Investment Company Act file number 811-05570
Nuveen Premium Income Municipal Fund, Inc.
(Exact name of
registrant as specified in charter)
Nuveen
Investments
333 West
Wacker Drive, Chicago, Illinois 60606
(Address of
principal executive offices) (Zip code)
Kevin
J. McCarthy Vice President and
Secretary
333 West Wacker
Drive, Chicago, Illinois 60606
(Name and address of
agent for service)
Registrant's telephone number, including area code: 312-917-7700
Date of fiscal year end: 10/31
Date of reporting period: 1/31/09
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
| Portfolio of Investments (Unaudited) | ||||||||
| Nuveen Premium Income Municipal Fund, Inc. (NPI) | ||||||||
| January 31, 2009 | ||||||||
| Principal | Optional Call | |||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||
|
| ||||||||
| Alabama – 3.7% (2.3% of Total Investments) | ||||||||
| $ 4,050 | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, | 6/10 at 102.00 | A– | $ | 3,849,525 | |||
| 6.125%, 12/01/16 | ||||||||
| 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 | Aa1 | 1,246,412 | ||||
| 4,000 | 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | Aa1 | 3,443,760 | ||||
| 6,000 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, | 11/16 at 100.00 | Aa1 | 5,165,640 | ||||
| Series 2006D, 5.000%, 11/15/39 (UB) | ||||||||
| Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health | ||||||||
| System Inc., Series 2005A: | ||||||||
| 6,000 | 5.250%, 11/15/20 | 11/15 at 100.00 | Baa1 | 4,435,800 | ||||
| 1,300 | 5.000%, 11/15/30 | 11/15 at 100.00 | Baa1 | 773,110 | ||||
| 4,000 | Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds, Tender Option | 1/17 at 100.00 | A+ | 2,185,440 | ||||
| Bond Trust 2707, 10.205%, 1/01/43 – AMBAC Insured (IF) | ||||||||
| 2,890 | Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, | 6/15 at 100.00 | BBB | 1,751,831 | ||||
| International Paper Company, Series 2005A, 5.000%, 6/01/25 | ||||||||
| 5,020 | DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, | 6/12 at 101.00 | A | 5,086,565 | ||||
| 5.250%, 6/01/18 | ||||||||
| 1,000 | Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist | 11/14 at 100.00 | A3 (4) | 1,184,870 | ||||
| Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) | ||||||||
|
| ||||||||
| 35,695 | Total Alabama | 29,122,953 | ||||||
|
| ||||||||
| Alaska – 2.0% (1.3% 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) | 2,335,220 | ||||
| 2,035 | 5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured | 9/13 at 100.00 | AA (4) | 2,376,085 | ||||
| 5,000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, | 6/10 at 100.00 | AAA | 5,359,700 | ||||
| Series 2000, 6.500%, 6/01/31 (Pre-refunded 6/01/10) | ||||||||
| 10,500 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, | 6/14 at 100.00 | Baa3 | 5,882,940 | ||||
| Series 2006A, 5.000%, 6/01/32 | ||||||||
|
| ||||||||
| 19,535 | Total Alaska | 15,953,945 | ||||||
|
| ||||||||
| Arizona – 1.2% (0.7% 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 | 373,140 | ||||
| 660 | 5.250%, 12/01/25 | 12/15 at 100.00 | BBB | 484,578 | ||||
| 1,355 | Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding | 7/09 at 100.00 | Aa3 | 1,364,729 | ||||
| Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – FSA Insured | ||||||||
| 4,100 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, | No Opt. Call | A | 2,676,439 | ||||
| 5.000%, 12/01/37 | ||||||||
| 4,130 | University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 – | 6/12 at 100.00 | AA– | 4,376,809 | ||||
| AMBAC Insured | ||||||||
|
| ||||||||
| 10,745 | Total Arizona | 9,275,695 | ||||||
|
| ||||||||
| Arkansas – 0.9% (0.6% of Total Investments) | ||||||||
| 480 | Paragould, Arkansas, Water, Sewer and Electric Revenue Bonds, Series 2000, 5.650%, 12/01/25 | 12/10 at 100.00 | A (4) | 521,981 | ||||
| (Pre-refunded 12/01/10) – AMBAC Insured | ||||||||
| 5,245 | University of Arkansas, Fayetteville, Athletic Facilities Revenue Bonds, Razorback Stadium, | 9/09 at 100.00 | Aa3 | 5,257,167 | ||||
| Series 1999, 5.050%, 9/15/20 – AMBAC Insured | ||||||||
| 2,000 | Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, | 2/15 at 100.00 | Baa1 | 1,654,720 | ||||
| Series 2005B, 5.000%, 2/01/25 | ||||||||
|
| ||||||||
| 7,725 | Total Arkansas | 7,433,868 | ||||||
|
| ||||||||
| California – 21.5% (13.4% of Total Investments) | ||||||||
| 9,200 | Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series | No Opt. Call | Aa3 | 4,769,372 | ||||
| 2004A, 0.000%, 10/01/20 – AMBAC Insured | ||||||||
| 10,000 | Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series | 9/17 at 100.00 | AA | 7,369,600 | ||||
| 2007A-1, 4.375%, 3/01/37 – FGIC Insured | ||||||||
| 4,000 | California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, | 5/12 at 101.00 | Aaa | 4,655,400 | ||||
| 5/01/15 (Pre-refunded 5/01/12) | ||||||||
| 5,400 | California Educational Facilities Authority, Revenue Bonds, University of Southern California, | 10/15 at 100.00 | AA+ | 5,140,962 | ||||
| Series 2005, 4.750%, 10/01/28 (UB) | ||||||||
| 1,500 | California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series | 11/15 at 100.00 | A2 | 1,231,500 | ||||
| 2006, 5.000%, 11/01/30 | ||||||||
| California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist | ||||||||
| Health System/West, Series 2003A: | ||||||||
| 3,700 | 5.000%, 3/01/28 | 3/13 at 100.00 | A | 3,135,417 | ||||
| 7,000 | 5.000%, 3/01/33 | 3/13 at 100.00 | A | 5,597,200 | ||||
| 5,425 | California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, | No Opt. Call | A2 | 5,384,150 | ||||
| Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) | ||||||||
| 8,560 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, | 11/15 at 100.00 | A2 | 7,633,294 | ||||
| Series 2005, 5.000%, 11/15/27 | ||||||||
| 8,570 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, | 4/16 at 100.00 | A+ | 6,964,839 | ||||
| Series 2006, 5.000%, 4/01/37 | ||||||||
| 980 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option | 11/16 at 100.00 | AA– | 773,970 | ||||
| Bond Trust 3175, 13.820%, 11/15/42 (IF) | ||||||||
| 11,395 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series | No Opt. Call | A | 12,613,353 | ||||
| 1993E, 5.500%, 6/01/15 | ||||||||
| 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 | 1,066,377 | ||||
| 4,730 | 5.000%, 7/01/39 | 7/15 at 100.00 | BBB | 2,733,089 | ||||
| 5,000 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, | 7/18 at 100.00 | AA– | 4,688,150 | ||||
| Series 2007A, 5.750%, 7/01/47 – FGIC Insured | ||||||||
| 7,130 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender | 5/18 at 100.00 | AA– | 5,932,582 | ||||
| Option Bond Trust 3175, 13.377%, 11/15/48 (IF) | ||||||||
| 4,000 | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 | No Opt. Call | A+ | 4,434,320 | ||||
| California, General Obligation Bonds, Series 2004: | ||||||||
| 2,000 | 5.125%, 2/01/25 | 2/14 at 100.00 | A1 | 1,994,160 | ||||
| 10,000 | 5.125%, 2/01/26 | 2/14 at 100.00 | A1 | 9,882,700 | ||||
| 3,575 | Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric | 6/14 at 102.00 | A2 | 3,588,728 | ||||
| Company, Series 1996A, 5.300%, 7/01/21 | ||||||||
| 4,890 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series | No Opt. Call | AA | 1,779,373 | ||||
| 2006B, 0.000%, 8/01/26 – MBIA Insured | ||||||||
| Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | ||||||||
| Asset-Backed Bonds, Series 2007A-1: | ||||||||
| 7,000 | 5.000%, 6/01/33 | 6/17 at 100.00 | BBB | 4,377,310 | ||||
| 2,000 | 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 1,208,100 | ||||
| 3,000 | 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 1,613,520 | ||||
| 5,000 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, | No Opt. Call | AAA | 2,129,650 | ||||
| 11/01/24 – FSA Insured | ||||||||
| 5,470 | Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – | 8/16 at 102.00 | AA | 5,115,161 | ||||
| FGIC Insured (Alternative Minimum Tax) | ||||||||
| 890 | Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM) | No Opt. Call | AAA | 1,173,821 | ||||
| 18,140 | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage | No Opt. Call | AAA | 24,398,117 | ||||
| Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) | ||||||||
| 5,000 | Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical | 7/14 at 100.00 | A3 (4) | 5,997,450 | ||||
| Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) | ||||||||
| 2,000 | Redwood City School District, San Mateo County, California, General Obligation Bonds, Series | 7/12 at 100.00 | AA | 1,955,160 | ||||
| 2002, 5.000%, 7/15/27 – FGIC Insured | ||||||||
| 3,700 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, | 8/13 at 100.00 | AA | 3,780,179 | ||||
| 5.000%, 8/15/22 – MBIA Insured | ||||||||
| San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | ||||||||
| 400 | 5.000%, 9/01/21 | 9/15 at 102.00 | Baa3 | 317,892 | ||||
| 445 | 5.000%, 9/01/23 | 9/15 at 102.00 | Baa3 | 338,992 | ||||
| 3,500 | San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – | 9/14 at 100.00 | AA | 3,339,700 | ||||
| MBIA Insured | ||||||||
| San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue | ||||||||
| Refunding Bonds, Series 1997A: | ||||||||
| 10,450 | 0.000%, 1/15/31 – MBIA Insured | No Opt. Call | AA | 1,826,556 | ||||
| 7,150 | 0.000%, 1/15/32 – MBIA Insured | No Opt. Call | AA | 1,146,717 | ||||
| 50,400 | 0.000%, 1/15/34 – MBIA Insured | No Opt. Call | AA | 6,825,672 | ||||
| 24,025 | 0.000%, 1/15/36 – MBIA Insured | No Opt. Call | AA | 2,765,037 | ||||
|
| ||||||||
| 267,265 | Total California | 169,677,570 | ||||||
|
| ||||||||
| Colorado – 5.0% (3.1% of Total Investments) | ||||||||
| 2,500 | Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series | 12/14 at 100.00 | AA | 2,615,600 | ||||
| 2004, 5.000%, 12/01/21 – FGIC Insured | ||||||||
| 690 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley | 9/15 at 100.00 | A | 705,939 | ||||
| School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured | ||||||||
| 2,125 | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan | 6/16 at 100.00 | A– | 1,624,903 | ||||
| Society, Series 2005, 5.000%, 6/01/29 | ||||||||
| 1,000 | Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, | 9/14 at 100.00 | A3 | 882,850 | ||||
| 5.000%, 9/01/25 | ||||||||
| 800 | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, | 3/15 at 100.00 | BBB+ | 659,392 | ||||
| 5.000%, 3/01/25 | ||||||||
| 70 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997B-2, | 5/09 at 104.50 | Aaa | 71,252 | ||||
| 7.000%, 5/01/26 (Alternative Minimum Tax) | ||||||||
| 95 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997C-2, | 5/09 at 105.00 | Aaa | 96,404 | ||||
| 6.875%, 11/01/28 (Alternative Minimum Tax) | ||||||||
| 445 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, | 4/10 at 105.00 | AA | 457,082 | ||||
| 7.250%, 10/01/31 (Alternative Minimum Tax) | ||||||||
| 7,235 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 | No Opt. Call | A+ | 7,869,220 | ||||
| (Alternative Minimum Tax) | ||||||||
| 19,810 | Denver, Colorado, Excise Tax Revenue Bonds, Convention Center, Series 2001A, 5.500%, 9/01/18 | 3/11 at 100.00 | AAA | 21,605,973 | ||||
| (Pre-refunded 3/01/11) – FSA Insured | ||||||||
| 20,500 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – | No Opt. Call | AA– | 2,813,420 | ||||
| MBIA Insured | ||||||||
| 20 | El Paso County, Colorado, FNMA Mortgage-Backed Single Family Revenue Refunding Bonds, Series | No Opt. Call | Aaa | 20,726 | ||||
| 1992A-2, 8.750%, 6/01/11 | ||||||||
|
| ||||||||
| 55,290 | Total Colorado | 39,422,761 | ||||||
|
| ||||||||
| Connecticut – 0.6% (0.4% of Total Investments) | ||||||||
| 1,930 | Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16 | No Opt. Call | AA | 2,368,264 | ||||
| 2,310 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System | 11/15 at 100.00 | AA | 2,238,297 | ||||
| Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – MBIA Insured | ||||||||
|
| ||||||||
| 4,240 | Total Connecticut | 4,606,561 | ||||||
|
| ||||||||
| District of Columbia – 4.3% (2.7% of Total Investments) | ||||||||
| 4,300 | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage | 6/09 at 100.00 | AAA | 4,301,848 | ||||
| Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) | ||||||||
| 9,505 | District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – MBIA Insured | No Opt. Call | AA | 11,367,410 | ||||
| District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | ||||||||
| 14,105 | 0.000%, 4/01/24 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 47.66 | AA (4) | 6,486,466 | ||||
| 7,625 | 0.000%, 4/01/25 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 44.83 | AA (4) | 3,298,118 | ||||
| 16,665 | 0.000%, 4/01/32 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 29.23 | AA (4) | 4,701,197 | ||||
| 2,130 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax | 10/16 at 100.00 | AAA | 1,501,565 | ||||
| Revenue Bonds, Series 2007, Residuals 1606, 11.765%, 10/01/30 – AMBAC Insured (IF) | ||||||||
| 3,335 | Washington DC Convention Center Authority, Dedicated Tax Revenue Bonds, Residual Series | 10/16 at 100.00 | AAA | 2,351,042 | ||||
| 1730,1731, 1736, 10.099%, 10/01/30 – AMBAC Insured (IF) | ||||||||
|
| ||||||||
| 57,665 | Total District of Columbia | 34,007,646 | ||||||
|
| ||||||||
| Florida – 5.9% (3.7% of Total Investments) | ||||||||
| 4,225 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, | 4/16 at 100.00 | A2 | 3,420,433 | ||||
| Series 2005, 5.000%, 4/01/24 | ||||||||
| 8,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, | 10/13 at 100.00 | AA | 8,166,320 | ||||
| Series 2003A, 5.375%, 10/01/16 – MBIA Insured (Alternative Minimum Tax) | ||||||||
| 5,400 | Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed | 4/10 at 101.00 | N/R | 2,961,954 | ||||
| Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, | ||||||||
| 4/01/30 (Alternative Minimum Tax) | ||||||||
| 19,750 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, | 7/16 at 100.00 | A | 16,853,464 | ||||
| 4.500%, 7/01/33 – AMBAC Insured | ||||||||
| 5,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health | 11/10 at 101.00 | A1 (4) | 5,534,250 | ||||
| System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) | ||||||||
| 6,910 | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System | 8/17 at 100.00 | AA– | 5,330,581 | ||||
| Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) | ||||||||
| 1,785 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – | 10/15 at 100.00 | AA | 1,760,688 | ||||
| MBIA Insured | ||||||||
| 2,375 | Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, | 8/15 at 100.00 | Aa3 | 2,425,469 | ||||
| 8/01/22 – FSA Insured | ||||||||
|
| ||||||||
| 53,445 | Total Florida | 46,453,159 | ||||||
|
| ||||||||
| Georgia – 1.9% (1.2% of Total Investments) | ||||||||
| 2,625 | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science | 5/14 at 100.00 | AA | 2,687,632 | ||||
| Building, Series 2004, 5.250%, 5/01/24 – MBIA Insured | ||||||||
| 6,025 | Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, | 1/14 at 100.00 | AAA | 6,480,611 | ||||
| 5.250%, 1/01/20 – FSA Insured | ||||||||
| 4,845 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, | No Opt. Call | Aa3 | 5,753,001 | ||||
| Series 1992P, 6.250%, 7/01/20 – AMBAC Insured | ||||||||
|
| ||||||||
| 13,495 | Total Georgia | 14,921,244 | ||||||
|
| ||||||||
| Hawaii – 1.4% (0.9% of Total Investments) | ||||||||
| 10,000 | Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – MBIA Insured | 9/13 at 100.00 | AA | 10,827,800 | ||||
|
| ||||||||
| Idaho – 0.8% (0.5% of Total Investments) | ||||||||
| 5,000 | Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%, 9/01/25 – | 9/10 at 100.00 | A1 | 4,427,200 | ||||
| FGIC Insured (Alternative Minimum Tax) | ||||||||
| 2,185 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial | 9/16 at 100.00 | BBB– | 1,565,770 | ||||
| Hospital, Series 2006, 5.250%, 9/01/30 | ||||||||
|
| ||||||||
| 7,185 | Total Idaho | 5,992,970 | ||||||
|
| ||||||||
| Illinois – 9.5% (6.0% of Total Investments) | ||||||||
| Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax | ||||||||
| Revenues, Series 1998B-1: | ||||||||
| 8,890 | 0.000%, 12/01/16 – FGIC Insured | No Opt. Call | AA– | 6,507,569 | ||||
| 10,000 | 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | AA– | 5,593,000 | ||||
| 10,130 | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | AA– | 4,173,256 | ||||
| Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax | ||||||||
| Revenues, Series 1999A: | ||||||||
| 15,000 | 0.000%, 12/01/21 – FGIC Insured | No Opt. Call | AA | 7,775,550 | ||||
| 10,000 | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | AA | 4,427,300 | ||||
| 45 | Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series | 3/09 at 104.00 | Aaa | 46,148 | ||||
| 1997B, 6.950%, 9/01/28 (Alternative Minimum Tax) | ||||||||
| 8,740 | Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois | 2/09 at 100.00 | AA | 7,990,283 | ||||
| Power Company, Series 1994A, 5.700%, 2/01/24 – MBIA Insured | ||||||||
| Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | ||||||||
| 1,050 | 5.250%, 11/15/22 | 5/14 at 100.00 | A | 943,467 | ||||
| 3,000 | 5.250%, 11/15/23 | 5/14 at 100.00 | A | 2,635,080 | ||||
| 985 | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BBB– | 719,375 | ||||
| 1,225 | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, | 5/12 at 100.00 | Aaa | 1,355,928 | ||||
| 5.500%, 5/15/32 | ||||||||
| 9,820 | Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, | 2/09 at 100.50 | A | 8,141,075 | ||||
| 5.250%, 8/01/27 – AMBAC Insured | ||||||||
| 1,000 | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel | 1/16 at 100.00 | AA | 948,880 | ||||
| Revenue Bonds, Series 2005B, 5.250%, 1/01/30 | ||||||||
| 10,040 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | No Opt. Call | AA– | 8,296,755 | ||||
| Project, Series 1992A, 0.000%, 6/15/15 – FGIC Insured | ||||||||
| 9,200 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | 12/09 at 101.00 | AAA | 9,471,860 | ||||
| Project, Series 1999A, 5.500%, 12/15/24 – FGIC Insured | ||||||||
| 3,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AAA | 3,837,330 | ||||
| Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | ||||||||
| 3,000 | Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris | 12/11 at 101.00 | BBB+ | 2,557,470 | ||||
| Hospital, Series 2001, 6.625%, 12/01/31 | ||||||||
|
| ||||||||
| 105,125 | Total Illinois | 75,420,326 | ||||||
|
| ||||||||
| Indiana – 1.4% (0.9% of Total Investments) | ||||||||
| 2,005 | Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004, | 8/14 at 100.00 | AAA | 2,088,166 | ||||
| 5.000%, 8/01/22 – FSA Insured | ||||||||
| 7,965 | Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and | 1/12 at 101.00 | AA+ (4) | 9,070,223 | ||||
| Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12) | ||||||||
|
| ||||||||
| 9,970 | Total Indiana | 11,158,389 | ||||||
|
| ||||||||
| Iowa – 1.6% (1.0% of Total Investments) | ||||||||
| 2,000 | Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, | 7/10 at 100.00 | A1 | 1,976,640 | ||||
| 6.250%, 7/01/25 | ||||||||
| 3,570 | Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel | No Opt. Call | AAA | 4,513,444 | ||||
| Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM) | ||||||||
| Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | ||||||||
| 10,000 | 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | 5,507,600 | ||||
| 2,000 | 5.625%, 6/01/46 | 6/15 at 100.00 | BBB | 1,108,840 | ||||
|
| ||||||||
| 17,570 | Total Iowa | 13,106,524 | ||||||
|
| ||||||||
| Kansas – 0.8% (0.5% of Total Investments) | ||||||||
| 6,000 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, | 3/14 at 100.00 | AAA | 6,418,680 | ||||
| 5.000%, 3/01/21 (UB) | ||||||||
|
| ||||||||
| Kentucky – 0.5% (0.3% of Total Investments) | ||||||||
| 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 | 1,247,607 | ||||
| 1,270 | 5.000%, 6/01/20 – AMBAC Insured | 6/14 at 100.00 | Aa3 | 1,290,116 | ||||
| 1,335 | 5.000%, 6/01/21 – AMBAC Insured | 6/14 at 100.00 | Aa3 | 1,340,487 | ||||
|
| ||||||||
| 3,815 | Total Kentucky | 3,878,210 | ||||||
|
| ||||||||
| Louisiana – 3.9% (2.4% of Total Investments) | ||||||||
| 2,915 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding | 12/12 at 100.00 | A (4) | 3,333,273 | ||||
| Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured | ||||||||
| 155 | Louisiana Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000A, 7.450%, | 9/09 at 101.00 | Aaa | 159,402 | ||||
| 12/01/31 (Alternative Minimum Tax) | ||||||||
| Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care | ||||||||
| Corporation Project, Series 1994: | ||||||||
| 485 | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R (4) | 598,189 | ||||
| 4,330 | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R (4) | 5,339,669 | ||||
| 2,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our | 8/15 at 100.00 | A+ | 1,622,400 | ||||
| Lady Health System, Series 2005A, 5.250%, 8/15/31 | ||||||||
| 5,800 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/17 at 100.00 | A3 | 4,293,218 | ||||
| Series 2007A, 5.500%, 5/15/47 | ||||||||
| Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: | ||||||||
| 1,200 | 5.000%, 5/01/25 – FGIC Insured | 5/15 at 100.00 | AA | 1,216,428 | ||||
| 2,210 | 5.000%, 5/01/26 – FGIC Insured | 5/15 at 100.00 | AA | 2,228,365 | ||||
| 2,500 | 5.000%, 5/01/27 – FGIC Insured | 5/15 at 100.00 | AA | 2,507,800 | ||||
| Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006: | ||||||||
| 930 | 4.750%, 5/01/39 – FSA Insured (UB) | 5/16 at 100.00 | AAA | 854,577 | ||||
| 10,105 | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | AA– | 8,635,025 | ||||
|
| ||||||||
| 32,630 | Total Louisiana | 30,788,346 | ||||||
|
| ||||||||
| Maryland – 1.0% (0.6% of Total Investments) | ||||||||
| 2,200 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, | 9/16 at 100.00 | Baa3 | 1,477,894 | ||||
| 9/01/27 – SYNCORA GTY Insured | ||||||||
| 3,560 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland | 7/16 at 100.00 | AA | 2,782,317 | ||||
| Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured | ||||||||
| 3,600 | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing | 7/10 at 100.00 | Aaa | 3,609,432 | ||||
| Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 9,360 | Total Maryland | 7,869,643 | ||||||
|
| ||||||||
| Massachusetts – 5.1% (3.2% of Total Investments) | ||||||||
| 840 | Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30 | 7/10 at 100.00 | AAA | 842,579 | ||||
| Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A: | ||||||||
| 7,900 | 5.250%, 7/01/30 (Pre-refunded 7/01/10) | 7/10 at 100.00 | Aa1 (4) | 8,406,153 | ||||
| 1,260 | 5.250%, 7/01/30 (Pre-refunded 7/01/10) | 7/10 at 100.00 | Aa1 (4) | 1,340,728 | ||||
| 8,505 | Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, | 1/11 at 100.00 | A | 7,481,678 | ||||
| 5.850%, 7/01/35 – AMBAC Insured (Alternative Minimum Tax) | ||||||||
| 2,825 | Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden | 6/09 at 102.00 | BBB | 2,583,293 | ||||
| Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) | ||||||||
| 5,625 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond | 8/16 at 100.00 | AAA | 3,980,756 | ||||
| Trust 2847, 9.188%, 8/01/36 (IF) | ||||||||
| 5,960 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, | 8/17 at 100.00 | AA+ | 6,227,544 | ||||
| 8/01/25 – MBIA Insured | ||||||||
| 5,535 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, | 2/17 at 100.00 | AAA | 4,696,448 | ||||
| 4.500%, 8/01/46 – FSA Insured (UB) | ||||||||
| 3,820 | Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24 | 1/14 at 100.00 | A (4) | 4,351,744 | ||||
| (Pre-refunded 1/01/14) – FGIC Insured | ||||||||
|
| ||||||||
| 42,270 | Total Massachusetts | 39,910,923 | ||||||
|
| ||||||||
| Michigan – 4.2% (2.6% 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 | Baa3 | 2,886,545 | ||||
| 1,275 | 5.250%, 4/01/23 – SYNCORA GTY Insured | 4/13 at 100.00 | Baa3 | 1,013,396 | ||||
| 3,000 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, | 7/15 at 100.00 | BBB | 2,034,840 | ||||
| 6.000%, 7/01/35 | ||||||||
| 6,600 | Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue | 7/09 at 100.00 | AAA | 6,603,498 | ||||
| Refunding Bonds, Forest Hills Regency Square Project, Series 1999A, 5.750%, 7/01/29 | ||||||||
| 10,000 | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, | 10/13 at 100.00 | AA | 10,175,400 | ||||
| 5.000%, 10/15/23 – MBIA Insured | ||||||||
| 4,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series | 12/16 at 100.00 | AA | 3,535,240 | ||||
| 2006A, 5.000%, 12/01/31 (UB) | ||||||||
| 850 | Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation | 6/16 at 100.00 | Baa3 | 486,472 | ||||
| Revenue Bonds, Series 2006, 5.500%, 6/01/35 | ||||||||
| 6,390 | Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, | 12/12 at 100.00 | AA | 6,294,278 | ||||
| 5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 35,680 | Total Michigan | 33,029,669 | ||||||
|
| ||||||||
| Minnesota – 5.0% (3.1% of Total Investments) | ||||||||
| 13,650 | Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 | 7/14 at 100.00 | A– | 11,223,986 | ||||
| 2,000 | Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, | 2/14 at 100.00 | A– (4) | 2,338,700 | ||||
| Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 | ||||||||
| (Pre-refunded 2/15/14) | ||||||||
| Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills | ||||||||
| Project, Series 2001A: | ||||||||
| 1,000 | 6.150%, 8/20/31 | 8/11 at 105.00 | Aaa | 1,061,520 | ||||
| 2,000 | 6.200%, 2/20/43 | 8/11 at 105.00 | Aaa | 2,115,960 | ||||
| 90 | Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, | 5/09 at 101.00 | AAA | 80,321 | ||||
| Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – MBIA Insured | ||||||||
| 1,500 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24 | 10/14 at 100.00 | A3 | 1,460,070 | ||||
| 1,545 | St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., | 11/15 at 100.00 | Baa3 | 1,230,052 | ||||
| Series 2005, 6.000%, 11/15/25 | ||||||||
| 16,750 | St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, | 11/15 at 103.00 | AAA | 19,734,849 | ||||
| Civic Center Project, Series 1996, 7.100%, 11/01/23 – FSA Insured | ||||||||
|
| ||||||||
| 38,535 | Total Minnesota | 39,245,458 | ||||||
|
| ||||||||
| Mississippi – 0.8% (0.5% of Total Investments) | ||||||||
| 6,875 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial | 9/14 at 100.00 | AA | 6,675,488 | ||||
| Healthcare, 2004B-1, 5.000%, 9/01/24 (UB) | ||||||||
|
| ||||||||
| Missouri – 1.8% (1.1% of Total Investments) | ||||||||
| 2,000 | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior | 2/14 at 100.00 | N/R | 1,557,300 | ||||
| Services – Heisinger Project, Series 2004, 5.250%, 2/01/24 | ||||||||
| 500 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal | 3/16 at 100.00 | BBB+ | 442,415 | ||||
| Regional Hospital, Series 2006, 5.000%, 3/01/22 | ||||||||
| Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing | ||||||||
| Project, Series 2005A: | ||||||||
| 1,565 | 6.000%, 6/01/20 | No Opt. Call | BBB+ | 1,490,099 | ||||
| 1,660 | 5.000%, 6/01/35 | 6/15 at 100.00 | BBB+ | 1,175,180 | ||||
| 1,295 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, | 6/11 at 101.00 | AA | 1,315,111 | ||||
| Series 2001A, 5.250%, 6/01/21 – AMBAC Insured | ||||||||
| 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 | Baa1 (4) | 224,733 | ||||
| 1,500 | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | 1,644,390 | ||||
| 4,150 | 5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA– (4) | 4,549,479 | ||||
| 2,005 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership | 3/09 at 103.00 | AAA | 2,026,413 | ||||
| Loan Program, Series 1999B-1, 6.700%, 9/01/30 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 14,880 | Total Missouri | 14,425,120 | ||||||
|
| ||||||||
| Nebraska – 0.3% (0.2% of Total Investments) | ||||||||
| 1,620 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska | 2/17 at 100.00 | AAA | 2,045,525 | ||||
| City 2, Series 2006A, Trust 11673, 18.664%, 2/01/49 – AMBAC Insured (IF) | ||||||||
|
| ||||||||
| Nevada – 4.3% (2.7% of Total Investments) | ||||||||
| 10,410 | Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 | 6/12 at 100.00 | AA (4) | 11,841,583 | ||||
| (Pre-refunded 6/15/12) – MBIA Insured | ||||||||
| 15,000 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, | 6/11 at 100.00 | AA+ (4) | 16,407,900 | ||||
| Series 2001, 5.250%, 6/01/26 (Pre-refunded 6/01/11) – FGIC Insured | ||||||||
| 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 | A | 641,279 | ||||
| 12,000 | 5.375%, 1/01/40 – AMBAC Insured | 1/10 at 100.00 | A | 5,187,960 | ||||
|
| ||||||||
| 43,835 | Total Nevada | 34,078,722 | ||||||
|
| ||||||||
| New Hampshire – 0.1% (0.0% of Total Investments) | ||||||||
| 405 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, | 7/09 at 100.00 | Aa2 | 405,126 | ||||
| Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| New Jersey – 10.1% (6.3% of Total Investments) | ||||||||
| 10,150 | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District | 1/10 at 100.00 | AAA | 10,122,088 | ||||
| Project, Series 1999B, 5.625%, 1/01/26 – FSA Insured | ||||||||
| 8,000 | Essex County Improvement Authority, New Jersey, General Obligation Guaranteed Lease Revenue | 10/10 at 100.00 | A1 (4) | 8,683,520 | ||||
| Bonds, County Correctional Facility Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded | ||||||||
| 10/01/10) – FGIC Insured | ||||||||
| 470 | Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center | No Opt. Call | B1 | 369,975 | ||||
| Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15 | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | ||||||||
| 3,655 | 5.250%, 9/01/24 | 9/15 at 100.00 | AA– | 3,701,492 | ||||
| 2,000 | 5.250%, 9/01/26 | 9/15 at 100.00 | AA– | 1,995,360 | ||||
| 800 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters | 7/18 at 100.00 | Baa2 | 591,104 | ||||
| University Hospital, Series 2007, 5.750%, 7/01/37 | ||||||||
| 3,820 | New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series | 4/09 at 100.75 | Aaa | 3,749,597 | ||||
| 1997U, 5.850%, 4/01/29 – MBIA Insured (Alternative Minimum Tax) | ||||||||
| 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 | 6,336,733 | ||||
| 9,250 | 5.500%, 6/15/23 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | 10,834,525 | ||||
| 3,850 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, | No Opt. Call | AA– | 4,241,815 | ||||
| 5.250%, 12/15/20 | ||||||||
| New Jersey Turnpike Authority, Revenue Bonds, Series 2000A: | ||||||||
| 3,915 | 6.000%, 1/01/14 – MBIA Insured (ETM) | No Opt. Call | AA (4) | 4,719,533 | ||||
| 7,585 | 6.000%, 1/01/14 – MBIA Insured (ETM) | No Opt. Call | AA (4) | 9,143,718 | ||||
| 2,500 | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured | 7/13 at 100.00 | AA | 2,630,800 | ||||
| 9,130 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – | 1/15 at 100.00 | AAA | 9,378,884 | ||||
| FSA Insured (UB) | ||||||||
| 4,990 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/17 at 100.00 | BBB | 3,654,876 | ||||
| Series 2007-1A, 4.500%, 6/01/23 | ||||||||
|
| ||||||||
| 75,525 | Total New Jersey | 80,154,020 | ||||||
|
| ||||||||
| New Mexico – 0.9% (0.5% of Total Investments) | ||||||||
| 525 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2000D-2, | 3/10 at 102.50 | AAA | 531,269 | ||||
| 6.850%, 9/01/31 (Alternative Minimum Tax) | ||||||||
| 5,585 | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series | No Opt. Call | AAA | 6,391,921 | ||||
| 1997, 6.000%, 2/01/27 – FSA Insured | ||||||||
|
| ||||||||
| 6,110 | Total New Mexico | 6,923,190 | ||||||
|
| ||||||||
| New York – 13.4% (8.3% of Total Investments) | ||||||||
| 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 | 1,047,420 | ||||
| 500 | 5.250%, 7/01/24 | 7/14 at 100.00 | Aa3 | 515,170 | ||||
| 1,025 | Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series | 7/14 at 100.00 | AAA | 1,221,103 | ||||
| 2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14) | ||||||||
| 1,995 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, | 7/14 at 100.00 | AA– | 2,141,473 | ||||
| Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20 | ||||||||
| 2,335 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series | 3/15 at 100.00 | AAA | 2,393,772 | ||||
| 2005F, 5.000%, 3/15/24 – AMBAC Insured | ||||||||
| 6,915 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, | 2/17 at 100.00 | AA | 5,121,802 | ||||
| 2/15/47 – MBIA Insured | ||||||||
| 6,000 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series | No Opt. Call | A1 | 4,871,040 | ||||
| 2005, 5.250%, 10/01/35 | ||||||||
| Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||||||
| 7,000 | 5.000%, 12/01/23 – FGIC Insured | 6/16 at 100.00 | AA | 7,042,210 | ||||
| 5,000 | 5.000%, 12/01/24 – FGIC Insured | 6/16 at 100.00 | AA | 4,961,850 | ||||
| 5,100 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, | 11/16 at 100.00 | AA | 3,977,592 | ||||
| 5/01/33 – MBIA Insured | ||||||||
| 3,900 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, | 11/15 at 100.00 | A | 3,686,943 | ||||
| 5.000%, 11/15/30 – AMBAC Insured | ||||||||
| 5,780 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, | 11/15 at 100.00 | A | 5,380,486 | ||||
| 5.000%, 11/15/30 | ||||||||
| 3,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, | 11/12 at 100.00 | AA | 3,090,630 | ||||
| Series 2002A, 5.125%, 11/15/21 – FGIC Insured | ||||||||
| New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United | ||||||||
| Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A: | ||||||||
| 2,185 | 5.250%, 7/01/20 | 7/14 at 100.00 | Aa1 | 2,365,809 | ||||
| 2,050 | 5.250%, 7/01/21 | 7/14 at 100.00 | Aa1 | 2,186,018 | ||||
| 2,420 | 5.250%, 7/01/22 | 4/14 at 100.00 | Aa1 | 2,552,737 | ||||
| 1,370 | 5.250%, 7/01/24 | 4/14 at 100.00 | Aa1 | 1,421,539 | ||||
| 12,500 | New York City, New York, General Obligation Bonds, Fiscal Series 2003D, | 10/13 at 100.00 | AA | 12,782,875 | ||||
| 5.250%, 10/15/22 (UB) | ||||||||
| 525 | New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 | 6/13 at 100.00 | AAA | 539,569 | ||||
| 4,475 | New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 | 6/13 at 100.00 | AAA | 5,267,344 | ||||
| (Pre-refunded 6/01/13) | ||||||||
| 7,960 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, | 4/15 at 100.00 | AA | 7,962,388 | ||||
| 5.000%, 4/01/24 (UB) | ||||||||
| 1,500 | New York City, New York, General Obligation Bonds, Series 2008, Trust 3217, | 8/14 at 100.00 | AA | 1,796,400 | ||||
| 18.074%, 8/15/20 (IF) | ||||||||
| 2,880 | New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Trust 2364, | 11/15 at 100.00 | AAA | 2,525,126 | ||||
| 15.906%, 11/15/44 – AMBAC Insured (IF) | ||||||||
| 650 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, | 6/10 at 101.00 | BBB | 534,664 | ||||
| 6.500%, 6/01/35 | ||||||||
| 1,350 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, | 6/10 at 101.00 | AAA | 1,451,183 | ||||
| 6.500%, 6/01/35 (Pre-refunded 6/01/10) | ||||||||
| 7,400 | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and | 6/10 at 100.00 | AA– | 7,537,714 | ||||
| State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16 | ||||||||
| 6,460 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series | 3/14 at 100.00 | AAA | 6,520,659 | ||||
| 2004A-1, 5.000%, 3/15/26 – FGIC Insured | ||||||||
| 4,750 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 3/14 at 101.00 | AA– | 4,786,528 | ||||
| Thirty-Fifth Series 2004, 5.000%, 9/15/28 – SYNCORA GTY Insured | ||||||||
|
| ||||||||
| 108,025 | Total New York | 105,682,044 | ||||||
|
| ||||||||
| North Carolina – 1.8% (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+ | 6,039,309 | ||||
| 3,475 | 5.250%, 6/01/23 (UB) | 6/13 at 100.00 | AA+ | 3,602,463 | ||||
| 4,120 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue | 1/18 at 100.00 | AA– | 2,869,951 | ||||
| Bonds, Series 2008, Trust 1149, 9.412%, 1/15/47 (IF) | ||||||||
| 1,050 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, | 1/17 at 100.00 | AA– | 960,404 | ||||
| Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 | ||||||||
| 1,000 | Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, | 8/15 at 100.00 | N/R | 525,910 | ||||
| National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, | ||||||||
| 5.750%, 8/01/35 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 15,430 | Total North Carolina | 13,998,037 | ||||||
|
| ||||||||
| North Dakota – 1.3% (0.8% of Total Investments) | ||||||||
| 9,650 | Dickinson, North Dakota, Health Care Facilities Revenue Bonds, BHS Long Term Care Inc., Series | 2/10 at 102.00 | Aa2 (4) | 10,537,704 | ||||
| 1990, 7.625%, 2/15/20 (Pre-refunded 2/15/10) – RAAI Insured | ||||||||
|
| ||||||||
| Ohio – 3.1% (1.9% of Total Investments) | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | ||||||||
| Bonds, Senior Lien, Series 2007A-2: | ||||||||
| 270 | 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 198,053 | ||||
| 2,850 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | 1,822,262 | ||||
| 2,745 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 1,636,816 | ||||
| 6,285 | 5.875%, 6/01/47 | 6/17 at 100.00 | BBB | 3,556,430 | ||||
| 4,265 | Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children’s Hospital Project, | 5/11 at 101.00 | Aa2 (4) | 4,712,356 | ||||
| Series 2001, 5.500%, 5/01/28 (Pre-refunded 5/01/11) – AMBAC Insured | ||||||||
| 2,720 | Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20 | 6/13 at 100.00 | AA | 2,955,797 | ||||
| 665 | Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System | 11/10 at 101.00 | A– | 686,526 | ||||
| Obligated Group, Series 2000A, 6.125%, 11/15/16 | ||||||||
| 1,335 | Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System | 11/10 at 101.00 | A– (4) | 1,468,780 | ||||
| Obligated Group, Series 2000A, 6.125%, 11/15/16 (Pre-refunded 11/15/10) | ||||||||
| 7,000 | Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Trinity | 10/10 at 100.00 | A3 (4) | 7,655,970 | ||||
| Health System, Series 2000, 6.500%, 10/01/30 (Pre-refunded 10/01/10) | ||||||||
|
| ||||||||
| 28,135 | Total Ohio | 24,692,990 | ||||||
|
| ||||||||
| Oklahoma – 2.6% (1.7% of Total Investments) | ||||||||
| Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: | ||||||||
| 500 | 5.375%, 9/01/29 | 9/16 at 100.00 | BBB– | 316,730 | ||||
| 1,050 | 5.375%, 9/01/36 | 9/16 at 100.00 | BBB– | 619,626 | ||||
| 3,500 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, | 7/15 at 100.00 | AA | 3,578,890 | ||||
| 7/01/24 – AMBAC Insured | ||||||||
| Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | ||||||||
| 8,150 | 5.000%, 2/15/37 | 2/17 at 100.00 | AA– | 6,918,943 | ||||
| 1,335 | 5.000%, 2/15/42 | 2/17 at 100.00 | AA– | 1,106,915 | ||||
| 10,035 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health | 12/16 at 100.00 | AA | 8,258,103 | ||||
| System, Series 2006, 5.000%, 12/15/36 (UB) | ||||||||
| 143 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health | 12/16 at 100.00 | AA | 96,915 | ||||
| System, Series 2006, Trust 3500, 8.406%, 12/15/36 (IF) | ||||||||
|
| ||||||||
| 24,713 | Total Oklahoma | 20,896,122 | ||||||
|
| ||||||||
| Oregon – 0.5% (0.3% of Total Investments) | ||||||||
| 1,060 | Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, | 5/15 at 100.00 | AAA | 1,085,228 | ||||
| 5.000%, 5/01/24 – FSA Insured | ||||||||
| 2,500 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, | 11/14 at 100.00 | AAA | 2,934,000 | ||||
| 5.000%, 11/15/21 (Pre-refunded 11/15/14) | ||||||||
|
| ||||||||
| 3,560 | Total Oregon | 4,019,228 | ||||||
|
| ||||||||
| Pennsylvania – 5.0% (3.1% of Total Investments) | ||||||||
| 980 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, | 3/17 at 100.00 | BBB | 591,910 | ||||
| School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | ||||||||
| Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall | ||||||||
| College, Series 2003C: | ||||||||
| 1,340 | 5.250%, 4/15/15 | 4/13 at 100.00 | A+ | 1,448,326 | ||||
| 1,960 | 5.250%, 4/15/17 | 4/13 at 100.00 | A+ | 2,081,520 | ||||
| 1,000 | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | AA | 1,005,530 | ||||
| 2,625 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – | 6/16 at 100.00 | Aa3 | 2,624,816 | ||||
| AMBAC Insured | ||||||||
| Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1: | ||||||||
| 4,505 | 5.000%, 9/01/21 – FSA Insured (UB) | 9/14 at 100.00 | AAA | 4,639,654 | ||||
| 4,735 | 5.000%, 9/01/22 – FSA Insured (UB) | 9/14 at 100.00 | AAA | 4,824,870 | ||||
| 8,405 | Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue | 4/09 at 102.00 | N/R | 6,300,136 | ||||
| Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax) | ||||||||
| 14,000 | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School | 6/13 at 100.00 | AAA | 16,211,720 | ||||
| District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – FSA Insured | ||||||||
|
| ||||||||
| 39,550 | Total Pennsylvania | 39,728,482 | ||||||
|
| ||||||||
| Puerto Rico – 0.3% (0.2% of Total Investments) | ||||||||
| 2,500 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, | 8/17 at 100.00 | A+ | 2,050,075 | ||||
| 5.250%, 8/01/57 | ||||||||
|
| ||||||||
| South Carolina – 5.5% (3.4% of Total Investments) | ||||||||
| 8,610 | Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, | 12/14 at 100.00 | AA– | 8,695,497 | ||||
| GROWTH, Series 2004, 5.250%, 12/01/24 | ||||||||
| Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series | ||||||||
| 2008, Trust 3219: | ||||||||
| 1,275 | 18.193%, 12/01/18 (IF) | 12/13 at 100.00 | AA | 1,689,885 | ||||
| 895 | 18.300%, 12/01/20 (IF) | 12/13 at 100.00 | AA | 1,107,079 | ||||
| 465 | 18.274%, 12/01/21 (IF) | 12/13 at 100.00 | AA | 553,378 | ||||
| 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 | A+ (4) | 2,176,144 | ||||
| 2,400 | 5.500%, 5/01/24 (Pre-refunded 5/01/14) | 5/14 at 100.00 | A+ (4) | 2,833,728 | ||||
| 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) | 15,807,820 | ||||
| 1,655 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 1,977,742 | ||||
| 7,975 | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement | 5/12 at 100.00 | BBB (4) | 8,446,163 | ||||
| Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) | ||||||||
|
| ||||||||
| 38,425 | Total South Carolina | 43,287,436 | ||||||
|
| ||||||||
| Tennessee – 1.1% (0.7% of Total Investments) | ||||||||
| 6,400 | Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain | 7/16 at 100.00 | BBB+ | 4,363,712 | ||||
| States Health Alliance, Series 2006A, 5.500%, 7/01/36 | ||||||||
| 6,100 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue | 1/17 at 31.69 | A– | 445,361 | ||||
| Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40 | ||||||||
| 410 | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, | 9/16 at 100.00 | BBB+ | 240,846 | ||||
| Wellmont Health System, Series 2006C, 5.250%, 9/01/36 | ||||||||
| Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding | ||||||||
| Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||
| 1,300 | 5.500%, 11/01/37 | 11/17 at 100.00 | N/R | 644,891 | ||||
| 3,000 | 5.500%, 11/01/46 | 11/17 at 100.00 | N/R | 1,446,120 | ||||
| 1,825 | Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, | 7/13 at 100.00 | AA | 1,807,809 | ||||
| 7/01/34 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 19,035 | Total Tennessee | 8,948,739 | ||||||
|
| ||||||||
| Texas – 16.4% (10.2% of Total Investments) | ||||||||
| 5,000 | Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., | 12/12 at 100.00 | CCC+ | 1,963,150 | ||||
| Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) | ||||||||
| 3,183 | Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue | 12/10 at 105.00 | Aaa | 3,327,699 | ||||
| Bonds, Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) | ||||||||
| 8,840 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, | 2/17 at 100.00 | AAA | 7,488,629 | ||||
| 4.250%, 8/15/36 (UB) | ||||||||
| 2,150 | Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC | 10/13 at 101.00 | Caa1 | 1,081,149 | ||||
| Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) | ||||||||
| 175 | Clear Creek Independent School District, Galveston and Harris Counties, Texas, Unlimited Tax | 2/10 at 100.00 | AAA | 183,377 | ||||
| Schoolhouse and Refunding Bonds, Series 2000, 6.000%, 2/15/16 | ||||||||
| 650 | Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds, | 9/10 at 105.00 | AAA | 690,105 | ||||
| Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax) | ||||||||
| Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990: | ||||||||
| 1335 | 7.400%, 2/15/10 – AMBAC Insured | No. Opt.Call | A1 | 1,377,173 | ||||
| 145 | 7.400%, 2/15/10 – AMBAC Insured (ETM) | No. Opt.Call | A1(4) | 147,651 | ||||
| 19,125 | Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 2000, 6.000%, 2/15/15 | 8/10 at 100.00 | AA (4) | 20,515,578 | ||||
| (Pre-refunded 8/15/10) – MBIA Insured | ||||||||
| 4,000 | Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series | 11/11 at 100.00 | AA | 2,953,880 | ||||
| 2001B, 5.250%, 11/15/40 – MBIA Insured | ||||||||
| 5,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, | 5/14 at 100.00 | AA | 5,095,700 | ||||
| 5/15/25 – MBIA Insured | ||||||||
| 6,000 | Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 – | 3/11 at 100.00 | AAA | 6,427,140 | ||||
| FSA Insured | ||||||||
| 13,975 | Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series | 8/16 at 100.00 | AAA | 12,971,316 | ||||
| 2007A, 4.750%, 8/01/43 | ||||||||
| 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– | 1,685,000 | ||||
| 2,800 | 5.125%, 8/15/26 | No Opt. Call | BBB– | 2,059,428 | ||||
| 1,505 | Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services | 5/13 at 100.00 | A | 1,543,784 | ||||
| Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured | ||||||||
| Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, | ||||||||
| 245 | 5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured | 5/13 at 100.00 | A1(4) | 283,651 | ||||
| 3,155 | 5.250%, 5/15/24 – AMBAC Insured | 5/13 at 100.00 | A1 | 3,217,816 | ||||
| 5,650 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, | 1/18 at 100.00 | A3 | 4,987,199 | ||||
| 5.750%, 1/01/38 | ||||||||
| 11,000 | Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender | 2/17 at 100.00 | AAA | 9,392,790 | ||||
| Option Bond Trust 1124, 7.410%, 2/15/32 (IF) | ||||||||
| 2,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series | 11/15 at 100.00 | Caa1 | 874,660 | ||||
| 2001C, 5.200%, 5/01/28 | ||||||||
| 12,130 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, | 2/17 at 100.00 | AA– | 10,007,007 | ||||
| Series 2007A, 5.000%, 2/15/36 (UB) | ||||||||
| 7,255 | Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage | 12/10 at 105.00 | Aaa | 7,234,323 | ||||
| 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 | ||||||||
| 4,000 | Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, | 11/10 at 101.00 | A+ (4) | 4,426,360 | ||||
| Adventist Health System – Sunbelt Obligated Group, Series 2000, 6.700%, 11/15/30 | ||||||||
| (Pre-refunded 11/15/10) | ||||||||
| 5,000 | Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series | 3/13 at 100.00 | AAA | 5,567,250 | ||||
| 1999, 5.250%, 3/01/17 – FSA Insured | ||||||||
| 2,985 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.225%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 3,194,965 | ||||
| 25,000 | Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series | No Opt. Call | A | 9,050,000 | ||||
| 2002A, 0.000%, 8/15/24 – AMBAC Insured | ||||||||
| 2,500 | Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series | 7/15 at 100.00 | Baa3 | 2,105,050 | ||||
| 2005, 5.000%, 7/01/20 | ||||||||
|
| ||||||||
| 156,803 | Total Texas | 129,851,830 | ||||||
|
| ||||||||
| Utah – 0.0% (0.0% of Total Investments) | ||||||||
| 340 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 5.750%, 7/01/28 | 7/09 at 100.00 | AAA | 339,990 | ||||
| (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| Virginia – 0.5% (0.3% of Total Investments) | ||||||||
| 4,725 | Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue | 10/14 at 100.00 | N/R | 3,812,366 | ||||
| Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| Washington – 3.4% (2.1% of Total Investments) | ||||||||
| 2,500 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – | 7/12 at 100.00 | Aaa | 2,765,075 | ||||
| Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured | ||||||||
| 3,125 | Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, | 6/14 at 100.00 | A3 | 3,346,000 | ||||
| 5.375%, 12/01/20 – MBIA Insured | ||||||||
| 5,000 | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%, | 12/11 at 100.00 | AA | 5,049,400 | ||||
| 12/01/26 – MBIA Insured | ||||||||
| 4,750 | Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services, | 5/09 at 101.00 | Baa1 | 4,148,793 | ||||
| Series 1998, 5.125%, 11/15/22 – AMBAC Insured | ||||||||
| 1,770 | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, | 6/13 at 100.00 | BBB | 1,566,963 | ||||
| Series 2002, 6.500%, 6/01/26 | ||||||||
| 6,480 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, | No Opt. Call | AA+ | 3,059,402 | ||||
| 6/01/24 – MBIA Insured | ||||||||
| 11,000 | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 7,084,660 | ||||
|
| ||||||||
| 34,625 | Total Washington | 27,020,293 | ||||||
|
| ||||||||
| Wisconsin – 3.8% (2.4% of Total Investments) | ||||||||
| 700 | Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed | 6/12 at 100.00 | BBB | 648,137 | ||||
| Bonds, Series 2002, 6.125%, 6/01/27 | ||||||||
| 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 | A1 (4) | 1,158,120 | ||||
| 750 | 5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured | 8/13 at 100.00 | A1 (4) | 868,590 | ||||
| 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare | 7/11 at 100.00 | A– | 1,013,270 | ||||
| Inc., Series 2001, 6.000%, 7/01/21 | ||||||||
| 9,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., | 4/13 at 100.00 | BBB+ | 7,151,940 | ||||
| Series 2003, 6.400%, 4/15/33 | ||||||||
| 2,175 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., | 10/11 at 100.00 | BBB | 2,184,570 | ||||
| Series 2001, 6.125%, 10/01/16 | ||||||||
| 790 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior | 5/16 at 100.00 | BBB | 530,090 | ||||
| Healthcare, Series 2006, 5.000%, 5/01/32 | ||||||||
| 6,025 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of | 9/13 at 100.00 | BBB+ (4) | 7,202,104 | ||||
| Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 | ||||||||
| (Pre-refunded 9/01/13) | ||||||||
| 4,995 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of | 9/17 at 100.00 | BBB+ | 3,591,205 | ||||
| Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 | ||||||||
| 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan | 8/16 at 100.00 | BBB+ | 1,193,180 | ||||
| Healthcare System, Series 2006, 5.250%, 8/15/34 | ||||||||
| 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan | 8/13 at 100.00 | BBB+ | 1,222,660 | ||||
| Services Inc., Series 2003A, 5.250%, 8/15/25 | ||||||||
| Wisconsin, General Obligation Bonds, Series 2004-3: | ||||||||
| 175 | 5.250%, 5/01/19 – FGIC Insured | 5/14 at 100.00 | Aa3 | 191,007 | ||||
| 1,265 | 5.250%, 5/01/21 – FGIC Insured | 5/14 at 100.00 | AA | 1,348,237 | ||||
| 1,545 | Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/19 (Pre-refunded 5/01/14) – | 5/14 at 100.00 | Aa3 (4) | 1,821,076 | ||||
| FGIC Insured | ||||||||
|
| ||||||||
| 33,420 | Total Wisconsin | 30,124,186 | ||||||
|
| ||||||||
| Wyoming – 0.3% (0.2% of Total Investments) | ||||||||
| 3,900 | Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, | 12/15 at 100.00 | BBB | 2,676,531 | ||||
| 5.600%, 12/01/35 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| $ 1,515,326 | Total Long-Term Investments (cost $1,338,372,252) – 159.5% | 1,260,895,584 | ||||||
|
|
| |||||||
| Short-Term Investments – 1.0% (0.6% of Total Investments) | ||||||||
| $ 7,699 | King County, Washington, Sewer Revenue Bonds, Series 2001, Trust 554, Variable Rate Demand | A-1 | 7,699,000 | |||||
| Obligations, 0.700%, 1/01/19 – FGIC Insured (5) | ||||||||
|
|
| |||||||
| Total Short-Term Investments (cost $7,699,000) | 7,699,000 | |||||||
|
| ||||||||
| Total Investments (cost $1,346,071,252) – 160.5% | 1,268,594,584 | |||||||
|
| ||||||||
| Floating Rate Obligations – (11.5)% | (91,154,000) | |||||||
|
| ||||||||
| Other Assets Less Liabilities – 3.6% | 28,524,962 | |||||||
|
| ||||||||
| Preferred Shares, at Liquidation Value – (52.6)% (6) | (415,450,000) | |||||||
|
| ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 790,515,546 | ||||||
|
| ||||||||
| (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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, | |
| Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be | ||
| below investment grade. | ||
| The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AGC, AMBAC, CIFG, | ||
| FGIC, FSA, MBIA, RAAI and SYNCORA as of January 31, 2009. Subsequent to January 31, 2009, and | ||
| during the period this Portfolio of Investments was prepared, there may have been reductions to the | ||
| ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the | ||
| period and after period end. Such reductions would likely reduce the effective rating of many of the bonds | ||
| insured by that insurer or insurers presented at period end. | ||
| (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 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. | ||
| (6) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.7%. | |
| 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 pursuant to the | |
| provisions of SFAS No. 140. |
Fair Value Measurements
During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund's investments various inputs are used. These inputs are 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 methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the Fund's fair value measurements as of January 31, 2009:
| Level 1 | Level 2 | Level 3 | Total | |||||
|
| ||||||||
| Investments | $ — | $ 1,268,594,584 | $ — | $1,268,594,584 | ||||
|
| ||||||||
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 transactions subject to SFAS No. 140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
At January 31, 2009, the cost of investments was $1,254,358,958.
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2009, were as follows:
|
|
||
| Gross unrealized: | ||
| Appreciation | $ 52,303,034 | |
| Depreciation | (129,273,378) | |
|
| ||
| Net unrealized appreciation (depreciation) of investments | $ (76,970,344) | |
|
| ||
Item 2. Controls and Procedures.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Premium Income Municipal Fund, Inc.
By (Signature and Title)
/s/ Kevin J.
McCarthy
Kevin
J.
McCarthy
Vice President and Secretary
Date April 1, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Gifford R.
Zimmerman
Gifford R.
Zimmerman
Chief Administrative Officer (principal executive officer)
Date April 1, 2009
By (Signature and Title)
/s/ Stephen D.
Foy
Stephen
D.
Foy
Vice President and Controller (principal financial officer)
Date April 1, 2009