |
| | | April 30, 2011 (Unaudited) |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Alabama – 4.9% (3.2% of Total Investments) | | | | | |
| $ | 4,050 | | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16 | 6/11 at 101.00 | A– | $ | 4,138,128 | |
| | | | 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+ | | 1,387,745 | |
| | 4,000 | | 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | AA+ | | 3,740,800 | |
| | 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+ | | 5,749,260 | |
| | | | 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 | | 5,920,200 | |
| | 1,300 | | 5.000%, 11/15/30 | 11/15 at 100.00 | Baa2 | | 1,106,326 | |
| | 12,000 | | Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – AMBAC Insured | 1/17 at 100.00 | AA+ | | 10,491,960 | |
| | 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 | | 2,718,392 | |
| | 5,020 | | DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 5.250%, 6/01/18 | 6/12 at 101.00 | A | | 5,104,888 | |
| | 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) | | 1,147,820 | |
| | 43,695 | | Total Alabama | | | | 41,505,519 | |
| | | | 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) | | 2,211,120 | |
| | 2,035 | | 5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured | 9/13 at 100.00 | AA (4) | | 2,249,815 | |
| | 10,500 | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 6/14 at 100.00 | Baa3 | | 7,282,170 | |
| | 14,535 | | Total Alaska | | | | 11,743,105 | |
| | | | Arizona – 2.1% (1.3% 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 | | 469,615 | |
| | 660 | | 5.250%, 12/01/25 | 12/15 at 100.00 | BBB | | 608,190 | |
| | 9,720 | | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | No Opt. Call | A+ | | 8,911,782 | |
| | 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 | | 3,411,733 | |
| | 4,130 | | University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 – AMBAC Insured | 6/12 at 100.00 | AA– | | 4,271,370 | |
| | 19,110 | | Total Arizona | | | | 17,672,690 | |
| | | | 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 | | 1,995,520 | |
| | | | California – 20.7% (13.3% 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 | A– | | 4,952,084 | |
| | 10,000 | | Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured | 9/17 at 100.00 | A1 | | 8,056,500 | |
| | 4,000 | | California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/15 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | | 4,261,960 | |
| | 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 | AA+ | | 5,478,300 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | California (continued) | | | | | |
| $ | 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 | $ | 1,475,235 | |
| | | | 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 | | 3,480,053 | |
| | 7,000 | | 5.000%, 3/01/33 | 3/13 at 100.00 | A | | 6,255,200 | |
| | 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+ | | 5,838,928 | |
| | 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 | | 8,152,287 | |
| | 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+ | | 7,329,921 | |
| | 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 | | 4,237,675 | |
| | 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– | | 2,594,046 | |
| | 11,395 | | California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15 | No Opt. Call | A2 | | 11,980,703 | |
| | 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 | | 1,007,060 | |
| | | | California State, General Obligation Bonds, Series 2004: | | | | | |
| | 1,160 | | 5.125%, 2/01/25 | 2/14 at 100.00 | A1 | | 1,174,755 | |
| | 10,000 | | 5.125%, 2/01/26 | 2/14 at 100.00 | A1 | | 10,109,200 | |
| | | | 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 | | 1,332,024 | |
| | 4,730 | | 5.000%, 7/01/39 | 7/15 at 100.00 | BBB | | 3,417,283 | |
| | 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– | | 4,687,350 | |
| | 7,130 | | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.619%, 5/15/14 (IF) | No Opt. Call | AA– | | 6,570,081 | |
| | 3,130 | | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 | No Opt. Call | Aa3 | | 3,506,195 | |
| | 905 | | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM) | No Opt. Call | AAA | | 1,029,510 | |
| | 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 | | 3,710,278 | |
| | 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+ | | 1,913,457 | |
| | | | 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 | Baa3 | | 4,806,360 | |
| | 2,000 | | 5.750%, 6/01/47 | 6/17 at 100.00 | Baa3 | | 1,357,720 | |
| | 3,000 | | 5.125%, 6/01/47 | 6/17 at 100.00 | Baa3 | | 1,830,450 | |
| | 5,000 | | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured | No Opt. Call | AA+ | | 2,226,450 | |
| | 705 | | Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM) | No Opt. Call | AAA | | 868,574 | |
| | 16,240 | | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) | No Opt. Call | AAA | | 21,119,470 | |
| | 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 | Baa1 (4) | | 5,777,000 | |
| | 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+ | | 2,004,280 | |
| | 3,700 | | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 – NPFG Insured | 8/13 at 100.00 | A+ | | 3,841,377 | |
| | | Nuveen Premium Income Municipal Fund, Inc. (continued) |
| NPI | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | California (continued) | | | | | |
| | | | San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | | | | | |
| $ | 400 | | 5.000%, 9/01/21 | 9/15 at 102.00 | Baa3 | $ | 355,304 | |
| | 445 | | 5.000%, 9/01/23 | 9/15 at 102.00 | Baa3 | | 384,480 | |
| | 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+ | | 3,495,590 | |
| | | | 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 | Baa1 | | 1,603,239 | |
| | 7,150 | | 0.000%, 1/15/32 – NPFG Insured | No Opt. Call | Baa1 | | 987,630 | |
| | 50,400 | | 0.000%, 1/15/34 – NPFG Insured | No Opt. Call | Baa1 | | 5,688,648 | |
| | 24,025 | | 0.000%, 1/15/36 – NPFG Insured | No Opt. Call | Baa1 | | 2,237,689 | |
| | | | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011: | | | | | |
| | 1,000 | | 6.500%, 12/01/24 | No Opt. Call | A | | 1,027,340 | |
| | 1,000 | | 6.625%, 12/01/25 | No Opt. Call | A | | 1,030,450 | |
| | 1,325 | | 6.750%, 12/01/26 | No Opt. Call | A | | 1,370,474 | |
| | 269,745 | | Total California | | | | 174,562,610 | |
| | | | Colorado – 2.0% (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+ | | 2,665,525 | |
| | 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 | | 707,947 | |
| | 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– | | 1,916,155 | |
| | 1,000 | | Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25 | 9/14 at 100.00 | A3 | | 970,740 | |
| | 800 | | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25 | 3/15 at 100.00 | A | | 771,072 | |
| | 295 | | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 7.250%, 10/01/31 (Alternative Minimum Tax) | 10/11 at 105.00 | AA | | 303,018 | |
| | 4,660 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | | 5,100,184 | |
| | 20,500 | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | Baa1 | | 3,923,905 | |
| | 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 | | 229,033 | |
| | 32,820 | | Total Colorado | | | | 16,587,579 | |
| | | | Connecticut – 0.5% (0.4% of Total Investments) | | | | | |
| | 1,930 | | Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16 | No Opt. Call | AA | | 2,311,098 | |
| | 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 | | 2,332,361 | |
| | 4,240 | | Total Connecticut | | | | 4,643,459 | |
| | | | 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– | | 978,840 | |
| | | | District of Columbia – 2.4% (1.5% 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) | 6/11 at 100.00 | AAA | | 3,963,564 | |
| | 9,505 | | District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured | No Opt. Call | Aa2 | | 11,511,601 | |
| | 2,130 | | Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.376%, 10/01/30 – AMBAC Insured (IF) | 10/16 at 100.00 | AA+ | | 1,767,495 | |
| | 3,335 | | Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1731, 11.352%, 10/01/30 – AMBAC Insured (IF) | 10/16 at 100.00 | AA+ | | 2,767,416 | |
| | 18,930 | | Total District of Columbia | | | | 20,010,076 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida – 6.9% (4.5% 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– | $ | 2,850,074 | |
| | 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 | Aa3 | | 8,501,600 | |
| | 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) | 4/12 at 100.00 | N/R | | 4,750,758 | |
| | 8,000 | | JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 | No Opt. Call | Aa2 | | 7,868,480 | |
| | 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 | | 17,702,320 | |
| | 7,475 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41 | 10/20 at 100.00 | A2 | | 6,639,295 | |
| | 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 | | 6,161,025 | |
| | 1,785 | | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured | 10/15 at 100.00 | AA | | 1,803,957 | |
| | 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 | | 2,426,181 | |
| | 62,570 | | Total Florida | | | | 58,703,690 | |
| | | | Georgia – 1.8% (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 | | 2,707,136 | |
| | 6,025 | | Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%, 1/01/20 – AGM Insured | 1/14 at 100.00 | AA+ | | 6,295,342 | |
| | 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 | | 5,878,584 | |
| | 13,660 | | Total Georgia | | | | 14,881,062 | |
| | | | Hawaii – 1.3% (0.8% of Total Investments) | | | | | |
| | 10,000 | | Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – NPFG Insured | 9/13 at 100.00 | AA | | 10,832,700 | |
| | | | 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 | BBB– | | 1,848,313 | |
| | 600 | | 5.250%, 9/01/37 | 9/16 at 100.00 | BBB– | | 487,926 | |
| | 2,785 | | Total Idaho | | | | 2,336,239 | |
| | | | Illinois – 10.9% (7.1% 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 | Aa2 | | 7,084,263 | |
| | 10,000 | | 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | Aa2 | | 6,073,800 | |
| | 10,130 | | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | Aa2 | | 4,472,395 | |
| | | | 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 | Aa2 | | 8,512,800 | |
| | 10,000 | | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | Aa2 | | 4,748,100 | |
| | 13,310 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | AA | | 13,349,265 | |
| | 8,810 | | Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured | 8/11 at 100.00 | Baa1 | | 8,811,057 | |
| | | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | | | | | |
| | 1,050 | | 5.250%, 11/15/22 | 5/14 at 100.00 | A | | 1,041,726 | |
| | 3,000 | | 5.250%, 11/15/23 | 5/14 at 100.00 | A | | 2,955,540 | |
| | 985 | | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BB+ | | 808,202 | |
| | 2,880 | | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | BBB+ | | 3,103,776 | |
| | | Nuveen Premium Income Municipal Fund, Inc. (continued) |
| NPI | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Illinois (continued) | | | | | |
| $ | 1,225 | | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12) | 5/12 at 100.00 | Aaa | $ | 1,288,210 | |
| | 10,160 | | Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 – AMBAC Insured | 8/11 at 100.00 | BBB | | 9,026,550 | |
| | 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 | B– | | 685,360 | |
| | 5,000 | | 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 | | 4,663,150 | |
| | 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 | A2 | | 5,590,925 | |
| | 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 | A2 (4) | | 3,335,254 | |
| | 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 | | 3,969,330 | |
| | 3,000 | | Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris Hospital, Series 2001, 6.625%, 12/01/31 | 12/11 at 101.00 | BBB+ | | 3,019,200 | |
| | 117,480 | | Total Illinois | | | | 92,538,903 | |
| | | | Indiana – 1.5% (1.0% 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 | | 2,143,967 | |
| | 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 | | 2,227,350 | |
| | 7,965 | | Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12) | 1/12 at 101.00 | AA+ (4) | | 8,351,223 | |
| | 12,470 | | Total Indiana | | | | 12,722,540 | |
| | | | Iowa – 1.4% (0.9% of Total Investments) | | | | | |
| | 2,900 | | 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 | AAA | | 3,470,082 | |
| | | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | | | |
| | 10,000 | | 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | | 6,846,300 | |
| | 2,000 | | 5.625%, 6/01/46 | 6/15 at 100.00 | BBB | | 1,348,720 | |
| | 14,900 | | Total Iowa | | | | 11,665,102 | |
| | | | Kansas – 0.8% (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 | | 6,503,700 | |
| | | | Kentucky – 0.9% (0.6% 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 | No Opt. Call | Baa2 | | 3,659,058 | |
| | | | Marshall County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004: | | | | | |
| | 1,210 | | 5.000%, 6/01/19 – AMBAC Insured | 6/14 at 100.00 | Aa3 | | 1,291,469 | |
| | 1,270 | | 5.000%, 6/01/20 – AMBAC Insured | 6/14 at 100.00 | Aa3 | | 1,324,102 | |
| | 1,335 | | 5.000%, 6/01/21 – AMBAC Insured | 6/14 at 100.00 | Aa3 | | 1,378,948 | |
| | 7,615 | | Total Kentucky | | | | 7,653,577 | |
| | | | Louisiana – 4.5% (2.9% 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) | | 3,134,237 | |
| | | | Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994: | | | | | |
| | 315 | | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R (4) | | 365,693 | |
| | 2,860 | | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R (4) | | 3,320,260 | |
| | 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+ | | 1,820,760 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Louisiana (continued) | | | | | |
| $ | 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 | $ | 4,828,558 | |
| | | | 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 | | 1,248,420 | |
| | 2,210 | | 5.000%, 5/01/26 – FGIC Insured | 5/15 at 100.00 | Aa1 | | 2,288,146 | |
| | 2,500 | | 5.000%, 5/01/27 – FGIC Insured | 5/15 at 100.00 | Aa1 | | 2,578,150 | |
| | | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: | | | | | |
| | 930 | | 4.750%, 5/01/39 – AGM Insured (UB) | 5/16 at 100.00 | AA+ | | 898,557 | |
| | 10,105 | | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | Aa1 | | 9,243,549 | |
| | | | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B: | | | | | |
| | 420 | | 5.500%, 5/15/30 | 5/11 at 101.00 | A | | 414,624 | |
| | 8,785 | | 5.875%, 5/15/39 | 5/11 at 101.00 | A– | | 8,017,455 | |
| | 40,040 | | Total Louisiana | | | | 38,158,409 | |
| | | | Maryland – 1.3% (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 | Baa3 | | 1,927,508 | |
| | 450 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Cente, Series 2011, 6.000%, 7/01/25 | 7/21 at 100.00 | BBB | | 452,336 | |
| | 2,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33 | No Opt. Call | BBB– | | 1,835,400 | |
| | 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 | Baa1 | | 3,088,374 | |
| | 3,600 | | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) | 7/11 at 100.00 | Aaa | | 3,601,944 | |
| | 11,695 | | Total Maryland | | | | 10,905,562 | |
| | | | Massachusetts – 3.9% (2.5% 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 | | 1,920,875 | |
| | 395 | | Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 5.850%, 7/01/35 – AMBAC Insured (Alternative Minimum Tax) | 7/11 at 100.00 | N/R | | 383,043 | |
| | 2,825 | | Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) | 6/11 at 100.00 | A– | | 2,825,057 | |
| | 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) | | 4,251,813 | |
| | 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 | | 12,313,860 | |
| | 5,960 | | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 – NPFG Insured | 8/17 at 100.00 | AA+ | | 6,472,381 | |
| | 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+ | | 5,058,547 | |
| | 33,560 | | Total Massachusetts | | | | 33,225,576 | |
| | | | Michigan – 3.2% (2.1% 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 | | 2,830,753 | |
| | 1,275 | | 5.250%, 4/01/23 – SYNCORA GTY Insured | 4/13 at 100.00 | BB | | 993,812 | |
| | 3,000 | | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 7/15 at 100.00 | BB+ | | 2,574,870 | |
| | 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 | | 10,121,800 | |
| | 4,000 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | AA | | 3,750,480 | |
| | 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– | | 707,668 | |
| | | Nuveen Premium Income Municipal Fund, Inc. (continued) |
| NPI | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Michigan (continued) | | | | | |
| $ | 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 | $ | 6,446,552 | |
| | 29,080 | | Total Michigan | | | | 27,425,935 | |
| | | | Minnesota – 5.1% (3.3% 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 | | 13,798,239 | |
| | 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) | | 2,244,220 | |
| | | | Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills Project, Series 2001A: | | | | | |
| | 1,000 | | 6.150%, 8/20/31 | 8/11 at 105.00 | Aaa | | 1,052,170 | |
| | 2,000 | | 6.200%, 2/20/43 | 8/11 at 105.00 | Aaa | | 2,103,600 | |
| | 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– | | 3,006,060 | |
| | 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 | 5/11 at 100.00 | A | | 90,023 | |
| | 1,500 | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24 | 10/14 at 100.00 | A3 | | 1,553,880 | |
| | 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 | BB+ | | 1,437,283 | |
| | 15,385 | | 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+ | | 18,147,377 | |
| | 40,170 | | Total Minnesota | | | | 43,432,852 | |
| | | | Mississippi – 0.8% (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 | | 6,975,788 | |
| | | | Missouri – 1.5% (1.0% 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 | N/R | | 1,968,080 | |
| | 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+ | | 488,120 | |
| | | | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: | | | | | |
| | 1,565 | | 6.000%, 6/01/20 | No Opt. Call | A | | 1,699,418 | |
| | 1,660 | | 5.000%, 6/01/35 | 6/15 at 100.00 | A | | 1,484,754 | |
| | | | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: | | | | | |
| | 205 | | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 207,958 | |
| | 1,295 | | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 1,313,687 | |
| | 1,500 | | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 1,521,645 | |
| | 4,150 | | 5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 4,209,885 | |
| | 12,875 | | Total Missouri | | | | 12,893,547 | |
| | | | 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, Trust 11673, 19.815%, 8/01/40 – AMBAC Insured (IF) | 2/17 at 100.00 | AA+ | | 2,141,802 | |
| | | | Nevada – 4.9% (3.1% 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) | | 11,012,114 | |
| | 8,800 | | Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | Aa3 | | 8,894,952 | |
| | 15,000 | | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2001, 5.250%, 6/01/26 (Pre-refunded 6/01/11) – FGIC Insured | 6/11 at 100.00 | AA+ (4) | | 15,066,750 | |
| | | | Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: | | | | | |
| | 6,425 | | 0.000%, 1/01/29 – AMBAC Insured | No Opt. Call | D | | 554,285 | |
| | 10,600 | | 5.375%, 1/01/40 – AMBAC Insured (6) | 7/11 at 100.00 | N/R | | 2,658,268 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Nevada (continued) | | | | | |
| $ | 2,700 | | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 | 6/19 at 100.00 | A | $ | 2,999,052 | |
| | 53,935 | | Total Nevada | | | | 41,185,421 | |
| | | | New Hampshire – 0.0% (0.0% of Total Investments) | | | | | |
| | 390 | | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax) | 7/11 at 100.00 | Aa2 | | 390,304 | |
| | | | New Jersey – 7.9% (5.1% 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 | 7/11 at 100.00 | AA+ | | 10,158,425 | |
| | 360 | | 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 | | 207,162 | |
| | | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | | | | | |
| | 3,655 | | 5.250%, 9/01/24 | 9/15 at 100.00 | A+ | | 3,721,777 | |
| | 2,000 | | 5.250%, 9/01/26 | 9/15 at 100.00 | A+ | | 2,029,260 | |
| | 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 | Baa1 | | 332,475 | |
| | 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– | | 685,744 | |
| | 3,850 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No Opt. Call | A+ | | 4,162,158 | |
| | | | 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 | | 5,970,692 | |
| | 9,250 | | 5.500%, 6/15/23 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | | 10,208,670 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 2000A: | | | | | |
| | 3,915 | | 6.000%, 1/01/14 – NPFG Insured (ETM) | No Opt. Call | A+ (4) | | 4,445,991 | |
| | 7,585 | | 6.000%, 1/01/14 – NPFG Insured (ETM) | No Opt. Call | A+ (4) | | 8,613,754 | |
| | 2,500 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured | 7/13 at 100.00 | A+ | | 2,648,975 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A: | | | | | |
| | 4,000 | | 5.000%, 1/01/25 – AGM Insured | 1/15 at 100.00 | AA+ | | 4,106,240 | |
| | 5,130 | | 5.000%, 1/01/25 – AGM Insured (UB) | 1/15 at 100.00 | AA+ | | 5,266,253 | |
| | 4,625 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23 | 6/17 at 100.00 | BBB | | 3,910,160 | |
| | 63,530 | | Total New Jersey | | | | 66,467,736 | |
| | | | New Mexico – 0.8% (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+ | | 6,345,398 | |
| | | | New York – 14.7% (9.4% of Total Investments) | | | | | |
| | | | Brooklyn Areba 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– | | 1,939,960 | |
| | 5,000 | | 0.000%, 7/15/44 | No Opt. Call | BBB– | | 488,850 | |
| | | | 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 | | 1,052,220 | |
| | 500 | | 5.250%, 7/01/24 | 7/14 at 100.00 | Aa3 | | 518,495 | |
| | 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 | AAA | | 1,166,368 | |
| | 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– | | 2,118,590 | |
| | 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 | | 2,485,911 | |
| | 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 | | 5,262,592 | |
| | | Nuveen Premium Income Municipal Fund, Inc. (continued) |
| NPI | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | New York (continued) | | | | | |
| $ | 6,000 | | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A1 | $ | 5,902,380 | |
| | | | 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– | | 7,311,640 | |
| | 5,000 | | 5.000%, 12/01/24 – FGIC Insured | 6/16 at 100.00 | A– | | 5,201,350 | |
| | 5,100 | | 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– | | 4,582,962 | |
| | 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 | | 3,878,238 | |
| | 5,780 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30 | 11/15 at 100.00 | A | | 5,747,748 | |
| | 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 | | 3,126,390 | |
| | | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A: | | | | | |
| | 2,185 | | 5.250%, 7/01/20 | 7/14 at 100.00 | Aa1 | | 2,395,088 | |
| | 2,050 | | 5.250%, 7/01/21 | 7/14 at 100.00 | Aa1 | | 2,247,108 | |
| | 2,420 | | 5.250%, 7/01/22 | 4/14 at 100.00 | Aa1 | | 2,626,281 | |
| | 1,370 | | 5.250%, 7/01/24 | 4/14 at 100.00 | Aa1 | | 1,437,336 | |
| | 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+ | | 3,229,188 | |
| | 12,500 | | New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22 (UB) | 10/13 at 100.00 | AA | | 13,324,625 | |
| | 95 | | New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 | 6/13 at 100.00 | AA | | 100,923 | |
| | 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 | | 5,406,634 | |
| | 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 | | 8,355,373 | |
| | 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 | | 6,595,140 | |
| | 5,000 | | New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured | 11/15 at 100.00 | AA+ | | 5,012,950 | |
| | 1,630 | | New York Convention Center Development Corporation Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.016%, 11/15/44 – AMBAC Insured (IF) | 11/15 at 100.00 | AA+ | | 1,646,887 | |
| | 650 | | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 | 6/11 at 100.00 | BBB | | 588,660 | |
| | 7,400 | | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16 | 6/11 at 100.00 | AA– | | 7,424,124 | |
| | 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 | | 6,662,909 | |
| | 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 | | 4,864,665 | |
| | 1,325 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | 1,274,915 | |
| | 126,375 | | Total New York | | | | 123,976,500 | |
| | | | 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+ | | 6,212,049 | |
| | 3,475 | | 5.250%, 6/01/23 (UB) | 6/13 at 100.00 | AA+ | | 3,695,280 | |
| | 2,850 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.873%, 7/15/32 (IF) | 1/18 at 100.00 | AA– | | 2,234,144 | |
| | 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– | | 1,022,952 | |
| | 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 | | 759,360 | |
| | 14,160 | | Total North Carolina | | | | 13,923,785 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Ohio – 1.5% (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 | Baa3 | $ | 193,165 | |
| | 2,850 | | 5.875%, 6/01/30 | 6/17 at 100.00 | Baa3 | | 2,056,674 | |
| | 2,745 | | 5.750%, 6/01/34 | 6/17 at 100.00 | Baa3 | | 1,891,305 | |
| | 6,285 | | 5.875%, 6/01/47 | 6/17 at 100.00 | Baa3 | | 4,240,427 | |
| | 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 | | 1,009,270 | |
| | 495 | | Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20 | 6/13 at 100.00 | Aa1 | | 531,328 | |
| | 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) | | 2,426,518 | |
| | 665 | | Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System Obligated Group, Series 2000A, 6.125%, 11/15/16 | 11/12 at 100.00 | A– | | 672,894 | |
| | 16,515 | | Total Ohio | | | | 13,021,581 | |
| | | | Oklahoma – 2.6% (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+ | | 841,449 | |
| | 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 | | 3,637,165 | |
| | | | 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 | | 6,424,744 | |
| | 1,335 | | 5.000%, 2/15/42 | 2/17 at 100.00 | A | | 1,234,501 | |
| | 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+ | | 9,642,130 | |
| | 143 | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.356%, 6/15/30 (IF) | 12/16 at 100.00 | AA+ | | 132,810 | |
| | 22,903 | | Total Oklahoma | | | | 21,912,799 | |
| | | | Oregon – 0.5% (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+ | | 1,101,054 | |
| | 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 | | 2,854,425 | |
| | 3,560 | | Total Oregon | | | | 3,955,479 | |
| | | | Pennsylvania – 6.0% (3.9% of Total Investments) | | | | | |
| | 4,670 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 | 5/21 at 100.00 | A+ | | 4,707,734 | |
| | 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 | | 747,123 | |
| | | | 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– | | 1,422,879 | |
| | 1,960 | | 5.250%, 4/15/17 | 4/13 at 100.00 | AA– | | 2,084,891 | |
| | 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 | | 1,680,137 | |
| | 1,025 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, Series 2010A, 5.000%, 11/01/40 | 11/20 at 100.00 | A– | | 943,615 | |
| | 1,000 | | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | Aa1 | | 1,024,080 | |
| | 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 | | 3,880,433 | |
| | 2,625 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured | 6/16 at 100.00 | Aa3 | | 2,712,938 | |
| | | | 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+ | | 4,653,935 | |
| | 4,735 | | 5.000%, 9/01/22 – AGM Insured | 9/14 at 100.00 | AA+ | | 4,862,750 | |
| | | Nuveen Premium Income Municipal Fund, Inc. (continued) |
| NPI | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Pennsylvania (continued) | | | | | |
| $ | 7,570 | | Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax) | 10/11 at 100.00 | N/R | $ | 6,746,006 | |
| | 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 | AAA | | 15,317,960 | |
| | 51,330 | | Total Pennsylvania | | | | 50,784,481 | |
| | | | 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 | | 2,421,400 | |
| | | | Rhode Island – 0.5% (0.3% of Total Investments) | | | | | |
| | | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | | | | | |
| | 895 | | 6.125%, 6/01/32 | 6/12 at 100.00 | BBB | | 857,687 | |
| | 3,765 | | 6.250%, 6/01/42 | 6/12 at 100.00 | BBB | | 3,256,876 | |
| | 4,660 | | Total Rhode Island | | | | 4,114,563 | |
| | | | South Carolina – 5.5% (3.5% 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– | | 8,967,057 | |
| | | | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003: | | | | | |
| | 5,090 | | 5.250%, 12/01/18 (UB) | 12/13 at 100.00 | AA | | 5,485,697 | |
| | 3,595 | | 5.250%, 12/01/20 (UB) | 12/13 at 100.00 | AA | | 3,837,519 | |
| | 1,865 | | 5.250%, 12/01/21 (UB) | 12/13 at 100.00 | AA | | 1,959,071 | |
| | | | 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) | | 2,080,569 | |
| | 2,400 | | 5.500%, 5/01/24 (Pre-refunded 5/01/14) | 5/14 at 100.00 | AA– (4) | | 2,730,864 | |
| | | | 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) | | 14,950,804 | |
| | 1,655 | | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | | 1,861,693 | |
| | 875 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (WI/DD, Settling 5/02/11) – AGM Insured | 8/21 at 100.00 | AA+ | | 891,275 | |
| | 3,530 | | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11) | 5/11 at 101.00 | BBB (4) | | 3,570,982 | |
| | 42,770 | | Total South Carolina | | | | 46,335,531 | |
| | | | 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+ | | 5,533,696 | |
| | 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 31.68 | A | | 931,958 | |
| | 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 | | 5,084,000 | |
| | 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+ | | 339,665 | |
| | | | Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: | | | | | |
| | 1,300 | | 5.500%, 11/01/37 (6), (7) | 11/17 at 100.00 | N/R | | 65,130 | |
| | 3,000 | | 5.500%, 11/01/46 (6), (7) | 11/17 at 100.00 | N/R | | 150,300 | |
| | 730 | | Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, 7/01/34 (Alternative Minimum Tax) | 7/13 at 100.00 | AA+ | | 756,411 | |
| | 22,940 | | Total Tennessee | | | | 12,861,160 | |
| | | | Texas – 14.2% (9.2% 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) | 12/12 at 100.00 | CCC+ | | 3,285,450 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Texas (continued) | | | | | |
| $ | 3,095 | | Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue Bonds, Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Pre-refunded 6/20/11) (Alternative Minimum Tax) | 6/11 at 105.00 | Aaa | $ | 3,252,536 | |
| | 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 | | 8,260,626 | |
| | 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 | | 755,123 | |
| | 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 | | 2,401,750 | |
| | 3,500 | | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42 | 11/20 at 100.00 | A+ | | 3,264,100 | |
| | 370 | | Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds, Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax) | 9/11 at 104.00 | AAA | | 390,391 | |
| | 4,000 | | Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured | 11/11 at 100.00 | Baa1 | | 2,899,520 | |
| | 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 | | 5,300,700 | |
| | 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 | | 13,894,085 | |
| | | | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: | | | | | |
| | 2,000 | | 5.250%, 8/15/21 | No Opt. Call | BBB– | | 1,988,060 | |
| | 2,800 | | 5.125%, 8/15/26 | No Opt. Call | BBB– | | 2,526,608 | |
| | 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– | | 3,507,720 | |
| | 1,505 | | Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured | 5/13 at 100.00 | A | | 1,582,041 | |
| | | | 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) | | 267,672 | |
| | 125 | | 5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured | 5/13 at 100.00 | A1 (4) | | 135,421 | |
| | 3,030 | | 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 | | 3,133,081 | |
| | 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 | | 5,499,315 | |
| | | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A: | | | | | |
| | 2,070 | | 0.000%, 9/01/43 | 9/31 at 100.00 | AA | | 971,182 | |
| | 8,470 | | 0.000%, 9/01/45 | 9/31 at 100.00 | AA | | 4,584,388 | |
| | 11,000 | | Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.489%, 8/15/26 (IF) | 2/17 at 100.00 | AAA | | 10,931,690 | |
| | 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 | | 662,760 | |
| | 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– | | 11,084,030 | |
| | 7,255 | | 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 | 6/11 at 105.00 | Aaa | | 7,623,409 | |
| | 5,000 | | 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 | | 5,364,650 | |
| | 2,985 | | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.551%, 4/01/28 (IF) | 4/17 at 100.00 | Aaa | | 3,911,156 | |
| | 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+ | | 10,793,250 | |
| | 2,480 | | Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 | 7/15 at 100.00 | Baa3 | | 2,085,506 | |
| | 146,175 | | Total Texas | | | | 120,356,220 | |
| | | Nuveen Premium Income Municipal Fund, Inc. (continued) |
| NPI | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Virginia – 1.1% (0.7% of Total Investments) | | | | | |
| $ | 5,000 | | Metropolitan Washington D.C. Airports Authority, District of Columbia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39 | 10/20 at 100.00 | AA– | $ | 4,940,000 | |
| | 4,635 | | 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 | | 4,390,875 | |
| | 9,635 | | Total Virginia | | | | 9,330,875 | |
| | | | Washington – 4.2% (2.7% 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 | Aaa | | 2,637,550 | |
| | 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 | | 3,302,969 | |
| | 5,000 | | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%, 12/01/26 (Pre-refunded 12/01/11) – NPFG Insured | 12/11 at 100.00 | AA (4) | | 5,144,250 | |
| | 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 | | 3,327,737 | |
| | 4,750 | | Washington State Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, Series 1998, 5.125%, 11/15/22 – AMBAC Insured | 5/11 at 100.00 | A2 (4) | | 4,750,998 | |
| | | | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002: | | | | | |
| | 1,705 | | 6.500%, 6/01/26 | 6/13 at 100.00 | BBB | | 1,718,964 | |
| | 2,700 | | 6.625%, 6/01/32 | 6/13 at 100.00 | BBB | | 2,683,124 | |
| | 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+ | | 3,590,567 | |
| | 11,000 | | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | | 8,134,719 | |
| | 41,215 | | Total Washington | | | | 35,290,878 | |
| | | | Wisconsin – 4.2% (2.7% of Total Investments) | | | | | |
| | | | Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002: | | | | | |
| | 895 | | 6.125%, 6/01/27 (Pre-refunded 6/01/12) | 6/12 at 100.00 | AAA | | 929,170 | |
| | 300 | | 6.375%, 6/01/32 (Pre-refunded 6/01/12) | 6/12 at 100.00 | AAA | | 319,286 | |
| | | | 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) | | 1,099,359 | |
| | 750 | | 5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured | 8/13 at 100.00 | Aa3 (4) | | 824,519 | |
| | 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 | | 1,406,226 | |
| | 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare Inc., Series 2001, 6.000%, 7/01/21 (Pre-refunded 7/01/11) | 7/11 at 100.00 | A– (4) | | 1,009,879 | |
| | 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 | BBB+ | | 9,095,129 | |
| | 1,915 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., Series 2001, 6.125%, 10/01/16 | 10/11 at 100.00 | BBB | | 1,934,647 | |
| | 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 | | 648,992 | |
| | 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) | | 6,743,179 | |
| | 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+ | | 4,253,541 | |
| | 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 | BBB+ | | 1,721,099 | |
| | 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 | BBB+ | | 1,845,999 | |
| | | | Wisconsin State, General Obligation Bonds, Series 2004-3: | | | | | |
| | 175 | | 5.250%, 5/01/19 – FGIC Insured | 5/14 at 100.00 | AA | | 191,103 | |
| | 1,265 | | 5.250%, 5/01/21 – FGIC Insured | 5/14 at 100.00 | AA | | 1,379,077 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Wisconsin (continued) | | | | | |
| $ | 1,545 | | Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/19 (Pre-refunded 5/01/14) – FGIC Insured | 5/14 at 100.00 | Aa2 (4) | $ | 1,746,560 | |
| | 35,070 | | Total Wisconsin | | | | 35,147,765 | |
| | | | 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+ | | 3,255,976 | |
| $ | 1,496,118 | | Total Long-Term Investments (cost $(1,333,695,651) – 153.1% | | | | 1,293,774,234 | |
| | | | Short-Term Investments – 2.1% (1.3% of Total Investments) | | | | | |
| | | | Illinois – 0.7% (0.4% of Total Investments) | | | | | |
| | 5,620 | | Central Lake County Joint Action Water Agency, Illinois, Water Revenue Bonds, Tender Option Variable Rate Demand Obligations Bond Trust B18, 0.290%, 5/01/20 – AMBAC Insured (8) | No Opt. Call | VMIG-1 | | 5,620,000 | |
| | | | Pennsylvania – 0.6% (0.4% of Total Investments) | | | | | |
| | 4,985 | | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Variable Rate Demand Obligations Tender Option Bond Trust 2028, 0.290%, 8/01/28 – AMBAC Insured (8) | No Opt. Call | VMIG-1 | | 4,985,000 | |
| | | | Texas – 0.8% (0.5% of Total Investments) | | | | | |
| | 7,000 | | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Tender Option Variable Rate Demand Obligations Bond Trust 2043, 0.250%, 4/01/29 (8) | No Opt. Call | F-1+ | | 7,000,000 | |
| $ | 17,605 | | Total Short-Term Investments (cost $17,605,000) | | | | 17,605,000 | |
| | | | Total Investments (cost $1,351,300,651) – 155.2% | | | | 1,311,379,234 | |
| | | | Floating Rate Obligations – (13.2)% | | | | (111,979,000 | ) |
| | | | Variable MuniFund Term Preferred Shares, at Liquidation Value – (47.6)% (9) | | | | (402,400,000 | ) |
| | | | Other Assets Less Liabilities – 5.6% | | | | 48,207,459 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | $ | 845,207,693 | |
| (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 Investor 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. Such investments are normally considered to be equivalent to AAA rated securities. |
| (5) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (6) | | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (7) | | For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
| (8) | | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (9) | | Variable MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.7%. |
| 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 Premium Income Municipal Fund 2, Inc. |
| NPM | | Portfolio of Investments |
| | | April 30, 2011 (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+ | $ | 6,541,724 | |
| | | | 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 | | 3,453,450 | |
| | 1,000 | | 5.000%, 11/15/30 | 11/15 at 100.00 | Baa2 | | 851,020 | |
| | 12,000 | | Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB) | 1/17 at 100.00 | AA+ | | 10,669,560 | |
| | 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 | | 1,843,615 | |
| | 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) | | 1,939,816 | |
| | 6,255 | | University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 – FGIC Insured | 3/14 at 100.00 | Aa3 | | 6,513,332 | |
| | 33,400 | | Total Alabama | | | | 31,812,517 | |
| | | | 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 | | 187,846 | |
| | 265 | | 5.250%, 12/01/25 | 12/15 at 100.00 | BBB | | 244,198 | |
| | 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– | | 800,552 | |
| | 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 | | 2,288,358 | |
| | 4,015 | | Total Arizona | | | | 3,520,954 | |
| | | | 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 | | 997,760 | |
| | | | California – 12.0% (7.8% of Total Investments) | | | | | |
| | | | California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: | | | | | |
| | 4,000 | | 6.000%, 5/01/15 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | | 4,261,960 | |
| | 5,500 | | 5.375%, 5/01/21 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | | 5,825,765 | |
| | | | 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 | | 1,494,566 | |
| | 5,890 | | 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | A2 | | 2,508,021 | |
| | 7,615 | | 0.000%, 10/01/25 – NPFG Insured | No Opt. Call | A2 | | 2,999,701 | |
| | 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 | | 3,561,864 | |
| | 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 | | 2,542,605 | |
| | 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– | | 2,150,950 | |
| | 2,055 | | California Infrastructure Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/21 | 10/14 at 100.00 | AA+ | | 2,160,319 | |
| | 7,440 | | California State, General Obligation Bonds, Series 2004, 5.125%, 2/01/25 | 2/14 at 100.00 | A1 | | 7,534,637 | |
| | 20,000 | | California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 | 11/19 at 100.00 | A1 | | 20,997,400 | |
| | 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 | | 722,470 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | California (continued) | | | | | |
| $ | 5,355 | | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.619%, 5/15/14 (IF) | No Opt. Call | AA– | $ | 4,934,472 | |
| | 1,935 | | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 | No Opt. Call | Aa3 | | 2,167,568 | |
| | 565 | | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM) | No Opt. Call | AAA | | 642,733 | |
| | 4,000 | | California, State Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21 | 7/19 at 100.00 | Aa3 | | 4,507,200 | |
| | 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 | | 1,971,896 | |
| | 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 | | 2,216,800 | |
| | 30,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) | No Opt. Call | AAA | | 21,900,900 | |
| | 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 | | 1,231,985 | |
| | 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 | Baa3 | | 678,860 | |
| | 3,850 | | Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 | 7/21 at 100.00 | Aa2 | | 4,055,706 | |
| | | | 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 | | 1,259,554 | |
| | 435 | | 5.100%, 9/01/30 | 9/15 at 102.00 | N/R | | 365,513 | |
| | | | San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | | | | | |
| | 250 | | 5.000%, 9/01/21 | 9/15 at 102.00 | Baa3 | | 222,065 | |
| | 275 | | 5.000%, 9/01/23 | 9/15 at 102.00 | Baa3 | | 237,600 | |
| | 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 | A | | 2,248,505 | |
| | | | 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 | Baa1 | | 634,707 | |
| | 32,400 | | 0.000%, 1/15/34 – NPFG Insured | No Opt. Call | Baa1 | | 3,656,988 | |
| | 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+ | | 5,706,060 | |
| | 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+ | | 2,803,080 | |
| | 168,630 | | Total California | | | | 118,202,450 | |
| | | | Colorado – 1.4% (0.9% 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+ | | 1,807,848 | |
| | | | 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– | | 1,750,235 | |
| | 475 | | 5.000%, 6/01/29 | 6/16 at 100.00 | A– | | 428,317 | |
| | 400 | | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25 | 3/15 at 100.00 | A | | 385,536 | |
| | 210 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | | 229,837 | |
| | 6,925 | | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured | 11/16 at 100.00 | BBB– | | 6,065,469 | |
| | 1,700 | | Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) | 10/11 at 100.00 | B | | 1,590,248 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Colorado (continued) | | | | | |
| $ | 630 | | Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 | 6/20 at 100.00 | Aa3 | $ | 640,842 | |
| | 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 | | 366,452 | |
| | 14,185 | | Total Colorado | | | | 13,264,784 | |
| | | | Connecticut – 0.6% (0.3% of Total Investments) | | | | | |
| | 5,000 | | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/21 – FGIC Insured | 1/14 at 100.00 | AA | | 5,393,300 | |
| | | | 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– | | 978,840 | |
| | | | District of Columbia – 0.1% (0.1% of Total Investments) | | | | | |
| | 1,335 | | Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.376%, 10/01/30 – AMBAC Insured (IF) | 10/16 at 100.00 | AA+ | | 1,107,796 | |
| | | | Florida – 48.0% (30.9% of Total Investments) | | | | | |
| | | | Alachua County School Board, Florida, Certificates of Participation, Series 2001: | | | | | |
| | 500 | | 5.000%, 7/01/21 (Pre-refunded 7/01/11) – AMBAC Insured | 7/11 at 101.00 | Aa3 (4) | | 509,050 | |
| | 500 | | 5.000%, 7/01/21 (Pre-refunded 7/01/11) – AMBAC Insured | 7/11 at 101.00 | Aa3 (4) | | 507,625 | |
| | 1,055 | | Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | N/R | | 1,035,968 | |
| | 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 | 5/12 at 102.00 | N/R | | 1,444,762 | |
| | 1,320 | | Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) | No Opt. Call | AAA | | 1,500,378 | |
| | 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 | | 2,310,850 | |
| | 850 | | Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) | 6/11 at 100.00 | Aaa | | 850,646 | |
| | 160 | | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) | 10/11 at 30.00 | Aaa | | 49,614 | |
| | 1,870 | | Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/20 – AGM Insured | 7/14 at 100.00 | AA+ | | 1,933,804 | |
| | | | Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1: | | | | | |
| | 2,225 | | 5.250%, 10/01/21 – AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | A+ | | 2,243,601 | |
| | 8,900 | | 5.250%, 10/01/26 – AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | A+ | | 8,683,819 | |
| | 2,150 | | Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured | 10/14 at 100.00 | A+ | | 2,214,737 | |
| | 2,000 | | Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34 | 10/18 at 100.00 | AA | | 2,029,360 | |
| | 650 | | Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AMBAC Insured | 10/16 at 100.00 | A1 | | 580,873 | |
| | 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 | Ba2 | | 1,495,485 | |
| | 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) | | 833,063 | |
| | 3,010 | | Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 – AMBAC Insured | No Opt. Call | AA– | | 3,352,869 | |
| | 2,815 | | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured | 10/14 at 100.00 | AA– | | 2,908,036 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida (continued) | | | | | |
| $ | 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 | $ | 1,345,870 | |
| | 4,230 | | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured | 10/15 at 100.00 | A | | 4,211,600 | |
| | 2,000 | | Florida Board of Education, Lottery Revenue Bonds, Series 2001B, 5.000%, 7/01/20 (Pre-refunded 7/01/11) – FGIC Insured | 7/11 at 101.00 | AAA | | 2,034,320 | |
| | 70 | | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | | 75,921 | |
| | 610 | | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 – NPFG Insured (Alternative Minimum Tax) | 7/11 at 100.00 | AA+ | | 617,021 | |
| | 1,000 | | Florida Housing Finance Agency, Housing Revenue Bonds, Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25 – AMBAC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | N/R | | 966,590 | |
| | 5,790 | | Florida Housing Finance Corporation, FNMA Revenue Bonds, Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) | 10/11 at 101.00 | Aaa | | 5,843,326 | |
| | 985 | | 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+ | | 905,442 | |
| | 3,170 | | Florida Housing Finance Corporation, Housing Revenue Refunding Bonds, Hunters Ridge at Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 | 6/11 at 100.00 | AA | | 3,170,666 | |
| | 1,280 | | Florida Intergovernmental Finance Commission, Capital Revenue Bonds, Daytona Beach Community Redevelopment Agency, Series 2001C-1, 5.000%, 2/01/20 – AMBAC Insured | 8/11 at 100.00 | Aa3 | | 1,283,712 | |
| | | | Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | | | | | |
| | 1,040 | | 0.000%, 11/01/25 – NPFG Insured | No Opt. Call | A– | | 429,114 | |
| | 1,590 | | 0.000%, 11/01/26 – NPFG Insured | No Opt. Call | A– | | 607,714 | |
| | 1,685 | | Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured | 5/13 at 100.00 | A– | | 1,703,720 | |
| | 5,000 | | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 (Pre-refunded 6/27/11) – NPFG Insured (Alternative Minimum Tax) | 6/11 at 100.00 | Baa1 | | 4,952,000 | |
| | 13,925 | | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 – NPFG Insured | 6/12 at 101.00 | AAA | | 14,554,828 | |
| | 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 | | 196,144 | |
| | 9,230 | | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31 (Pre-refunded 6/01/11) – FGIC Insured | 6/11 at 101.00 | AAA | | 9,361,712 | |
| | 14,985 | | Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – FGIC Insured (UB) | 7/15 at 101.00 | AA | | 15,343,741 | |
| | 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+ | | 6,179,792 | |
| | 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 | Baa1 | | 2,735,729 | |
| | 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– | | 4,002,640 | |
| | 3,500 | | Florida State Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29 | 1/19 at 100.00 | AAA | | 3,648,610 | |
| | 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 | Aa3 | | 2,536,657 | |
| | 12,000 | | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 1999A, 5.125%, 10/01/28 – FGIC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | A+ | | 11,809,440 | |
| | 8,000 | | 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 | AA+ | | 8,082,480 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida (continued) | | | | | |
| | | | Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | | | | | |
| $ | 3,020 | | 5.500%, 6/01/38 – AGM Insured | 6/18 at 100.00 | AA+ | $ | 2,902,794 | |
| | 1,755 | | 5.375%, 6/01/46 | 6/16 at 100.00 | A– | | 1,559,914 | |
| | 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 | | 5,961,300 | |
| | 7,200 | | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) | 11/11 at 101.00 | N/R (4) | | 7,482,960 | |
| | 3,600 | | 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) | 4/12 at 100.00 | N/R | | 3,167,172 | |
| | 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 | | 1,947,700 | |
| | 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 | | 1,585,455 | |
| | 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+ | | 2,233,776 | |
| | 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 | | 1,554,315 | |
| | 1,430 | | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 10/01/23 – AMBAC Insured | 10/11 at 100.00 | A1 | | 1,436,178 | |
| | | | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003: | | | | | |
| | 4,990 | | 5.250%, 10/01/21 – NPFG Insured | 10/13 at 100.00 | A1 | | 5,296,935 | |
| | 2,090 | | 5.000%, 10/01/22 – NPFG Insured | 10/13 at 100.00 | A1 | | 2,156,650 | |
| | 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 | Aa2 | | 3,264,982 | |
| | | | 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 | A+ | | 2,280,889 | |
| | 2,000 | | 5.000%, 10/01/22 – FGIC Insured | 10/12 at 100.00 | A+ | | 2,041,860 | |
| | 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+ | | 2,892,863 | |
| | | | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: | | | | | |
| | 3,235 | | 5.000%, 10/01/18 – FGIC Insured | 10/13 at 100.00 | Aa2 | | 3,448,510 | |
| | 5,090 | | 5.000%, 10/01/19 – FGIC Insured | 10/13 at 100.00 | Aa2 | | 5,405,835 | |
| | | | 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 | | 1,220,059 | |
| | 1,470 | | 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | A | | 1,480,613 | |
| | 4,250 | | Lakeland, Florida, Energy System Revenue Refunding Bonds, Series 1999C, 6.050%, 10/01/11 – FGIC Insured | No Opt. Call | AA+ | | 4,350,045 | |
| | 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– | | 1,076,108 | |
| | 1,000 | | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured | No Opt. Call | A– | | 1,095,960 | |
| | 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 | | 3,051,930 | |
| | 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+ | | 2,263,675 | |
| | 3,430 | | Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/12 | No Opt. Call | BBB+ | | 3,517,911 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida (continued) | | | | | |
| $ | 5,130 | | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/17 – AMBAC Insured | 10/13 at 100.00 | A1 | $ | 5,326,069 | |
| | | | 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) | | 2,549,274 | |
| | 3,305 | | 5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured | 4/14 at 100.00 | N/R (4) | | 3,679,192 | |
| | | | 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 | | 2,136,120 | |
| | 2,000 | | 5.000%, 7/01/23 – FGIC Insured | 7/14 at 100.00 | A | | 2,041,880 | |
| | 2,000 | | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 – FGIC Insured | 7/11 at 101.00 | A3 | | 2,028,780 | |
| | 3,000 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Refunding Bonds, Miami Children’s Hospital, Series 2001A, 5.125%, 8/15/26 (Pre-refunded 8/15/11) – AMBAC Insured | 8/11 at 101.00 | AAA | | 3,072,660 | |
| | 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) | 7/11 at 102.00 | AA+ | | 3,660,056 | |
| | 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) | 10/11 at 100.00 | N/R | | 1,148,723 | |
| | 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 | | 1,825,796 | |
| | 7,500 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | A2 | | 7,332,675 | |
| | 4,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 5.000%, 10/01/23 – NPFG Insured (Alternative Minimum Tax) | 10/11 at 100.00 | A2 | | 3,980,440 | |
| | 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 | | 5,571,697 | |
| | 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 | | 4,853,950 | |
| | 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 | | 4,097,960 | |
| | 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+ | | 10,914,783 | |
| | 3,300 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured | 10/11 at 100.00 | Aa2 | | 3,302,211 | |
| | 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) | | 1,246,898 | |
| | 2,000 | | Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994, 6.125%, 1/01/24 – FGIC Insured | 7/11 at 100.00 | BBB | | 2,006,800 | |
| | 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) | | 5,380,500 | |
| | | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002, Reg S: | | | | | |
| | 3,695 | | 5.750%, 12/01/27 (Pre-refunded 12/01/12) | 12/12 at 100.00 | AAA | | 3,992,854 | |
| | 1,000 | | 5.750%, 12/01/32 (Pre-refunded 12/01/12) | 12/12 at 100.00 | AAA | | 1,080,610 | |
| | 2,440 | | Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – AMBAC Insured | 8/14 at 100.00 | Aa3 | | 2,485,872 | |
| | | | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: | | | | | |
| | 1,665 | | 5.125%, 1/01/20 – FGIC Insured | 1/13 at 100.00 | AA | | 1,748,417 | |
| | 3,400 | | 5.125%, 1/01/23 – FGIC Insured | 1/13 at 100.00 | AA | | 3,540,046 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida (continued) | | | | | |
| | | | Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard – I-4 Interchange Project, Series 2002: | | | | | |
| $ | 1,495 | | 5.125%, 4/01/20 – AMBAC Insured | 4/12 at 100.00 | N/R | $ | 1,444,574 | |
| | 1,225 | | 5.125%, 4/01/21 – AMBAC Insured | 4/12 at 100.00 | N/R | | 1,170,328 | |
| | 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) | | 4,586,588 | |
| | 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 | 8/11 at 101.00 | Baa1 | | 552,190 | |
| | | | 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 | | 3,842,520 | |
| | 2,000 | | 5.000%, 4/01/23 – NPFG Insured | 4/14 at 100.00 | Aa3 | | 2,042,020 | |
| | | | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: | | | | | |
| | 3,895 | | 5.500%, 12/01/21 | 12/11 at 101.00 | BBB– | | 3,625,271 | |
| | 6,470 | | 5.625%, 12/01/31 | 12/11 at 101.00 | BBB– | | 5,679,107 | |
| | 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+ | | 2,124,130 | |
| | 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– | | 1,538,265 | |
| | 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– | | 3,023,820 | |
| | 6,090 | | Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond Trust 2089, 12.809%, 8/01/14 – AGM Insured (IF) | No Opt. Call | AA+ | | 6,330,860 | |
| | 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+ | | 4,606,022 | |
| | 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 | | 4,192,520 | |
| | 6,545 | | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 11.175%, 10/01/14 (IF) | No Opt. Call | AAA | | 6,688,466 | |
| | 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 | | 10,249,900 | |
| | 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+ | | 2,704,700 | |
| | 2,060 | | Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 – FGIC Insured | 10/13 at 100.00 | Aa3 | | 2,177,461 | |
| | 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 | Baa1 | | 1,650,040 | |
| | 1,350 | | Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 – NPFG Insured | 9/13 at 100.00 | A+ | | 1,407,294 | |
| | 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 | | 657,683 | |
| | 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 | | 3,340,408 | |
| | 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 | | 1,492,575 | |
| | 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 | | 2,807,943 | |
| | 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 | Baa1 (4) | | 4,226,345 | |
| | 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 | Baa1 | | 1,924,003 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida (continued) | | | | | |
| $ | 625 | | Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36 | 5/15 at 100.00 | N/R | $ | 526,850 | |
| | 10,000 | | South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aa3 (4) | | 10,614,900 | |
| | 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+ | | 4,791,650 | |
| | 7,500 | | South Florida Water Management District, Certificates of Participation, Series 2006, Trust 1036, 9.032%, 10/01/14 – AMBAC Insured (IF) | No Opt. Call | AA+ | | 6,874,950 | |
| | 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 | | 2,188,903 | |
| | | | 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 | N/R | | 2,189,160 | |
| | 3,135 | | 5.625%, 8/01/34 | 8/14 at 101.00 | N/R | | 2,730,334 | |
| | 5,000 | | Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured | 6/16 at 100.00 | A | | 4,636,100 | |
| | 620 | | Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | AA+ | | 643,355 | |
| | 5,000 | | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured | 10/15 at 100.00 | AA | | 4,930,400 | |
| | 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+ | | 5,018,250 | |
| | | | 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 | Baa1 | | 1,306,800 | |
| | 2,785 | | 5.750%, 10/01/25 – NPFG Insured | No Opt. Call | Baa1 | | 2,761,188 | |
| | 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– | | 2,477,160 | |
| | 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 | | 8,436,977 | |
| | | | Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002: | | | | | |
| | 11,815 | | 5.375%, 10/01/14 – AGM Insured | 10/12 at 100.00 | AA+ | | 12,382,593 | |
| | 8,605 | | 5.375%, 10/01/15 – AGM Insured | 10/12 at 100.00 | AA+ | | 9,018,384 | |
| | 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 | | 1,023,210 | |
| | 465,760 | | Total Florida | | | | 471,400,178 | |
| | | | Georgia – 1.2% (0.8% of Total Investments) | | | | | |
| | 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 | | 438,670 | |
| | 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 | | 1,956,340 | |
| | 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 | | 11,141 | |
| | | | 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 | | 3,689,454 | |
| | 3,365 | | 5.000%, 11/01/18 – NPFG Insured | 11/13 at 100.00 | A1 | | 3,605,025 | |
| | 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 | N/R | | 2,142,739 | |
| | 11,515 | | Total Georgia | | | | 11,843,369 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Idaho – 0.5% (0.3% of Total Investments) | | | | | |
| $ | 80 | | Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax) | 7/11 at 100.00 | Aaa | $ | 80,411 | |
| | 3,055 | | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | 3/12 at 105.00 | Aaa | | 3,224,033 | |
| | 100 | | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax) | 7/11 at 100.00 | Aa1 | | 100,498 | |
| | 130 | | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax) | 7/11 at 100.00 | Aa2 | | 131,196 | |
| | 200 | | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax) | 7/11 at 100.00 | Aaa | | 204,762 | |
| | | | 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 | BBB– | | 845,910 | |
| | 470 | | 5.250%, 9/01/37 | 9/16 at 100.00 | BBB– | | 382,209 | |
| | 5,035 | | Total Idaho | | | | 4,969,019 | |
| | | | Illinois – 11.3% (7.3% 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 | Aa2 | | 3,036,900 | |
| | 22,670 | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – FGIC Insured | No Opt. Call | Aa3 | | 9,903,390 | |
| | 1,680 | | Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14 | 7/11 at 100.00 | N/R | | 1,682,453 | |
| | 1,765 | | Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14 | 7/11 at 100.00 | N/R | | 1,768,283 | |
| | 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) | | 3,010,365 | |
| | 2,575 | | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured | No Opt. Call | Baa1 | | 1,481,604 | |
| | 3,615 | | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM) | No Opt. Call | N/R (4) | | 2,631,539 | |
| | 3,500 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22 | 11/20 at 100.00 | AA | | 3,738,490 | |
| | | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | | | | | |
| | 2,000 | | 5.250%, 11/15/14 | 5/14 at 100.00 | A | | 2,094,780 | |
| | 4,420 | | 5.250%, 11/15/15 | 5/14 at 100.00 | A | | 4,601,618 | |
| | 395 | | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BB+ | | 324,101 | |
| | 1,900 | | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | BBB+ | | 2,047,630 | |
| | 2,540 | | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 | No Opt. Call | Baa3 | | 2,237,892 | |
| | 1,000 | | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12) | 5/12 at 100.00 | Aaa | | 1,051,600 | |
| | 3,090 | | Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33 | 7/13 at 100.00 | AA+ | | 3,105,883 | |
| | 3,000 | | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 | No Opt. Call | Aa2 | | 3,414,750 | |
| | 10,000 | | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured | 1/20 at 100.00 | AA+ | | 10,132,800 | |
| | 2,000 | | Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 | 9/18 at 100.00 | A+ | | 1,832,440 | |
| | 11,000 | | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured | No Opt. Call | A+ | | 11,747,010 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Illinois (continued) | | | | | |
| $ | 2,000 | | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 2/01/18 (Pre-refunded 2/01/12) – FGIC Insured | 2/12 at 100.00 | A+ (4) | $ | 2,078,700 | |
| | | | 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 | | 2,125,695 | |
| | 1,740 | | 0.000%, 11/01/21 – AGM Insured | No Opt. Call | Aa3 | | 1,000,865 | |
| | 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 | | 4,741,952 | |
| | | | 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 | B– | | 585,932 | |
| | 1,750 | | 5.250%, 1/01/30 | 1/16 at 100.00 | B– | | 1,199,380 | |
| | 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 | | 9,227,857 | |
| | 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 | | 1,796,372 | |
| | 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 | | 9,326,300 | |
| | | | 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 | | 5,868,480 | |
| | 3,385 | | 5.000%, 12/15/28 – NPFG Insured | 6/12 at 101.00 | AAA | | 3,387,166 | |
| | 142,850 | | Total Illinois | | | | 111,182,227 | |
| | | | Indiana – 1.7% (1.1% of Total Investments) | | | | | |
| | 1,000 | | Ball State University, Indiana, Student Fee Revenue Bonds, Series 2002K, 5.750%, 7/01/20 (Pre-refunded 1/01/12) – FGIC Insured | 1/12 at 100.00 | AA– (4) | | 1,036,810 | |
| | 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 | Aa3 | | 3,599,398 | |
| | 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 | | 2,227,350 | |
| | | | Indiana University, Student Fee Revenue Bonds, Series 2004P: | | | | | |
| | 2,750 | | 5.000%, 8/01/22 – AMBAC Insured | 8/14 at 100.00 | Aaa | | 2,889,233 | |
| | 1,600 | | 5.000%, 8/01/24 – AMBAC Insured | 8/14 at 100.00 | Aaa | | 1,663,008 | |
| | 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 | | 4,363,124 | |
| | 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 | | 402,690 | |
| | 17,580 | | Total Indiana | | | | 16,181,613 | |
| | | | Iowa – 0.7% (0.5% of Total Investments) | | | | | |
| | 8,100 | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | | 5,545,503 | |
| | 1,695 | | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25 (Pre-refunded 6/01/11) | 6/11 at 101.00 | AAA | | 1,718,933 | |
| | 9,795 | | Total Iowa | | | | 7,264,436 | |
| | | | 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 | | 91,691 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Kentucky – 0.4% (0.3% 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 | No Opt. Call | Baa2 | $ | 4,140,513 | |
| | | | Louisiana – 4.4% (2.8% of Total Investments) | | | | | |
| | 30 | | Bossier Public Trust Financing Authority, Louisiana, Single Family Mortgage Revenue Refunding Bonds, Series 1995B, 6.125%, 8/01/28 | 8/11 at 100.00 | AAA | | 30,026 | |
| | 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– | | 4,372,707 | |
| | 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+ | | 3,641,520 | |
| | 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 | | 2,247,777 | |
| | 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 | | 2,949,390 | |
| | | | 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 | AA+ | | 14,058,065 | |
| | 5,920 | | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | Aa1 | | 5,415,320 | |
| | | | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B: | | | | | |
| | 65 | | 5.500%, 5/15/30 | 5/11 at 101.00 | A | | 64,168 | |
| | 11,120 | | 5.875%, 5/15/39 | 5/11 at 101.00 | A– | | 10,148,446 | |
| | 45,735 | | Total Louisiana | | | | 42,927,419 | |
| | | | Maryland – 0.5% (0.3% 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 | Baa3 | | 1,650,562 | |
| | 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 | Baa2 | | 1,107,419 | |
| | 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) | | 1,563,069 | |
| | 1,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Cente, Series 2011, 6.250%, 7/01/31 | 7/21 at 100.00 | BBB | | 994,220 | |
| | 5,460 | | Total Maryland | | | | 5,315,270 | |
| | | | Massachusetts – 5.0% (3.2% 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 | | 7,762,625 | |
| | 1,310 | | 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 | | 1,336,108 | |
| | 1,215 | | 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 | | 1,156,413 | |
| | 1,000 | | Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34 | 10/14 at 100.00 | BBB | | 915,580 | |
| | 9,175 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 5.700%, 10/01/25 – RAAI Insured | 10/11 at 101.00 | BBB+ | | 8,620,647 | |
| | 2,000 | | 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– | | 1,824,780 | |
| | | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H: | | | | | |
| | 105 | | 5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured | 5/12 at 100.00 | N/R (4) | | 109,838 | |
| | 2,645 | | 5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured | 5/12 at 100.00 | N/R (4) | | 2,760,930 | |
| | | | 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) | | 2,504,340 | |
| | 4,000 | | 5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured | 1/14 at 100.00 | A1 (4) | | 4,452,160 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Massachusetts (continued) | | | | | |
| $ | 3,795 | | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (7) | 2/17 at 100.00 | AA+ | $ | 3,468,326 | |
| | | | 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) | | 12,261,726 | |
| | 1,850 | | 5.250%, 1/01/21 (Pre-refunded 1/01/13) – AGM Insured | 1/13 at 100.00 | AA+ (4) | | 1,989,842 | |
| | 48,870 | | Total Massachusetts | | | | 49,163,315 | |
| | | | Michigan – 3.8% (2.4% 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 | | 6,657,630 | |
| | | | 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 | | 4,810,480 | |
| | 7,955 | | 0.000%, 12/01/22 | No Opt. Call | AAA | | 4,715,406 | |
| | 8,260 | | 0.000%, 12/01/23 | No Opt. Call | AAA | | 4,582,731 | |
| | 8,575 | | 0.000%, 12/01/24 | No Opt. Call | AAA | | 4,466,460 | |
| | 1,200 | | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 7/15 at 100.00 | BB+ | | 1,029,948 | |
| | 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 | | 5,812,810 | |
| | 1,500 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | AA | | 1,406,430 | |
| | 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– | | 283,067 | |
| | 3,270 | | Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/22 | 5/13 at 100.00 | Aa2 | | 3,434,187 | |
| | 51,960 | | Total Michigan | | | | 37,199,149 | |
| | | | Minnesota – 1.6% (1.0% of Total Investments) | | | | | |
| | 8,165 | | Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 | 7/14 at 100.00 | A2 | | 8,253,672 | |
| | | | Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003: | | | | | |
| | 1,000 | | 6.000%, 12/01/18 | 12/13 at 100.00 | A3 | | 1,044,730 | |
| | 1,050 | | 5.875%, 12/01/29 | 12/13 at 100.00 | A3 | | 1,053,297 | |
| | 275 | | Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured | 8/11 at 100.00 | AA+ | | 276,106 | |
| | 725 | | Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax) | 7/11 at 101.00 | AA+ | | 747,185 | |
| | 1,000 | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19 | 10/14 at 100.00 | A3 | | 1,063,020 | |
| | 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) | | 1,839,137 | |
| | 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 | BB+ | | 930,280 | |
| | 14,835 | | Total Minnesota | | | | 15,207,427 | |
| | | | 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 | | 3,728,876 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Missouri – 2.4% (1.5% 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 | N/R | $ | 1,968,080 | |
| | 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+ | | 195,248 | |
| | 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+ | | 2,831,281 | |
| | 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+ | | 9,411,120 | |
| | | | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: | | | | | |
| | 780 | | 6.000%, 6/01/20 | No Opt. Call | A | | 846,994 | |
| | 1,525 | | 5.000%, 6/01/35 | 6/15 at 100.00 | A | | 1,364,006 | |
| | 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 | | 1,015,310 | |
| | 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+ | | 1,236,120 | |
| | | | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: | | | | | |
| | 170 | | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 172,453 | |
| | 1,080 | | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 1,095,584 | |
| | 1,250 | | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 1,268,038 | |
| | 2,000 | | 5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | | 2,028,860 | |
| | 23,090 | | Total Missouri | | | | 23,433,094 | |
| | | | 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 – AGM Insured | 4/13 at 100.00 | AA+ | | 1,541,707 | |
| | 5,130 | | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 | 2/17 at 100.00 | Aa1 | | 5,153,803 | |
| | 1,050 | | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 19.815%, 8/01/40 – AMBAC Insured (IF) | 2/17 at 100.00 | AA+ | | 1,388,205 | |
| | 7,650 | | Total Nebraska | | | | 8,083,715 | |
| | | | Nevada – 5.3% (3.4% 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) | | 11,012,114 | |
| | 10,000 | | Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | Aa3 | | 10,107,900 | |
| | | | Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009: | | | | | |
| | 3,520 | | 5.000%, 6/01/27 | 6/19 at 100.00 | AA+ | | 3,611,661 | |
| | 3,695 | | 5.000%, 6/01/28 | 6/19 at 100.00 | AA+ | | 3,773,704 | |
| | 3,880 | | 5.000%, 6/01/29 | 6/19 at 100.00 | AA+ | | 3,957,406 | |
| | | | Clark County, Nevada, General Obligation Transportation Bonds, Refunding Series 2010B: | | | | | |
| | 4,915 | | 5.000%, 7/01/25 | 1/20 at 100.00 | AA+ | | 5,114,598 | |
| | 4,160 | | 5.000%, 7/01/26 | 1/20 at 100.00 | AA+ | | 4,289,626 | |
| | 5,795 | | Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 – AMBAC Insured | 7/13 at 100.00 | AA– | | 5,947,293 | |
| | 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 | | 4,028,800 | |
| | 1,000 | | Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5) | 7/11 at 100.00 | N/R | | 250,780 | |
| | 51,375 | | Total Nevada | | | | 52,093,882 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | New Jersey – 5.6% (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 | $ | 5,725,340 | |
| | 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) | | 150,586 | |
| | | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | | | | | |
| | 1,325 | | 5.250%, 9/01/24 | 9/15 at 100.00 | A+ | | 1,349,208 | |
| | 1,000 | | 5.250%, 9/01/26 | 9/15 at 100.00 | A+ | | 1,014,630 | |
| | 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– | | 445,734 | |
| | 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) | 11/11 at 100.00 | A+ | | 3,593,011 | |
| | 17,300 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33 | No Opt. Call | AA– | | 3,937,134 | |
| | 3,425 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No Opt. Call | A+ | | 3,702,699 | |
| | 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 | | 3,752,376 | |
| | 5,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 | No Opt. Call | A+ | | 5,157,750 | |
| | 4,000 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured | 7/13 at 100.00 | A+ | | 4,238,360 | |
| | 3,000 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – AGM Insured | 1/15 at 100.00 | AA+ | | 3,101,340 | |
| | 5,000 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36 | 1/19 at 100.00 | A+ | | 4,902,400 | |
| | | | 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 | BBB– | | 7,617,649 | |
| | 5,000 | | 4.750%, 6/01/34 | 6/17 at 100.00 | Baa3 | | 3,105,950 | |
| | 2,870 | | Union County Utilities Authority, New Jersey, Solid Waste Facility Subordinate Lease Revenue Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.350%, 6/01/23 – AMBAC Insured (Alternative Minimum Tax) | 6/11 at 100.00 | Baa3 | | 2,806,946 | |
| | 71,685 | | Total New Jersey | | | | 54,601,113 | |
| | | | New York – 7.6% (4.9% 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 | | 5,038,750 | |
| | 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– | | 1,602,045 | |
| | 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 | | 1,249,950 | |
| | 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 | | 3,824,226 | |
| | 3,300 | | 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– | | 2,965,446 | |
| | 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+ | | 2,170,014 | |
| | | | 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 | | 7,282,069 | |
| | 7,260 | | 5.000%, 8/01/24 (UB) | 8/13 at 100.00 | AAA | | 7,631,204 | |
| | 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 | | 2,666,025 | |
| | 35 | | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | No Opt. Call | AA | | 35,090 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | New York (continued) | | | | | |
| $ | 2,150 | | New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 | 3/15 at 100.00 | AA | $ | 2,235,011 | |
| | 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 | | 5,248,350 | |
| | 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 | | 4,396,760 | |
| | 2,475 | | New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured | 11/15 at 100.00 | AA+ | | 2,481,410 | |
| | 1,235 | | New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.016%, 11/15/44 – AMBAC Insured (IF) | 11/15 at 100.00 | AA+ | | 1,247,795 | |
| | | | 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 | A+ | | 6,378,960 | |
| | 5,100 | | 5.250%, 6/01/21 | 6/13 at 100.00 | A+ | | 5,430,735 | |
| | | | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: | | | | | |
| | 3,400 | | 5.500%, 6/01/16 | 6/11 at 100.00 | AA– | | 3,411,084 | |
| | 2,000 | | 5.500%, 6/01/19 | 6/13 at 100.00 | AA– | | 2,133,060 | |
| | 1,060 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | 1,019,932 | |
| | 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 | Baa1 | | 6,540,438 | |
| | 73,515 | | Total New York | | | | 74,988,354 | |
| | | | North Carolina – 0.7% (0.5% of Total Investments) | | | | | |
| | 1,775 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.873%, 7/15/32 (IF) | 1/18 at 100.00 | AA– | | 1,391,440 | |
| | 1,905 | | 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) | 8/11 at 101.00 | AAA | | 1,928,508 | |
| | | | North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A: | | | | | |
| | 1,250 | | 5.000%, 2/01/21 | 2/14 at 100.00 | AA+ | | 1,335,900 | |
| | 2,445 | | 5.000%, 2/01/22 | 2/14 at 100.00 | AA+ | | 2,599,500 | |
| | 7,375 | | Total North Carolina | | | | 7,255,348 | |
| | | | Ohio – 2.6% (1.7% 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 | Baa3 | | 830,610 | |
| | 900 | | 5.875%, 6/01/30 | 6/17 at 100.00 | Baa3 | | 649,476 | |
| | 845 | | 5.750%, 6/01/34 | 6/17 at 100.00 | Baa3 | | 582,205 | |
| | 1,965 | | 5.875%, 6/01/47 | 6/17 at 100.00 | Baa3 | | 1,325,766 | |
| | 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) | | 3,440,430 | |
| | | | 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 | | 2,428,466 | |
| | 4,105 | | 5.250%, 5/15/18 – NPFG Insured | 5/13 at 100.00 | AA | | 4,253,929 | |
| | 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 | | 9,776,300 | |
| | 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) | 7/11 at 100.00 | Aa2 | | 1,980,000 | |
| | 26,220 | | Total Ohio | | | | 25,267,182 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Oklahoma – 2.0% (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+ | $ | 601,035 | |
| | | | 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 | | 2,526,690 | |
| | 1,020 | | 5.000%, 2/15/42 | 2/17 at 100.00 | A | | 943,214 | |
| | 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 | | 8,694,800 | |
| | 1,730 | | Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds, Series 2001A-1, 5.625%, 6/01/31 (Alternative Minimum Tax) | 6/11 at 102.00 | AAA | | 1,673,343 | |
| | 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+ | | 5,246,242 | |
| | 99 | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.356%, 6/15/30 (IF) | 12/16 at 100.00 | AA+ | | 91,945 | |
| | 21,749 | | Total Oklahoma | | | | 19,777,269 | |
| | | | Oregon – 0.9% (0.6% 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 | | 8,507,664 | |
| | | | Pennsylvania – 2.6% (1.7% 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 | | 3,621,100 | |
| | 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 | | 1,588,440 | |
| | 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 | | 381,185 | |
| | 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 | | 1,094,573 | |
| | 995 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, Series 2010A, 5.000%, 11/01/40 | 11/20 at 100.00 | A– | | 915,997 | |
| | 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 | AA+ | | 5,492,975 | |
| | 1,000 | | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | Aa1 | | 1,024,080 | |
| | 15,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 | 12/27 at 100.00 | A– | | 10,373,400 | |
| | 1,050 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured | 6/16 at 100.00 | Aa3 | | 1,085,175 | |
| | 30,445 | | Total Pennsylvania | | | | 25,576,925 | |
| | | | Puerto Rico – 1.1% (0.7% 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+ | | 6,208,038 | |
| | 5,000 | | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 | 5/12 at 100.00 | BBB | | 4,094,450 | |
| | 13,750 | | Total Puerto Rico | | | | 10,302,488 | |
| | | | Rhode Island – 1.7% (1.1% of Total Investments) | | | | | |
| | | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | | | | | |
| | 6,450 | | 6.000%, 6/01/23 | 6/12 at 100.00 | BBB | | 6,452,322 | |
| | 6,425 | | 6.125%, 6/01/32 | 6/12 at 100.00 | BBB | | 6,157,142 | |
| | 5,095 | | 6.250%, 6/01/42 | 6/12 at 100.00 | BBB | | 4,407,379 | |
| | 17,970 | | Total Rhode Island | | | | 17,016,843 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | South Carolina – 6.0% (3.9% 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 | $ | 9,157,590 | |
| | 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) | | 16,921,233 | |
| | 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– | | 2,508,975 | |
| | 7,600 | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 4.000%, 1/01/23 – NPFG Insured | 7/11 at 100.00 | A– | | 7,467,380 | |
| | 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) | | 1,347,125 | |
| | 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– | | 4,541,190 | |
| | | | 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) | | 1,510,339 | |
| | 165 | | 6.875%, 8/01/27 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | | 187,427 | |
| | 4,450 | | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | | 4,985,469 | |
| | 550 | | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | | 618,690 | |
| | 8,100 | | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 – AMBAC Insured | 10/12 at 100.00 | A1 | | 8,045,649 | |
| | 1,980 | | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11) | 5/11 at 101.00 | BBB (4) | | 2,002,988 | |
| | 57,125 | | Total South Carolina | | | | 59,294,055 | |
| | | | 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+ | | 2,766,848 | |
| | | | 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), (6) | 11/17 at 100.00 | N/R | | 40,080 | |
| | 1,000 | | 5.500%, 11/01/46 (5), (6) | 11/17 at 100.00 | N/R | | 50,100 | |
| | 5,000 | | Total Tennessee | | | | 2,857,028 | |
| | | | Texas – 7.5% (4.8% 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 | | 5,429,213 | |
| | 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 | | 2,154,938 | |
| | 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 | | 10,281,200 | |
| | 1,000 | | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 | 7/17 at 100.00 | A+ | | 986,430 | |
| | 3,345 | | Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2001, 5.625%, 2/15/19 (Pre-refunded 2/15/12) | 2/12 at 100.00 | Aa1 (4) | | 3,486,494 | |
| | 5,000 | | Gulf Coast Industrial Development Authority, Texas, Waste Disposal Revenue Bonds, Valero Refining and Marketing Company Project, Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax) | 6/11 at 100.00 | BBB | | 4,390,100 | |
| | | | 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+ | | 1,016,160 | |
| | 1,000 | | 5.000%, 12/01/21 | 12/14 at 100.00 | A+ | | 1,011,170 | |
| | 2,500 | | 5.125%, 12/01/22 | 12/14 at 100.00 | A+ | | 2,519,425 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Texas (continued) | | | | | |
| $ | 2,925 | | Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 5.250%, 11/15/30 – NPFG Insured | 11/11 at 100.00 | Baa1 | $ | 2,230,927 | |
| | 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 | | 4,276,680 | |
| | 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 | | 4,388,717 | |
| | 725 | | Keller Independent School District, Tarrant County, Texas, Unlimited Tax General Obligation Refunding Bonds, Series 2001, 5.250%, 8/15/26 (Pre-refunded 8/15/11) | 8/11 at 100.00 | AAA | | 735,650 | |
| | | | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: | | | | | |
| | 800 | | 5.250%, 8/15/21 | No Opt. Call | BBB– | | 795,224 | |
| | 1,250 | | 5.125%, 8/15/26 | No Opt. Call | BBB– | | 1,127,950 | |
| | 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– | | 2,630,790 | |
| | 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 | | 3,017,323 | |
| | | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A: | | | | | |
| | 1,880 | | 0.000%, 9/01/43 | 9/31 at 100.00 | AA | | 882,040 | |
| | 7,990 | | 0.000%, 9/01/45 | 9/31 at 100.00 | AA | | 4,324,588 | |
| | 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 | | 331,380 | |
| | 2,500 | | Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 | No Opt. Call | AA– | | 2,467,175 | |
| | 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– | | 6,487,767 | |
| | 3,755 | | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.551%, 4/01/28 (IF) | 4/17 at 100.00 | Aaa | | 4,920,064 | |
| | 3,900 | | Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2001C-1, 5.200%, 12/01/21 (Pre-refunded 12/01/11) (Alternative Minimum Tax) (UB) | 12/11 at 101.00 | Aaa | | 4,034,004 | |
| | 89,540 | | Total Texas | | | | 73,925,409 | |
| | | | 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+ | | 5,905,170 | |
| | 20 | | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997E-2, 5.875%, 1/01/19 (Alternative Minimum Tax) | 7/11 at 100.00 | Aaa | | 20,020 | |
| | 6,355 | | Total Utah | | | | 5,925,190 | |
| | | | Virgin Islands – 0.1% (0.0% of Total Investments) | | | | | |
| | 900 | | Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax) | 1/15 at 100.00 | Baa3 | | 737,586 | |
| | | | Washington – 6.8% (4.4% of Total Investments) | | | | | |
| | 15,000 | | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002A, 5.450%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AA | | 14,403,300 | |
| | 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 | Aaa | | 6,330,120 | |
| | 5,000 | | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB) | 7/13 at 100.00 | Aaa | | 5,460,800 | |
| | 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) | | 10,643,774 | |
| | | Nuveen Premium Income Municipal Fund 2, Inc. (continued) |
| NPM | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Washington (continued) | | | | | |
| $ | 2,500 | | King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 | 1/19 at 100.00 | AA+ | $ | 2,559,225 | |
| | 6,965 | | Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.250%, 9/01/22 – FGIC Insured | 9/12 at 100.00 | A1 | | 7,209,820 | |
| | 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 | | 2,997,659 | |
| | 2,500 | | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.125%, 12/01/22 (Pre-refunded 12/01/11) – NPFG Insured | 12/11 at 100.00 | AA (4) | | 2,570,274 | |
| | 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 | | 5,018,699 | |
| | 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 | | 3,327,736 | |
| | 1,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | No Opt. Call | N/R | | 773,549 | |
| | | | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002: | | | | | |
| | 3,320 | | 6.500%, 6/01/26 | 6/13 at 100.00 | BBB | | 3,347,190 | |
| | 2,395 | | 6.625%, 6/01/32 | 6/13 at 100.00 | BBB | | 2,380,030 | |
| | 66,535 | | Total Washington | | | | 67,022,176 | |
| | | | West Virginia – 0.9% (0.6% of Total Investments) | | | | | |
| | 5,000 | | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 (Mandatory put 10/01/11) | 10/11 at 100.00 | BBB (4) | | 5,019,999 | |
| | 1,000 | | Pleasants County, West Virginia, Pollution Control Revenue Bonds, West Penn Power Company Pleasants Station Project, Series 1999E, 5.500%, 4/01/29 – AMBAC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | Baa2 | | 974,389 | |
| | 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 | | 2,467,615 | |
| | 8,355 | | Total West Virginia | | | | 8,462,003 | |
| | | | Wisconsin – 2.1% (1.4% of Total Investments) | | | | | |
| | 6,265 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29 | 8/11 at 100.00 | A3 | | 6,153,733 | |
| | 5 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999B, 5.625%, 2/15/29 | 5/11 at 100.00 | BBB+ | | 4,990 | |
| | 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 | A3 | | 1,080,553 | |
| | 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 | | 258,775 | |
| | 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+ | | 986,769 | |
| | 2,830 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.625%, 2/15/17 – NPFG Insured | 8/11 at 100.00 | Baa1 | | 2,832,574 | |
| | 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 | BBB+ | | 3,898,292 | |
| | 5,300 | | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) | 5/16 at 100.00 | AA | | 5,495,252 | |
| | 21,380 | | Total Wisconsin | | | | 20,710,938 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | 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+ | $ | 2,154,689 | |
| $ | 1,666,149 | | Total Investments (cost $1,525,710,278) – 155.2% | | | | 1,523,885,854 | |
| | | | Floating Rate Obligations – (10.4)% | | | | (102,434,000 | ) |
| | | | Other Assets Less Liabilities – 4.8% | | | | 48,173,291 | |
| | | | Auction Rate Preferred Shares, at Liquidation Value – (49.6)% (8) | | | | (487,525,000 | ) |
| | | | Net Assets Applicable to Common Shares – 100% | | | $ | 982,100,145 | |
| (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 Investor 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. Such investments are normally considered to be equivalent to AAA rated 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) | | For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
| (7) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (8) | | Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.0%. |
| 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.
| | | Nuveen Premium Income Municipal Fund 4, Inc. |
| NPT | | Portfolio of Investments |
| | | April 30, 2011 (Unaudited) |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Alabama – 5.2% (3.3% of Total Investments) | | | | | |
| $ | 5,150 | | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001, 5.750%, 12/01/16 | 12/11 at 101.00 | A– | $ | 5,260,004 | |
| | 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) (4) | 5/11 at 100.00 | Aaa | | 11,933,421 | |
| | 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+ | | 4,676,000 | |
| | 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 | | 851,020 | |
| | 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 | | 940,620 | |
| | 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+ | | 1,415,310 | |
| | 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 | | 2,320,606 | |
| | 27,870 | | Total Alabama | | | | 27,396,981 | |
| | | | Alaska – 1.0% (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+ | | 1,674,158 | |
| | 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 | A+ (5) | | 3,424,249 | |
| | 4,730 | | Total Alaska | | | | 5,098,407 | |
| | | | Arizona – 1.4% (0.9% of Total Investments) | | | | | |
| | 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 | | 4,625,500 | |
| | 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 | | 2,496,390 | |
| | 8,000 | | Total Arizona | | | | 7,121,890 | |
| | | | California – 21.0% (13.2% 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– | | 1,461,780 | |
| | 10,000 | | Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured | 9/17 at 100.00 | A1 | | 8,056,500 | |
| | 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 | | 15,191,200 | |
| | 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+ | | 4,276,500 | |
| | 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– | | 2,495,102 | |
| | 2,000 | | California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31 | 8/11 at 102.00 | A+ | | 1,929,140 | |
| | 1,400 | | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 | 8/20 at 100.00 | BBB– | | 1,275,722 | |
| | 1,220 | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1, 6.375%, 11/01/34 | 11/19 at 100.00 | A2 | | 1,262,432 | |
| | 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 | | 1,492,185 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | California (continued) | | | | | |
| $ | 19,095 | | California State, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured | 6/15 at 100.00 | A1 | $ | 18,413,881 | |
| | 1,000 | | California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 | 3/20 at 100.00 | A1 | | 1,002,350 | |
| | 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 | | 977,625 | |
| | 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 | N/R | | 921,207 | |
| | 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 | | 722,470 | |
| | 1,685 | | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.619%, 5/15/14 (IF) | No Opt. Call | AA– | | 1,552,677 | |
| | 4,780 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/14 (ETM) | No Opt. Call | AAA | | 4,629,573 | |
| | 1,000 | | Gavilan Loiont Community College District, Counties of Santa Clara and San Benito, California, General Obligation Bonds, Series 2011D, 5.750%, 8/01/35 (WI/DD, Settling 5/12/11) | 8/21 at 100.00 | Aa2 | | 1,030,280 | |
| | 2,000 | | Glendale Redevelopment Agency, Central Glendale Redevelopment Project, California, Tax Allocation Bonds, Series 2010, 5.500%, 12/01/24 | 12/16 at 100.00 | A | | 1,885,000 | |
| | 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 | | 1,123,180 | |
| | | | 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 | Baa3 | | 2,036,580 | |
| | 610 | | 5.125%, 6/01/47 | 6/17 at 100.00 | Baa3 | | 372,192 | |
| | 3,190 | | Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27 | No Opt. Call | AAA | | 1,224,099 | |
| | 360 | | Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33 | 9/20 at 100.00 | AA+ | | 336,766 | |
| | 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 | | 492,745 | |
| | 2,700 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 7.000%, 11/01/34 | No Opt. Call | A | | 3,002,049 | |
| | 3,000 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 | 11/19 at 100.00 | Baa3 | | 2,976,330 | |
| | 1,250 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 | 11/20 at 100.00 | Baa3 | | 1,215,600 | |
| | 2,500 | | Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 | 5/21 at 100.00 | AA– | | 2,521,050 | |
| | 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– | | 1,855,240 | |
| | 11,310 | | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2006A, 4.250%, 7/01/31 – AGM Insured (UB) | 7/16 at 100.00 | AA+ | | 10,545,896 | |
| | 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– | | 660,118 | |
| | | | 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 | Baa1 | | 611,916 | |
| | 31,300 | | 0.000%, 1/15/34 – NPFG Insured | No Opt. Call | Baa1 | | 3,532,831 | |
| | 4,000 | | San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 17.177%, 9/01/38 – NPFG Insured (IF) | 9/17 at 100.00 | AA+ | | 3,963,360 | |
| | 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– | | 429,365 | |
| | 1,335 | | South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series 1996A, 6.000%, 10/01/12 – FGIC Insured | No Opt. Call | BBB | | 1,379,068 | |
| | | Nuveen Premium Income Municipal Fund 4, Inc. (continued) |
| NPT | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | California (continued) | | | | | |
| | | | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B: | | | | | |
| $ | 3,750 | | 0.000%, 8/01/36 (WI/DD, Settling 5/04/11) – AGM Insured | 8/31 at 100.00 | AA+ | $ | 1,300,688 | |
| | 2,000 | | 5.625%, 5/01/41 (WI/DD, Settling 5/04/11) – AGM Insured | 8/21 at 100.00 | AA+ | | 2,000,580 | |
| | 154,545 | | Total California | | | | 110,155,277 | |
| | | | Colorado – 4.9% (3.1% 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 | | 1,385,900 | |
| | 215 | | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 6.750%, 10/01/21 | 10/11 at 105.00 | Aa2 | | 234,240 | |
| | 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 | | 1,211,160 | |
| | 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 | | 903,690 | |
| | 1,495 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | | 1,636,218 | |
| | | | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A: | | | | | |
| | 2,940 | | 5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured | 12/13 at 100.00 | N/R (5) | | 3,235,411 | |
| | 10,000 | | 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured | 12/13 at 100.00 | N/R (5) | | 11,004,800 | |
| | 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 | AA+ (5) | | 862,119 | |
| | 1,765 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (WI/DD, Settling 5/12/11) – AGM Insured | 12/20 at 100.00 | AA+ | | 1,750,651 | |
| | | | 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 | | 1,163,104 | |
| | 2,365 | | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | | 2,166,647 | |
| | 24,230 | | Total Colorado | | | | 25,553,940 | |
| | | | Florida – 7.4% (4.7% 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 | No Opt. Call | BBB | | 1,010,038 | |
| | 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– | | 268,333 | |
| | 5,000 | | Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/28 – NPFG Insured | 7/13 at 100.00 | Aa3 | | 4,906,450 | |
| | 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 | | 1,111,605 | |
| | 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 | Aa3 | | 5,195,850 | |
| | 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) | 6/11 at 100.00 | BB+ | | 5,025,000 | |
| | 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) | 7/11 at 102.00 | AA+ | | 1,406,110 | |
| | 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 | | 1,668,460 | |
| | 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 | | 797,750 | |
| | 1,965 | | 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 | | 1,705,207 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Florida (continued) | | | | | |
| $ | 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 | $ | 4,863,733 | |
| | 11,000 | | Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured | 10/18 at 100.00 | AA– | | 11,070,730 | |
| | 40,400 | | Total Florida | | | | 39,029,266 | |
| | | | Georgia – 3.9% (2.4% 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 | | 4,835,820 | |
| | 1,500 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured | 11/19 at 100.00 | AA+ | | 1,511,250 | |
| | 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– | | 2,346,150 | |
| | 5,405 | | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM) | No Opt. Call | A1 (5) | | 6,413,735 | |
| | 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+ | | 5,283,840 | |
| | 19,805 | | Total Georgia | | | | 20,390,795 | |
| | | | 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 | No Opt. Call | Ba2 | | 3,609,280 | |
| | | | Hawaii – 0.9% (0.6% 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 | | 864,050 | |
| | 2,000 | | Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13 | No Opt. Call | Aa1 | | 2,199,320 | |
| | 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 | | 1,740,670 | |
| | 4,580 | | Total Hawaii | | | | 4,804,040 | |
| | | | Idaho – 0.2% (0.1% of Total Investments) | | | | | |
| | 895 | | Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26 | No Opt. Call | Aa3 | | 907,190 | |
| | | | Illinois – 19.8% (12.4% of Total Investments) | | | | | |
| | 4,000 | | Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured | No Opt. Call | Aa2 | | 4,288,760 | |
| | 5,550 | | Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured (Alternative Minimum Tax) | 1/12 at 100.00 | AA+ | | 5,322,950 | |
| | 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 | | 385,655 | |
| | | | 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 | | 1,697,316 | |
| | 1,685 | | 8.500%, 12/01/15 – FGIC Insured | No Opt. Call | N/R | | 2,117,438 | |
| | 3,900 | | Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40 | 10/11 at 105.00 | Aaa | | 4,147,143 | |
| | 500 | | Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%,5/15/30 | 5/20 at 100.00 | N/R | | 476,165 | |
| | 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 | | 483,315 | |
| | | Nuveen Premium Income Municipal Fund 4, Inc. (continued) |
| NPT | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Illinois (continued) | | | | | |
| $ | 1,000 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 | 11/19 at 100.00 | AA | $ | 921,140 | |
| | 5,220 | | Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27 | 4/21 at 100.00 | A– | | 5,399,203 | |
| | 3,000 | | Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 | 1/18 at 100.00 | Baa1 | | 2,597,160 | |
| | 1,500 | | Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.375%, 8/15/40 | No Opt. Call | A+ | | 1,315,395 | |
| | 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 (5) | | 2,854,802 | |
| | 3,250 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | | 3,159,748 | |
| | 500 | | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | BBB+ | | 538,850 | |
| | 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 | | 1,714,401 | |
| | 5,565 | | Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 | 8/17 at 100.00 | BBB | | 4,793,135 | |
| | | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009: | | | | | |
| | 2,000 | | 6.875%, 8/15/38 | 8/19 at 100.00 | BBB | | 1,991,180 | |
| | 2,000 | | 7.000%, 8/15/44 | 8/19 at 100.00 | BBB | | 2,003,440 | |
| | 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+ | | 478,350 | |
| | 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+ | | 3,005,160 | |
| | 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 | Baa3 | | 814,040 | |
| | 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 | | 3,763,360 | |
| | 3,000 | | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12) | 5/12 at 100.00 | Aaa | | 3,154,800 | |
| | | | Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002: | | | | | |
| | 3,000 | | 5.500%, 1/01/22 | 1/13 at 100.00 | Baa1 | | 2,973,510 | |
| | 1,000 | | 5.625%, 1/01/28 | 1/13 at 100.00 | Baa1 | | 934,760 | |
| | 3,855 | | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 7.000%, 4/01/14 | No Opt. Call | Aa2 | | 4,215,558 | |
| | 9,795 | | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) | No Opt. Call | AAA | | 11,567,111 | |
| | 1,245 | | Mc Henry 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 | | 1,375,140 | |
| | | | Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011: | | | | | |
| | 825 | | 6.000%, 2/01/24 – AGM Insured | 2/20 at 100.00 | Aa3 | | 876,777 | |
| | 1,030 | | 6.000%, 2/01/25 – AGM Insured | 2/20 at 100.00 | Aa3 | | 1,080,985 | |
| | | | 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 | | 7,328,965 | |
| | 4,540 | | 5.000%, 12/15/28 – NPFG Insured | 6/12 at 101.00 | AAA | | 4,542,906 | |
| | 36,040 | | 0.000%, 6/15/40 – NPFG Insured | No Opt. Call | AAA | | 5,138,944 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Illinois (continued) | | | | | |
| | | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | | | | | |
| $ | 780 | | 5.250%, 6/01/21 | No Opt. Call | A | $ | 773,939 | |
| | 2,000 | | 6.250%, 6/01/24 | No Opt. Call | A– | | 2,010,220 | |
| | 2,860 | | 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 | Aa3 | | 3,396,536 | |
| | 134,190 | | Total Illinois | | | | 103,638,257 | |
| | | | Indiana – 5.2% (3.3% of Total Investments) | | | | | |
| | | | Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: | | | | | |
| | 1,950 | | 0.000%, 2/01/24 | No Opt. Call | AA+ | | 1,029,230 | |
| | 2,705 | | 0.000%, 2/01/25 | No Opt. Call | AA+ | | 1,332,889 | |
| | 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 | Baa3 | | 2,563,800 | |
| | 3,965 | | Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%, 2/01/26 – NPFG Insured | 8/11 at 100.00 | Baa1 | | 3,972,851 | |
| | 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– | | 1,001,543 | |
| | 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– | | 1,404,345 | |
| | 2,280 | | 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+ | | 2,535,292 | |
| | | | 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+ (5) | | 4,365,840 | |
| | 6,000 | | 5.000%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured | 6/13 at 100.00 | AA+ (5) | | 6,548,760 | |
| | 2,250 | | Indianapolis, Indiana, Multifamily Housing Revenue Bonds, GMF-Berkley Commons Apartments, Series 2010A, 6.000%, 7/01/40 | 7/20 at 100.00 | A+ | | 2,160,158 | |
| | 420 | | Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – NPFG Insured | 6/11 at 100.00 | Baa1 | | 410,227 | |
| | 29,120 | | Total Indiana | | | | 27,324,935 | |
| | | | Iowa – 0.5% (0.3% 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+ | | 850,750 | |
| | 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 | | 2,011,440 | |
| | 3,000 | | Total Iowa | | | | 2,862,190 | |
| | | | Kansas – 1.1% (0.7% of Total Investments) | | | | | |
| | 2,000 | | Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | No Opt. Call | AA | | 1,923,300 | |
| | 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 | | 604,518 | |
| | 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 | BBB+ | | 1,755,583 | |
| | 2,980 | | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | BBB | | 1,650,831 | |
| | 7,330 | | Total Kansas | | | | 5,934,232 | |
| | | Nuveen Premium Income Municipal Fund 4, Inc. (continued) |
| NPT | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Kentucky – 1.1% (0.7% 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 | Baa2 | $ | 944,650 | |
| | 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 | | 5,025,000 | |
| | 6,000 | | Total Kentucky | | | | 5,969,650 | |
| | | | Louisiana – 4.9% (3.1% 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 | | 161,309 | |
| | 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 | | 1,853,023 | |
| | 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+ | | 4,654,210 | |
| | 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 | | 3,163,538 | |
| | | | 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 | AA+ | | 1,429,961 | |
| | 15,820 | | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | Aa1 | | 14,471,345 | |
| | 170 | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660, 15.745%, 5/01/34 – FGIC Insured (IF) | 5/16 at 100.00 | Aa1 | | 112,030 | |
| | 28,335 | | Total Louisiana | | | | 25,845,416 | |
| | | | Maine – 0.2% (0.1% of Total Investments) | | | | | |
| | 1,250 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A1 | | 1,199,913 | |
| | | | Maryland – 1.0% (0.7% of Total Investments) | | | | | |
| | 1,215 | | Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16 | 7/11 at 100.00 | Aa2 | | 1,217,187 | |
| | 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 | | 50,437 | |
| | 2,135 | | 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 | Baa1 | | 1,913,985 | |
| | 2,315 | | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax) | 7/11 at 100.00 | Aaa | | 2,317,732 | |
| | 5,715 | | Total Maryland | | | | 5,499,341 | |
| | | | Massachusetts – 1.7% (1.1% 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 | | 2,376,200 | |
| | 1,000 | | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26 | 10/12 at 102.00 | N/R | | 805,710 | |
| | 1,000 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.375%, 7/01/35 | 7/15 at 100.00 | BB– | | 748,300 | |
| | 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 | | 1,802,302 | |
| | 3,465 | | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (4) | 2/17 at 100.00 | AA+ | | 3,166,733 | |
| | 10,170 | | Total Massachusetts | | | | 8,899,245 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Michigan – 6.0% (3.8% 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 | $ | 612,038 | |
| | 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 | | 5,386,860 | |
| | 8,915 | | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 – NPFG Insured | 7/11 at 100.00 | A+ | | 8,181,206 | |
| | 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 | | 4,593,402 | |
| | 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+ | | 1,500,480 | |
| | 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 | | 5,004,450 | |
| | 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 | | 3,009,536 | |
| | 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 | AAA | | 1,146,800 | |
| | 2,000 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | AA | | 1,875,240 | |
| | 33,650 | | Total Michigan | | | | 31,310,012 | |
| | | | Minnesota – 1.0% (0.6% 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– | | 829,360 | |
| | 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 | | 2,402,149 | |
| | 2,315 | | Washington County Housing & Redevelopment Authority, Minnesota, Hospital Facility Revenue Bonds, Healtheast Project, Series 1998, 5.500%, 11/15/27 | 5/11 at 100.00 | BB+ | | 1,994,002 | |
| | 6,190 | | Total Minnesota | | | | 5,225,511 | |
| | | | Mississippi – 2.2% (1.4% 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 | 10/11 at 100.00 | BBB | | 980,240 | |
| | 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 | | 3,018,614 | |
| | 5,180 | | Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18 | No Opt. Call | AA | | 6,252,364 | |
| | 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 | | 1,036,670 | |
| | 10,155 | | Total Mississippi | | | | 11,287,888 | |
| | | | Missouri – 1.1% (0.7% 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 | N/R | | 1,226,686 | |
| | 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 | N/R | | 927,500 | |
| | 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– | | 976,740 | |
| | 2,450 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24 | 5/13 at 100.00 | AA | | 2,487,510 | |
| | 5,900 | | Total Missouri | | | | 5,618,436 | |
| | | Nuveen Premium Income Municipal Fund 4, Inc. (continued) |
| NPT | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Nevada – 2.6% (1.6% of Total Investments) | | | | | |
| $ | 4,000 | | Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | Aa3 | $ | 4,043,160 | |
| | 7,000 | | Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 – AMBAC Insured | 7/13 at 100.00 | AA– | | 7,183,960 | |
| | 5,425 | | Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured | No Opt. Call | D | | 593,224 | |
| | 1,700 | | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 | 6/19 at 100.00 | A | | 1,888,292 | |
| | 18,125 | | Total Nevada | | | | 13,708,636 | |
| | | | New Jersey – 4.5% (2.8% of Total Investments) | | | | | |
| | 500 | | Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38 | 1/18 at 100.00 | N/R | | 399,465 | |
| | | | 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 | | 777,627 | |
| | 3,000 | | 5.875%, 6/01/42 | 6/20 at 100.00 | Baa3 | | 2,695,920 | |
| | 880 | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured | No Opt. Call | A+ | | 1,035,549 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | | | | | |
| | 300 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | A+ (5) | | 367,053 | |
| | 2,345 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | A+ (5) | | 2,631,043 | |
| | 8,920 | | 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 | | 9,290,269 | |
| | 3,995 | | 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 | | 4,495,134 | |
| | 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 | Baa3 | | 1,683,425 | |
| | 23,485 | | Total New Jersey | | | | 23,375,485 | |
| | | | 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 | N/R | | 1,406,280 | |
| | | | New York – 4.0% (2.5% 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 | N/R | | 661,582 | |
| | | | Brooklyn Areba 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– | | 1,886,611 | |
| | 3,065 | | 6.250%, 7/15/40 | No Opt. Call | BBB– | | 3,020,527 | |
| | 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 | | 3,097,433 | |
| | 1,000 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 | 11/19 at 100.00 | AA | | 1,002,040 | |
| | 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+ | | 1,291,675 | |
| | 2,500 | | 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 | 6/12 at 100.00 | AA– | | 2,602,100 | |
| | 795 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | 764,949 | |
| | 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 | Baa1 | | 6,540,438 | |
| | 21,730 | | Total New York | | | | 20,867,355 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | North Carolina – 2.7% (1.7% 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– | $ | 730,680 | |
| | 2,445 | | North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/21 | 2/14 at 100.00 | AA+ | | 2,613,020 | |
| | 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 | | 10,592,800 | |
| | 13,195 | | Total North Carolina | | | | 13,936,500 | |
| | | | North Dakota – 0.4% (0.3% of Total Investments) | | | | | |
| | 2,190 | | Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | AA– | | 2,285,988 | |
| | | | Ohio – 4.8% (3.0% 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 | Baa3 | | 4,149,184 | |
| | | | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | | | | | |
| | 2,000 | | 5.250%, 11/01/29 | 11/20 at 100.00 | BBB+ | | 1,721,560 | |
| | 3,000 | | 5.750%, 11/01/40 | 11/20 at 100.00 | BBB+ | | 2,591,010 | |
| | 8,065 | | Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured | 7/11 at 100.00 | AA+ | | 7,560,292 | |
| | 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 | | 2,961,112 | |
| | 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 | | 712,285 | |
| | 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– | | 4,629,122 | |
| | 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– | | 806,632 | |
| | 27,590 | | Total Ohio | | | | 25,131,197 | |
| | | | Oklahoma – 1.1% (0.7% of Total Investments) | | | | | |
| | 170 | | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax) | 9/11 at 100.00 | Aaa | | 170,116 | |
| | 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+ | | 5,395,173 | |
| | 88 | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.356%, 6/15/30 (IF) | 12/16 at 100.00 | AA+ | | 81,729 | |
| | 5,873 | | Total Oklahoma | | | | 5,647,018 | |
| | | | Pennsylvania – 3.3% (2.1% of Total Investments) | | | | | |
| | 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 | | 381,185 | |
| | 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 | N/R | | 990,850 | |
| | 600 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 | No Opt. Call | BBB– | | 565,050 | |
| | 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 | AA+ | | 5,154,946 | |
| | 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 | | 1,477,768 | |
| | | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011: | | | | | |
| | 5,445 | | 6.000%, 8/01/36 | 8/20 at 100.00 | A2 | | 5,515,731 | |
| | 1,425 | | 6.500%, 8/01/41 | 8/20 at 100.00 | A2 | | 1,483,596 | |
| | 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+ | | 1,686,232 | |
| | 17,725 | | Total Pennsylvania | | | | 17,255,358 | |
| | | Nuveen Premium Income Municipal Fund 4, Inc. (continued) |
| NPT | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Puerto Rico – 3.5% (2.2% 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+ | $ | 4,836,599 | |
| | 12,390 | | Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 7/01/13 – NPFG Insured | No Opt. Call | A3 | | 13,402,511 | |
| | 17,200 | | Total Puerto Rico | | | | 18,239,110 | |
| | | | Rhode Island – 2.5% (1.6% 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 | | 12,975,600 | |
| | | | South Carolina – 4.1% (2.5% 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 | Baa1 | | 4,266,548 | |
| | | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991: | | | | | |
| | 5,000 | | 6.250%, 1/01/21 – FGIC Insured | No Opt. Call | A– | | 5,925,550 | |
| | 5,750 | | 4.000%, 1/01/23 – NPFG Insured | 7/11 at 100.00 | A– | | 5,649,663 | |
| | 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– | | 5,424,780 | |
| | 19,955 | | Total South Carolina | | | | 21,266,541 | |
| | | | 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– | | 1,750,543 | |
| | | | 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 | | 722,680 | |
| | 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+ | | 563,346 | |
| | | | 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), (7) | 11/17 at 100.00 | N/R | | 43,086 | |
| | 1,000 | | 5.500%, 11/01/46 (6), (7) | 11/17 at 100.00 | N/R | | 50,100 | |
| | 7,615 | | Total Tennessee | | | | 1,379,212 | |
| | | | Texas – 20.2% (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) | 12/12 at 100.00 | CCC+ | | 1,971,270 | |
| | 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 | | 5,083,462 | |
| | 2,250 | | Dallas-Ft. 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+ | | 2,194,448 | |
| | 8,000 | | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.875%, 11/01/19 – NPFG Insured (Alternative Minimum Tax) | 11/11 at 100.00 | A+ | | 8,104,320 | |
| | 6,000 | | Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax) | 12/11 at 101.00 | N/R | | 5,891,520 | |
| | 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 | | 7,021,350 | |
| | 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 | | 8,907,867 | |
| | 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+ (5) | | 8,872,425 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Texas (continued) | | | | | |
| $ | 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 | $ | 6,587,418 | |
| | | | Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding Bonds, Series 2001: | | | | | |
| | 3,025 | | 5.000%, 2/15/26 (Pre-refunded 8/15/11) | 8/11 at 100.00 | Aaa | | 3,067,471 | |
| | 700 | | 5.125%, 2/15/31 (Pre-refunded 8/15/11) | 8/11 at 100.00 | Aaa | | 710,066 | |
| | 2,300 | | 5.125%, 2/15/31 (Pre-refunded 8/15/11) | 8/11 at 100.00 | Aaa | | 2,333,143 | |
| | 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+ | | 1,112,034 | |
| | 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 | | 2,433,325 | |
| | 1,960 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43 | 9/31 at 100.00 | AA | | 919,573 | |
| | 1,100 | | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 | 1/19 at 100.00 | A2 | | 1,123,375 | |
| | 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 (5) | | 6,319,380 | |
| | 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 | | 3,825,304 | |
| | 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 | | 1,822,176 | |
| | 5,200 | | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA– | | 4,751,604 | |
| | 250 | | Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2008, Trust 1031, 17.466%, 2/15/30 (IF) | 2/17 at 100.00 | AA– | | 163,798 | |
| | 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 | A1 | | 2,753,043 | |
| | 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 | | 1,544,220 | |
| | 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 | | 1,667,369 | |
| | | | 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 | | 2,065,920 | |
| | 500 | | 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | | 511,155 | |
| | 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 | | 776,780 | |
| | 3,395 | | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.551%, 4/01/28 (IF) | 4/17 at 100.00 | Aaa | | 4,448,367 | |
| | 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) | 5/11 at 100.00 | Aaa | | 8,872,640 | |
| | 151,755 | | Total Texas | | | | 105,854,823 | |
| | | | Utah – 2.5% (1.6% of Total Investments) | | | | | |
| | 4,845 | | Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18 | 6/11 at 100.00 | N/R | | 4,441,654 | |
| | 4,755 | | Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14 (ETM) | 7/11 at 100.00 | Aa3 (5) | | 4,978,913 | |
| | 400 | | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax) | 7/11 at 100.00 | AA | | 413,932 | |
| | | | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C: | | | | | |
| | 770 | | 5.500%, 1/01/18 (Alternative Minimum Tax) | 7/11 at 100.00 | AA– | | 780,703 | |
| | 380 | | 5.650%, 1/01/21 (Alternative Minimum Tax) | 7/11 at 100.00 | Aaa | | 380,228 | |
| | | Nuveen Premium Income Municipal Fund 4, Inc. (continued) |
| NPT | | Portfolio of Investments |
April 30, 2011 (Unaudited)
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Utah (continued) | | | | | |
| $ | 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– | $ | 708,961 | |
| | 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– | | 1,361,028 | |
| | 13,515 | | Total Utah | | | | 13,065,419 | |
| | | | 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 | | 244,322 | |
| | 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 | | 2,570,593 | |
| | 2,730 | | Total Virgin Islands | | | | 2,814,915 | |
| | | | Virginia – 1.6% (1.0% of Total Investments) | | | | | |
| | 8,190 | | Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 – AMBAC Insured | 1/13 at 100.00 | Aa3 | | 7,945,937 | |
| | 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 | Baa3 | | 580,639 | |
| | 9,190 | | Total Virginia | | | | 8,526,576 | |
| | | | Washington – 3.3% (2.1% 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 (5) | | 250,238 | |
| | 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– | | 5,653,070 | |
| | 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 | | 1,616,744 | |
| | 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 | | 2,007,479 | |
| | 1,000 | | 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 | | 874,649 | |
| | 2,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | No Opt. Call | N/R | | 1,547,099 | |
| | 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 | | 1,312,583 | |
| | 3,855 | | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 | 6/13 at 100.00 | BBB | | 3,886,571 | |
| | 17,815 | | Total Washington | | | | 17,148,433 | |
| | | | West Virginia – 0.4% (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 | | 1,878,356 | |
| | | | Wisconsin – 3.7% (2.3% 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 | | 809,946 | |
| | 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 | 4/20 at 100.00 | N/R | | 871,379 | |
| | 7,150 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare Inc., Series 2002A, 5.250%, 2/15/32 – NPFG Insured | 2/12 at 101.00 | A+ | | 6,612,820 | |
| | Principal | | | Optional Call | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | Value | |
| | | | Wisconsin (continued) | | | | | |
| | | | 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 | BBB+ | $ | 4,950,649 | |
| | 1,000 | | 5.250%, 8/15/34 | 8/16 at 100.00 | BBB+ | | 860,549 | |
| | 5,000 | | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) | 5/16 at 100.00 | AA | | 5,184,200 | |
| | 19,965 | | Total Wisconsin | | | | 19,289,543 | |
| $ | 979,913 | | Total Investments (cost $851,826,634) – 159.0% | | | | 832,484,980 | |
| | | | Floating Rate Obligations – (11.4)% | | | | (59,703,000 | ) |
| | | | Variable Rate Demand Preferred Shares, at Liquidation Value – (50.1)% (8) | | | | (262,200,000 | ) |
| | | | Other Assets Less Liabilities – 2.5% | | | | 12,958,441 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | $ | 523,540,421 | |
| (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 Investor 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) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | | 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. Such investments are normally considered to be equivalent to AAA rated securities. |
| (6) | | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (7) | | For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote – 1 General Information and Significant Accounting Policies, Investment Valuation for more information. |
| (8) | | Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.5%. |
| 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.
| | | Statement of |
| | | Assets & Liabilities |
| | | April 30, 2011 (Unaudited) |
| | | Premium Income (NPI | ) | Premium Income 2
(NPM | ) | Premium Income 4 (NPT | ) |
| Assets | | | | | | | | | | |
| Investments, at value (cost $1,351,300,651, $1,525,710,278 and $851,826,634, respectively) | | $ | 1,311,379,234 | | $ | 1,523,885,854 | | $ | 832,484,980 | |
| Cash | | | 28,105,286 | | | 27,505,346 | | | 5,960,235 | |
| Receivables: | | | | | | | | | | |
| Interest | | | 21,244,659 | | | 23,113,253 | | | 14,246,024 | |
| Investments sold | | | 4,717,650 | | | 4,677,652 | | | 65,000 | |
| Deferred offering costs | | | 1,607,587 | | | — | | | 1,849,196 | |
| Other assets | | | 400,712 | | | 430,811 | | | 394,859 | |
| Total assets | | | 1,367,455,128 | | | 1,579,612,916 | | | 855,000,294 | |
| Liabilities | | | | | | | | | | |
| Floating rate obligations | | | 111,979,000 | | | 102,434,000 | | | 59,703,000 | |
| Payables: | | | | | | | | | | |
| Auction Rate Preferred share dividends | | | — | | | 22,244 | | | — | |
| Common share dividends | | | 4,207,158 | | | 4,716,525 | | | 2,829,022 | |
| Interest | | | 496,440 | | | — | | | — | |
| Investments purchased | | | 1,800,364 | | | 1,052,860 | | | 5,961,300 | |
| Offering costs | | | 246,128 | | | — | | | 242,356 | |
| Variable MuniFund Term Preferred (VMTP) shares, at liquidation value | | | 402,400,000 | | | — | | | — | |
| Variable Rate Demand Preferred (VRDP) shares, at liquidation value | | | — | | | — | | | 262,200,000 | |
| Accrued expenses: | | | | | | | | | | |
| Management fees | | | 660,834 | | | 751,313 | | | 372,391 | |
| Other | | | 457,511 | | | 1,010,829 | | | 151,804 | |
| Total liabilities | | | 522,247,435 | | | 109,987,771 | | | 331,459,873 | |
| Auction Rate Preferred Shares (ARPS), at liquidation value | | | — | | | 487,525,000 | | | — | |
| Net assets applicable to Common shares | | $ | 845,207,693 | | $ | 982,100,145 | | $ | 523,540,421 | |
| Common shares outstanding | | | 63,911,894 | | | 70,692,851 | | | 43,281,755 | |
| Net asset value per Common share outstanding (net assets applicable to Common shares,divided by Common shares outstanding) | | $ | 13.22 | | $ | 13.89 | | $ | 12.10 | |
| Net assets applicable to Common shares consist of: | | | | | | | | | | |
| Common shares, $.01 par value per share | | $ | 639,119 | | $ | 706,929 | | $ | 432,818 | |
| Paid-in surplus | | | 906,310,627 | | | 999,224,647 | | | 573,382,074 | |
| Undistributed (Over-distribution of) net investment income | | | 15,843,063 | | | 17,688,279 | | | 8,557,805 | |
| Accumulated net realized gain (loss) | | | (37,663,699 | ) | | (33,695,286 | ) | | (39,490,622 | ) |
| Net unrealized appreciation (depreciation) | | | (39,921,417 | ) | | (1,824,424 | ) | | (19,341,654 | ) |
| Net assets applicable to Common shares | | $ | 845,207,693 | | $ | 982,100,145 | | $ | 523,540,421 | |
| Authorized shares: | | | | | | | | | | |
| Common | | | 200,000,000 | | | 200,000,000 | | | 200,000,000 | |
| ARPS | | | 1,000,000 | | | 1,000,000 | | | 1,000,000 | |
| VMTP | | | Unlimited | | | — | | | — | |
| VRDP | | | — | | | — | | | Unlimited | |
See accompanying notes to financial statements.
| | | Statement of |
| | | Operations |
| | | Six Months Ended April 30, 2011 (Unaudited) |
| | | Premium Income (NPI | ) | Premium Income 2 (NPM | ) | Premium Income 4 (NPT | ) |
| Investment Income | | $ | 36,019,707 | | $ | 41,138,533 | | $ | 23,255,040 | |
| Expenses | | | | | | | | | | |
| Management fees | | | 4,067,541 | | | 4,579,267 | | | 2,518,004 | |
| Auction fees | | | 198,474 | | | 362,639 | | | 107,145 | |
| Dividend disbursing agent fees | | | 29,753 | | | 54,398 | | | — | |
| Shareholders’ servicing agent fees and expenses | | | 51,196 | | | 30,624 | | | 24,923 | |
| Interest expense and amortization of offering costs | | | 1,581,722 | | | 350,158 | | | 815,390 | |
| Liquidity fees on VRDP shares | | | — | | | — | | | 1,678,339 | |
| Custodian’s fees and expenses | | | 109,252 | | | 128,972 | | | 69,949 | |
| Directors’ fees and expenses | | | 17,131 | | | 20,051 | | | 11,222 | |
| Professional fees | | | 138,340 | | | 39,053 | | | 28,464 | |
| Shareholders’ reports – printing and mailing expenses | | | 83,434 | | | 66,633 | | | 48,757 | |
| Stock exchange listing fees | | | 10,694 | | | 12,554 | | | 7,249 | |
| Investor relations expense | | | 32,617 | | | 30,347 | | | 21,068 | |
| Other expenses | | | 41,989 | | | 46,689 | | | 29,627 | |
| Total expenses before custodian fee credit | | | 6,362,143 | | | 5,721,385 | | | 5,360,137 | |
| Custodian fee credit | | | (17,922 | ) | | (7,644 | ) | | (8,590 | ) |
| Net expenses | | | 6,344,221 | | | 5,713,741 | | | 5,351,547 | |
| Net investment income (loss) | | | 29,675,486 | | | 35,424,792 | | | 17,903,493 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net realized gain (loss) from investments | | | (631,904 | ) | | 719,530 | | | 958,388 | |
| Change in net unrealized appreciation (depreciation) of investments | | | (78,366,399 | ) | | (80,184,936 | ) | | (53,066,391 | ) |
| Net realized and unrealized gain (loss) | | | (78,998,303 | ) | | (79,465,406 | ) | | (52,108,003 | ) |
| Distributions to Auction Rate Preferred Shareholders | | | | | | | | | | |
| From net investment income | | | (647,968 | ) | | (1,009,630 | ) | | — | |
| Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders | | | (647,968 | ) | | (1,009,630 | ) | | — | |
| Net increase (decrease) in net assets applicable to Common shares from operations | | $ | (49,970,785 | ) | $ | (45,050,244 | ) | $ | (34,204,510 | ) |
See accompanying notes to financial statements.
| | | Statement of |
| | | Changes in Net Assets (Unaudited) |
| | | Premium Income (NPI) | | Premium Income 2 (NPM) | | Premium Income 4 (NPT) | |
| | | Six Months Ended 4/30/11 | | Year Ended 10/31/10 | | Six Months Ended 4/30/11 | | Year Ended 10/31/10 | | Six Months Ended 4/30/11 | | Year Ended 10/31/10 | |
| Operations | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 29,675,486 | | $ | 63,404,341 | | $ | 35,424,792 | | $ | 71,121,056 | | $ | 17,903,493 | | $ | 37,819,114 | |
| Net realized gain (loss) from investments | | | (631,904 | ) | | 80,865 | | | 719,530 | | | 262,957 | | | 958,388 | | | 2,772,683 | |
| Net increase from payments by the Adviser for losses realized on the disposal of investments purchased in violation of investment restrictions | | | — | | | — | | | — | | | — | | | — | | | 240 | |
| Change in net unrealized appreciation (depreciation) of investments | | | (78,366,399 | ) | | 41,929,740 | | | (80,184,936 | ) | | 49,908,999 | | | (53,066,391 | ) | | 27,449,019 | |
Distributions to Auction Rate Preferred Shareholders:
From net investment income | | | (647,968 | ) | | (1,613,244 | ) | | (1,009,630 | ) | | (1,960,497 | ) | | — | | | (411,168 | ) |
| Net increase (decrease) in net assets applicable to Common shares from operations | | | (49,970,785 | ) | | 103,801,702 | | | (45,050,244 | ) | | 119,332,515 | | | (34,204,510 | ) | | 67,629,888 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (29,333,436 | ) | | (56,435,904 | ) | | (31,741,091 | ) | | (62,218,560 | ) | | (18,437,378 | ) | | (35,849,021 | ) |
| Decrease in net assets applicable to Common shares from distributions to Common shareholders | | | (29,333,436 | ) | | (56,435,904 | ) | | (31,741,091 | ) | | (62,218,560 | ) | | (18,437,378 | ) | | (35,849,021 | ) |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Net proceeds issued to | | | | | | | | | | | | | | | | | | | |
| shareholders due to | | | | | | | | | | | | | | | | | | | |
| reinvestment of distributions | | | 383,154 | | | 1,421,771 | | | — | | | — | | | 233,533 | | | 355,536 | |
| Repurchased and retired | | | — | | | — | | | — | | | (1,587,980 | ) | | — | | | — | |
| Net increase (decrease) in net assets applicable to Common shares from capital share transactions | | | 383,154 | | | 1,421,771 | | | — | | | (1,587,980 | ) | | 233,533 | | | 355,536 | |
| Net increase (decrease) in net assets applicable to Common shares | | | (78,921,067 | ) | | 48,787,569 | | | (76,791,335 | ) | | 55,525,975 | | | (52,408,355 | ) | | 32,136,403 | |
| Net assets applicable to Common shares at the beginning of period | | | 924,128,760 | | | 875,341,191 | | | 1,058,891,480 | | | 1,003,365,505 | | | 575,948,776 | | | 543,812,373 | |
| Net assets applicable to Common shares at the end of period | | $ | 845,207,693 | | $ | 924,128,760 | | $ | 982,100,145 | | $ | 1,058,891,480 | | $ | 523,540,421 | | $ | 575,948,776 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 15,843,063 | | $ | 16,148,981 | | $ | 17,688,279 | | $ | 15,014,208 | | $ | 8,557,805 | | $ | 9,091,690 | |
See accompanying notes to financial statements.
| | | Statement of |
| | | Cash Flows |
| | | Six Months Ended April 30, 2011 (Unaudited) |
| | | | Premium Income (NPI | ) | | Premium Income 2 (NPM | ) | | Premium Income 4 (NPT | ) |
| Cash Flows from Operating Activities: | | | | | | | | | | |
| Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations | | $ | (49,970,785 | ) | $ | (45,050,244 | ) | $ | (34,204,510 | ) |
| 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 | | | (60,160,398 | ) | | (40,870,963 | ) | | (68,614,483 | ) |
| Proceeds from sales and maturities of investments | | | 100,322,732 | | | 66,546,324 | | | 61,749,455 | |
| Proceeds from (Purchases of) short-term investments, net | | | (10,605,000 | ) | | — | | | — | |
| Amortization (Accretion) of premiums and discounts, net | | | (1,479,042 | ) | | (2,295,059 | ) | | (1,235,731 | ) |
| (Increase) Decrease in: | | | | | | | | | | |
| Receivable for interest | | | 306,038 | | | (89,079 | ) | | (296,029 | ) |
| Receivable for investments sold | | | 8,155,700 | | | 3,217,190 | | | 2,387,611 | |
| Other assets | | | (86,808 | ) | | (64,493 | ) | | (32,174 | ) |
| Increase (Decrease) in: | | | | | | | | | | |
| Payable for Auction Rate Preferred share dividends | | | (24,528 | ) | | (8,770 | ) | | — | |
| Payable for interest | | | 496,440 | | | — | | | — | |
| Payable for investments purchased | | | (7,117,447 | ) | | (4,850,713 | ) | | (520,458 | ) |
| Accrued management fees | | | (71,612 | ) | | (77,735 | ) | | (48,276 | ) |
| Accrued other expenses | | | (119,318 | ) | | (79,419 | ) | | (115,496 | ) |
| Net realized (gain) loss from investments | | | 631,904 | | | (719,530 | ) | | (958,388 | ) |
| Change in net unrealized (appreciation) depreciation of investments | | | 78,366,399 | | | 80,184,936 | | | 53,066,391 | |
| Taxes paid on undistributed capital gains | | | (342 | ) | | — | | | (6,695 | ) |
| Net cash provided by (used in) operating activities | | | 58,643,933 | | | 55,842,445 | | | 11,171,217 | |
| Cash Flows from Financing Activities: | | | | | | | | | | |
| (Increase) Decrease in deferred offering costs | | | (1,607,587 | ) | | — | | | 31,776 | |
| Increase (Decrease) in: | | | | | | | | | | |
| Floating rate obligations | | | (12,315,000 | ) | | — | | | — | |
| Payable for offering costs | | | 246,128 | | | — | | | — | |
| VMTP shares, at liquidation value | | | 402,400,000 | | | — | | | — | |
| ARPS, at liquidation value | | | (400,650,000 | ) | | — | | | — | |
| Cash distributions paid to Common shareholders | | | (28,935,879 | ) | | (31,751,442 | ) | | (18,198,114 | ) |
| Net cash provided by (used in) financing activities | | | (40,862,338 | ) | | (31,751,442 | ) | | (18,166,338 | ) |
| Net Increase (Decrease) in Cash | | | 17,781,595 | | | 24,091,003 | | | (6,995,121 | ) |
| Cash at the beginning of period | | | 10,323,691 | | | 3,414,343 | | | 12,955,356 | |
| Cash at the End of Period | | $ | 28,105,286 | | $ | 27,505,346 | | $ | 5,960,235 | |
| Supplemental Disclosure of Cash Flow Information | | | | | | | | | | |
| Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $383,154 and $233,533 for Premium Income (NPI) and Premium Income 4 (NPT), respectively. |
| | | | Premium Income (NPI | ) | | Premium Income 2 (NPM | ) | | Premium Income 4 (NPT | ) |
| Cash paid for interest (excluding amortization of offering costs, where applicable) | | $ | 982,868 | | $ | 350,158 | | $ | 783,614 | |
See accompanying notes to financial statements.
| | | 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 Share- holders | (a) | Distributions from Capital Gains to Auction Rate Preferred Share- holders | (a) | Total | | Net Investment Income to Common Share- holders | | Capital Gains to Common Share- holders | | Total | | Discount from Common Shares Repurchased and Retired | | Ending Common Share Net Asset Value | | Ending Market Value | |
| Premium Income (NPI) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2011(f) | | $ | 14.47 | | $ | .46 | | $ | (1.24 | ) | $ | (.01 | ) | $ | — | | $ | (.79 | ) | $ | (.46 | ) | $ | — | | $ | (.46 | ) | $ | — | | $ | 13.22 | | $ | 12.74 | |
| 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 | |
| 2006 | | | 14.85 | | | 1.00 | | | .49 | | | (.26 | ) | | — | | | 1.23 | | | (.75 | ) | | — | | | (.75 | ) | | — | | | 15.33 | | | 14.13 | |
| Premium Income 2 (NPM) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2011(f) | | | 14.98 | | | .50 | | | (1.13 | ) | | (.01 | ) | | — | | | (.64 | ) | | (.45 | ) | | — | | | (.45 | ) | | — | | | 13.89 | | | 13.07 | |
| 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 | |
| 2006 | | | 15.07 | | | .97 | | | .49 | | | (.25 | ) | | (.01 | ) | | 1.20 | | | (.76 | ) | | (.06 | ) | | (.82 | ) | | — | | | 15.45 | | | 14.05 | |
| | | Auction Rate Preferred Shares at End of Period | | Variable MuniFund Term Preferred Shares at 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 (NPI) | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | |
| 2011(f) | | $ | — | | $ | — | | $ | — | | $ | 402,400 | | $ | 100,000 | | $ | 310,042 | |
| 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 | | | — | | | — | | | — | |
| 2006 | | | 525,000 | | | 25,000 | | | 71,552 | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Premium Income 2 (NPM) | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | |
| 2011(f) | | | 487,525 | | | 25,000 | | | 75,362 | | | — | | | — | | | — | |
| 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 | | | — | | | — | | | — | |
| 2006 | | | 347,000 | | | 25,000 | | | 70,748 | | | — | | | — | | | — | |
| | | | | Ratios/Supplemental Data | |
| Total Returns | | | | Ratios to Average Net Assets Applicable to Common Shares(c)(d) | | |
Based on Market Value | (b) | Basedon Common Share Net Asset Value | (b) | Ending Net Assets Applicable to Common Shares (000) | | Expenses Including Interest | (e) | Expenses Excluding Interest | | Net Investment Income | | Portfolio Turnover Rate | |
| | | | | | | | | | | | | | | | | | | | |
| (7.95 | )% | | (5.42 | )% | $ | 845,208 | | | 1.52 | %** | | 1.17 | %** | | 7.08 | %** | | 5 | % |
| 19.68 | | | 12.26 | | | 924,129 | | | 1.21 | | | 1.12 | | | 7.05 | | | 6 | |
| 24.61 | | | 22.89 | | | 875,341 | | | 1.31 | | | 1.17 | | | 7.79 | | | 4 | |
| (13.10 | ) | | (15.39 | ) | | 756,782 | | | 1.49 | | | 1.18 | | | 6.95 | | | 11 | |
| (1.02 | ) | | .93 | | | 941,220 | | | 1.56 | | | 1.17 | | | 6.52 | | | 14 | |
| 7.52 | | | 8.53 | | | 977,601 | | | 1.19 | | | 1.19 | | | 6.64 | | | 15 | |
| | | | | | | | | | | | | | | | | | | | |
| (7.03 | ) | | (4.22 | ) | | 982,100 | | | 1.18 | ** | | 1.11 | ** | | 7.32 | ** | | 3 | |
| 18.89 | | | 12.25 | | | 1,058,891 | | | 1.16 | | | 1.09 | | | 6.89 | | | 7 | |
| 35.00 | | | 28.38 | | | 1,003,366 | | | 1.36 | | | 1.20 | | | 7.71 | | | 9 | |
| (17.95 | ) | | (16.96 | ) | | 477,603 | | | 1.56 | | | 1.22 | | | 6.93 | | | 8 | |
| (.81 | ) | | .71 | | | 605,817 | | | 1.62 | | | 1.19 | | | 6.44 | | | 12 | |
| 6.71 | | | 8.24 | | | 634,981 | | | 1.20 | | | 1.20 | | | 6.42 | | | 15 | |
| (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. |
| (c) | Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VMTP 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, where applicable. |
| (e) | The expense ratios reflect, among other things, payments to Variable MuniFund Term Preferred shareholders 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 MuniFund Term Preferred shares and Inverse Floating Rate Securities, respectively. |
| (f) | For the six months ended April 30, 2011. |
| * | Rounds to less than $.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
| | | 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 Share- holders | (a) | Distributions from Capital Gains to Auction Rate Preferred Share- holders | (a) | Total | | Net Investment Income to Common Share- holders | | Capital Gains to Common Share- holders | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2011(f) | | $ | 13.31 | | $ | .41 | | $ | (1.19 | ) | $ | — | | $ | — | | $ | (.78 | ) | $ | (.43 | ) | $ | — | | $ | (.43 | ) | $ | — | | $ | 12.10 | | $ | 11.53 | |
| 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 | |
| 2006 | | | 13.38 | | | .90 | | | .35 | | | (.25 | ) | | — | | | 1.00 | | | (.69 | ) | | — | | | (.69 | ) | | — | | | 13.69 | | | 12.80 | |
| | | Auction Rate Preferred Shares at End of Period | | Variable Rate Demand Preferred Shares at 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: | | | | | | | | | | | | | | | | |
| 2011(f) | | $ | — | | $ | — | | $ | — | | $ | 262,200 | | $ | 100,000 | | $ | 299,672 | |
| 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 | | | — | | | — | | | — | |
| 2006 | | | 338,400 | | | 25,000 | | | 68,731 | | | — | | | — | | | — | |
| | | | | | | 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 Including Interest | (e) | Expenses Excluding Interest | | Net Investment Income | | Portfolio Turnover Rate | |
| | | | | | | | | | | | | | | | | | | | |
| (10.40 | )% | | (5.83 | )% | $ | 523,540 | | | 2.07 | %** | | 1.77 | %** | | 6.91 | %** | | 7 | % |
| 21.76 | | | 12.77 | * | | 575,949 | | | 1.67 | | | 1.48 | | | 6.76 | | | 16 | |
| 35.01 | | | 26.11 | | | 543,812 | | | 1.33 | | | 1.23 | | | 7.89 | | | 6 | |
| (17.19 | ) | | (15.97 | ) | | 457,866 | | | 1.62 | | | 1.25 | | | 7.19 | | | 10 | |
| (3.30 | ) | | 1.25 | | | 571,427 | | | 1.69 | | | 1.23 | | | 6.68 | | | 14 | |
| 9.89 | | | 7.72 | | | 591,941 | | | 1.25 | | | 1.25 | | | 6.70 | | | 9 | |
| (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. |
| (c) | Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income 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, where applicable. |
| (e) | The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders 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. |
| (f) | For the six months ended April 30, 2011. |
| * | 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 on Common Share Net Asset Value. |
| ** | Annualized. |
See accompanying notes to financial statements.
| | | Notes to |
| | | Financial Statements (Unaudited) |
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding Common share 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) (collectively, the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio managers became employees of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from each Fund’s management fee.
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. When price quotes are not readily available (which is usually the case for municipal bonds) 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 the Adviser. 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, 2011, Premium Income (NPI) and Premium Income 4 (NPT) had outstanding when-issued/delayed delivery purchase commitments of $860,991 and $5,961,300, respectively. There were no such outstanding purchase commitments in Premium Income 2 (NPM).
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.
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. 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 income tax, 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”). The following Fund has outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. The Fund’s ARPS are issued in more than one Series. The dividend rate paid by the Fund on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of April 30, 2011, the number of ARPS outstanding, by Series and in total, for the Fund is as follows:
| | | Premium Income 2 (NPM | ) |
| Number of shares: | | | |
| Series M | | | 1,600 | |
| Series M2 | | | 1,379 | |
| Series T | | | 2,401 | |
| Series T2 | | | 2,683 | |
| Series W | | | 1,600 | |
| Series TH | | | 2,401 | |
| Series TH2 | | | 1,379 | |
| Series F | | | 1,601 | |
| Series F2 | | | 1,504 | |
| Series F3 | | | 1,915 | |
| Series F4 | | | 1,038 | |
| Total | | | 19,501 | |
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of April 30, 2011, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
| | | Premium
Income
(NPI | ) | | Premium Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| ARPS redeemed, at liquidation value | | $ | 525,000,000 | | | $ | 108,475,000 | | | $ | 338,400,000 | |
During the fiscal year ended October 31, 2010, lawsuits pursuing claims made in a demand letter alleging that Premium Income’s (NPI) and Premium Income 2’s (NPM) Board of Directors breached their fiduciary duties related to the redemption at par of their ARPS had been filed on behalf of shareholders of Premium Income (NPI) and Premium Income 2 (NPM), against the Adviser together with current and former officers and interested director of Premium Income (NPI) and Premium Income 2 (NPM). Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. Premium Income (NPI) and Premium Income 2 (NPM) believe that these lawsuits will not have a material effect on them or on the Adviser’s ability to serve as investment adviser to them.
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 $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 all of the Fund’s outstanding ARPS. The 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 are subject to redemption at the option of the Fund, 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.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly; therefore, the market value of the VMTP Shares is expected to approximate its liquidation value.
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.
The average liquidation value outstanding and average annualized dividend rate of VMTP Shares for the Fund during the period February 24, 2011 (issuance date of shares) through April 30, 2011 were $402,400,000 and 1.50%, respectively.
Variable Rate Demand Preferred Shares
Premium Income 4 (NPT) has issued and outstanding 2,622 Series 1 Variable Rate Demand Preferred (“VRDP”) Shares, $100,000 liquidation value per share. The Fund issued its VRDP Shares in a privately negotiated offering in March 2010. Proceeds of the Fund’s offering were used to redeem all of the Fund’s outstanding ARPS. The VRDP Shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and have a maturity date of March 1, 2040.
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the 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. The 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 the Fund. The 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.
Premium Income 4 (NPT) had all $262,200,000 of its VRDP Shares outstanding during the six months ended April 30, 2011, with an annualized dividend rate of 0.47%.
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, the Fund also pays a per annum liquidity fee to the liquidity provider, which is recognized as “Liquidity 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 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, 2011, 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, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(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, 2011, were as follows:
| | | | | | | | | | |
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| Average floating rate obligations outstanding | | $ | 120,954,884 | | | $ | 102,434,000 | | | $ | 59,703,000 | |
| Average annual interest rate and fees | | | 0.64 | % | | | 0.69 | % | | | 0.58 | % |
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although each Fund is 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, 2011.
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
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.
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 and will be amortized over the life of the shares. Costs incurred by Premium Income 4 (NPT) in connection with its offering of VRDP Shares ($1,921,000) were recorded as a deferred charge which will be 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 of 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, 2011:
| Premium Income (NPI) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | | $ | 1,293,558,804 | | | $ | 215,430 | | | $ | 1,293,774,234 | |
| Short-Term Investments | | | — | | | | 17,605,000 | | | | — | | | | 17,605,000 | |
| Total | | $ | — | | | $ | 1,311,163,804 | | | $ | 215,430 | | | $ | 1,311,379,234 | |
| | | | | | | | | | | | | |
| Premium Income 2 (NPM) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | | $ | 1,523,795,674 | | | $ | 90,180 | | | $ | 1,523,885,854 | |
| | | | | | | | | | | | | |
| Premium Income 4 (NPT) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | | $ | 832,391,794 | | | $ | 93,186 | | | $ | 832,484,980 | |
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 | | $ | 223,779 | | | $ | 686,550 | | | $ | 96,798 | |
| Gains (losses): | | | | | | | | | | | | |
| Net realized gains (losses) | | | (34,880 | ) | | | (25,300 | ) | | | (27,538 | |
| Net change in unrealized appreciation (depreciation) | | | 26,531 | | | | (168,380 | ) | | | 23,926 | |
| Purchases at cost | | | — | | | | — | | | | — | |
| Sales at proceeds | | | — | | | | — | | | | — | |
| Net discounts (premiums) | | | — | | | | — | | | | — | |
| Transfers in to | | | — | | | | — | | | | — | |
| Transfers out of | | | — | | | | (402,690 | ) | | | — | |
| Balance at the end of period | | $ | 215,430 | | | $ | 90,180 | | | $ | 93,186 | |
| Net change in unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2011 | | $ | 26,531 | | | $ | 21,805 | | | $ | 23,926 | |
During the six months ended April 30, 2011, the Funds recognized no significant transfers to/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, 2011.
4. Fund Shares
Common Shares
Transactions in Common shares were as follows:
| | | Premium Income (NPI) | | Premium Income 2 (NPM) | | Premium Income 4 (NPT) |
| | | Six Months
Ended 4/30/11 | | Year Ended
10/31/10 | | Six Months
Ended 4/30/11 | | Year Ended
10/31/10 | | Six Months
Ended 4/30/11 | | Year Ended
10/31/10 |
| Common shares: | | | | | | | | | | | | | | | | | | |
| Issued to shareholders due to reinvestment of distributions | | | 27,784 | | | 98,680 | | | — | | | — | | | 18,014 | | | 27,038 |
| Repurchased and retired | | | — | | | — | | | — | | | (122,900 | ) | | — | | | — |
| Weighted average Common share: | | | | | | | | | | | | | | | | | | |
| Price per share repurchased and retired | | | — | | | — | | | — | | $ | 12.90 | | | — | | | — |
| Discount per share repurchased and retired | | | — | | | — | | | — | | | 8.42 | % | | — | | | — |
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
Preferred Shares
Transactions in ARPS were as follows:
| | | Premium Income (NPI) | | Premium Income 2 (NPM) |
| | | Six Months Ended 4/30/11 | | Year Ended 10/31/10 | | Six Months Ended 4/30/11 | | Year Ended 10/31/10 |
| | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount |
| ARPS redeemed: | | | | | | | | | | | | | | | | | | | | | | | | |
| Series M | | | 2,900 | | $ | 72,500,000 | | | — | | $ | — | | | — | | $ | — | | | — | | $ | — |
| Series M2 | | | 1,526 | | | 38,150,000 | | | — | | | — | | | — | | | — | | | — | | | — |
| Series T | | | 2,900 | | | 72,500,000 | | | — | | | — | | | — | | | — | | | — | | | — |
| Series W | | | 2,900 | | | 72,500,000 | | | — | | | — | | | — | | | — | | | — | | | — |
| Series TH | | | 2,901 | | | 72,525,000 | | | — | | | — | | | — | | | — | | | — | | | — |
| Series F | | | 2,899 | | | 72,475,000 | | | — | | | — | | | — | | | — | | | — | | | — |
| Total | | | 16,026 | | $ | 400,650,000 | | | — | | $ | — | | | — | | $ | — | | | — | | $ | — |
| | | Premium Income 4 (NPT) | |
| | | Six Months Ended 4/30/11 | | Year Ended 10/31/10 | |
| | | Shares | | Amount | | Shares | | Amount | |
| ARPS redeemed: | | | | | | | | | | | | | |
| Series M | | | — | | $ | — | | | (1,680 | ) | $ | (42,000,000 | ) |
| Series T | | | — | | | — | | | (1,528 | ) | | (38,200,000 | ) |
| Series T2 | | | — | | | — | | | (1,014 | ) | | (25,350,000 | ) |
| Series W | | | — | | | — | | | (1,283 | ) | | (32,075,000 | ) |
| Series W2 | | | — | | | — | | | (423 | ) | | (10,575,000 | ) |
| Series TH | | | — | | | — | | | (2,047 | ) | | (51,175,000 | ) |
| Series F | | | — | | | — | | | (1,374 | ) | | (34,350,000 | ) |
| Series F2 | | | — | | | — | | | (1,013 | ) | | (25,325,000 | ) |
| Total | | | — | | $ | — | | | (10,362 | ) | $ | (259,050,000 | ) |
Transactions for VMTP Shares were as follows:
| | | Premium Income (NPI) | |
| | | Six Months
Ended
4/30/11 | | | Year Ended
10/31/10 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| VMTP Shares issued: | | | | | | | | | | | | |
| Series 2014 | | | 4,024 | | | $ | 402,400,000 | | | | — | | | $ | — | |
Transactions in VRDP Shares were as follows:
| | Premium Income 4 (NPT) | |
| | Six Months Ended 4/30/11 | | Year Ended 10/31/10 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
| VRDP Shares issued: | | | | | | | | | | | | |
| Series 1 | | | — | | | $ | — | | | | 2,622 | | | $ | 262,200,000 | |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, when applicable) during the six months ended April 30, 2011, were as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| Purchases | | $ | 60,160,398 | | | $ | 40,870,963 | | | $ | 68,614,483 | |
| Sales and maturities | | | 100,322,732 | | | | 66,546,324 | | | | 61,749,455 | |
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, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| Cost of investments | | $ | 1,238,018,067 | | | $ | 1,422,812,318 | | | $ | 791,237,061 | |
| Gross unrealized: | | | | | | | | | | | | |
| Appreciation | | $ | 44,359,359 | | | $ | 50,145,281 | | | $ | 23,278,795 | |
| Depreciation | | | (83,045,731 | ) | | | (51,476,728 | ) | | | (41,679,138 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | (38,686,372 | ) | | $ | (1,331,447 | ) | | $ | (18,400,343 | ) |
Permanent differences, primarily due to expired capital loss carryforwards, federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2010, the Funds’ last tax year end, as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| Paid-in-surplus | | $ | 24,053 | | | $ | 85 | | | $ | (15,957,234 | ) |
| Undistributed (Over-distribution of) net investment income | | | (37,016 | ) | | | (16,667 | ) | | | (31,962 | ) |
| Accumulated net realized gain (loss) | | | 12,963 | | | | 16,582 | | | | 15,989,196 | |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ last tax year end, were as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| Undistributed net tax-exempt income * | | $ | 19,238,476 | | | $ | 19,108,370 | | | $ | 11,521,724 | |
| Undistributed net ordinary income ** | | | 2,118 | | | | 359,388 | | | | 44,633 | |
| 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 1, 2010, paid on November 1, 2010. |
| ** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2010, was designated for purposes of the dividends paid deduction as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| | | | | | | | | | |
| Distributions from net tax-exempt income | | $ | 57,621,620 | | | $ | 66,446,729 | | | $ | 36,749,122 | |
| Distributions from net ordinary income ** | | | — | | | | — | | | | — | |
| Distributions from net long-term capital gains | | | — | | | | — | | | | — | |
| ** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
At October 31, 2010, 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
Income
(NPI | ) | | Premium
Income 2
(NPM | )* | | Premium
Income 4
(NPT | ) |
| Expiration: | | | | | | | | | |
| October 31, 2011 | | $ | 5,185,084 | | | $ | 1,170,237 | | | $ | 24,792,603 | |
| October 31, 2013 | | | — | | | | — | | | | 6,161,830 | |
| October 31, 2014 | | | 4,614,516 | | | | 197,103 | | | | 806,337 | |
| October 31, 2015 | | | — | | | | 10,749,624 | | | | — | |
| October 31, 2016 | | | 11,536,998 | | | | 18,051,540 | | | | 7,113,122 | |
| October 31, 2017 | | | 11,817,772 | | | | 488,931 | | | | — | |
| Total | | $ | 33,154,370 | | | $ | 30,657,435 | | | $ | 38,873,892 | |
| * | A portion of Premium Income 2’s (NPM) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
During the Funds’ last tax year ended October 31, 2010, the Funds utilized capital loss carryforwards as follows:
| | | Premium
Income
(NPI | ) | | Premium
Income 2
(NPM | ) | | Premium
Income 4
(NPT | ) |
| Utilized capital loss carryforwards | | $ | 93,828 | | | $ | 279,541 | | | $ | 2,841,317 | |
At October 31, 2010, the Funds’ last tax year end, $15,194,092 of Premium Income 4’s (NPT) capital loss carryforward expired.
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 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 | |
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, 2011, the complex-level fee rate for these Funds was .1785%. |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with the Sub-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 Pronouncement
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) 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 by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, 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 the ASU 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 on the financial statement amounts and footnote disclosures, if any.
9. Subsequent Events
Preferred Shares
Subsequent to the reporting period, Premium Income 2 (NPM) successfully completed the issuance of $489,500,000 of VRDP shares. Immediately following the VRDP issuance, Premium Income 2 (NPM) noticed for redemption at par its remaining $487,525,000 ARPS using VRDP share proceeds.
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
Regulatory Matters
Subsequent to the reporting period, Nuveen Securities, LLC (“Nuveen Securities”) entered into a settlement with the Financial Industry Regulatory Authority (“FINRA”) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities neither admitted to nor denied FINRA’s allegations. Nuveen Securities is the broker-dealer subsidiary of Nuveen.
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities were false and misleading. Nuveen Securities agreed to a censure and the payment of a $3 million fine.
Board Approval of Sub-Advisory
Arrangements (Unaudited)
At a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Board Members who are not parties to the advisory agreements or “interested persons” of any parties (the “Independent Board Members”), considered and approved the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”). Since the May Meeting, Nuveen has engaged in an internal restructuring (the “Restructuring”) pursuant to which the portfolio management services provided by the Adviser to the Funds were transferred to Nuveen Asset Management, LLC (“NAM LLC”), a newly-organized wholly-owned subsidiary of the Adviser and the Adviser changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The Adviser, under its new name NFA, continues to serve as investment adviser to the Funds and, in that capacity, will continue to provide various oversight, administrative, compliance and other services. To effectuate the foregoing, NFA entered into sub-advisory agreements with NAM LLC on behalf of the Funds (each, a “Sub-Advisory Agreement”). Under each Sub-Advisory Agreement, NAM LLC, subject to the oversight of NFA and the Board, will furnish an investment program, make investment decisions for, and place all orders for the purchase and sale of securities for the portion of the respective Fund’s investment portfolio allocated to it by NFA. There have been no changes to the advisory fees paid by the Funds; rather, NFA will pay a portion of the investment advisory fee it receives to NAM LLC for its sub-advisory services. The Independent Board Members reviewed the allocation of fees between NFA and NAM LLC. NFA and NAM LLC do not anticipate any reduction in the nature or level of services provided to the Funds following the Restructuring. The personnel of NFA who engaged in portfolio management activities prior to the spinoff of NAM LLC are not expected to materially change as a result of the spinoff. In light of the foregoing, at a meeting held on November 16-18, 2010, the Board Members, including a majority of the Independent Board Members, approved the Sub-Advisory Agreements on behalf of the Funds. Given that the Restructuring was not expected to reduce the level or nature of services provided and the advisory fees paid by the Funds were the same, the factors considered and determinations made at the May Meeting in approving the Advisory Agreements were equally applicable to the approval of the Sub-Advisory Agreements. For a discussion of these considerations, please see the shareholder report of the Funds that was first issued after the May Meeting for the period including May 2010.
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
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.
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. |
| | | |
| ■ | | Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, 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 short-term 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. |
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| ■ | | Leverage: Using borrowed money to invest in securities or other assets. |
| ■ | | 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. |
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| ■ | | 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): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. |
| | | |
| ■ | | 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. |
| | | |
| ■ | | Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940. |
| | | |
| ■ | | 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. |
Notes
Notes
Notes
Other Useful 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 and Preferred Share Information
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred 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 and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
| Fund | | Common Shares Repurchased | | | Auction Rate Preferred Shares Redeemed | |
| NPI | | | — | | | | 16,026 | |
| NPM | | | — | | | | — | |
| NPT | | | — | | | | — | |
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
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 is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
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
Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready - no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! www.investordelivery.com If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account. OR www.nuveen.com/accountaccess If you receive your Nuveen Fund distributions and statements directly from Nuveen. | |
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-E-0411D
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 of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
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.
Kevin J. McCarthy
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.
Gifford R. Zimmerman
Stephen D. Foy
