UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05570
Nuveen Premium Income Municipal Fund, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: October 31, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
|
Chairman’s Letter to Shareholders
|
4
|
|
Portfolio Managers’ Comments
|
5
|
|
Fund Leverage and Other Information
|
10
|
|
Common Share Dividend and Price Information
|
12
|
|
Performance Overviews
|
14
|
|
Shareholder Meeting Report
|
17
|
|
Report of Independent Registered Public Accounting Firm
|
18
|
|
Portfolios of Investments
|
19
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|
Statement of Assets and Liabilities
|
66
|
|
Statement of Operations
|
67
|
|
Statement of Changes in Net Assets
|
68
|
|
Statement of Cash Flows
|
69
|
|
Financial Highlights
|
70
|
|
Notes to Financial Statements
|
76
|
|
Annual Investment Management Agreement Approval Process
|
86
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|
Board Member & Officers
|
96
|
|
Reinvest Automatically, Easily and Conveniently
|
101
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|
Glossary of Terms Used in this Report
|
103
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|
Additional Fund Information
|
107
|
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
December 20, 2012
|
4
|
Nuveen Investments
|
Portfolio Managers’ Comments
Nuveen Premium Income Municipal Fund, Inc. (NPI)
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
Portfolio managers Paul Brennan and Chris Drahn discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these three national Funds. Paul has managed NPI and NPM since 2006 and Chris assumed portfolio management responsibility for NPT in January 2011.
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability.
In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment from 7.9% in October 2012 was primarily
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Nuveen Investments
|
5
|
due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of improvement, with the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rising 3.0% for the twelve months ended September 2012 (most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak. The outlook for the U.S. economy remained clouded by uncertainty about global financial markets as well as the impending “fiscal cliff,” the combination of tax increases and spending cuts scheduled to take effect beginning January 2013 and their potential impact on the economy.
Municipal bond prices generally rallied during this period, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. Although the total volume of tax-exempt supply improved over that of the same period a year earlier, the issuance pattern remained light compared with long-term historical trends, and new money issuance was relatively flat. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve, and the curve flattened. In addition to the lingering effects of the Build America Bonds (BAB) program, which expired at the end of 2010 but impacted issuance well into 2012, the low level of municipal issuance reflected the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we saw an increased number of borrowers come to market seeking to take advantage of the low rate environment through refunding activity, with approximately 60% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
Over the twelve months ended October 31, 2012, municipal bond issuance nationwide totaled $379.6 billion, an increase of 18.6% over the issuance for the twelve-month period ended October 31, 2011. As previously discussed, the majority of this increase was attributable to refunding issues, rather than new money issuance. During this period, demand for municipal bonds remained consistently strong, especially from individual investors, (as evidenced in part by flows into mutual funds) and also from banks and crossover buyers such as hedge funds.
What key strategies were used to manage these Funds during the twelvemonth reporting period ended October 31, 2012?
In an environment characterized by tight supply, strong demand and lower yields, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. During this period, all three Funds found value in health care and broad based essential services bonds backed by taxes or other revenues. In NPT, we added dedicated tax bonds secured by governmental tax or fee revenues such as sales, excise or gas taxes.
|
6
|
Nuveen Investments
|
In general during this period, we emphasized bonds with longer maturities. This enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve and also provided some protection for the Funds’ duration and yield curve positioning. In NPI and NPM, we also purchased lower rated bonds when we found attractive opportunities, as we believed these bonds continued to offer relative value. In NPT, our purchases were diversified across bonds with ratings ranging from AA to BBB, slightly increasing our weighting in the A category. Our opportunities in these areas were somewhat constrained by the structure of bonds typically issued as part of refinancing deals, which tend to be characterized by shorter maturities and higher credit quality.
We also took advantage of short-term opportunities created by the supply/demand dynamics in the municipal market. While demand for tax-exempt paper remained consistently strong throughout the period, supply fluctuated widely. We found that periods of substantial supply provided good short-term buying opportunities not only because of the increased number of issues available, but also because some investors became more hesitant in their buying as supply grew, causing spreads to widen temporarily. At times when supply was more plentiful, we were proactive in focusing on anticipating cash flows from bond calls and maturing bonds and closely monitored opportunities for reinvestment.
Cash for new purchases during this period was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. During this period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. All three Funds also sold selected bonds with short call dates in advance of their call dates to take advantage of attractive purchase candidates as they became available in the market. Overall, selling was relatively limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
As of October 31, 2012, all three of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
|
Nuveen Investments
|
7
|
How did the Funds perform during the twelve-month reporting period ended October 31, 2012?
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
Average Annual Total Returns on Common Share Net Asset Value
For periods ended 10/31/12
|
Fund
|
1-Year
|
5-Year
|
10-Year
|
|||||||
|
NPI
|
16.41
|
%
|
7.20
|
%
|
6.45
|
%
|
||||
|
NPM
|
15.48
|
%
|
7.68
|
%
|
6.66
|
%
|
||||
|
NPT
|
17.96
|
%
|
8.18
|
%
|
6.85
|
%
|
||||
|
S&P Municipal Bond Index*
|
9.56
|
%
|
5.83
|
%
|
5.35
|
%
|
||||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average*
|
18.77
|
%
|
7.73
|
%
|
6.99
|
%
|
||||
For the twelve months ended October 31, 2012, the total returns on common share net asset value (NAV) for all three of these Nuveen Funds exceeded the return for the S&P Municipal Bond Index. For this same period, the Funds lagged the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance over this period. Leverage is discussed in more detail later in this report.
In an environment of declining rates and a flattening yield curve, municipal bonds with longer maturities generally outperformed those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, duration and yield curve positioning was a major positive contributor to the performance of these Funds, with the net impact varying according to each Fund’s individual weightings along the yield curve. In particular, the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market during this period. This was especially true in NPT, which was overweight in zero coupon bonds.
Credit exposure was another important factor in the Funds’ performance during these twelve months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, these Funds benefited from their holdings of lower rated credits, especially NPT, which was overweight in bonds rated BBB and A. NPM, on the other hand, had the largest allocation of bonds rated AA and the smallest weighting of bonds rated BBB, which detracted from its performance.
|
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 page Performance Overview for your Fund in this report. | |
| * |
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
|
8
|
Nuveen Investments
|
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation, education and water and sewer bonds. In general, all of these Funds had strong exposure to the health care (particularly NPT) and transportation sectors. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from market developments, including increased demand for higher yielding investments by investors who had become less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. As of October 31, 2012, all three Funds were slightly overweight in tobacco bonds, which benefited their performance as tobacco credits rallied.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of October 31, 2012, all three of these Funds were overweight in pre-refunded bonds, with NPI having the largest allocation. General obligation (GO) bonds and housing and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period. These Funds tended to have smaller weightings in GOs, which lessened the impact of these holdings.
|
Nuveen Investments
|
9
|
Fund Leverage and
Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
THE FUNDS’ REGULATORY LEVERAGE
As of October 31, 2012, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
VMTP Shares
|
Fund
|
Series
|
VMTP Shares Issued
at Liquidation Value
|
|||||
|
NPI
|
2014
|
$
|
402,400,000
|
||||
VRDP Shares
|
|
||||||
|
Fund
|
VRDP Shares Issued
at Liquidation Value
|
|||||
|
NPM
|
$
|
489,500,000
|
||||
|
NPT
|
$
|
262,200,000
|
||||
Subsequent to the close of this reporting period, NPI successfully exchanged all of its outstanding 4,024 Series 2014 VMTP Shares for 4,024 Series 2015 VMTP Shares. Concurrent with this exchange, the Fund also issued an additional 46 Series 2015 VMTP Shares. Both of these transactions were completed in privately negotiated offerings.
The Fund completed the exchange offer in which it refinanced its existing VMTP Shares with new VMTP Shares at a reduced cost and with a term redemption date of December 1, 2015. The proceeds from the additional VMTP Shares will be used to take advantage of opportunities in the current municipal market. Dividends on the VMTP Shares will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA).
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on VMTP Shares and VRDP Shares.)
|
10
|
Nuveen Investments
|
RISK CONSIDERATIONS
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
|
Nuveen Investments
|
|
11
|
Common Share Dividend
and Price Information
DIVIDEND INFORMATION
The monthly dividends of NPI and NPT remained stable throughout the twelve-month reporting period ended October 31, 2012, while the monthly dividend of NPM was reduced once during this period.
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 October 31, 2012, all of the Funds in this report had positive UNII balances for both tax and financial reporting purposes.
COMMON SHARE REPURCHASES AND PRICE INFORMATION
As of October 31, 2012, and since the inception of the Funds’ repurchase programs, NPM has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NPI and NPT have not repurchased any of their outstanding common shares.
|
Fund
|
Common Shares
Repurchased and Retired
|
% of Outstanding
Common Shares
|
|||||
|
NPM
|
422,900
|
0.6
|
%
|
||||
During the twelve-month reporting period, NPM did not repurchase any of its outstanding common shares.
|
12
|
Nuveen Investments
|
As of October 31, 2012 and during the twelve-month reporting period, the Funds’ common share prices were trading at (+) premiums and/or (-) discounts to their common share NAVs as shown in the accompanying table.
|
Fund
|
10/31/12
(+)Premium/(-)Discount
|
Twelve-Month Average
(-)Discount
|
|||||
|
NPI
|
(+)0.84%
|
|
(-)1.40%
|
|
|||
|
NPM
|
(-)2.69%
|
|
(-)2.37%
|
|
|||
|
NPT
|
(-)0.21%
|
|
(-)1.04%
|
|
|
Nuveen Investments
|
13
|
|
NPI
|
Nuveen Premium
|
|
|
Performance
|
Income Municipal
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.56
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.43
|
||
|
Premium/(Discount) to NAV
|
0.84
|
%
|
||
|
Market Yield
|
5.90
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.19
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$ | 987,664 | ||
|
Leverage
|
||||
|
Regulatory Leverage
|
28.95
|
%
|
||
|
Effective Leverage
|
35.44
|
%
|
|
Average Annual Total Returns
(Inception 7/18/88)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
22.06
|
%
|
16.41
|
%
|
|||
|
5-Year
|
9.90
|
%
|
7.20
|
%
|
|||
|
10-Year
|
7.41
|
%
|
6.45
|
%
|
|||
|
States3
(as a % of total investments)
|
||||
|
California
|
15.7
|
%
|
||
|
Texas
|
9.6
|
%
|
||
|
New York
|
9.6
|
%
|
||
|
Illinois
|
8.4
|
%
|
||
|
Florida
|
5.8
|
%
|
||
|
New Jersey
|
5.2
|
%
|
||
|
Louisiana
|
3.2
|
%
|
||
|
South Carolina
|
3.2
|
%
|
||
|
Pennsylvania
|
3.1
|
%
|
||
|
Michigan
|
3.0
|
%
|
||
|
Massachusetts
|
3.0
|
%
|
||
|
Minnesota
|
2.7
|
%
|
||
|
Alabama
|
2.5
|
%
|
||
|
Wisconsin
|
2.3
|
%
|
||
|
Washington
|
1.8
|
%
|
||
|
Oklahoma
|
1.7
|
%
|
||
|
Other
|
19.2
|
%
|
|
Portfolio Composition3
(as a % of total investments)
|
||||
|
Health Care
|
18.2
|
%
|
||
|
Tax Obligation/Limited
|
16.5
|
%
|
||
|
U.S. Guaranteed
|
15.5
|
%
|
||
|
Transportation
|
14.7
|
%
|
||
|
Tax Obligation/General
|
11.5
|
%
|
||
|
Water and Sewer
|
6.4
|
%
|
||
|
Utilities
|
5.4
|
%
|
||
|
Other
|
11.8
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
| 3 | Holdings are subject to change. |
|
14
|
Nuveen Investments
|
|
NPM
|
Nuveen Premium
|
|
|
Performance
|
Income Municipal
|
|
|
OVERVIEW
|
Fund 2, Inc.
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.56
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.99
|
||
|
Premium/(Discount) to NAV
|
-2.69
|
%
|
||
|
Market Yield
|
5.75
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.99
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
1,130,631
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
30.21
|
%
|
||
|
Effective Leverage
|
36.24
|
%
|
|
Average Annual Total Returns
(Inception 7/23/92)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
15.97
|
%
|
15.48
|
%
|
|||
|
5-Year
|
9.89
|
%
|
7.68
|
%
|
|||
|
10-Year
|
7.38
|
%
|
6.66
|
%
|
|||
|
States3
(as a % of total investments)
|
||||
|
Florida
|
20.3
|
%
|
||
|
California
|
11.5
|
%
|
||
|
Illinois
|
9.2
|
%
|
||
|
New York
|
6.1
|
%
|
||
|
Texas
|
5.8
|
%
|
||
|
Nevada
|
4.1
|
%
|
||
|
New Jersey
|
3.7
|
%
|
||
|
Michigan
|
3.6
|
%
|
||
|
Louisiana
|
3.4
|
%
|
||
|
Washington
|
3.4
|
%
|
||
|
Massachusetts
|
2.7
|
%
|
||
|
South Carolina
|
2.3
|
%
|
||
|
Alabama
|
2.1
|
%
|
||
|
Ohio
|
2.0
|
%
|
||
|
Pennsylvania
|
2.0
|
%
|
||
|
Indiana
|
1.7
|
%
|
||
|
Other
|
16.1
|
%
|
|
Portfolio Composition3
(as a % of total investments)
|
||||
|
Health Care
|
17.7
|
%
|
||
|
Tax Obligation/Limited
|
16.9
|
%
|
||
|
Tax Obligation/General
|
15.0
|
%
|
||
|
U.S. Guaranteed
|
13.2
|
%
|
||
|
Transportation
|
11.2
|
%
|
||
|
Water and Sewer
|
7.6
|
%
|
||
|
Education and Civic Organizations
|
5.9
|
%
|
||
|
Utilities
|
5.5
|
%
|
||
|
Other
|
7.0
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
15
|
|
NPT
|
Nuveen Premium
|
|
|
Performance
|
Income Municipal
|
|
|
OVERVIEW
|
Fund 4, Inc.
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
14.48
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
14.51
|
||
|
Premium/(Discount) to NAV
|
-0.21
|
%
|
||
|
Market Yield
|
5.88
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.17
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
628,367
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
29.44
|
%
|
||
|
Effective Leverage
|
35.42
|
%
|
|
Average Annual Total Returns
(Inception 2/19/93)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
20.63
|
%
|
17.96
|
%
|
|||
|
5-Year
|
11.00
|
%
|
8.18
|
%
|
|||
|
10-Year
|
7.56
|
%
|
6.85
|
%
|
|||
|
States3
(as a % of total investments)
|
||||
|
California
|
15.5
|
%
|
||
|
Illinois
|
11.9
|
%
|
||
|
Texas
|
11.8
|
%
|
||
|
Florida
|
5.2
|
%
|
||
|
Colorado
|
3.7
|
%
|
||
|
Louisiana
|
3.2
|
%
|
||
|
Arizona
|
3.2
|
%
|
||
|
Michigan
|
3.1
|
%
|
||
|
Alabama
|
2.5
|
%
|
||
|
Georgia
|
2.5
|
%
|
||
|
New York
|
2.5
|
%
|
||
|
Indiana
|
2.3
|
%
|
||
|
Ohio
|
2.3
|
%
|
||
|
Washington
|
2.3
|
%
|
||
|
Pennsylvania
|
2.2
|
%
|
||
|
Puerto Rico
|
2.0
|
%
|
||
|
Other
|
23.8
|
%
|
|
Portfolio Composition3
(as a % of total investments)
|
||||
|
Health Care
|
22.8
|
%
|
||
|
Tax Obligation/Limited
|
15.8
|
%
|
||
|
Tax Obligation/General
|
13.9
|
%
|
||
|
U.S. Guaranteed
|
13.6
|
%
|
||
|
Transportation
|
8.3
|
%
|
||
|
Water and Sewer
|
6.8
|
%
|
||
|
Utilities
|
6.1
|
%
|
||
|
Other
|
12.7
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
16
|
Nuveen Investments
|
|
NPI
|
Shareholder Meeting Report
|
|
| NPM | ||
|
NPT
|
The annual meeting of shareholders was held on July 31, 2012 in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL 60606; at this meeting the shareholders were asked to vote on the election of Board Members.
|
|
NPI
|
NPM
|
NPT
|
|||||||||||||||||
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
Common and
Preferred
shares voting
together
as a class
|
Preferred
shares voting
together
as a class
|
||||||||||||||
|
Approval of the Board Members was reached as follows:
|
|||||||||||||||||||
|
John P. Amboian
|
|||||||||||||||||||
|
For
|
56,033,117
|
—
|
63,411,940
|
—
|
38,799,537
|
—
|
|||||||||||||
|
Withhold
|
1,360,259
|
—
|
1,306,262
|
—
|
744,614
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
Robert P. Bremner
|
|||||||||||||||||||
|
For
|
56,012,146
|
—
|
63,360,501
|
—
|
38,781,115
|
—
|
|||||||||||||
|
Withhold
|
1,381,230
|
—
|
1,357,701
|
—
|
763,036
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
Jack B. Evans
|
|||||||||||||||||||
|
For
|
56,005,211
|
—
|
63,378,331
|
—
|
38,805,648
|
—
|
|||||||||||||
|
Withhold
|
1,388,165
|
—
|
1,339,871
|
—
|
738,503
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
William C. Hunter
|
|||||||||||||||||||
|
For
|
—
|
4,024
|
—
|
3,740
|
—
|
922
|
|||||||||||||
|
Withhold
|
—
|
—
|
—
|
300
|
—
|
—
|
|||||||||||||
|
Total
|
—
|
4,024
|
—
|
4,040
|
—
|
922
|
|||||||||||||
|
David J. Kundert
|
|||||||||||||||||||
|
For
|
55,900,017
|
—
|
63,357,860
|
—
|
38,763,738
|
—
|
|||||||||||||
|
Withhold
|
1,493,359
|
—
|
1,360,342
|
—
|
780,413
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
William J. Schneider
|
|||||||||||||||||||
|
For
|
—
|
4,024
|
—
|
3,740
|
—
|
922
|
|||||||||||||
|
Withhold
|
—
|
—
|
—
|
300
|
—
|
—
|
|||||||||||||
|
Total
|
—
|
4,024
|
—
|
4,040
|
—
|
922
|
|||||||||||||
|
Judith M. Stockdale
|
|||||||||||||||||||
|
For
|
55,955,022
|
—
|
63,283,010
|
—
|
38,797,767
|
—
|
|||||||||||||
|
Withhold
|
1,438,354
|
—
|
1,435,192
|
—
|
746,384
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
Carole E. Stone
|
|||||||||||||||||||
|
For
|
55,979,287
|
—
|
63,303,541
|
—
|
38,790,481
|
—
|
|||||||||||||
|
Withhold
|
1,414,089
|
—
|
1,414,661
|
—
|
753,670
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
Virginia L. Stringer
|
|||||||||||||||||||
|
For
|
56,003,514
|
—
|
63,302,265
|
—
|
38,782,807
|
—
|
|||||||||||||
|
Withhold
|
1,389,862
|
—
|
1,415,937
|
—
|
761,344
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
Terence J. Toth
|
|||||||||||||||||||
|
For
|
56,022,787
|
—
|
63,338,376
|
—
|
38,812,733
|
—
|
|||||||||||||
|
Withhold
|
1,370,589
|
—
|
1,379,826
|
—
|
731,418
|
—
|
|||||||||||||
|
Total
|
57,393,376
|
—
|
64,718,202
|
—
|
39,544,151
|
—
|
|||||||||||||
|
Nuveen Investments
|
17
|
Report of Independent
Registered Public Accounting Firm
The Board of Directors and Shareholders
Nuveen Premium Income Municipal Fund, Inc.
Nuveen Premium Income Municipal Fund 2, Inc.
Nuveen Premium Income Municipal Fund 4, Inc.
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Premium Income Municipal Fund, Inc., Nuveen Premium Income Municipal Fund 2, Inc., and Nuveen Premium Income Municipal Fund 4, Inc. (the “Funds”) as of October 31, 2012, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Premium Income Municipal Fund, Inc., Nuveen Premium Income Municipal Fund 2, Inc., and Nuveen Premium Income Municipal Fund 4, Inc. at October 31, 2012, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Chicago, Illinois
December 27, 2012
|
18
|
Nuveen Investments
|
|
Nuveen Premium Income Municipal Fund, Inc.
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Municipal Bonds – 146.4% (99.6% of Total Investments)
|
|||||||||
|
Alabama – 3.7% (2.5% of Total Investments)
|
|||||||||
|
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+
|
$
|
1,558,869
|
|||
|
4,000
|
5.000%, 11/15/39 (UB)
|
11/16 at 100.00
|
AA+
|
4,347,840
|
|||||
|
6,000
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006D, 5.000%, 11/15/39 (UB)
|
11/16 at 100.00
|
AA+
|
6,472,380
|
|||||
|
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A:
|
|||||||||
|
6,000
|
5.250%, 11/15/20
|
11/15 at 100.00
|
Baa2
|
6,348,060
|
|||||
|
1,300
|
5.000%, 11/15/30
|
11/15 at 100.00
|
Baa2
|
1,319,357
|
|||||
|
12,000
|
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
|
1/17 at 100.00
|
AA+
|
12,453,960
|
|||||
|
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
|
2,960,083
|
|||||
|
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)
|
1,098,280
|
|||||
|
34,625
|
Total Alabama
|
36,558,829
|
|||||||
|
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)
|
2,084,020
|
|||||
|
2,035
|
5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured
|
9/13 at 100.00
|
AA+ (4)
|
2,120,490
|
|||||
|
10,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
B+
|
9,343,635
|
|||||
|
14,535
|
Total Alaska
|
13,548,145
|
|||||||
|
Arizona – 1.7% (1.2% 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+
|
528,015
|
|||||
|
660
|
5.250%, 12/01/25
|
12/15 at 100.00
|
BBB+
|
696,168
|
|||||
|
9,720
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
A+
|
10,785,604
|
|||||
|
4,100
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
4,751,654
|
|||||
|
14,980
|
Total Arizona
|
16,761,441
|
|||||||
|
Arkansas – 0.2% (0.2% of Total Investments)
|
|||||||||
|
2,000
|
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
|
2/15 at 100.00
|
Baa1
|
2,072,300
|
|||||
|
California – 23.1% (15.8% of Total Investments)
|
|||||||||
|
9,200
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
6,912,972
|
|||||
|
10,000
|
Anaheim Public Finance Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
|
9/17 at 100.00
|
A1
|
10,140,900
|
|||||
|
5,400
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28 (UB)
|
10/15 at 100.00
|
Aa1
|
5,932,278
|
|
Nuveen Investments
|
19
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
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
|
$
|
1,578,630
|
|||
|
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
|
3,755,998
|
|||||
|
7,000
|
5.000%, 3/01/33
|
3/13 at 100.00
|
A
|
7,045,990
|
|||||
|
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
|
5,775,889
|
|||||
|
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
|
9,294,448
|
|||||
|
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+
|
9,046,835
|
|||||
|
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
|
4,864,848
|
|||||
|
3,015
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
|
11/16 at 100.00
|
AA–
|
3,228,613
|
|||||
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
|
|||||||||
|
2,140
|
9.153%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA–
|
2,651,075
|
|||||
|
825
|
9.153%, 2/15/20 (IF)
|
No Opt. Call
|
AA–
|
1,022,027
|
|||||
|
790
|
9.145%, 2/15/20 (IF)
|
No Opt. Call
|
AA–
|
978,494
|
|||||
|
7,205
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15
|
No Opt. Call
|
A2
|
7,565,034
|
|||||
|
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
|
1,187,790
|
|||||
|
3,130
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
|
No Opt. Call
|
Aa3
|
3,384,907
|
|||||
|
905
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
|
No Opt. Call
|
Aaa
|
979,970
|
|||||
| California State, General Obligation Bonds, Series 2004: | |||||||||
|
1,160
|
5.125%, 2/01/25
|
2/14 at 100.00
|
A1
|
1,223,893
|
|||||
|
10,000
|
5.125%, 2/01/26
|
2/14 at 100.00
|
A1
|
10,494,900
|
|||||
|
2,610
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
2,898,457
|
|||||
|
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
|
1,707,929
|
|||||
|
4,730
|
5.000%, 7/01/39
|
7/15 at 100.00
|
BBB
|
4,851,277
|
|||||
|
5,000
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
5,646,900
|
|||||
|
7,130
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.471%, 5/15/14 (IF)
|
5/18 at 100.00
|
AA–
|
10,038,113
|
|||||
|
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+
|
3,788,249
|
|||||
|
4,890
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured
|
No Opt. Call
|
AA+
|
2,826,322
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
7,520
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
6,447,122
|
|||||
|
2,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,791,860
|
|||||
|
3,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
2,431,200
|
|||||
|
5,000
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
|
No Opt. Call
|
Aa2
|
3,131,350
|
|
20
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
15,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
|
1/21 at 100.00
|
AA
|
$
|
17,210,700
|
|||
|
530
|
Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)
|
No Opt. Call
|
Aaa
|
622,570
|
|||||
|
14,905
|
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
19,909,354
|
|||||
|
5,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (4)
|
5,461,750
|
|||||
|
2,570
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 (Pre-refunded 8/15/13) – NPFG Insured
|
8/13 at 100.00
|
A1 (4)
|
2,666,144
|
|||||
|
1,130
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 – NPFG Insured
|
8/13 at 100.00
|
A+
|
1,166,906
|
|||||
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
|
|||||||||
|
400
|
5.000%, 9/01/21
|
9/15 at 102.00
|
Baa3
|
421,836
|
|||||
|
445
|
5.000%, 9/01/23
|
9/15 at 102.00
|
Baa3
|
464,358
|
|||||
|
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+
|
3,634,960
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
10,450
|
0.000%, 1/15/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,060,766
|
|||||
|
7,150
|
0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,593,806
|
|||||
|
50,400
|
0.000%, 1/15/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
16,114,896
|
|||||
|
24,025
|
0.000%, 1/15/36 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,759,674
|
|||||
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:
|
|||||||||
|
1,000
|
6.500%, 12/01/24
|
12/21 at 100.00
|
A
|
1,253,100
|
|||||
|
1,000
|
6.625%, 12/01/25
|
12/21 at 100.00
|
A
|
1,257,750
|
|||||
|
1,325
|
6.750%, 12/01/26
|
12/21 at 100.00
|
A
|
1,663,776
|
|||||
|
279,730
|
Total California
|
227,886,616
|
|||||||
|
Colorado – 1.7% (1.2% 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+
|
2,705,150
|
|||||
|
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
|
736,437
|
|||||
|
2,125
|
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
|
6/16 at 100.00
|
A–
|
2,215,461
|
|||||
|
1,000
|
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25
|
9/14 at 100.00
|
A3
|
1,013,340
|
|||||
|
800
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
|
3/15 at 100.00
|
A+
|
828,840
|
|||||
|
1,670
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
1,721,520
|
|||||
|
20,500
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
7,370,160
|
|||||
|
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
|
290,320
|
|||||
|
29,535
|
Total Colorado
|
16,881,228
|
|||||||
|
Connecticut – 0.5% (0.3% of Total Investments)
|
|||||||||
|
1,930
|
Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16
|
No Opt. Call
|
AA
|
2,303,841
|
|||||
|
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
|
2,533,031
|
|||||
|
4,240
|
Total Connecticut
|
4,836,872
|
|
Nuveen Investments
|
21
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Delaware – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
1,000
|
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured
|
10/20 at 100.00
|
AA
|
$
|
1,114,980
|
|||
|
District of Columbia – 2.2% (1.5% of Total Investments)
|
|||||||||
|
3,015
|
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)
|
12/12 at 100.00
|
AA+
|
3,021,965
|
|||||
|
9,505
|
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured
|
No Opt. Call
|
Aa2
|
12,364,294
|
|||||
|
2,130
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.561%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
2,463,388
|
|||||
|
3,335
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.557%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
3,856,794
|
|||||
|
17,985
|
Total District of Columbia
|
21,706,441
|
|||||||
|
Florida – 8.5% (5.8% of Total Investments)
|
|||||||||
|
2,875
|
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24
|
4/16 at 100.00
|
A–
|
3,049,283
|
|||||
|
2,000
|
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax)
|
10/21 at 100.00
|
AA+
|
2,358,020
|
|||||
|
8,000
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.375%, 10/01/16 – NPFG Insured (Alternative Minimum Tax)
|
10/13 at 100.00
|
A+
|
8,321,280
|
|||||
|
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)
|
11/12 at 100.00
|
N/R
|
5,402,268
|
|||||
|
8,000
|
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39
|
4/20 at 100.00
|
AA
|
9,065,200
|
|||||
|
19,750
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 4.500%, 7/01/33 – AMBAC Insured
|
7/16 at 100.00
|
A–
|
20,440,460
|
|||||
|
7,575
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41
|
10/20 at 100.00
|
A
|
8,373,860
|
|||||
|
1,800
|
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37 (WI/DD, Settling 11/08/12)
|
10/22 at 100.00
|
A+
|
2,001,402
|
|||||
|
11,100
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA
|
12,547,440
|
|||||
|
6,910
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
|
8/17 at 100.00
|
AA
|
7,457,548
|
|||||
|
1,785
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
|
10/15 at 100.00
|
AA
|
1,960,198
|
|||||
|
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
|
2,510,518
|
|||||
|
77,570
|
Total Florida
|
83,487,477
|
|||||||
|
Georgia – 1.5% (1.0% 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
|
2,786,306
|
|||||
|
6,025
|
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%, 1/01/20 – AGM Insured
|
1/14 at 100.00
|
Aa2
|
6,344,747
|
|||||
|
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
|
5,883,143
|
|||||
|
13,660
|
Total Georgia
|
15,014,196
|
|||||||
|
Hawaii – 1.1% (0.7% of Total Investments)
|
|||||||||
|
5,000
|
Hawaii State, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – NPFG Insured
|
9/13 at 100.00
|
AA
|
5,196,450
|
|||||
|
5,000
|
Hawaii State, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
|
9/13 at 100.00
|
Aa2 (4)
|
5,207,900
|
|||||
|
10,000
|
Total Hawaii
|
10,404,350
|
|
22
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Idaho – 0.3% (0.2% of Total Investments)
|
|||||||||
|
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
|
|||||||||
|
$
|
2,185
|
5.250%, 9/01/30
|
9/16 at 100.00
|
BB+
|
$
|
2,230,798
|
|||
|
600
|
5.250%, 9/01/37
|
9/16 at 100.00
|
BB+
|
608,784
|
|||||
|
2,785
|
Total Idaho
|
2,839,582
|
|||||||
|
Illinois – 12.3% (8.4% of Total Investments)
|
|||||||||
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
|
|||||||||
|
8,890
|
0.000%, 12/01/16 – FGIC Insured
|
No Opt. Call
|
A+
|
8,342,109
|
|||||
|
10,000
|
0.000%, 12/01/20 – FGIC Insured
|
No Opt. Call
|
A+
|
7,721,900
|
|||||
|
10,130
|
0.000%, 12/01/24 – FGIC Insured
|
No Opt. Call
|
A+
|
6,246,158
|
|||||
|
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
|
A+
|
11,047,050
|
|||||
|
10,000
|
0.000%, 12/01/23 – FGIC Insured
|
No Opt. Call
|
A+
|
6,539,500
|
|||||
|
3,800
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
|
12/21 at 100.00
|
AA
|
4,362,894
|
|||||
|
2,630
|
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
|
1/22 at 100.00
|
AAA
|
2,964,431
|
|||||
|
13,310
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
15,144,517
|
|||||
|
8,810
|
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured
|
2/13 at 100.00
|
Baa1
|
8,824,625
|
|||||
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:
|
|||||||||
|
1,050
|
5.250%, 11/15/22 (Pre-refunded 5/15/14)
|
5/14 at 100.00
|
A (4)
|
1,128,635
|
|||||
|
3,000
|
5.250%, 11/15/23 (Pre-refunded 5/15/14)
|
5/14 at 100.00
|
A (4)
|
3,224,670
|
|||||
|
985
|
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
|
1/16 at 100.00
|
BB+
|
935,701
|
|||||
|
2,880
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
3,742,186
|
|||||
|
1,970
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
Aa1
|
2,201,810
|
|||||
|
10,280
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 – AMBAC Insured
|
2/13 at 100.00
|
BBB
|
10,289,663
|
|||||
|
1,000
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/30
|
1/16 at 100.00
|
CCC
|
517,960
|
|||||
|
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
|
11,238,500
|
|||||
|
5,290
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/15 – FGIC Insured
|
No Opt. Call
|
A3
|
5,055,441
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
|||||||||
|
3,590
|
0.000%, 6/15/15 – FGIC Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
3,529,903
|
|||||
|
1,160
|
0.000%, 6/15/15 – FGIC Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
1,133,390
|
|||||
|
3,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
|
No Opt. Call
|
Aaa
|
4,344,720
|
|||||
|
3,000
|
Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris Hospital, Series 2001, 6.625%, 12/01/31
|
12/12 at 100.50
|
BBB+
|
3,036,300
|
|||||
|
129,775
|
Total Illinois
|
121,572,063
|
|||||||
|
Indiana – 0.6% (0.4% of Total Investments)
|
|||||||||
|
2,005
|
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured
|
8/14 at 100.00
|
Aaa
|
2,169,270
|
|||||
|
1,260
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 (WI/DD, Settling 11/27/12)
|
5/23 at 100.00
|
A
|
1,380,191
|
|||||
|
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
|
2,738,925
|
|||||
|
5,765
|
Total Indiana
|
6,288,386
|
|
Nuveen Investments
|
23
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Iowa – 1.4% (0.9% of Total Investments)
|
|||||||||
|
$
|
2,105
|
Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
AA+ (4)
|
$
|
2,438,137
|
|||
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|||||||||
|
10,000
|
5.500%, 6/01/42
|
6/15 at 100.00
|
B+
|
9,220,500
|
|||||
|
2,000
|
5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
1,889,300
|
|||||
|
14,105
|
Total Iowa
|
13,547,937
|
|||||||
|
Kansas – 0.6% (0.4% of Total Investments)
|
|||||||||
|
6,000
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21 (Pre-refunded 3/01/14)
|
3/14 at 100.00
|
AAA
|
6,377,580
|
|||||
|
Kentucky – 2.0% (1.3% of Total Investments)
|
|||||||||
|
3,800
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
|
6/20 at 100.00
|
BBB+
|
4,554,794
|
|||||
|
9,195
|
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30
|
6/21 at 100.00
|
Aa3
|
10,700,957
|
|||||
|
Marshall County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004:
|
|||||||||
|
1,210
|
5.000%, 6/01/19 (Pre-refunded 6/01/14) – AMBAC Insured
|
6/14 at 100.00
|
Aa3 (4)
|
1,300,000
|
|||||
|
1,270
|
5.000%, 6/01/20 (Pre-refunded 6/01/14) – AMBAC Insured
|
6/14 at 100.00
|
Aa3 (4)
|
1,364,463
|
|||||
|
1,335
|
5.000%, 6/01/21 (Pre-refunded 6/01/14) – AMBAC Insured
|
6/14 at 100.00
|
Aa3 (4)
|
1,434,297
|
|||||
|
16,810
|
Total Kentucky
|
19,354,511
|
|||||||
|
Louisiana – 4.7% (3.2% of Total Investments)
|
|||||||||
|
2,915
|
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured
|
12/12 at 100.00
|
A+ (4)
|
2,927,360
|
|||||
|
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
|
|||||||||
|
215
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
230,680
|
|||||
|
1,995
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
2,139,498
|
|||||
|
2,000
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
|
8/15 at 100.00
|
A+
|
2,077,820
|
|||||
|
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
|
6,136,052
|
|||||
|
4,305
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
|
5/21 at 100.00
|
Baa1
|
5,232,383
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
|
|||||||||
|
1,200
|
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
|
5/15 at 100.00
|
Aa1 (4)
|
1,338,516
|
|||||
|
2,210
|
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
|
5/15 at 100.00
|
Aa1 (4)
|
2,465,100
|
|||||
|
2,500
|
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
|
5/15 at 100.00
|
Aa1 (4)
|
2,788,575
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
930
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
1,016,862
|
|||||
|
10,105
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
10,754,145
|
|||||
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
|
|||||||||
|
270
|
5.500%, 5/15/30
|
11/12 at 100.00
|
A1
|
276,745
|
|||||
|
8,785
|
5.875%, 5/15/39
|
11/12 at 100.00
|
A–
|
9,004,449
|
|||||
|
43,230
|
Total Louisiana
|
46,388,185
|
|||||||
|
Maryland – 0.9% (0.7% of Total Investments)
|
|||||||||
|
2,200
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
2,261,644
|
|||||
|
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
|
542,984
|
|
24
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maryland (continued)
|
|||||||||
|
$
|
2,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33
|
1/18 at 100.00
|
BBB
|
$
|
2,185,700
|
|||
|
3,445
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
|
7/16 at 100.00
|
BBB
|
3,593,617
|
|||||
|
735
|
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
|
1/13 at 100.00
|
Aaa
|
736,382
|
|||||
|
8,830
|
Total Maryland
|
9,320,327
|
|||||||
|
Massachusetts – 4.4% (3.0% of Total Investments)
|
|||||||||
|
2,025
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,262,452
|
|||||
|
2,825
|
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)
|
No Opt. Call
|
A–
|
2,829,181
|
|||||
|
700
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
|
7/21 at 100.00
|
A
|
784,651
|
|||||
|
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)
|
4,036,097
|
|||||
|
13,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006, 4.375%, 8/01/36 (UB)
|
8/16 at 100.00
|
AAA
|
13,678,600
|
|||||
|
5,960
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 – NPFG Insured
|
8/17 at 100.00
|
AA+
|
7,118,028
|
|||||
|
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+
|
5,827,802
|
|||||
|
6,700
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
7,426,883
|
|||||
|
40,565
|
Total Massachusetts
|
43,963,694
|
|||||||
|
Michigan – 4.5% (3.0% of Total Investments)
|
|||||||||
|
2,650
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
A+
|
2,876,734
|
|||||
|
Detroit, Michigan, General Obligation Bonds, Series 2003A:
|
|||||||||
|
3,565
|
5.250%, 4/01/22 – SYNCORA GTY Insured
|
4/13 at 100.00
|
B
|
3,309,104
|
|||||
|
1,275
|
5.250%, 4/01/23 – SYNCORA GTY Insured
|
4/13 at 100.00
|
B
|
1,167,403
|
|||||
|
3,000
|
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
|
7/15 at 100.00
|
BB+
|
3,145,500
|
|||||
|
3,665
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds Series 2011A, 5.500%, 7/01/41
|
7/21 at 100.00
|
AA–
|
4,361,057
|
|||||
|
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
|
10,418,200
|
|||||
|
1,000
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41
|
10/21 at 100.00
|
Aa3
|
1,156,800
|
|||||
|
5,200
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
|
6/22 at 100.00
|
AA
|
5,736,692
|
|||||
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
|
|||||||||
|
725
|
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
852,071
|
|||||
|
3,275
|
5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
AA
|
3,649,758
|
|||||
|
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
|
902,488
|
|||||
|
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
|
6,414,282
|
|||||
|
41,595
|
Total Michigan
|
43,990,089
|
|
Nuveen Investments
|
25
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Minnesota – 4.0% (2.7% of Total Investments)
|
|||||||||
|
$
|
13,650
|
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22
|
7/14 at 100.00
|
A2
|
$
|
14,126,385
|
|||
|
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)
|
2,129,260
|
|||||
|
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–
|
3,387,300
|
|||||
|
90
|
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured
|
11/12 at 100.00
|
A
|
90,159
|
|||||
|
1,500
|
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24
|
10/14 at 100.00
|
A3
|
1,618,410
|
|||||
|
1,545
|
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
|
11/15 at 100.00
|
BBB–
|
1,638,921
|
|||||
|
13,815
|
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–
|
16,378,650
|
|||||
|
35,600
|
Total Minnesota
|
39,369,085
|
|||||||
|
Mississippi – 0.7% (0.4% of Total Investments)
|
|||||||||
|
6,875
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
|
9/14 at 100.00
|
AA
|
7,332,669
|
|||||
|
Missouri – 0.6% (0.4% of Total Investments)
|
|||||||||
|
2,000
|
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24
|
2/14 at 100.00
|
BBB+
|
2,032,800
|
|||||
|
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+
|
521,090
|
|||||
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
|
|||||||||
|
1,565
|
6.000%, 6/01/20
|
No Opt. Call
|
A
|
1,800,626
|
|||||
|
1,660
|
5.000%, 6/01/35
|
6/15 at 100.00
|
A
|
1,713,269
|
|||||
|
5,725
|
Total Missouri
|
6,067,785
|
|||||||
|
Nebraska – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,620
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.658%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
2,823,368
|
|||||
|
Nevada – 1.7% (1.1% of Total Investments)
|
|||||||||
|
8,800
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
10,138,304
|
|||||
|
2,700
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
BBB–
|
3,091,095
|
|||||
|
2,600
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
|
6/22 at 100.00
|
AA+
|
2,945,696
|
|||||
|
294
|
Nevada State Las Vegas Monorail Company, Series 2012A, 5.500%, 07/15/19 (6)
|
No Opt. Call
|
N/R
|
211,849
|
|||||
|
88
|
Nevada State Las Vegas Monorail Company, Series 2012B, 3.000%, 06/30/55 (6)
|
No Opt. Call
|
N/R
|
36,575
|
|||||
|
14,482
|
Total Nevada
|
16,423,519
|
|||||||
|
New Hampshire – 0.0% (0.0% of Total Investments)
|
|||||||||
|
270
|
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax)
|
1/13 at 100.00
|
Aa3
|
270,599
|
|
26
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey – 7.6% (5.2% 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
|
1/13 at 100.00
|
AA–
|
$
|
10,173,853
|
|||
|
275
|
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15
|
No Opt. Call
|
B3
|
190,666
|
|||||
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
|
|||||||||
|
3,655
|
5.250%, 9/01/24
|
9/15 at 100.00
|
A+
|
4,012,569
|
|||||
|
2,000
|
5.250%, 9/01/26
|
9/15 at 100.00
|
A+
|
2,202,840
|
|||||
|
300
|
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32
|
6/19 at 100.00
|
A–
|
378,357
|
|||||
|
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–
|
851,328
|
|||||
|
3,850
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
A+
|
4,826,630
|
|||||
|
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
|
5,588,530
|
|||||
|
9,250
|
5.500%, 6/15/23 (Pre-refunded 6/15/13)
|
6/13 at 100.00
|
Aaa
|
9,555,250
|
|||||
|
7,330
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31
|
6/21 at 100.00
|
A+
|
8,820,922
|
|||||
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:
|
|||||||||
|
3,915
|
6.000%, 1/01/14 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
4,177,775
|
|||||
|
7,585
|
6.000%, 1/01/14 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
8,094,105
|
|||||
|
2,500
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 (Pre-refunded 7/01/13) – FGIC Insured
|
7/13 at 100.00
|
A+ (4)
|
2,580,150
|
|||||
|
9,130
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
|
1/15 at 100.00
|
AA–
|
9,658,810
|
|||||
|
4,455
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
4,359,396
|
|||||
|
70,605
|
Total New Jersey
|
75,471,181
|
|||||||
|
New Mexico – 0.7% (0.5% of Total Investments)
|
|||||||||
|
5,585
|
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured
|
No Opt. Call
|
AA–
|
7,020,792
|
|||||
|
New York – 14.1% (9.6% of Total Investments)
|
|||||||||
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
|
|||||||||
|
2,000
|
6.000%, 7/15/30
|
1/20 at 100.00
|
BBB–
|
2,346,480
|
|||||
|
5,000
|
0.000%, 7/15/44
|
No Opt. Call
|
BBB–
|
1,057,650
|
|||||
|
4,800
|
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA–
|
5,489,712
|
|||||
|
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
|
1,066,960
|
|||||
|
500
|
5.250%, 7/01/24
|
7/14 at 100.00
|
Aa3
|
533,480
|
|||||
|
1,025
|
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
AA+ (4)
|
1,108,117
|
|||||
|
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–
|
2,153,463
|
|||||
|
5,325
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
|
3/21 at 100.00
|
AAA
|
6,101,758
|
|||||
|
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
|
2,568,173
|
|
Nuveen Investments
|
27
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York (continued)
|
|||||||||
|
$
|
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
|
$
|
7,176,387
|
|||
|
6,000
|
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
|
No Opt. Call
|
A
|
7,163,640
|
|||||
|
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
|
7,849,730
|
|||||
|
5,000
|
5.000%, 12/01/24 – FGIC Insured
|
6/16 at 100.00
|
A
|
5,592,100
|
|||||
|
5,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
A
|
5,184,800
|
|||||
|
10,000
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32
|
No Opt. Call
|
AA
|
4,994,200
|
|||||
|
3,900
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
|
11/15 at 100.00
|
A
|
4,264,416
|
|||||
|
5,780
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
|
11/15 at 100.00
|
A
|
6,320,083
|
|||||
|
750
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
|
11/21 at 100.00
|
A
|
844,253
|
|||||
|
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
|
2,350,186
|
|||||
|
2,050
|
5.250%, 7/01/21
|
7/14 at 100.00
|
Aa1
|
2,204,980
|
|||||
|
2,420
|
5.250%, 7/01/22
|
4/14 at 100.00
|
Aa1
|
2,602,952
|
|||||
|
1,370
|
5.250%, 7/01/24
|
4/14 at 100.00
|
Aa1
|
1,439,349
|
|||||
|
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+
|
3,699,625
|
|||||
|
New York City, New York, General Obligation Bonds, Fiscal Series 2003D:
|
|||||||||
|
5,325
|
5.250%, 10/15/22 (Pre-refunded 10/15/13)
|
10/13 at 100.00
|
Aa2 (4)
|
5,581,292
|
|||||
|
7,175
|
5.250%, 10/15/22 (Pre-refunded 10/15/13)
|
10/13 at 100.00
|
AA (4)
|
7,520,333
|
|||||
|
95
|
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23
|
6/13 at 100.00
|
AA
|
97,850
|
|||||
|
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
|
5,056,810
|
|||||
|
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
|
8,734,986
|
|||||
|
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
|
6,516,120
|
|||||
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005:
|
|||||||||
|
5,000
|
5.000%, 11/15/44 – AMBAC Insured
|
11/15 at 100.00
|
AA+
|
5,278,650
|
|||||
|
1,630
|
16.696%, 11/15/44 – AMBAC Insured (IF)
|
11/15 at 100.00
|
AA+
|
1,993,360
|
|||||
|
650
|
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35
|
11/12 at 100.00
|
Baa1
|
646,906
|
|||||
|
6,460
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/26 (Pre-refunded 3/15/14) – FGIC Insured
|
3/14 at 100.00
|
AAA
|
6,880,869
|
|||||
|
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
|
AA–
|
5,041,270
|
|||||
|
1,325
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
1,550,316
|
|||||
|
136,750
|
Total New York
|
139,011,256
|
|||||||
|
North Carolina – 1.5% (1.0% of Total Investments)
|
|||||||||
|
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G:
|
|||||||||
|
5,785
|
5.250%, 6/01/22
|
6/13 at 100.00
|
AA+
|
5,948,773
|
|||||
|
3,475
|
5.250%, 6/01/23
|
6/13 at 100.00
|
AA+
|
3,571,709
|
|||||
|
2,850
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.819%, 7/15/32 (IF) (5)
|
1/18 at 100.00
|
AA–
|
3,408,828
|
|
28
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
North Carolina (continued)
|
|||||||||
|
$
|
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–
|
$
|
1,161,437
|
|||
|
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
|
919,190
|
|||||
|
14,160
|
Total North Carolina
|
15,009,937
|
|||||||
|
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
|
B
|
218,425
|
|||||
|
2,850
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
2,473,971
|
|||||
|
2,745
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
2,322,654
|
|||||
|
6,285
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
5,396,741
|
|||||
|
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
|
1,145,000
|
|||||
|
Ohio State University, General Receipts Bonds, Series 2003B:
|
|||||||||
|
2,225
|
5.250%, 6/01/20 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
N/R (4)
|
2,290,638
|
|||||
|
495
|
5.250%, 6/01/20 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aa1 (4)
|
509,548
|
|||||
|
15,850
|
Total Ohio
|
14,356,977
|
|||||||
|
Oklahoma – 2.5% (1.7% of Total Investments)
|
|||||||||
|
1,050
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
|
9/16 at 100.00
|
BB+
|
1,075,379
|
|||||
|
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
|
3,852,835
|
|||||
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
|
|||||||||
|
6,840
|
5.000%, 2/15/37
|
2/17 at 100.00
|
A
|
7,185,146
|
|||||
|
1,335
|
5.000%, 2/15/42
|
2/17 at 100.00
|
A
|
1,397,505
|
|||||
|
10,035
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
|
12/16 at 100.00
|
AA+
|
10,840,208
|
|||||
|
143
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.391%, 6/15/30 (IF)
|
12/16 at 100.00
|
AA+
|
163,862
|
|||||
|
22,903
|
Total Oklahoma
|
24,514,935
|
|||||||
|
Oregon – 0.4% (0.3% of Total Investments)
|
|||||||||
|
1,060
|
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/24 – AGM Insured
|
5/15 at 100.00
|
AA
|
1,173,293
|
|||||
|
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
|
2,738,375
|
|||||
|
3,560
|
Total Oregon
|
3,911,668
|
|||||||
|
Pennsylvania – 4.5% (3.1% of Total Investments)
|
|||||||||
|
4,530
|
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
|
5/21 at 100.00
|
A+
|
5,192,875
|
|||||
|
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
|
996,474
|
|||||
|
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–
|
1,370,485
|
|||||
|
1,960
|
5.250%, 4/15/17
|
4/13 at 100.00
|
AA–
|
2,003,767
|
|||||
|
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
|
1,924,291
|
|||||
|
1,000
|
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
|
9/15 at 100.00
|
AA
|
1,101,550
|
|||||
|
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
|
5,101,530
|
|
Nuveen Investments
|
29
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
2,625
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
Aa3
|
$
|
2,950,001
|
|||
|
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–
|
4,796,428
|
|||||
|
4,735
|
5.000%, 9/01/22 – AGM Insured
|
9/14 at 100.00
|
AA–
|
5,030,653
|
|||||
|
14,000
|
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
14,408,940
|
|||||
|
42,595
|
Total Pennsylvania
|
44,876,994
|
|||||||
|
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
|
AA–
|
2,632,925
|
|||||
|
Rhode Island – 0.5% (0.4% of Total Investments)
|
|||||||||
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
|
|||||||||
|
1,020
|
6.125%, 6/01/32
|
11/12 at 100.00
|
BBB+
|
1,040,390
|
|||||
|
4,065
|
6.250%, 6/01/42
|
11/12 at 100.00
|
BBB–
|
4,146,259
|
|||||
|
5,085
|
Total Rhode Island
|
5,186,649
|
|||||||
|
South Carolina – 4.2% (2.9% of Total Investments)
|
|||||||||
|
8,610
|
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/24
|
12/14 at 100.00
|
AA–
|
9,331,001
|
|||||
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
|
|||||||||
|
5,090
|
5.250%, 12/01/18 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AA (4)
|
5,364,860
|
|||||
|
3,595
|
5.250%, 12/01/20 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AA (4)
|
3,789,130
|
|||||
|
1,865
|
5.250%, 12/01/21 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AA (4)
|
1,965,710
|
|||||
|
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)
|
1,958,515
|
|||||
|
2,400
|
5.500%, 5/01/24 (Pre-refunded 5/01/14)
|
5/14 at 100.00
|
AA– (4)
|
2,586,192
|
|||||
|
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)
|
13,957,269
|
|||||
|
1,655
|
6.375%, 8/01/34 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
BBB+ (4)
|
1,730,931
|
|||||
|
875
|
South Carolina JOBS-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA–
|
1,079,120
|
|||||
|
39,240
|
Total South Carolina
|
41,762,728
|
|||||||
|
Tennessee – 1.7% (1.2% of Total Investments)
|
|||||||||
|
2,565
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/42
|
9/22 at 100.00
|
AA
|
2,628,920
|
|||||
|
6,400
|
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
|
7/16 at 100.00
|
BBB+
|
6,790,144
|
|||||
|
6,100
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40
|
1/17 at 31.68
|
A
|
1,581,669
|
|||||
|
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+
|
5,662,000
|
|||||
|
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+
|
429,286
|
|||||
|
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 (7)
|
11/17 at 100.00
|
N/R
|
26,117
|
|||||
|
3,000
|
5.500%, 11/01/46 (7)
|
11/17 at 100.00
|
N/R
|
60,270
|
|||||
|
24,775
|
Total Tennessee
|
17,178,406
|
|
30
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas – 14.2% (9.6% 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) (7)
|
12/12 at 100.00
|
N/R
|
$
|
3,237,800
|
|||
|
8,840
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
|
2/17 at 100.00
|
AAA
|
9,268,563
|
|||||
|
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
|
267,912
|
|||||
|
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
|
2,768,600
|
|||||
|
3,380
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB–
|
3,959,129
|
|||||
|
2,500
|
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
|
1/21 at 100.00
|
AA–
|
2,818,175
|
|||||
|
3,500
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42
|
11/20 at 100.00
|
A+
|
3,911,460
|
|||||
|
4,000
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
|
11/12 at 100.00
|
BBB
|
3,999,920
|
|||||
|
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
|
5,339,550
|
|||||
|
4,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
|
11/21 at 100.00
|
AA
|
4,624,080
|
|||||
|
13,975
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 (UB),
|
8/16 at 100.00
|
AAA
|
14,831,668
|
|||||
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
|
|||||||||
|
2,000
|
5.250%, 8/15/21
|
2/16 at 100.00
|
BBB–
|
2,107,980
|
|||||
|
2,800
|
5.125%, 8/15/26
|
2/16 at 100.00
|
BBB–
|
2,885,988
|
|||||
|
4,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
BBB–
|
4,321,240
|
|||||
|
1,505
|
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/23 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
A+ (4)
|
1,546,041
|
|||||
|
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)
|
251,659
|
|||||
|
125
|
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
A1 (4)
|
128,115
|
|||||
|
105
|
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
A1 (4)
|
107,808
|
|||||
|
20
|
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
A1 (4)
|
20,535
|
|||||
|
20
|
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
A1 (4)
|
20,535
|
|||||
|
155
|
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured
|
5/13 at 100.00
|
A1 (4)
|
159,145
|
|||||
|
2,730
|
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
|
2,792,135
|
|||||
|
5,650
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
6,235,962
|
|||||
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
|
|||||||||
|
2,070
|
0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
1,602,221
|
|||||
|
8,470
|
0.000%, 9/01/45
|
9/31 at 100.00
|
AA
|
7,143,005
|
|||||
|
11,000
|
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.420%, 8/15/26 (IF)
|
2/17 at 100.00
|
AAA
|
12,418,560
|
|||||
|
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
|
198,500
|
|||||
|
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–
|
13,084,752
|
|||||
|
1,840
|
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
|
12/12 at 103.00
|
Aaa
|
1,918,347
|
|||||
|
1,045
|
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.250%, 3/01/17 (Pre-refunded 3/01/13) – AGM Insured
|
3/13 at 100.00
|
Aa1 (4)
|
1,062,629
|
|
Nuveen Investments
|
31
|
|
Nuveen Premium Income Municipal Fund, Inc. (continued)
|
||
|
NPI
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
$
|
3,955
|
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.250%, 3/01/17 – AGM Insured
|
3/13 at 100.00
|
AAA
|
$
|
4,019,981
|
|||
|
2,985
|
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.729, 4/01/28 (IF)
|
4/17 at 100.00
|
Aaa
|
5,046,531
|
|||||
|
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
|
A–
|
15,315,500
|
|||||
|
2,200
|
Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 (Pre-refunded 7/01/15)
|
7/15 at 100.00
|
Aaa
|
2,470,974
|
|||||
|
146,895
|
Total Texas
|
139,885,000
|
|||||||
|
Virginia – 1.5% (1.0% of Total Investments)
|
|||||||||
|
5,000
|
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39
|
10/20 at 100.00
|
AA–
|
5,671,650
|
|||||
|
4,530
|
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
|
4,710,113
|
|||||
|
1,070
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
|
1/22 at 100.00
|
BBB–
|
1,122,056
|
|||||
|
3,020
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
3,321,547
|
|||||
|
13,620
|
Total Virginia
|
14,825,366
|
|||||||
|
Washington – 2.7% (1.8% of Total Investments)
|
|||||||||
|
3,125
|
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/20 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
A1 (4)
|
3,453,563
|
|||||
|
3,955
|
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
|
12/20 at 100.00
|
Baa3
|
4,266,219
|
|||||
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
|
|||||||||
|
1,675
|
6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
1,746,188
|
|||||
|
2,715
|
6.625%, 6/01/32
|
6/13 at 100.00
|
Baa1
|
2,830,388
|
|||||
|
6,480
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6 /01/24 – NPFG Insured
|
No Opt. Call
|
AA+
|
4,743,101
|
|||||
|
11,050
|
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
AA+
|
9,436,258
|
|||||
|
29,000
|
Total Washington
|
26,475,717
|
|||||||
|
Wisconsin – 3.4% (2.3% of Total Investments)
|
|||||||||
|
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)
|
1,036,135
|
|||||
|
750
|
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured
|
8/13 at 100.00
|
A1 (4)
|
777,098
|
|||||
|
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
|
1,608,691
|
|||||
|
9,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33
|
4/13 at 100.00
|
A
|
9,125,463
|
|||||
|
1,345
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., Series 2001, 6.125%, 10/01/16
|
11/12 at 100.00
|
BBB
|
1,349,667
|
|||||
|
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
|
807,405
|
|||||
|
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)
|
6,305,283
|
|||||
|
4,995
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
|
9/17 at 100.00
|
BBB+
|
5,193,351
|
|||||
|
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34
|
8/16 at 100.00
|
A–
|
2,119,800
|
|||||
|
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.250%, 8/15/25
|
8/13 at 100.00
|
A–
|
2,036,200
|
|
32
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin (continued)
|
|||||||||
|
Wisconsin State, General Obligation Bonds, Series 2004-3:
|
|||||||||
|
$
|
175
|
5.250%, 5/01/19 – FGIC Insured
|
5/14 at 100.00
|
AA
|
$
|
187,534
|
|||
|
130
|
5.250%, 5/01/21 – FGIC Insured
|
5/14 at 100.00
|
AA
|
139,240
|
|||||
|
Wisconsin State, General Obligation Bonds, Series 2004-3:
|
|||||||||
|
1,545
|
5.250%, 5/01/19 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
Aa2 (4)
|
1,657,878
|
|||||
|
1,135
|
5.250%, 5/01/21 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
Aa2 (4)
|
1,217,923
|
|||||
|
32,305
|
Total Wisconsin
|
33,561,668
|
|||||||
|
Wyoming – 0.4% (0.3% 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+
|
3,614,030
|
|||||
|
$
|
1,482,720
|
Total Municipal Bonds (cost $1,330,465,216)
|
1,445,498,483
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Short-Term Investments – 0.5% (0.4% of Total Investments)
|
|||||||||
|
Missouri – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
1,000
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Tender Option Bond Trust DCL-017, 0.730%, 7/01/26 (8)
|
No Opt. Call
|
A-2
|
1,000,000
|
||||
|
South Carolina – 0.4% (0.3% of Total Investments)
|
|||||||||
|
4,435
|
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Series 2003, 0.240%, 4/01/28 (8)
|
11/12 at 100.00
|
F-1
|
4,435,000
|
|||||
|
$
|
5,435
|
Total Short-Term Investments (cost $5,435,000)
|
5,435,000
|
||||||
|
Total Investments (cost $1,335,900,216) – 146.9%
|
1,450,933,483
|
||||||||
|
Floating Rate Obligations – (8.4)%
|
(82,999,000
|
)
|
|||||||
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (40.7)% (9)
|
(402,400,000
|
)
|
|||||||
|
Other Assets Less Liabilities – 2.2%
|
22,129,151
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
987,663,634
|
|
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. 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)
|
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.
|
|
|
(8)
|
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
|
|
(9)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.7%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
| (ETM) | Escrowed to maturity. | |
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
33
|
|
Nuveen Premium Income Municipal Fund 2, Inc.
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 3.1% (2.1% of Total Investments)
|
|||||||||
|
$
|
6,995
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
|
11/16 at 100.00
|
AA+
|
$
|
7,603,285
|
|||
|
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
|
3,703,035
|
|||||
|
1,000
|
5.000%, 11/15/30
|
11/15 at 100.00
|
Baa2
|
1,014,890
|
|||||
|
12,000
|
Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB)
|
1/17 at 100.00
|
AA+
|
12,472,800
|
|||||
|
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
|
2,007,530
|
|||||
|
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)
|
1,856,093
|
|||||
|
6,255
|
University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 – FGIC Insured
|
3/14 at 100.00
|
A1
|
6,594,271
|
|||||
|
33,400
|
Total Alabama
|
35,251,904
|
|||||||
|
Alaska – 0.1% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
B+
|
889,870
|
|||||
|
Arizona – 0.9% (0.6% 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+
|
211,206
|
|||||
|
265
|
5.250%, 12/01/25
|
12/15 at 100.00
|
BBB+
|
279,522
|
|||||
|
5,000
|
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
|
No Opt. Call
|
AA
|
6,033,950
|
|||||
|
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–
|
852,120
|
|||||
|
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–
|
3,187,085
|
|||||
|
9,015
|
Total Arizona
|
10,563,883
|
|||||||
|
Arkansas – 0.1% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
|
2/15 at 100.00
|
Baa1
|
1,036,150
|
|||||
|
California – 16.9% (11.5% of Total Investments)
|
|||||||||
|
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A:
|
|||||||||
|
3,255
|
0.000%, 10/01/23 – NPFG Insured
|
No Opt. Call
|
A2
|
2,077,243
|
|||||
|
5,890
|
0.000%, 10/01/24 – NPFG Insured
|
No Opt. Call
|
A2
|
3,545,544
|
|||||
|
7,615
|
0.000%, 10/01/25 – NPFG Insured
|
No Opt. Call
|
A2
|
4,352,429
|
|||||
|
3,330
|
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2, Remarketing, 5.250%, 11/15/40
|
11/21 at 100.00
|
AA–
|
3,821,275
|
|||||
|
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
|
4,060,892
|
|||||
|
15,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
16,620,900
|
|||||
|
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
|
2,918,909
|
|||||
|
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–
|
2,677,125
|
|
34
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
2,055
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/21
|
10/14 at 100.00
|
AA+
|
$
|
2,227,538
|
|||
|
4,000
|
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21
|
7/19 at 100.00
|
Aa3
|
4,945,320
|
|||||
|
1,935
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
|
No Opt. Call
|
Aa3
|
2,092,586
|
|||||
|
565
|
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
|
No Opt. Call
|
Aaa
|
611,805
|
|||||
|
7,440
|
California State, General Obligation Bonds, Series 2004, 5.125%, 2/01/25
|
2/14 at 100.00
|
A1
|
7,849,795
|
|||||
|
20,000
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
|
11/19 at 100.00
|
A1
|
24,319,200
|
|||||
|
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
|
1,025,640
|
|||||
|
5,355
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.471%, 5/15/14 (IF)
|
No Opt. Call
|
AA–
|
7,539,144
|
|||||
|
1,900
|
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
|
6/14 at 102.00
|
A+
|
2,013,335
|
|||||
|
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
|
2,617,900
|
|||||
|
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM)
|
No Opt. Call
|
Aaa
|
26,052,600
|
|||||
|
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
|
1,469,028
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
2,795
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
2,501,497
|
|||||
|
1,160
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
994,503
|
|||||
|
1,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
895,930
|
|||||
|
3,850
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
|
7/21 at 100.00
|
Aa2
|
4,744,663
|
|||||
|
10,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
|
1/21 at 100.00
|
AA
|
11,473,800
|
|||||
|
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
|
1,456,025
|
|||||
|
435
|
5.100%, 9/01/30
|
9/15 at 102.00
|
N/R
|
442,795
|
|||||
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
|
|||||||||
|
250
|
5.000%, 9/01/21
|
9/15 at 102.00
|
Baa3
|
263,648
|
|||||
|
275
|
5.000%, 9/01/23
|
9/15 at 102.00
|
Baa3
|
286,963
|
|||||
|
2,220
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured
|
9/14 at 100.00
|
AA–
|
2,291,750
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
4,595
|
0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,666,928
|
|||||
|
32,400
|
0.000%, 1/15/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
10,359,576
|
|||||
|
6,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
6,124,140
|
|||||
|
18,750
|
University of California, General Revenue Bonds, Limited Project Series 2012G, 5.000%, 5/15/37
|
5/22 at 100.00
|
Aa2
|
21,899,813
|
|||||
|
3,000
|
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
|
1/14 at 100.00
|
A+
|
3,064,860
|
|||||
|
210,165
|
Total California
|
191,305,099
|
|
Nuveen Investments
|
35
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado – 2.2% (1.5% 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+
|
$
|
1,848,733
|
|||
|
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–
|
1,870,099
|
|||||
|
475
|
5.000%, 6/01/29
|
6/16 at 100.00
|
A–
|
495,221
|
|||||
|
400
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
|
3/15 at 100.00
|
A+
|
414,420
|
|||||
|
75
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
77,314
|
|||||
|
10,000
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37
|
11/22 at 100.00
|
A+
|
11,383,000
|
|||||
|
6,925
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured
|
11/16 at 100.00
|
BBB–
|
7,231,154
|
|||||
|
630
|
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
|
6/20 at 100.00
|
Aa3
|
721,142
|
|||||
|
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
|
464,512
|
|||||
|
22,350
|
Total Colorado
|
24,505,595
|
|||||||
|
Connecticut – 0.5% (0.3% of Total Investments)
|
|||||||||
|
5,000
|
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
AA (4)
|
5,274,350
|
|||||
|
Delaware – 0.1% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured
|
10/20 at 100.00
|
AA
|
1,114,980
|
|||||
|
District of Columbia – 0.5% (0.3% of Total Investments)
|
|||||||||
|
5,000
|
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
|
4/21 at 100.00
|
A–
|
3,984,400
|
|||||
|
1,335
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.561%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
1,543,954
|
|||||
|
6,335
|
Total District of Columbia
|
5,528,354
|
|||||||
|
Florida – 29.9% (20.3% of Total Investments)
|
|||||||||
|
1,055
|
Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7 /01/24 – AMBAC Insured
|
7/14 at 100.00
|
A+
|
1,081,132
|
|||||
|
1,700
|
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured
|
5/13 at 101.00
|
N/R
|
1,722,083
|
|||||
|
930
|
Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM)
|
No Opt. Call
|
AA+ (4)
|
1,026,878
|
|||||
|
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+
|
2,547,725
|
|||||
|
760
|
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
|
12/12 at 100.00
|
Aaa
|
761,505
|
|||||
|
45
|
Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax)
|
4/13 at 33.26
|
Aa1
|
15,481
|
|||||
|
1,870
|
Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured
|
7/14 at 100.00
|
AA– (4)
|
2,021,320
|
|||||
|
1,275
|
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
|
10/14 at 100.00
|
A+
|
1,338,546
|
|||||
|
875
|
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – AMBAC Insured
|
10/14 at 100.00
|
A1 (4)
|
951,860
|
|
36
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
2,000
|
Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34
|
10/18 at 100.00
|
AA+
|
$
|
2,403,620
|
|||
|
650
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AMBAC Insured
|
10/16 at 100.00
|
A1
|
705,926
|
|||||
|
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
|
Ba3
|
1,505,400
|
|||||
|
3,010
|
Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,698,778
|
|||||
|
2,815
|
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
|
10/14 at 100.00
|
AA– (4)
|
3,065,113
|
|||||
|
1,290
|
Escambia County, Florida, Tourist Development Revenue Refunding Bonds, Series 2002, 5.000%, 10/01/18 – NPFG Insured
|
11/12 at 100.00
|
A1
|
1,294,476
|
|||||
|
4,230
|
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
|
10/15 at 100.00
|
A
|
4,445,730
|
|||||
|
70
|
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
|
No Opt. Call
|
AA+
|
75,781
|
|||||
|
480
|
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 – NPFG Insured (Alternative Minimum Tax)
|
1/13 at 100.00
|
AA+
|
485,410
|
|||||
|
795
|
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+
|
816,147
|
|||||
|
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
|
|||||||||
|
1,040
|
0.000%, 11/01/25 – NPFG Insured
|
No Opt. Call
|
A–
|
590,626
|
|||||
|
1,590
|
0.000%, 11/01/26 – NPFG Insured
|
No Opt. Call
|
A–
|
856,851
|
|||||
|
1,685
|
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured
|
5/13 at 100.00
|
A–
|
1,707,781
|
|||||
|
14,985
|
Florida State Board of Education, State University System Revenue Bonds, Series 2006A 5.000%, 7/01/30 – NPFG Insured (UB)
|
7/15 at 101.00
|
AA
|
16,446,937
|
|||||
|
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+
|
6,745,859
|
|||||
|
2,580
|
Florida State Education System, Housing Facility Revenue Bonds, Florida International University, Series 2004A, 5.000%, 7/01/14 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,724,299
|
|||||
|
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–
|
4,145,320
|
|||||
|
1,500
|
Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29
|
1/19 at 100.00
|
AAA
|
1,736,205
|
|||||
|
2,345
|
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 – AMBAC Insured
|
10/14 at 100.00
|
A1
|
2,520,852
|
|||||
|
750
|
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)
|
784,493
|
|||||
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
|
|||||||||
|
1,720
|
5.500%, 6/01/38 – AGM Insured
|
6/18 at 100.00
|
AA–
|
1,864,446
|
|||||
|
1,755
|
5.375%, 6/01/46
|
6/16 at 100.00
|
A–
|
1,833,800
|
|||||
|
5,000
|
Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured
|
No Opt. Call
|
BBB
|
6,044,700
|
|||||
|
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)
|
11/12 at 100.00
|
N/R
|
3,601,512
|
|||||
|
2,000
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24
|
10/13 at 100.00
|
A3
|
2,092,740
|
|||||
|
1,535
|
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/24 (Pre-refunded 11/01/13) – AMBAC Insured
|
11/13 at 101.00
|
AA (4)
|
1,623,002
|
|||||
|
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+
|
2,438,711
|
|
Nuveen Investments
|
37
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
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
|
$
|
1,560,210
|
|||
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003:
|
|||||||||
|
4,990
|
5.250%, 10/01/21 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
A1 (4)
|
5,218,043
|
|||||
|
2,090
|
5.000%, 10/01/22 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
A1 (4)
|
2,180,748
|
|||||
|
3,145
|
Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax)
|
10/13 at 100.00
|
AA+
|
3,278,411
|
|||||
|
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002:
|
|||||||||
|
2,230
|
5.000%, 10/01/21 – FGIC Insured
|
11/12 at 100.00
|
AA+
|
2,238,318
|
|||||
|
2,000
|
5.000%, 10/01/22 – FGIC Insured
|
11/12 at 100.00
|
AA+
|
2,007,380
|
|||||
|
2,750
|
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/17 – FGIC Insured
|
11/12 at 100.00
|
AA+
|
2,761,715
|
|||||
|
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A:
|
|||||||||
|
3,235
|
5.000%, 10/01/18 – FGIC Insured
|
10/13 at 100.00
|
AA
|
3,375,852
|
|||||
|
5,090
|
5.000%, 10/01/19 – FGIC Insured
|
10/13 at 100.00
|
AA
|
5,310,143
|
|||||
|
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+
|
1,239,921
|
|||||
|
1,470
|
5.000%, 7/01/24 – AMBAC Insured
|
7/14 at 100.00
|
A+
|
1,517,510
|
|||||
|
1,000
|
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured
|
No Opt. Call
|
A–
|
1,078,270
|
|||||
|
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
|
3,671,360
|
|||||
|
2,345
|
Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22
|
11/12 at 100.00
|
BBB+
|
2,347,814
|
|||||
|
5,130
|
Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/17 (Pre-refunded 10/01/13) – AMBAC Insured
|
10/13 at 100.00
|
A1 (4)
|
5,352,745
|
|||||
|
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)
|
2,440,178
|
|||||
|
3,305
|
5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured
|
4/14 at 100.00
|
N/R (4)
|
3,521,742
|
|||||
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B:
|
|||||||||
|
2,000
|
5.250%, 7/01/18 – FGIC Insured
|
7/14 at 100.00
|
A–
|
2,132,540
|
|||||
|
2,000
|
5.000%, 7/01/23 – FGIC Insured
|
7/14 at 100.00
|
A–
|
2,124,320
|
|||||
|
2,000
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 – FGIC Insured
|
11/12 at 100.00
|
A3
|
2,003,480
|
|||||
|
1,970
|
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 – AMBAC Insured
|
11/16 at 100.00
|
A1
|
2,191,290
|
|||||
|
7,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax)
|
4/13 at 100.00
|
A
|
7,509,825
|
|||||
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 5.000%, 10/01/23 – NPFG Insured (Alternative Minimum Tax)
|
4/13 at 100.00
|
A
|
4,005,680
|
|||||
|
5,390
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/18 – FGIC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
A
|
5,407,625
|
|||||
|
5,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41
|
10/19 at 100.00
|
A
|
5,720,000
|
|||||
|
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
|
4,673,760
|
|||||
|
11,300
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
|
7/18 at 100.00
|
AA
|
12,367,511
|
|||||
|
3,300
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
|
4/13 at 100.00
|
Aa2
|
3,310,263
|
|
38
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002:
|
|||||||||
|
$
|
3,695
|
5.750%, 12/01/27 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
AA+(4)
|
$
|
3,712,182
|
|||
|
1,000
|
5.750%, 12/01/32 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
AA+(4)
|
1,004,650
|
|||||
|
2,440
|
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – AMBAC Insured
|
8/14 at 100.00
|
AA
|
2,602,431
|
|||||
|
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A:
|
|||||||||
|
1,665
|
5.125%, 1/01/20 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA+ (4)
|
1,678,603
|
|||||
|
3,400
|
5.125%, 1/01/23 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA+ (4)
|
3,427,778
|
|||||
|
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
|
11/12 at 100.00
|
BBB
|
575,828
|
|||||
|
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
|
3,948,503
|
|||||
|
2,000
|
5.000%, 4/01/23 – NPFG Insured
|
4/14 at 100.00
|
Aa3
|
2,104,040
|
|||||
|
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
|
|||||||||
|
1,895
|
5.500%, 12/01/21
|
12/12 at 100.00
|
BBB–
|
1,899,112
|
|||||
|
6,470
|
5.625%, 12/01/31
|
12/12 at 100.00
|
BBB–
|
6,479,123
|
|||||
|
1,500
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 (Pre-refunded 8/01/14) – FGIC Insured
|
8/14 at 100.00
|
AA– (4)
|
1,622,070
|
|||||
|
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–
|
3,421,740
|
|||||
|
6,090
|
Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond Trust 2089, 12.702%, 8/01/14 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
8,178,505
|
|||||
|
4,490
|
Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park Project, Series 2005A, 5.000%, 6/01/25 (Pre-refunded 6/01/15) – AMBAC Insured
|
6/15 at 100.00
|
AA+ (4)
|
5,027,453
|
|||||
|
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
|
4,709,920
|
|||||
|
6,545
|
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 11.315%, 10/01/14 (IF)
|
No Opt. Call
|
AAA
|
8,707,926
|
|||||
|
10,000
|
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 (UB)
|
10/16 at 100.00
|
AAA
|
11,319,000
|
|||||
|
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–
|
2,667,275
|
|||||
|
2,060
|
Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 – FGIC Insured
|
10/13 at 100.00
|
Aa3
|
2,137,312
|
|||||
|
2,000
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
2,082,540
|
|||||
|
1,350
|
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
|
9/13 at 100.00
|
A+ (4)
|
1,402,745
|
|||||
|
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
|
686,439
|
|||||
|
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
|
3,430,706
|
|||||
|
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
|
1,643,976
|
|||||
|
2,750
|
Saint Johns County, Florida, Transportation Improvement Revenue Bonds, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
|
10/13 at 100.00
|
Aa3 (4)
|
2,869,405
|
|||||
|
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
|
Aa2 (4)
|
4,345,618
|
|||||
|
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
|
Aa2
|
1,806,185
|
|
Nuveen Investments
|
39
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
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
|
$
|
643,356
|
|||
|
7,500
|
South Florida Water Management District, Certificates of Participation, Series 2007, Trust 1036, 9.153%, 10/01/14 – AMBAC Insured (IF)
|
No Opt. Call
|
AA
|
8,884,050
|
|||||
|
5,000
|
South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%, 10/01/36 – AMBAC Insured
|
10/16 at 100.00
|
AA
|
5,461,350
|
|||||
|
2,455
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
|
8/17 at 100.00
|
AA
|
2,649,534
|
|||||
|
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A:
|
|||||||||
|
2,250
|
5.850%, 8/01/24
|
8/14 at 101.00
|
A–
|
2,368,688
|
|||||
|
3,135
|
5.625%, 8/01/34
|
8/14 at 101.00
|
A–
|
3,249,866
|
|||||
|
5,000
|
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured
|
6/16 at 100.00
|
A
|
5,251,250
|
|||||
|
620
|
Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured
|
10/15 at 100.00
|
AA+
|
696,775
|
|||||
|
5,000
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
|
10/15 at 100.00
|
AA
|
5,448,850
|
|||||
|
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+
|
5,708,850
|
|||||
|
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995:
|
|||||||||
|
1,250
|
5.750%, 10/01/20 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,391,400
|
|||||
|
2,785
|
5.750%, 10/01/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,126,302
|
|||||
|
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–
|
2,498,648
|
|||||
|
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
|
8,256,528
|
|||||
|
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
|
1,042,090
|
|||||
|
312,905
|
Total Florida
|
338,436,301
|
|||||||
|
Georgia – 1.8% (1.2% of Total Investments)
|
|||||||||
|
7,230
|
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/42
|
1/22 at 100.00
|
A+
|
8,204,243
|
|||||
|
500
|
Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health University Medical Center Inc., Series 2004A, 5.375%, 1/01/26 (Pre-refunded 1/01/14)
|
1/14 at 100.00
|
BB+ (4)
|
529,315
|
|||||
|
2,000
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
|
12/20 at 100.00
|
N/R
|
2,229,620
|
|||||
|
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
|
A1 (4)
|
10,499
|
|||||
|
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
|
3,560,983
|
|||||
|
3,365
|
5.000%, 11/01/18 – NPFG Insured
|
11/13 at 100.00
|
A1
|
3,500,408
|
|||||
|
2,235
|
Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured
|
12/14 at 100.00
|
A1
|
2,320,511
|
|||||
|
18,745
|
Total Georgia
|
20,355,579
|
|||||||
|
Guam – 0.1% (0.0% of Total Investments)
|
|||||||||
|
605
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
|
10/22 at 100.00
|
BBB
|
656,322
|
|||||
|
Idaho – 0.4% (0.3% of Total Investments)
|
|||||||||
|
25
|
Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax)
|
1/13 at 100.00
|
Aaa
|
25,111
|
|||||
|
2,995
|
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37
|
3/16 at 101.00
|
Aaa
|
3,151,010
|
|
40
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Idaho (continued)
|
|||||||||
|
$
|
50
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax)
|
1/13 at 100.00
|
AAA
|
$
|
50,215
|
|||
|
110
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax)
|
1/13 at 100.00
|
AAA
|
110,978
|
|||||
|
165
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
|
1/13 at 100.00
|
Aaa
|
165,394
|
|||||
|
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
|
|||||||||
|
1,000
|
5.250%, 9/01/30
|
9/16 at 100.00
|
BB+
|
1,020,960
|
|||||
|
470
|
5.250%, 9/01/37
|
9/16 at 100.00
|
BB+
|
476,881
|
|||||
|
4,815
|
Total Idaho
|
5,000,549
|
|||||||
|
Illinois – 13.6% (9.2% of Total Investments)
|
|||||||||
|
5,000
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
|
No Opt. Call
|
A+
|
3,860,950
|
|||||
|
5,700
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
|
12/21 at 100.00
|
AA
|
6,544,341
|
|||||
|
22,670
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – FGIC Insured
|
No Opt. Call
|
Aa3
|
13,843,889
|
|||||
|
3,945
|
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
|
1/22 at 100.00
|
AAA
|
4,446,646
|
|||||
|
1,280
|
Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14
|
1/13 at 100.00
|
N/R
|
1,283,610
|
|||||
|
1,320
|
Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14
|
1/13 at 100.00
|
N/R
|
1,324,277
|
|||||
|
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)
|
3,786,721
|
|||||
|
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
|
Baa2
|
1,863,064
|
|||||
|
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)
|
3,106,550
|
|||||
|
3,500
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22
|
11/20 at 100.00
|
AA
|
4,196,430
|
|||||
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:
|
|||||||||
|
2,000
|
5.250%, 11/15/14 (Pre-refunded 5/15/14)
|
5/14 at 100.00
|
A (4)
|
2,149,780
|
|||||
|
4,420
|
5.250%, 11/15/15 (Pre-refunded 5/15/14)
|
5/14 at 100.00
|
A (4)
|
4,751,014
|
|||||
|
395
|
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
|
1/16 at 100.00
|
BB+
|
375,230
|
|||||
|
1,900
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
2,468,803
|
|||||
|
4,480
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
5,241,331
|
|||||
|
6,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
Aa1
|
6,706,020
|
|||||
|
3,540
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
|
11/16 at 100.00
|
BBB+
|
3,767,870
|
|||||
|
3,090
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33
|
7/13 at 100.00
|
AA+
|
3,182,762
|
|||||
|
3,000
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18
|
No Opt. Call
|
Aa2
|
3,486,660
|
|||||
|
10,000
|
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%,
1/01/21 – AGM Insured |
1/20 at 100.00
|
AA–
|
11,457,600
|
|||||
|
2,000
|
Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34
|
9/18 at 100.00
|
A
|
2,124,200
|
|||||
|
11,050
|
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured
|
No Opt. Call
|
A
|
13,511,056
|
|
Nuveen Investments
|
41
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
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
|
$
|
2,647,373
|
|||
|
1,740
|
0.000%, 11/01/21 – AGM Insured
|
No Opt. Call
|
Aa3
|
1,273,628
|
|||||
|
4,020
|
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/20 – AGM Insured (UB)
|
No Opt. Call
|
AAA
|
5,116,817
|
|||||
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
|
|||||||||
|
855
|
5.250%, 1/01/25
|
1/16 at 100.00
|
CCC
|
447,182
|
|||||
|
1,750
|
5.250%, 1/01/30
|
1/16 at 100.00
|
CCC
|
906,430
|
|||||
|
17,945
|
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured
|
No Opt. Call
|
N/R
|
12,634,177
|
|||||
|
2,910
|
McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
2,246,316
|
|||||
|
15,595
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
|
6/20 at 100.00
|
AAA
|
17,526,441
|
|||||
|
8,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/26 – NPFG Insured
|
6/22 at 101.00
|
AAA
|
7,402,720
|
|||||
|
162,390
|
Total Illinois
|
153,679,888
|
|||||||
|
Indiana – 2.5% (1.7% of Total Investments)
|
|||||||||
|
3,880
|
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
4,281,852
|
|||||
|
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
|
2,738,925
|
|||||
|
3,075
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
|
10/22 at 100.00
|
AA
|
3,495,845
|
|||||
|
7,350
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2004A, 5.000%, 1/01/32 – FGIC Insured
|
1/15 at 100.00
|
A+
|
7,827,162
|
|||||
|
Indiana University, Student Fee Revenue Bonds, Series 2004P:
|
|||||||||
|
2,750
|
5.000%, 8/01/22 – AMBAC Insured
|
8/14 at 100.00
|
Aaa
|
2,958,505
|
|||||
|
1,600
|
5.000%, 8/01/24 – AMBAC Insured
|
8/14 at 100.00
|
Aaa
|
1,716,944
|
|||||
|
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
|
4,921,737
|
|||||
|
1,550
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/23 (6)
|
2/15 at 100.00
|
N/R
|
186,140
|
|||||
|
27,005
|
Total Indiana
|
28,127,110
|
|||||||
|
Iowa – 0.7% (0.5% of Total Investments)
|
|||||||||
|
8,365
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
|
6/15 at 100.00
|
B+
|
7,712,948
|
|||||
|
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
|
91,508
|
|||||
|
Kentucky – 1.1% (0.8% of Total Investments)
|
|||||||||
|
4,300
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
|
6/20 at 100.00
|
BBB+
|
5,154,109
|
|||||
|
2,000
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42
|
8/21 at 100.00
|
AA–
|
2,180,140
|
|||||
|
4,630
|
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31
|
6/21 at 100.00
|
Aa3
|
5,375,430
|
|||||
|
10,930
|
Total Kentucky
|
12,709,679
|
|
42
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana – 5.0% (3.4% of Total Investments)
|
|||||||||
|
$
|
4,350
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/22 – AMBAC Insured
|
6/16 at 100.00
|
A–
|
$
|
4,801,095
|
|||
|
4,000
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
|
8/15 at 100.00
|
A+
|
4,155,640
|
|||||
|
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
|
2,856,438
|
|||||
|
5,750
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
|
5/21 at 100.00
|
Baa1
|
6,988,665
|
|||||
|
3,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
|
5/20 at 100.00
|
AA
|
3,377,760
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
14,550
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
15,908,970
|
|||||
|
5,920
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
6,300,300
|
|||||
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
|
|||||||||
|
80
|
5.500%, 5/15/30
|
11/12 at 100.00
|
A1
|
81,998
|
|||||
|
11,360
|
5.875%, 5/15/39
|
11/12 at 100.00
|
A–
|
11,643,773
|
|||||
|
51,710
|
Total Louisiana
|
56,114,639
|
|||||||
|
Maryland – 0.5% (0.4% of Total Investments)
|
|||||||||
|
1,865
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
1,919,906
|
|||||
|
1,205
|
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
|
6/16 at 100.00
|
AA–
|
1,256,056
|
|||||
|
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
|
N/R (4)
|
1,501,742
|
|||||
|
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
|
1,196,140
|
|||||
|
5,460
|
Total Maryland
|
5,873,844
|
|||||||
|
Massachusetts – 4.0% (2.7% 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+
|
9,018,994
|
|||||
|
695
|
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
|
718,005
|
|||||
|
780
|
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
|
775,905
|
|||||
|
1,000
|
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34
|
10/14 at 100.00
|
BBB
|
1,031,220
|
|||||
|
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
|
7/20 at 100.00
|
BBB–
|
1,629,270
|
|||||
|
900
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
|
7/21 at 100.00
|
A
|
1,008,837
|
|||||
|
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)
|
2,377,283
|
|||||
|
4,000
|
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
4,226,280
|
|||||
|
3,795
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
3,995,756
|
|||||
|
11,400
|
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E, 5.250%, 1/01/21 (Pre-refunded 1/01/13) – AGM Insured
|
1/13 at 100.00
|
AA+ (4)
|
11,492,796
|
|||||
|
8,050
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
8,923,345
|
|||||
|
42,495
|
Total Massachusetts
|
45,197,691
|
|
Nuveen Investments
|
43
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan – 5.3% (3.6% of Total Investments)
|
|||||||||
|
$
|
3,055
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
A+
|
$
|
3,316,386
|
|||
|
7,000
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.250%, 11/01/35
|
11/20 at 100.00
|
AA
|
7,727,580
|
|||||
|
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001:
|
|||||||||
|
7,660
|
0.000%, 12/01/21
|
No Opt. Call
|
AAA
|
5,952,433
|
|||||
|
7,955
|
0.000%, 12/01/22
|
No Opt. Call
|
AAA
|
5,898,712
|
|||||
|
8,260
|
0.000%, 12/01/23
|
No Opt. Call
|
AAA
|
5,861,461
|
|||||
|
8,575
|
0.000%, 12/01/24
|
No Opt. Call
|
AAA
|
5,834,687
|
|||||
|
1,200
|
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
|
7/15 at 100.00
|
BB+
|
1,258,200
|
|||||
|
10,000
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA
|
11,137,700
|
|||||
|
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
|
7,153,374
|
|||||
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
|
|||||||||
|
275
|
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
323,199
|
|||||
|
1,225
|
5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
AA
|
1,365,177
|
|||||
|
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
|
360,995
|
|||||
|
3,270
|
Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/22
|
5/13 at 100.00
|
Aa2
|
3,344,720
|
|||||
|
65,015
|
Total Michigan
|
59,534,624
|
|||||||
|
Minnesota – 1.3% (0.9% of Total Investments)
|
|||||||||
|
Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012:
|
|||||||||
|
215
|
5.000%, 1/01/32
|
1/22 at 100.00
|
A–
|
248,020
|
|||||
|
30
|
5.000%, 1/01/42
|
1/22 at 100.00
|
A–
|
33,739
|
|||||
|
8,165
|
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22
|
7/14 at 100.00
|
A2
|
8,449,959
|
|||||
|
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
|
A–
|
1,054,050
|
|||||
|
1,050
|
5.875%, 12/01/29
|
12/13 at 100.00
|
A–
|
1,091,601
|
|||||
|
1,000
|
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19
|
10/14 at 100.00
|
A3
|
1,080,510
|
|||||
|
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)
|
1,757,813
|
|||||
|
1,000
|
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
|
11/15 at 100.00
|
BBB–
|
1,060,790
|
|||||
|
14,080
|
Total Minnesota
|
14,776,482
|
|||||||
|
Mississippi – 0.3% (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
|
3,919,645
|
|||||
|
Missouri – 1.7% (1.1% of Total Investments)
|
|||||||||
|
2,000
|
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24
|
2/14 at 100.00
|
BBB+
|
2,032,800
|
|||||
|
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+
|
208,436
|
|||||
|
2,885
|
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24
|
2/15 at 102.00
|
BBB+
|
3,054,119
|
|||||
|
9,000
|
Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 – FGIC Insured
|
3/13 at 100.00
|
A+
|
9,126,450
|
|
44
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Missouri (continued)
|
|||||||||
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
|
|||||||||
|
$
|
780
|
6.000%, 6/01/20
|
No Opt. Call
|
A
|
$
|
897,437
|
|||
|
1,525
|
5.000%, 6/01/35
|
6/15 at 100.00
|
A
|
1,573,937
|
|||||
|
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
|
1,025,060
|
|||||
|
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+
|
1,244,868
|
|||||
|
18,590
|
Total Missouri
|
19,163,107
|
|||||||
|
Nebraska – 2.2% (1.5% of Total Investments)
|
|||||||||
|
4,000
|
Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37
|
9/22 at 100.00
|
AA
|
4,674,880
|
|||||
|
1,470
|
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A, 5.250%, 4/01/23 (Pre-refunded 4/01/13) – AGM Insured
|
4/13 at 100.00
|
AA– (4)
|
1,500,488
|
|||||
|
5,130
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
|
2/17 at 100.00
|
Aa1
|
5,813,932
|
|||||
|
10,000
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42
|
2/22 at 100.00
|
Aa1
|
11,574,000
|
|||||
|
1,050
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.658%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
1,829,961
|
|||||
|
21,650
|
Total Nebraska
|
25,393,261
|
|||||||
|
Nevada – 6.1% (4.1% of Total Investments)
|
|||||||||
|
10,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
11,520,800
|
|||||
|
Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009:
|
|||||||||
|
3,520
|
5.000%, 6/01/27
|
6/19 at 100.00
|
AA+
|
3,988,195
|
|||||
|
3,695
|
5.000%, 6/01/28
|
6/19 at 100.00
|
AA+
|
4,177,013
|
|||||
|
3,880
|
5.000%, 6/01/29
|
6/19 at 100.00
|
AA+
|
4,373,691
|
|||||
|
Clark County, Nevada, General Obligation Transportation Bonds, Refunding Series 2010B:
|
|||||||||
|
4,915
|
5.000%, 7/01/25
|
1/20 at 100.00
|
AA+
|
5,681,593
|
|||||
|
4,160
|
5.000%, 7/01/26
|
1/20 at 100.00
|
AA+
|
4,785,373
|
|||||
|
5,795
|
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – AMBAC Insured
|
7/13 at 100.00
|
AA– (4)
|
5,979,629
|
|||||
|
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
|
A+
|
4,247,960
|
|||||
|
3,150
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
|
6/22 at 100.00
|
AA+
|
3,568,824
|
|||||
|
23
|
Nevada State Las Vegas Monorail Company, series 2012 A, 5.500%, 07/15/19 (7)
|
No Opt. Call
|
N/R
|
16,641
|
|||||
|
7
|
Nevada State Las Vegas Monorail Company, 2012 B, 3.000%, 06/30/55 (7)
|
No Opt. Call
|
N/R
|
2,873
|
|||||
|
10,000
|
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
|
6/21 at 100.00
|
AA+
|
11,337,400
|
|||||
|
8,540
|
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32
|
7/21 at 100.00
|
AA
|
9,650,200
|
|||||
|
61,685
|
Total Nevada
|
69,330,192
|
|||||||
|
New Jersey – 5.5% (3.7% 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
|
5,758,603
|
|||||
|
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)
|
142,441
|
|||||
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
|
|||||||||
|
1,325
|
5.250%, 9/01/24
|
9/15 at 100.00
|
A+
|
1,454,625
|
|||||
|
1,000
|
5.250%, 9/01/26
|
9/15 at 100.00
|
A+
|
1,101,420
|
|
Nuveen Investments
|
45
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
$
|
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–
|
$
|
553,363
|
|||
|
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)
|
5/13 at 100.00
|
A+
|
3,678,822
|
|||||
|
17,300
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
|
No Opt. Call
|
A+
|
6,863,602
|
|||||
|
3,425
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
A+
|
4,293,820
|
|||||
|
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
|
3,512,200
|
|||||
|
5,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
|
No Opt. Call
|
A+
|
6,179,100
|
|||||
|
4,000
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 (Pre-refunded 7/01/13) – FGIC Insured
|
7/13 at 100.00
|
A+ (4)
|
4,128,240
|
|||||
|
3,000
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – AGM Insured
|
1/15 at 100.00
|
AA–
|
3,183,570
|
|||||
|
5,000
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36
|
1/19 at 100.00
|
A+
|
5,545,600
|
|||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
|
|||||||||
|
10,555
|
5.000%, 6/01/29
|
6/17 at 100.00
|
B2
|
10,174,176
|
|||||
|
6,125
|
4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
5,311,539
|
|||||
|
69,940
|
Total New Jersey
|
61,881,121
|
|||||||
|
New York – 9.0% (6.1% 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
|
5,432,700
|
|||||
|
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–
|
1,619,145
|
|||||
|
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
|
1,348,000
|
|||||
|
2,100
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
2,483,544
|
|||||
|
5,025
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
5,214,945
|
|||||
|
2,575
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
A
|
2,670,172
|
|||||
|
10,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
|
9/22 at 100.00
|
A
|
11,349,800
|
|||||
|
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+
|
2,486,148
|
|||||
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004B:
|
|||||||||
|
6,875
|
5.000%, 8/01/23 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
AAA
|
7,121,194
|
|||||
|
7,260
|
5.000%, 8/01/24 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
AAA
|
7,518,311
|
|||||
|
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
|
2,642,225
|
|||||
|
10
|
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26
|
11/12 at 100.00
|
AA
|
10,042
|
|||||
|
2,150
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
|
3/15 at 100.00
|
AA
|
2,352,380
|
|||||
|
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
|
5,486,800
|
|||||
|
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
|
4,344,080
|
|||||
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005:
|
|||||||||
|
2,475
|
5.000%, 11/15/44 – AMBAC Insured
|
11/15 at 100.00
|
AA+
|
2,612,932
|
|||||
|
1,235
|
16.696%, 11/15/44 – AMBAC Insured
|
11/15 at 100.00
|
AA+
|
1,510,306
|
|
46
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York (continued)
|
|||||||||
|
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C:
|
|||||||||
|
$
|
6,000
|
5.250%, 6/01/20 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AA– (4)
|
$
|
6,176,700
|
|||
|
5,100
|
5.250%, 6/01/21 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AA– (4)
|
5,250,195
|
|||||
|
2,000
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/19
|
6/13 at 100.00
|
AA–
|
2,059,060
|
|||||
|
1,060
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
1,240,253
|
|||||
|
6,250
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
6,876,313
|
|||||
|
9,950
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Series 2012B, 7.193%, 11/15/21 (IF) (5)
|
No Opt. Call
|
AA–
|
13,586,924
|
|||||
|
91,415
|
Total New York
|
101,392,169
|
|||||||
|
North Carolina – 0.8% (0.5% of Total Investments)
|
|||||||||
|
1,775
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.819%, 7/15/32 (IF) (5)
|
1/18 at 100.00
|
AA–
|
2,123,042
|
|||||
|
1,000
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
|
1/21 at 100.00
|
AA–
|
1,144,150
|
|||||
|
1,780
|
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)
|
2/13 at 100.00
|
AA+
|
1,791,267
|
|||||
|
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A:
|
|||||||||
|
1,250
|
5.000%, 2/01/21 (Pre-refunded 2/01/14)
|
2/14 at 100.00
|
AA+ (4)
|
1,323,863
|
|||||
|
2,445
|
5.000%, 2/01/22 (Pre-refunded 2/01/14)
|
2/14 at 100.00
|
AA+ (4)
|
2,589,475
|
|||||
|
8,250
|
Total North Carolina
|
8,971,797
|
|||||||
|
Ohio – 3.0% (2.0% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
1,700
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
1,485,290
|
|||||
|
900
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
781,254
|
|||||
|
1,890
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
1,599,205
|
|||||
|
2,070
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
1,777,447
|
|||||
|
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)
|
3,304,320
|
|||||
|
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
|
2,388,157
|
|||||
|
4,105
|
5.250%, 5/15/18 – NPFG Insured
|
5/13 at 100.00
|
AA+
|
4,207,461
|
|||||
|
4,495
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
|
11/21 at 100.00
|
AA+
|
4,967,694
|
|||||
|
10,000
|
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Nretwork Series 2009, 5.500%, 4/01/39
|
4/19 at 100.00
|
A
|
10,986,500
|
|||||
|
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)
|
1/13 at 100.00
|
Aa2
|
2,002,200
|
|||||
|
32,490
|
Total Ohio
|
33,499,528
|
|||||||
|
Oklahoma – 1.9% (1.3% of Total Investments)
|
|||||||||
|
750
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
|
9/16 at 100.00
|
BB+
|
768,128
|
|||||
|
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
|
2,825,737
|
|||||
|
1,020
|
5.000%, 2/15/42
|
2/17 at 100.00
|
A
|
1,067,756
|
|||||
|
10,000
|
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
|
1/17 at 100.00
|
A
|
10,436,200
|
|||||
|
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+
|
5,898,111
|
|
Nuveen Investments
|
47
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Oklahoma (continued)
|
|||||||||
|
$
|
99
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.391%, 6/15/30 (IF)
|
12/16 at 100.00
|
AA+
|
$
|
113,443
|
|||
|
20,019
|
Total Oklahoma
|
21,109,375
|
|||||||
|
Oregon – 0.8% (0.5% of Total Investments)
|
|||||||||
|
7,860
|
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence Health System, Series 2004, 5.500%, 10/01/21 (UB)
|
10/14 at 100.00
|
AA
|
8,577,304
|
|||||
|
Pennsylvania – 2.9% (2.0% of Total Investments)
|
|||||||||
|
3,500
|
Allegheny County Sanitary Authority, Pennsylvania, Sewage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
A1
|
3,877,650
|
|||||
|
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
|
1,667,175
|
|||||
|
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
|
508,405
|
|||||
|
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
|
1,290,702
|
|||||
|
50
|
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
|
No Opt. Call
|
N/R
|
55,289
|
|||||
|
2,750
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/32
|
11/22 at 100.00
|
Baa3
|
2,709,025
|
|||||
|
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
|
6,121,674
|
|||||
|
1,000
|
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
|
9/15 at 100.00
|
AA
|
1,101,550
|
|||||
|
15,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
|
12/27 at 100.00
|
A–
|
14,900,400
|
|||||
|
1,050
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
Aa3
|
1,180,001
|
|||||
|
32,250
|
Total Pennsylvania
|
33,411,871
|
|||||||
|
Puerto Rico – 0.7% (0.4% of Total Investments)
|
|||||||||
|
8,750
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
|
8/29 at 100.00
|
A+
|
7,469,525
|
|||||
|
Rhode Island – 1.4% (0.9% of Total Investments)
|
|||||||||
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
|
|||||||||
|
3,870
|
6.000%, 6/01/23
|
11/12 at 100.00
|
Baa1
|
3,947,245
|
|||||
|
6,425
|
6.125%, 6/01/32
|
11/12 at 100.00
|
BBB+
|
6,553,436
|
|||||
|
5,245
|
6.250%, 6/01/42
|
11/12 at 100.00
|
BBB–
|
5,349,848
|
|||||
|
15,540
|
Total Rhode Island
|
15,850,529
|
|||||||
|
South Carolina – 3.5% (2.3% 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
|
Aa3
|
9,433,980
|
|||||
|
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)
|
15,672,968
|
|||||
|
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–
|
2,548,475
|
|||||
|
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
|
4,767,480
|
|||||
|
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)
|
1,401,189
|
|||||
|
165
|
6.875%, 8/01/27 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
BBB+ (4)
|
173,181
|
|||||
|
4,450
|
6.375%, 8/01/34 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
BBB+ (4)
|
4,654,166
|
|||||
|
550
|
6.375%, 8/01/34 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
BBB+ (4)
|
575,234
|
|||||
|
38,195
|
Total South Carolina
|
39,226,673
|
|
48
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tennessee – 0.6% (0.4% of Total Investments)
|
|||||||||
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A:
|
|||||||||
|
$
|
1,645
|
4.000%, 9/01/40
|
9/22 at 100.00
|
AA
|
$
|
1,690,369
|
|||
|
1,690
|
4.000%, 9/01/42
|
9/22 at 100.00
|
AA
|
1,732,115
|
|||||
|
3,200
|
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
|
7/16 at 100.00
|
BBB+
|
3,395,072
|
|||||
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
|
|||||||||
|
800
|
5.500%, 11/01/37 (6)
|
11/17 at 100.00
|
N/R
|
16,072
|
|||||
|
1,000
|
5.500%, 11/01/46 (6)
|
11/17 at 100.00
|
N/R
|
20,090
|
|||||
|
8,335
|
Total Tennessee
|
6,853,718
|
|||||||
|
Texas – 8.6% (5.8% 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
|
6,091,669
|
|||||
|
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
|
714,225
|
|||||
|
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)
|
5/13 at 100.00
|
BBB
|
10,125,600
|
|||||
|
1,000
|
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
|
7/17 at 100.00
|
A+
|
1,080,790
|
|||||
|
5,240
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB–
|
6,137,822
|
|||||
|
6,100
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
|
11/21 at 100.00
|
A+
|
6,833,708
|
|||||
|
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+
|
1,073,460
|
|||||
|
1,000
|
5.000%, 12/01/21
|
12/14 at 100.00
|
A+
|
1,073,460
|
|||||
|
2,500
|
5.125%, 12/01/22
|
12/14 at 100.00
|
A+
|
2,683,625
|
|||||
|
2,925
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
|
11/12 at 100.00
|
BBB
|
2,928,978
|
|||||
|
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
|
4,274,800
|
|||||
|
6,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
|
11/21 at 100.00
|
AA
|
6,936,120
|
|||||
|
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
|
6,179,401
|
|||||
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
|
|||||||||
|
800
|
5.250%, 8/15/21
|
2/16 at 100.00
|
BBB–
|
843,192
|
|||||
|
1,250
|
5.125%, 8/15/26
|
2/16 at 100.00
|
BBB–
|
1,288,388
|
|||||
|
3,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
BBB–
|
3,240,930
|
|||||
|
6,025
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
|
8/22 at 100.00
|
AA
|
6,900,011
|
|||||
|
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
|
3,421,501
|
|||||
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
|
|||||||||
|
1,880
|
0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
1,455,158
|
|||||
|
7,990
|
0.000%, 9/01/45
|
9/31 at 100.00
|
AA
|
6,738,207
|
|||||
|
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
|
99,250
|
|||||
|
2,500
|
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
|
10/20 at 100.00
|
AA–
|
2,867,975
|
|
Nuveen Investments
|
49
|
|
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
|
||
|
NPM
|
Portfolio of Investments
|
October 31, 2012
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
$
|
7,100
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
|
2/17 at 100.00
|
AA–
|
$
|
7,658,841
|
|||
|
3,755
|
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.729%, 4/01/28 (IF)
|
4/17 at 100.00
|
Aaa
|
6,348,316
|
|||||
|
99,935
|
Total Texas
|
96,995,427
|
|||||||
|
Utah – 0.6% (0.4% of Total Investments)
|
|||||||||
|
6,335
|
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
|
8/19 at 100.00
|
AA+
|
6,954,626
|
|||||
|
Virginia – 0.1% (0.1% of Total Investments)
|
|||||||||
|
1,250
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
|
1/22 at 100.00
|
BBB–
|
1,310,813
|
|||||
|
Washington – 4.9% (3.4% of Total Investments)
|
|||||||||
|
5,000
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (Pre-refunded 7/01/13)
|
7/13 at 100.00
|
Aa1 (4)
|
5,175,950
|
|||||
|
10,000
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
|
1/22 at 100.00
|
AA+
|
11,254,800
|
|||||
|
2,500
|
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
|
1/19 at 100.00
|
AA+
|
2,975,975
|
|||||
|
4,160
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
|
8/22 at 100.00
|
Aa3
|
4,930,141
|
|||||
|
2,820
|
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/19 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
A1 (4)
|
3,116,495
|
|||||
|
4,155
|
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
|
12/20 at 100.00
|
Baa3
|
4,481,957
|
|||||
|
3,410
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
3,834,306
|
|||||
|
1,885
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
|
10/22 at 100.00
|
AA
|
2,168,730
|
|||||
|
4,940
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
|
10/22 at 100.00
|
AA
|
5,492,737
|
|||||
|
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
|
5,665,750
|
|||||
|
1,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
1,027,420
|
|||||
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
|
|||||||||
|
3,220
|
6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
3,356,830
|
|||||
|
2,435
|
6.625%, 6/01/32
|
6/13 at 100.00
|
Baa1
|
2,538,488
|
|||||
|
50,525
|
Total Washington
|
56,019,579
|
|||||||
|
West Virginia – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,355
|
West Virginia University, University Revenue Improvement Bonds, West Virginia University Projects, Series 2004C, 5.000%, 10/01/24 – FGIC Insured
|
10/14 at 100.00
|
Aa3
|
2,529,765
|
|||||
|
Wisconsin – 2.1% (1.5% of Total Investments)
|
|||||||||
|
1,135
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39
|
4/20 at 100.00
|
A
|
1,298,860
|
|||||
|
6,775
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
|
7/21 at 100.00
|
A
|
7,730,275
|
|||||
|
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
|
321,939
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24
|
5/14 at 100.00
|
BBB+
|
1,051,980
|
|||||
|
2,955
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
|
2/22 at 100.00
|
A–
|
3,197,724
|
|
50
|
Nuveen Investments
|
|
Principal
Amount (000)
|
Description (1)
|
Optional Call
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin (continued)
|
|||||||||
|
$
|
4,530
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34
|
8/16 at 100.00
|
A–
|
$
|
4,801,347
|
|||
|
5,300
|
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) (5)
|
5/16 at 100.00
|
AA
|
5,993,664
|
|||||
|
22,010
|
Total Wisconsin
|
24,395,789
|
|||||||
|
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+
|
2,391,638
|
|||||
|
$
|
1,637,179
|
Total Investments (cost $1,522,638,626) – 147.7%
|
1,670,384,801
|
||||||
|
Floating Rate Obligations – (7.5)%
|
(85,159,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.3)% (8)
|
(489,500,000
|
) | |||||||
|
Other Assets Less Liabilities – 3.1%
|
34,904,993
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
1,130,630,794
|
|
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. 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 29.3%.
|
|
|
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 Investments
|
51
|
|
Nuveen Premium Income Municipal Fund 4, Inc.
|
||
|
NPT
|
Portfolio of Investments
|
|
|
October 31, 2012
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Alabama – 3.8% (2.5% of Total Investments)
|
||||||||
|
$
|
11,895
|
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, Series 1995, 5.000%, 11/01/25 (ETM)
|
5/13 at 100.00
|
Aaa
|
$
|
11,941,153
|
||
|
5,000
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
|
5/16 at 100.00
|
AA+
|
5,434,800
|
||||
|
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
|
1,014,890
|
||||
|
1,000
|
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
|
6/15 at 100.00
|
BBB
|
1,024,250
|
||||
|
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
|
1,528,830
|
||||
|
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
|
2,640,596
|
||||
|
22,720
|
Total Alabama
|
23,584,519
|
||||||
|
Alaska – 0.8% (0.5% 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+
|
1,727,970
|
||||
|
3,065
|
Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 (Pre-refunded 12/01/13) – NPFG Insured
|
12/13 at 100.00
|
AA (4)
|
3,232,226
|
||||
|
4,730
|
Total Alaska
|
4,960,196
|
||||||
|
Arizona – 4.7% (3.2% of Total Investments)
|
||||||||
|
1,300
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
BBB
|
1,365,663
|
||||
|
10,350
|
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/30
|
7/22 at 100.00
|
A1
|
11,736,072
|
||||
|
5,000
|
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/31 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
A1 (4)
|
5,158,250
|
||||
|
1,665
|
Oro Valley, Arizona, Water Project Revenue Obligations, Refunding Senior Lien Series 2012, 4.000%, 7/01/20
|
No Opt. Call
|
AA
|
1,925,539
|
||||
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:
|
||||||||
|
400
|
5.000%, 7/01/27 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA+
|
441,748
|
||||
|
950
|
5.000%, 7/01/32 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA+
|
1,027,473
|
||||
|
3,710
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41
|
7/21 at 100.00
|
A
|
4,170,893
|
||||
|
3,000
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
3,476,820
|
||||
|
26,375
|
Total Arizona
|
29,302,458
|
||||||
|
California – 23.1% (15.5% 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–
|
1,716,120
|
||||
|
8,000
|
Anaheim Public Finance Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
|
9/17 at 100.00
|
A1
|
8,112,720
|
||||
|
17,000
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
|
3/13 at 100.00
|
A
|
17,111,687
|
||||
|
5,000
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
5,278,200
|
||||
|
2,900
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
|
11/16 at 100.00
|
AA–
|
3,105,465
|
|
52
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
California (continued)
|
||||||||
|
$
|
1,385
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
|
8/20 at 100.00
|
BBB
|
$
|
1,531,270
|
||
|
1,220
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A2
|
1,478,664
|
||||
|
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
|
1,732,815
|
||||
|
4,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31
|
10/21 at 100.00
|
A2
|
5,053,995
|
||||
|
19,095
|
California State, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured
|
6/15 at 100.00
|
A1
|
20,377,990
|
||||
|
1,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
1,155,950
|
||||
|
1,030
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39
|
10/19 at 100.00
|
BBB+
|
1,127,428
|
||||
|
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
|
BB+
|
1,082,582
|
||||
|
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
|
1,025,640
|
||||
|
1,685
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.471%, 5/15/14 (IF)
|
No Opt. Call
|
AA–
|
2,372,261
|
||||
|
4,780
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/14 (ETM)
|
No Opt. Call
|
Aaa
|
4,757,486
|
||||
|
1,000
|
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
|
8/21 at 100.00
|
Aa2
|
1,220,100
|
||||
|
2,000
|
Glendale Redevelopment Agency, California, Central Glendale Redevelopment Project, Tax Allocation Bonds, Series 2010, 5.500%, 12/01/24
|
12/16 at 100.00
|
A
|
2,109,140
|
||||
|
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
|
1,037,950
|
||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||
|
3,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
2,687,790
|
||||
|
610
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
494,344
|
||||
|
3,190
|
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27
|
No Opt. Call
|
AAA
|
1,767,866
|
||||
|
360
|
Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33
|
9/20 at 100.00
|
AA–
|
391,939
|
||||
|
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+
|
583,573
|
||||
|
2,000
|
Marinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 0.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
2,230,460
|
||||
|
1,000
|
Mendocino-Lake Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2011, 0.000%, 8/01/31 – AGM Insured
|
8/26 at 100.00
|
AA–
|
966,630
|
||||
|
2,700
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 7.000%, 11/01/34
|
No Opt. Call
|
A
|
3,933,144
|
||||
|
3,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
|
11/19 at 100.00
|
Baa3
|
3,432,780
|
||||
|
1,250
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
|
11/20 at 100.00
|
Baa3
|
1,373,400
|
||||
|
2,500
|
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
|
5/21 at 100.00
|
AA–
|
2,911,825
|
||||
|
2,000
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
|
6/20 at 100.00
|
A–
|
2,271,740
|
||||
|
11,310
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2006A, 4.250%, 7/01/31 – AGM Insured (UB)
|
7/16 at 100.00
|
AA+
|
11,811,033
|
|
Nuveen Investments
|
53
|
|
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
|
||
|
NPT
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
California (continued)
|
||||||||
|
$
|
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–
|
$
|
779,579
|
||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
||||||||
|
4,430
|
0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,607,071
|
||||
|
31,300
|
0.000%, 1/15/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
10,007,862
|
||||
|
4,000
|
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 17.445%, 9/01/38 – NPFG Insured (IF)
|
9/17 at 100.00
|
AA+
|
5,462,560
|
||||
|
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–
|
492,342
|
||||
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B:
|
||||||||
|
4,005
|
0.000%, 8/01/36 – AGM Insured
|
8/31 at 100.00
|
AA–
|
2,360,227
|
||||
|
3,900
|
5.625%, 5/01/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
4,572,711
|
||||
|
3,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
|
8/21 at 100.00
|
Aa2
|
3,402,510
|
||||
|
161,850
|
Total California
|
144,928,849
|
||||||
|
Colorado – 5.5% (3.7% 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
|
1,559,988
|
||||
|
4,735
|
Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2012, 5.000%, 12/01/20
|
No Opt. Call
|
A1
|
5,812,875
|
||||
|
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
|
1,363,752
|
||||
|
1,000
|
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40
|
12/20 at 100.00
|
BBB
|
1,101,030
|
||||
|
535
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
551,505
|
||||
|
2,350
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 4.000%, 11/15/43
|
11/22 at 100.00
|
A+
|
2,376,156
|
||||
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A:
|
||||||||
|
2,940
|
5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
3,087,529
|
||||
|
10,185
|
5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
10,696,083
|
||||
|
755
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
829,805
|
||||
|
1,000
|
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41
|
12/21 at 100.00
|
A
|
1,082,230
|
||||
|
1,765
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA–
|
2,077,123
|
||||
|
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
|
1,451,259
|
||||
|
2,365
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
2,746,427
|
||||
|
31,325
|
Total Colorado
|
34,735,762
|
||||||
|
Florida – 7.6% (5.2% of Total Investments)
|
||||||||
|
1,250
|
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40
|
9/20 at 100.00
|
BBB
|
1,377,738
|
||||
|
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–
|
311,353
|
||||
|
5,000
|
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
Aa3 (4)
|
5,159,950
|
||||
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,387,390
|
|
54
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Florida (continued)
|
||||||||
|
$
|
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+
|
$
|
1,286,813
|
||
|
5,000
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax)
|
10/13 at 100.00
|
A+
|
5,183,000
|
||||
|
1,750
|
Jacksonville, Florida, Transportation Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/24
|
10/22 at 100.00
|
AA–
|
2,119,285
|
||||
|
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)
|
12/12 at 100.00
|
BB+
|
5,019,900
|
||||
|
2,010
|
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
|
A
|
2,066,139
|
||||
|
1,050
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA
|
1,186,920
|
||||
|
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
|
1,001,570
|
||||
|
1,925
|
Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35
|
5/15 at 101.00
|
N/R
|
1,948,601
|
||||
|
5,455
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
|
8/17 at 100.00
|
AA
|
5,887,254
|
||||
|
11,000
|
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured
|
10/18 at 100.00
|
AA–
|
12,155,990
|
||||
|
44,790
|
Total Florida
|
48,091,903
|
||||||
|
Georgia – 3.7% (2.5% of Total Investments)
|
||||||||
|
4,400
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
|
No Opt. Call
|
A1
|
5,440,336
|
||||
|
1,500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
|
11/19 at 100.00
|
AA–
|
1,717,275
|
||||
|
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
|
2,794,675
|
||||
|
5,355
|
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM)
|
No Opt. Call
|
A1 (4)
|
6,606,678
|
||||
|
6,000
|
The Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/41
|
8/20 at 100.00
|
AA–
|
6,477,000
|
||||
|
19,755
|
Total Georgia
|
23,035,964
|
||||||
|
Guam – 0.7% (0.5% of Total Investments)
|
||||||||
|
4,000
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30
|
7/20 at 100.00
|
Ba2
|
4,262,000
|
||||
|
Hawaii – 0.8% (0.5% of Total Investments)
|
||||||||
|
1,000
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40
|
7/20 at 100.00
|
A–
|
1,101,260
|
||||
|
2,050
|
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13
|
No Opt. Call
|
Aa1
|
2,139,483
|
||||
|
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
|
1,649,346
|
||||
|
4,630
|
Total Hawaii
|
4,890,089
|
||||||
|
Idaho – 0.2% (0.2% of Total Investments)
|
||||||||
|
800
|
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26
|
7/19 at 100.00
|
A1
|
885,400
|
||||
|
595
|
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mittigation Series 2012A, 5.000%, 9/01/32
|
9/22 at 100.00
|
Baa1
|
651,823
|
||||
|
1,395
|
Total Idaho
|
1,537,223
|
|
Nuveen Investments
|
55
|
|
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
|
||
|
NPT
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Illinois – 17.7% (11.9% of Total Investments)
|
||||||||
|
$
|
1,180
|
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
|
12/21 at 100.00
|
A+
|
$
|
1,271,426
|
||
|
3,090
|
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
|
No Opt. Call
|
A2
|
3,248,146
|
||||
|
5,550
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%,
1/01/26 – AGM Insured (Alternative Minimum Tax) |
11/12 at 100.00
|
AA–
|
5,557,104
|
||||
|
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
|
A2
|
443,573
|
||||
|
1,250
|
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured
|
6/22 at 100.00
|
AA
|
1,416,763
|
||||
|
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
|
1,568,970
|
||||
|
1,685
|
8.500%, 12/01/15 – FGIC Insured
|
No Opt. Call
|
N/R
|
2,034,233
|
||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30
|
5/20 at 100.00
|
N/R
|
588,735
|
||||
|
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
|
500,800
|
||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
1,110,770
|
||||
|
5,220
|
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27
|
4/21 at 100.00
|
A
|
6,109,123
|
||||
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
|
1/18 at 100.00
|
BBB+
|
3,256,680
|
||||
|
1,500
|
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.375%, 8/15/40
|
8/15 at 105.00
|
A+
|
1,627,920
|
||||
|
2,515
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.250%, 8/15/34 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
N/R (4)
|
2,735,264
|
||||
|
3,200
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
3,722,592
|
||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
649,685
|
||||
|
1,665
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39
|
5/19 at 100.00
|
A2
|
2,056,342
|
||||
|
5,565
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
6,102,746
|
||||
|
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+
|
2,387,260
|
||||
|
2,000
|
7.000%, 8/15/44
|
8/19 at 100.00
|
BBB+
|
2,398,860
|
||||
|
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–
|
561,810
|
||||
|
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+
|
3,456,270
|
||||
|
1,000
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
|
5/17 at 100.00
|
BBB+
|
1,052,700
|
||||
|
4,000
|
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37
|
8/13 at 100.00
|
Aa2
|
4,047,440
|
||||
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002:
|
||||||||
|
3,000
|
5.500%, 1/01/22
|
1/13 at 100.00
|
BBB+
|
3,021,720
|
||||
|
1,000
|
5.625%, 1/01/28
|
1/13 at 100.00
|
BBB+
|
1,006,890
|
||||
|
2,655
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 7.000%, 4/01/14
|
No Opt. Call
|
Aa2
|
2,791,892
|
||||
|
220
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A
|
247,399
|
||||
|
2,250
|
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/26
|
1/22 at 100.00
|
A
|
2,318,760
|
|
56
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Illinois (continued)
|
||||||||
|
$
|
9,795
|
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/19 – AGM Insured (UB)
|
No Opt. Call
|
AAA
|
$
|
12,357,372
|
||
|
1,245
|
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B, 6.250%, 2/01/21 – AGM Insured
|
2/20 at 100.00
|
Aa3
|
1,507,994
|
||||
|
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:
|
||||||||
|
825
|
6.000%, 2/01/24 – AGM Insured
|
2/20 at 100.00
|
Aa3
|
968,583
|
||||
|
1,030
|
6.000%, 2/01/25 – AGM Insured
|
2/20 at 100.00
|
Aa3
|
1,198,724
|
||||
|
2,500
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
|
6/22 at 100.00
|
AAA
|
2,774,675
|
||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
||||||||
|
9,500
|
0.000%, 6/15/24 – NPFG Insured
|
6/22 at 101.00
|
AAA
|
8,890,670
|
||||
|
36,040
|
0.000%, 6/15/40 – NPFG Insured
|
No Opt. Call
|
AAA
|
9,174,703
|
||||
|
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:
|
||||||||
|
445
|
5.000%, 10/01/25
|
10/22 at 100.00
|
Baa1
|
501,382
|
||||
|
400
|
5.000%, 10/01/26
|
10/22 at 100.00
|
Baa1
|
447,228
|
||||
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
|
||||||||
|
780
|
5.250%, 6/01/21
|
No Opt. Call
|
A
|
920,650
|
||||
|
2,000
|
6.250%, 6/01/24
|
6/16 at 100.00
|
A–
|
2,242,920
|
||||
|
2,435
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
AA
|
2,922,244
|
||||
|
128,410
|
Total Illinois
|
111,199,018
|
||||||
|
Indiana – 3.4% (2.3% of Total Investments)
|
||||||||
|
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:
|
||||||||
|
1,950
|
0.000%, 2/01/24
|
No Opt. Call
|
AA+
|
1,328,886
|
||||
|
2,705
|
0.000%, 2/01/25
|
No Opt. Call
|
AA+
|
1,758,196
|
||||
|
3,000
|
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
|
8/16 at 100.00
|
Baa2
|
3,176,880
|
||||
|
680
|
Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Butler University Project, Series 2012B, 5.000%, 2/01/29
|
2/22 at 100.00
|
BBB+
|
742,825
|
||||
|
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
|
BB+
|
1,153,457
|
||||
|
1,500
|
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30
|
3/20 at 100.00
|
A–
|
1,621,605
|
||||
|
1,460
|
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–
|
1,588,144
|
||||
|
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A:
|
||||||||
|
4,000
|
5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
4,111,760
|
||||
|
6,000
|
5.000%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
6,167,640
|
||||
|
22,345
|
Total Indiana
|
21,649,393
|
||||||
|
Iowa – 0.8% (0.5% of Total Investments)
|
||||||||
|
1,000
|
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20
|
7/16 at 100.00
|
BB+
|
1,071,430
|
||||
|
1,630
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31
|
10/21 at 100.00
|
BBB–
|
1,780,351
|
||||
|
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
|
2,180,820
|
||||
|
4,630
|
Total Iowa
|
5,032,601
|
|
Nuveen Investments
|
57
|
|
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
|
||
|
NPT
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Kansas – 2.0% (1.4% of Total Investments)
|
||||||||
|
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:
|
||||||||
|
$
|
2,000
|
5.000%, 9/01/26
|
9/21 at 100.00
|
Aa3
|
$
|
2,393,160
|
||
|
1,400
|
5.000%, 9/01/27
|
9/21 at 100.00
|
Aa3
|
1,664,222
|
||||
|
2,000
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
2,186,620
|
||||
|
1,485
|
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31
|
12/20 at 100.00
|
Baa1
|
1,602,077
|
||||
|
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
|
671,088
|
||||
|
1,750
|
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
|
6/14 at 100.00
|
A3
|
1,805,720
|
||||
|
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
|
1,999,044
|
||||
|
12,215
|
Total Kansas
|
12,321,931
|
||||||
|
Kentucky – 1.1% (0.8% of Total Investments)
|
||||||||
|
1,000
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
|
6/20 at 100.00
|
BBB+
|
1,181,640
|
||||
|
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
|
6,012,200
|
||||
|
6,000
|
Total Kentucky
|
7,193,840
|
||||||
|
Louisiana – 4.8% (3.2% of Total Investments)
|
||||||||
|
165
|
DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)
|
11/14 at 100.00
|
BBB
|
175,126
|
||||
|
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
|
6/36 at 101.00
|
Aa1
|
1,840,755
|
||||
|
5,150
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
|
8/15 at 100.00
|
A+
|
5,346,215
|
||||
|
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
|
4,020,172
|
||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
||||||||
|
1,480
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
1,618,232
|
||||
|
15,820
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
16,836,277
|
||||
|
170
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Residuals 660, 15.685%, 5/01/34 – FGIC Insured (IF)
|
5/16 at 100.00
|
Aa1
|
213,666
|
||||
|
28,335
|
Total Louisiana
|
30,050,443
|
||||||
|
Maine – 0.6% (0.4% of Total Investments)
|
||||||||
|
2,000
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/36
|
7/21 at 100.00
|
Baa3
|
2,431,240
|
||||
|
1,250
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
AA
|
1,377,275
|
||||
|
3,250
|
Total Maine
|
3,808,515
|
||||||
|
Maryland – 0.2% (0.1% of Total Investments)
|
||||||||
|
775
|
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16
|
1/13 at 100.00
|
Aa2
|
777,286
|
||||
|
50
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
|
8/14 at 100.00
|
A2
|
53,261
|
||||
|
345
|
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)
|
1/13 at 100.00
|
Aaa
|
345,859
|
||||
|
1,170
|
Total Maryland
|
1,176,406
|
|
58
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Massachusetts – 1.5% (1.0% of Total Investments)
|
||||||||
|
$
|
2,805
|
Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, 3/01/35 – ACA Insured
|
3/15 at 100.00
|
BBB
|
$
|
2,851,114
|
||
|
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
|
4/13 at 102.00
|
N/R
|
1,015,960
|
||||
|
1,900
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,122,794
|
||||
|
3,465
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
3,648,299
|
||||
|
9,170
|
Total Massachusetts
|
9,638,167
|
||||||
|
Michigan – 4.6% (3.1% of Total Investments)
|
||||||||
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
A+
|
385,374
|
||||
|
625
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
|
11/20 at 100.00
|
AA
|
694,763
|
||||
|
6,000
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
6,173,760
|
||||
|
5,400
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured
|
7/16 at 100.00
|
A
|
5,505,462
|
||||
|
2,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
A+
|
2,133,900
|
||||
|
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–
|
1,695,030
|
||||
|
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
|
5,170,450
|
||||
|
3,220
|
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
|
3,715,139
|
||||
|
1,000
|
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
AA+ (4)
|
1,115,000
|
||||
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
|
||||||||
|
365
|
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
428,974
|
||||
|
1,635
|
5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
AA
|
1,822,093
|
||||
|
27,100
|
Total Michigan
|
28,839,945
|
||||||
|
Minnesota – 1.3% (0.9% of Total Investments)
|
||||||||
|
1,000
|
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40
|
11/20 at 100.00
|
BBB–
|
1,041,730
|
||||
|
3,000
|
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2012, 4.000%, 11/15/41
|
5/22 at 100.00
|
AA
|
3,169,350
|
||||
|
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
|
2,928,360
|
||||
|
870
|
Wayzata, Minnesota, Senior Housing Enhanced Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012b, 4.875%, 5/01/19
|
5/14 at 100.00
|
N/R
|
880,370
|
||||
|
7,745
|
Total Minnesota
|
8,019,810
|
||||||
|
Mississippi – 1.9% (1.3% of Total Investments)
|
||||||||
|
1,000
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
4/13 at 100.00
|
BBB
|
1,003,000
|
||||
|
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
|
3,173,046
|
||||
|
5,215
|
Mississippi, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18
|
No Opt. Call
|
AA+
|
6,587,849
|
||||
|
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
|
1,153,570
|
||||
|
10,190
|
Total Mississippi
|
11,917,465
|
|
Nuveen Investments
|
59
|
|
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
|
||
|
NPT
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Missouri – 1.2% (0.8% of Total Investments)
|
||||||||
|
$
|
1,450
|
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
|
6/17 at 100.00
|
BBB+
|
$
|
1,485,395
|
||
|
1,000
|
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35
|
2/14 at 100.00
|
BBB+
|
1,017,250
|
||||
|
1,000
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
10/19 at 100.00
|
A–
|
1,115,480
|
||||
|
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:
|
||||||||
|
1,080
|
5.000%, 1/01/22
|
1/21 at 100.00
|
A2
|
1,263,946
|
||||
|
1,110
|
5.000%, 1/01/23
|
1/21 at 100.00
|
A2
|
1,285,813
|
||||
|
1,250
|
5.000%, 1/01/25
|
1/21 at 100.00
|
A2
|
1,427,413
|
||||
|
6,890
|
Total Missouri
|
7,595,297
|
||||||
|
Nevada – 2.2% (1.5% of Total Investments)
|
||||||||
|
4,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
4,608,320
|
||||
|
7,000
|
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – AMBAC Insured
|
7/13 at 100.00
|
AA– (4)
|
7,223,020
|
||||
|
1,700
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
BBB–
|
1,946,245
|
||||
|
53
|
Nevada State Las Vegas Monorail Company,2012 A, 5.500%, 07/15/19 (6)
|
No Opt Call
|
N/R
|
37,975
|
||||
|
16
|
Nevada State Las Vegas Monorail Company, 2012 B, 3.000%, 06/30/55 (6)
|
No Opt Call
|
N/R
|
6,556
|
||||
|
12,769
|
Total Nevada
|
13,822,116
|
||||||
|
New Jersey – 2.2% (1.5% of Total Investments)
|
||||||||
|
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
|
||||||||
|
835
|
5.750%, 6/01/31
|
6/20 at 100.00
|
Baa3
|
943,725
|
||||
|
3,000
|
5.875%, 6/01/42
|
6/20 at 100.00
|
Baa3
|
3,356,370
|
||||
|
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
|
||||||||
|
300
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
357,474
|
||||
|
880
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
1,027,928
|
||||
|
1,805
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
1,961,855
|
||||
|
4,005
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
4,158,151
|
||||
|
2,710
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
2,350,085
|
||||
|
13,535
|
Total New Jersey
|
14,155,588
|
||||||
|
New Mexico – 0.3% (0.2% of Total Investments)
|
||||||||
|
1,500
|
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida Llena Project, Series 2010A, 6.125%, 7/01/40
|
7/20 at 100.00
|
BBB
|
1,662,105
|
||||
|
New York – 3.8% (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
|
BBB–
|
856,642
|
||||
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
|
||||||||
|
1,945
|
6.000%, 7/15/30
|
1/20 at 100.00
|
BBB–
|
2,281,952
|
||||
|
3,065
|
6.250%, 7/15/40
|
1/20 at 100.00
|
BBB–
|
3,576,273
|
||||
|
4,070
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
4,223,846
|
||||
|
1,000
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
|
11/19 at 100.00
|
AA
|
1,131,810
|
||||
|
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+
|
1,479,850
|
|
60
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
New York (continued)
|
||||||||
|
$
|
1,870
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
$
|
2,062,105
|
||
|
170
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C, 5.500%, 6/01/18
|
11/12 at 100.00
|
AA–
|
170,733
|
||||
|
795
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
930,190
|
||||
|
6,250
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
6,876,313
|
||||
|
21,270
|
Total New York
|
23,589,714
|
||||||
|
North Carolina – 2.1% (1.5% of Total Investments)
|
||||||||
|
750
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
|
1/17 at 100.00
|
AA–
|
829,598
|
||||
|
2,460
|
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/21 (Pre-refunded 2/01/14)
|
2/14 at 100.00
|
AA+ (4)
|
2,605,361
|
||||
|
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
|
10,082,500
|
||||
|
13,210
|
Total North Carolina
|
13,517,459
|
||||||
|
North Dakota – 0.6% (0.4% of Total Investments)
|
||||||||
|
2,190
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
|
11/21 at 100.00
|
A+
|
2,688,554
|
||||
|
1,125
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32
|
12/21 at 100.00
|
A–
|
1,227,398
|
||||
|
3,315
|
Total North Dakota
|
3,915,952
|
||||||
|
Ohio – 3.4% (2.3% of Total Investments)
|
||||||||
|
5,370
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
4,691,769
|
||||
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
|
||||||||
|
2,000
|
5.250%, 11/01/29
|
11/20 at 100.00
|
BBB+
|
2,219,840
|
||||
|
3,000
|
5.750%, 11/01/40
|
11/20 at 100.00
|
BBB+
|
3,439,290
|
||||
|
3,040
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
|
7/21 at 100.00
|
BBB
|
3,411,184
|
||||
|
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
|
763,112
|
||||
|
4,615
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
11/21 at 100.00
|
AA–
|
5,604,041
|
||||
|
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–
|
961,248
|
||||
|
19,525
|
Total Ohio
|
21,090,484
|
||||||
|
Oklahoma – 1.0% (0.7% of Total Investments)
|
||||||||
|
5,615
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
|
12/16 at 100.00
|
AA+
|
6,065,547
|
||||
|
88
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.391%, 6/15/30 (IF)
|
12/16 at 100.00
|
AA+
|
100,838
|
||||
|
5,703
|
Total Oklahoma
|
6,166,385
|
||||||
|
Oregon – 0.2% (0.1% of Total Investments)
|
||||||||
|
1,000
|
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/28
|
6/22 at 100.00
|
A1
|
1,167,420
|
|
Nuveen Investments
|
61
|
|
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
|
||
|
NPT
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Pennsylvania – 3.2% (2.2% of Total Investments)
|
||||||||
|
$
|
1,000
|
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
|
3/17 at 100.00
|
BBB
|
$
|
1,016,810
|
||
|
1,000
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
|
1/19 at 100.00
|
BBB+
|
1,124,930
|
||||
|
600
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
|
7/20 at 100.00
|
BBB–
|
679,794
|
||||
|
5,490
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) (5)
|
12/16 at 100.00
|
Aa2
|
5,744,955
|
||||
|
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
|
1,748,439
|
||||
|
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:
|
||||||||
|
5,445
|
6.000%, 8/01/36
|
8/20 at 100.00
|
A2
|
6,436,643
|
||||
|
1,425
|
6.500%, 8/01/41
|
8/20 at 100.00
|
A2
|
1,744,870
|
||||
|
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+
|
1,889,906
|
||||
|
18,225
|
Total Pennsylvania
|
20,386,347
|
||||||
|
Puerto Rico – 2.9% (2.0% of Total Investments)
|
||||||||
|
4,810
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
|
8/20 at 100.00
|
A+
|
5,392,539
|
||||
|
12,390
|
Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 7/01/13 – NPFG Insured
|
No Opt. Call
|
Baa1
|
12,818,319
|
||||
|
17,200
|
Total Puerto Rico
|
18,210,858
|
||||||
|
Rhode Island – 2.4% (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
|
11/12 at 100.00
|
BBB–
|
15,299,847
|
||||
|
South Carolina – 2.5% (1.7% of Total Investments)
|
||||||||
|
4,120
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/23 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
4,398,553
|
||||
|
5,000
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.250%, 1/01/21 – FGIC Insured
|
No Opt. Call
|
A–
|
6,477,800
|
||||
|
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–
|
5,125,629
|
||||
|
14,205
|
Total South Carolina
|
16,001,982
|
||||||
|
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
|
A+
|
1,831,358
|
||||
|
Tennessee – 0.5% (0.4% of Total Investments)
|
||||||||
|
5,075
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41
|
1/17 at 30.07
|
A
|
1,247,841
|
||||
|
1,220
|
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Le Bonheur Healthcare, Series 2012, 5.000%, 5/01/36
|
5/22 at 100.00
|
A+
|
1,350,699
|
||||
|
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+
|
711,987
|
||||
|
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 (7)
|
11/17 at 100.00
|
N/R
|
17,277
|
||||
|
1,000
|
5.500%, 11/01/46 (7)
|
11/17 at 100.00
|
N/R
|
20,090
|
||||
|
8,835
|
Total Tennessee
|
3,347,894
|
|
62
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Texas – 17.6% (11.8% 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) (7)
|
12/12 at 100.00
|
N/R
|
$
|
1,942,680
|
||
|
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
|
5,703,731
|
||||
|
1,000
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
|
1/21 at 100.00
|
BBB–
|
1,169,230
|
||||
|
2,600
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
|
11/21 at 100.00
|
A+
|
2,912,728
|
||||
|
2,275
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, 11/01/27 – AGM Insured (Alternative Minimum Tax)
|
11/14 at 100.00
|
AA–
|
2,358,561
|
||||
|
6,000
|
Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax)
|
12/12 at 100.50
|
N/R
|
6,035,880
|
||||
|
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
|
7,265,860
|
||||
|
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
|
13,491,575
|
||||
|
7,500
|
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
|
No Opt. Call
|
AA (4)
|
11,200,425
|
||||
|
3,790
|
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax)
|
7/22 at 100.00
|
A+
|
4,247,718
|
||||
|
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
|
8,133,004
|
||||
|
2,000
|
Lubbock, Texas, General Obligation Bonds, Series 2012, 5.000%, 2/15/27
|
2/22 at 100.00
|
AA+
|
2,420,220
|
||||
|
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–
|
1,275,989
|
||||
|
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
|
2,759,275
|
||||
|
1,960
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
1,517,079
|
||||
|
1,100
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
|
1/19 at 100.00
|
A2
|
1,264,769
|
||||
|
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
|
3,442,702
|
||||
|
250
|
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 17.381%, 2/15/30 (IF) (5)
|
2/17 at 100.00
|
AA–
|
328,710
|
||||
|
2,890
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
|
8/20 at 100.00
|
AA–
|
3,275,642
|
||||
|
5,200
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
|
2/17 at 100.00
|
AA–
|
5,609,292
|
||||
|
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–
|
1,907,572
|
||||
|
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
|
1,969,547
|
||||
|
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
|
2,497,520
|
||||
|
500
|
7.000%, 6/30/40
|
6/20 at 100.00
|
Baa3
|
618,650
|
||||
|
1,000
|
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured
|
8/17 at 100.00
|
BBB
|
1,028,200
|
||||
|
3,395
|
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.729%, 4/01/28 (IF)
|
4/17 at 100.00
|
Aaa
|
5,739,689
|
||||
|
1,320
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/21 – AMBAC Insured
|
No Opt. Call
|
A–
|
968,603
|
|
Nuveen Investments
|
63
|
|
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
|
||
|
NPT
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Texas (continued)
|
||||||||
|
$
|
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)
|
5/13 at 100.00
|
Aaa
|
$
|
9,227,175
|
||
|
140,665
|
Total Texas
|
110,312,026
|
||||||
|
Utah – 1.7% (1.1% of Total Investments)
|
||||||||
|
4,195
|
Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18
|
12/12 at 100.00
|
N/R
|
4,200,957
|
||||
|
2,520
|
Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14 (ETM)
|
1/13 at 100.00
|
Aa3 (4)
|
2,653,106
|
||||
|
380
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax)
|
1/13 at 100.00
|
AA
|
402,530
|
||||
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:
|
||||||||
|
540
|
5.500%, 1/01/18 (Alternative Minimum Tax)
|
1/13 at 100.00
|
AA–
|
541,096
|
||||
|
305
|
5.650%, 1/01/21 (Alternative Minimum Tax)
|
1/13 at 100.00
|
Aaa
|
305,576
|
||||
|
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–
|
879,620
|
||||
|
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–
|
1,668,111
|
||||
|
10,305
|
Total Utah
|
10,650,996
|
||||||
|
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
|
276,208
|
||||
|
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
|
2,937,461
|
||||
|
2,730
|
Total Virgin Islands
|
3,213,669
|
||||||
|
Virginia – 2.6% (1.7% of Total Investments)
|
||||||||
|
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002:
|
||||||||
|
1,005
|
5.000%, 1/15/35 (Pre-refunded 1/15/13) – AMBAC Insured
|
1/13 at 100.00
|
Aa3 (4)
|
1,015,000
|
||||
|
7,185
|
5.000%, 1/15/35 (Pre-refunded 1/15/13) – AMBAC Insured
|
1/13 at 100.00
|
Aa3 (4)
|
7,255,916
|
||||
|
1,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
|
6/17 at 100.00
|
B2
|
771,100
|
||||
|
1,765
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
|
1/22 at 100.00
|
BBB–
|
1,850,867
|
||||
|
4,640
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
5,353,493
|
||||
|
15,595
|
Total Virginia
|
16,246,376
|
||||||
|
Washington – 3.4% (2.3% of Total Investments)
|
||||||||
|
220
|
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured
|
1/15 at 100.00
|
Aa3 (4)
|
242,187
|
||||
|
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
|
6,093,507
|
||||
|
1,770
|
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
|
1,778,000
|
||||
|
2,185
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
|
10/22 at 100.00
|
AA
|
2,429,480
|
||||
|
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
|
2,266,300
|
||||
|
1,130
|
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured
|
8/13 at 102.00
|
N/R
|
1,147,391
|
||||
|
2,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
2,054,840
|
||||
|
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
|
1,583,823
|
|
64
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Washington (continued)
|
||||||||
|
$
|
3,745
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
$
|
3,904,163
|
||
|
20,290
|
Total Washington
|
21,499,691
|
||||||
|
West Virginia – 0.3% (0.2% of Total Investments)
|
||||||||
|
1,950
|
West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
|
9/19 at 100.00
|
A3
|
2,166,626
|
||||
|
Wisconsin – 2.7% (1.8% 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
|
926,565
|
||||
|
1,400
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
|
4/20 at 100.00
|
A–
|
1,464,792
|
||||
|
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
|
6/22 at 100.00
|
A2
|
2,185,320
|
||||
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:
|
||||||||
|
5,000
|
5.250%, 8/15/21
|
8/16 at 100.00
|
A–
|
5,424,853
|
||||
|
1,000
|
5.250%, 8/15/34
|
8/16 at 100.00
|
A–
|
1,059,900
|
||||
|
5,000
|
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) (5)
|
5/16 at 100.00
|
AA
|
5,654,400
|
||||
|
15,215
|
Total Wisconsin
|
16,715,830
|
||||||
|
$
|
962,812
|
Total Investments (cost $846,718,896) – 148.4%
|
932,742,517
|
|||||
|
Floating Rate Obligations – (9.5)%
|
(59,703,000
|
) | ||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.7)% (8)
|
(262,200,000
|
) | ||||||
|
Other Assets Less Liabilities – 2.8%
|
17,527,813
|
|||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
628,367,330
|
|
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. 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)
|
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.
|
|
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.1%.
|
|
| 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 Investments
|
65
|
|
Statement of
|
||
|
Assets & Liabilities
|
October 31, 2012
|
Premium
|
Premium
|
Premium
|
||||||||
|
Income
|
Income 2
|
Income 4
|
||||||||
|
(NPI
|
)
|
(NPM
|
)
|
(NPT
|
)
|
|||||
|
Assets
|
||||||||||
|
Investments, at value (cost $1,335,900,216, $1,522,638,626 and $846,718,896, respectively)
|
$
|
1,450,933,483
|
$
|
1,670,384,801
|
$
|
932,742,517
|
||||
|
Cash
|
3,855,564
|
7,199,181
|
—
|
|||||||
|
Receivables:
|
||||||||||
|
Interest
|
20,532,180
|
22,525,240
|
14,345,819
|
|||||||
|
Investments sold
|
5,825,000
|
7,635,000
|
5,323,890
|
|||||||
|
Deferred offering costs
|
1,153,416
|
2,269,578
|
2,052,558
|
|||||||
|
Other assets
|
166,152
|
1,472,290
|
362,297
|
|||||||
|
Total assets
|
1,482,465,795
|
1,711,486,090
|
954,827,081
|
|||||||
|
Liabilities
|
||||||||||
|
Cash overdraft
|
—
|
—
|
951,057
|
|||||||
|
Floating rate obligations
|
82,999,000
|
85,159,000
|
59,703,000
|
|||||||
|
Payables:
|
||||||||||
|
Common share dividends
|
4,282,743
|
4,853,080
|
2,847,983
|
|||||||
|
Interest
|
489,697
|
—
|
—
|
|||||||
|
Investments purchased
|
3,339,272
|
—
|
—
|
|||||||
|
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
|
402,400,000
|
—
|
—
|
|||||||
|
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
—
|
489,500,000
|
262,200,000
|
|||||||
|
Accrued expenses:
|
||||||||||
|
Management fees
|
748,350
|
841,022
|
472,923
|
|||||||
|
Directors fees
|
168,871
|
203,297
|
104,809
|
|||||||
|
Other
|
374,228
|
298,897
|
179,979
|
|||||||
|
Total liabilities
|
494,802,161
|
580,855,296
|
326,459,751
|
|||||||
|
Net assets applicable to Common shares
|
$
|
987,663,634
|
$
|
1,130,630,794
|
$
|
628,367,330
|
||||
|
Common shares outstanding
|
64,015,023
|
70,692,851
|
43,314,137
|
|||||||
|
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
15.43
|
$
|
15.99
|
$
|
14.51
|
||||
|
Net assets applicable to Common shares consist of:
|
||||||||||
|
Common shares, $.01 par value per share
|
$
|
640,150
|
$
|
706,929
|
$
|
433,141
|
||||
|
Paid-in surplus
|
902,714,779
|
999,473,987
|
550,121,423
|
|||||||
|
Undistributed (Over-distribution of) net investment income
|
10,309,383
|
11,436,832
|
7,321,352
|
|||||||
|
Accumulated net realized gain (loss)
|
(41,033,945
|
)
|
(28,733,129
|
)
|
(15,532,207
|
)
|
||||
|
Net unrealized appreciation (depreciation)
|
115,033,267
|
147,746,175
|
86,023,621
|
|||||||
|
Net assets applicable to Common shares
|
$
|
987,663,634
|
$
|
1,130,630,794
|
$
|
628,367,330
|
||||
|
Authorized shares:
|
||||||||||
|
Common
|
200,000,000
|
200,000,000
|
200,000,000
|
|||||||
|
Preferred
|
1,000,000
|
1,000,000
|
1,000,000
|
See accompanying notes to financial statements.
|
66
|
Nuveen Investments
|
|
Statement of
|
||
|
Operations
|
Year Ended October 31, 2012
|
Premium
|
Premium
|
Premium
|
||||||||
|
Income
|
Income 2
|
Income 4
|
||||||||
|
(NPI
|
)
|
(NPM
|
)
|
(NPT
|
)
|
|||||
|
Investment Income
|
$
|
70,224,411
|
$
|
80,487,046
|
$
|
46,396,109
|
||||
|
Expenses
|
||||||||||
|
Management fees
|
8,719,126
|
9,809,768
|
5,483,876
|
|||||||
|
Dividend disbursing agent fees
|
62,603
|
22,158
|
—
|
|||||||
|
Shareholder servicing agent fees and expenses
|
110,897
|
51,197
|
45,851
|
|||||||
|
Interest expense and amortization of offering costs
|
6,756,280
|
2,037,060
|
1,045,077
|
|||||||
|
Liquidity fees
|
—
|
5,068,650
|
3,223,896
|
|||||||
|
Remarketing fees
|
—
|
497,658
|
262,319
|
|||||||
|
Custodian’s fees and expenses
|
200,983
|
235,995
|
133,099
|
|||||||
|
Directors fees and expenses
|
37,447
|
43,725
|
23,961
|
|||||||
|
Professional fees
|
94,794
|
121,395
|
88,879
|
|||||||
|
Shareholder reporting expenses
|
159,226
|
194,208
|
117,236
|
|||||||
|
Stock exchange listing fees
|
20,454
|
22,445
|
13,768
|
|||||||
|
Investor relations expense
|
121,584
|
129,691
|
76,375
|
|||||||
|
Other expenses
|
74,631
|
352,287
|
76,267
|
|||||||
|
Total expenses before custodian fee credit and legal fee refund
|
16,358,025
|
18,586,237
|
10,590,604
|
|||||||
|
Custodian fee credit
|
(12,776
|
)
|
(14,893
|
)
|
(3,253
|
)
|
||||
|
Legal fee refund
|
(133,800
|
)
|
(10,529
|
)
|
(23,778
|
)
|
||||
|
Net expenses
|
16,211,449
|
18,560,815
|
10,563,573
|
|||||||
|
Net investment income (loss)
|
54,012,962
|
61,926,231
|
35,832,536
|
|||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||
|
Net realized gain (loss) from investments
|
(7,996,822
|
)
|
3,250,555
|
111,074
|
||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
98,394,165
|
92,465,232
|
63,318,471
|
|||||||
|
Net realized and unrealized gain (loss)
|
90,397,343
|
95,715,787
|
63,429,545
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
144,410,305
|
$
|
157,642,018
|
$
|
99,262,081
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
67
|
|
Statement of
|
||
|
Changes in Net Assets
|
|
Premium Income (NPI)
|
Premium Income 2 (NPM)
|
Premium Income 4 (NPT)
|
|||||||||||||||||
|
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
|
10/31/12
|
10/31/11
|
10/31/12
|
10/31/11
|
10/31/12
|
10/31/11
|
||||||||||||||
|
Operations
|
|||||||||||||||||||
|
Net investment income (loss)
|
$
|
54,012,962
|
$
|
57,234,424
|
$
|
61,926,231
|
$
|
67,419,666
|
$
|
35,832,536
|
$
|
36,154,285
|
|||||||
|
Net realized gain (loss) from investments
|
(7,996,822
|
)
|
(174,650
|
)
|
3,250,555
|
2,383,283
|
111,074
|
1,087,506
|
|||||||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
98,394,165
|
(21,805,880
|
)
|
92,465,232
|
(23,079,569
|
)
|
63,318,471
|
(11,019,587
|
)
|
||||||||||
|
Distributions to Auction Rate Preferred Shareholders from net investment income
|
—
|
(636,204
|
)
|
—
|
(1,137,377
|
)
|
—
|
—
|
|||||||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
144,410,305
|
34,617,690
|
157,642,018
|
45,586,003
|
99,262,081
|
26,222,204
|
|||||||||||||
|
Distributions to Common Shareholders
|
|||||||||||||||||||
|
From net investment income
|
(58,724,314
|
)
|
(58,668,998
|
)
|
(66,734,054
|
)
|
(64,754,653
|
)
|
(36,885,240
|
)
|
(36,875,407
|
)
|
|||||||
|
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(58,724,314
|
)
|
(58,668,998
|
)
|
(66,734,054
|
)
|
(64,754,653
|
)
|
(36,885,240
|
)
|
(36,875,407
|
)
|
|||||||
|
Capital Share Transactions
|
|
||||||||||||||||||
|
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
1,517,037
|
383,154
|
—
|
—
|
461,383
|
233,533
|
|||||||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
1,517,037
|
383,154
|
—
|
—
|
461,383
|
233,533
|
|||||||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
87,203,028
|
(23,668,154
|
)
|
90,907,964
|
(19,168,650
|
)
|
62,838,224
|
(10,419,670
|
)
|
||||||||||
|
Net assets applicable to Common shares at the beginning of period
|
900,460,606
|
924,128,760
|
1,039,722,830
|
1,058,891,480
|
565,529,106
|
575,948,776
|
|||||||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
987,663,634
|
$
|
900,460,606
|
$
|
1,130,630,794
|
$
|
1,039,722,830
|
$
|
628,367,330
|
$
|
565,529,106
|
|||||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
10,309,383
|
$
|
14,441,047
|
$
|
11,436,832
|
$
|
16,551,624
|
$
|
7,321,352
|
$
|
8,346,415
|
|||||||
See accompanying notes to financial statements.
|
68
|
Nuveen Investments
|
|
Statement of
|
||
|
Cash Flows
|
Year Ended October 31, 2012
|
Premium
|
Premium
|
Premium
|
||||||||
|
Income
|
Income 2
|
Income 4
|
||||||||
|
(NPI
|
)
|
(NPM
|
)
|
(NPT
|
)
|
|||||
|
Cash Flows from Operating Activities:
|
||||||||||
|
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
$
|
144,410,305
|
$
|
157,642,018
|
$
|
99,262,081
|
||||
|
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
|
(112,791,559
|
)
|
(240,129,871
|
)
|
(82,299,243
|
)
|
||||
|
Proceeds from sales of and maturities of investments
|
135,328,242
|
265,908,810
|
86,820,481
|
|||||||
|
Proceeds from (Purchases of) short-term investments, net
|
12,145,000
|
—
|
—
|
|||||||
|
Amortization (Accretion) of premiums and discount, net
|
(3,660,160
|
)
|
(4,094,395
|
)
|
(2,248,870
|
)
|
||||
|
(Increase) Decrease in:
|
||||||||||
|
Receivable for interest
|
865,409
|
853,288
|
162,423
|
|||||||
|
Receivable for investments sold
|
(3,195,000
|
)
|
47,645
|
(1,412,149
|
)
|
|||||
|
Other assets
|
183,218
|
(842,873
|
)
|
24,819
|
||||||
|
Increase (Decrease) in:
|
||||||||||
|
Payable for investments purchased
|
1,080,488
|
(3,388,176
|
)
|
(1,145,992
|
)
|
|||||
|
Payable for interest
|
13,542
|
—
|
—
|
|||||||
|
Accrued management fees
|
28,478
|
29,019
|
22,737
|
|||||||
|
Accrued Directors fees
|
(5,205
|
)
|
(6,704
|
)
|
(3,030
|
)
|
||||
|
Accrued other expenses
|
14,277
|
(469,872
|
)
|
34,758
|
||||||
|
Net realized (gain) loss from investments
|
7,996,822
|
(3,250,555
|
)
|
(111,074
|
)
|
|||||
|
Change in net unrealized (appreciation) depreciation of investments
|
(98,394,165
|
)
|
(92,465,232
|
)
|
(63,318,471
|
)
|
||||
|
Taxes paid on undistributed capital gains
|
(2,167
|
)
|
(1,159
|
)
|
(3,300
|
)
|
||||
|
Net cash provided by (used in) operating activities
|
84,017,525
|
79,831,943
|
35,785,170
|
|||||||
|
Cash Flows from Financing Activities
|
||||||||||
|
(Increase) Decrease in deferred offering costs
|
168,654
|
(381,125
|
)
|
(235,665
|
)
|
|||||
|
Increase (Decrease) in:
|
||||||||||
|
Cash overdraft
|
—
|
—
|
951,057
|
|||||||
|
Floating rate obligations
|
(28,980,000
|
)
|
(17,275,000
|
)
|
—
|
|||||
|
Payable for offering costs
|
(169,055
|
)
|
(98,005
|
)
|
(242,356
|
)
|
||||
|
Cash distributions paid to Common shareholders
|
(57,149,332
|
)
|
(66,952,748
|
)
|
(36,419,686
|
)
|
||||
|
Net cash provided by (used in) financing activities
|
(86,129,733
|
)
|
(84,706,878
|
)
|
(35,946,650
|
)
|
||||
|
Net Increase (Decrease) in Cash
|
(2,112,208
|
)
|
(4,874,935
|
)
|
(161,480
|
)
|
||||
|
Cash at the beginning of period
|
5,967,772
|
12,074,116
|
161,480
|
|||||||
|
Cash at the End of Period
|
$
|
3,855,564
|
$
|
7,199,181
|
$
|
—
|
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $1,517,037 and $461,383 for Premium Income (NPI) and Premium Income 4 (NPT), respectively.
|
Premium
|
Premium
|
Premium
|
||||||||
|
Income
|
Income 2
|
Income 4
|
||||||||
|
(NPI
|
)
|
(NPM
|
)
|
(NPT
|
)
|
|||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
6,148,468
|
$
|
1,971,460
|
$
|
978,918
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
69
|
|
Financial
|
||
|
Highlights
|
||
|
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:
|
|||||||||||||||||||||||||||||||||||||
|
2012
|
$
|
14.09
|
$
|
.84
|
$
|
1.42
|
$
|
—
|
$
|
—
|
$
|
2.26
|
$
|
(.92
|
)
|
$
|
—
|
$
|
(.92
|
)
|
$
|
—
|
$
|
15.43
|
$
|
15.56
|
|||||||||||
|
2011
|
14.47
|
.90
|
(.35
|
)
|
(.01
|
)
|
—
|
.54
|
(.92
|
)
|
—
|
(.92
|
)
|
—
|
14.09
|
13.56
|
|||||||||||||||||||||
|
2010
|
13.72
|
.99
|
.67
|
(.03
|
)
|
—
|
1.63
|
(.88
|
)
|
—
|
(.88
|
)
|
—
|
14.47
|
14.34
|
||||||||||||||||||||||
|
2009
|
11.86
|
.99
|
1.70
|
(.05
|
)
|
—
|
2.64
|
(.78
|
)
|
—
|
(.78
|
)
|
—
|
13.72
|
12.77
|
||||||||||||||||||||||
|
2008
|
14.76
|
.97
|
(2.88
|
)
|
(.28
|
)
|
—
|
(2.19
|
)
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
11.86
|
10.93
|
||||||||||||||||||||
|
Premium Income 2 (NPM)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012
|
14.71
|
.88
|
1.34
|
—
|
—
|
2.22
|
(.94
|
)
|
—
|
(.94
|
)
|
—
|
15.99
|
15.56
|
|||||||||||||||||||||||
|
2011
|
14.98
|
.95
|
(.28
|
)
|
(.02
|
)
|
—
|
.65
|
(.92
|
)
|
—
|
(.92
|
)
|
—
|
14.71
|
14.27
|
|||||||||||||||||||||
|
2010
|
14.17
|
1.01
|
.71
|
(.03
|
)
|
—
|
1.69
|
(.88
|
)
|
—
|
(.88
|
)
|
—
|
* |
14.98
|
14.54
|
|||||||||||||||||||||
|
2009
|
11.71
|
.95
|
2.34
|
(.05
|
)
|
—
|
3.24
|
(.78
|
)
|
—
|
(.78
|
)
|
—
|
* |
14.17
|
13.02
|
|||||||||||||||||||||
|
2008
|
14.85
|
.97
|
(3.10
|
)
|
(.29
|
)
|
(.01
|
)
|
(2.43
|
)
|
(.69
|
)
|
(.02
|
)
|
(.71
|
)
|
—
|
* |
11.71
|
10.28
|
|||||||||||||||||
|
(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.
|
|
70
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
|
Based
on
Market
Value
|
(b) |
Based
on
Common
Share Net
Asset
Value
|
(b) |
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
||||||||||
|
22.06
|
%
|
16.41
|
%
|
$
|
987,664
|
1.71
|
%
|
5.65
|
%
|
8
|
%
|
|||||||
|
1.37
|
4.18
|
900,461
|
1.66
|
6.60
|
9
|
|||||||||||||
|
19.68
|
12.26
|
924,129
|
1.21
|
7.05
|
6
|
|||||||||||||
|
24.61
|
22.89
|
875,341
|
1.31
|
7.79
|
4
|
|||||||||||||
|
(13.10
|
)
|
(15.39
|
)
|
756,782
|
1.49
|
6.95
|
11
|
|||||||||||
|
15.97
|
15.48
|
1,130,611
|
1.70
|
5.65
|
15
|
|||||||||||||
|
4.95
|
4.74
|
1,039,723
|
1.48
|
6.74
|
8
|
|||||||||||||
|
18.89
|
12.25
|
1,058,891
|
1.16
|
6.89
|
7
|
|||||||||||||
|
35.00
|
28.38
|
1,003,366
|
1.36
|
7.71
|
9
|
|||||||||||||
|
(17.95
|
)
|
(16.96
|
)
|
477,603
|
1.56
|
6.93
|
8
|
|||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 - General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
|
Premium Income (NPI)
|
||||
|
Year Ended 10/31:
|
||||
|
2012
|
.71
|
%
|
||
|
2011
|
.58
|
|||
|
2010
|
.09
|
|||
|
2009
|
.14
|
|||
|
2008
|
.31
|
|||
|
Premium Income 2 (NPM)
|
||||
|
Year Ended 10/31:
|
||||
|
2012
|
.69
|
%
|
||
|
2011
|
.42
|
|||
|
2010
|
.07
|
|||
|
2009
|
.16
|
|||
|
2008
|
.34
|
|
*
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
71
|
|
Financial
|
||
|
Highlights (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:
|
|||||||||||||||||||||||||||||||||||||
|
2012
|
$
|
13.07
|
$
|
.83
|
$
|
1.46
|
$
|
—
|
$
|
—
|
$
|
2.29
|
$
|
(.85
|
)
|
$
|
—
|
$
|
(.85
|
)
|
$
|
—
|
$
|
14.51
|
$
|
14.48
|
|||||||||||
|
2011
|
13.31
|
.82
|
(.21
|
)
|
—
|
—
|
.61
|
(.85
|
)
|
—
|
(.85
|
)
|
—
|
13.07
|
12.76
|
||||||||||||||||||||||
|
2010
|
12.58
|
.87
|
.70
|
(.01
|
)
|
—
|
1.56
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
13.31
|
13.34
|
||||||||||||||||||||||
|
2009
|
10.59
|
.91
|
1.83
|
(.05
|
)
|
—
|
2.69
|
(.70
|
)
|
—
|
(.70
|
)
|
—
|
12.58
|
11.69
|
||||||||||||||||||||||
|
2008
|
13.22
|
.91
|
(2.67
|
)
|
(.28
|
)
|
—
|
(2.04
|
)
|
(.59
|
)
|
—
|
(.59
|
)
|
—
|
10.59
|
9.24
|
||||||||||||||||||||
|
(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.
|
|
72
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
|
Based
on
Market
Value
|
(b) |
Based
on
Common
Share Net
Asset
Value
|
(b) |
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e) |
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
||||||||||
|
20.63
|
%
|
17.96
|
%
|
$
|
628,367
|
1.75
|
%
|
5.93
|
%
|
9
|
%
|
|||||||
|
2.63
|
5.13
|
565,529
|
1.99
|
6.71
|
11
|
|||||||||||||
|
21.76
|
12.77
|
* |
575,949
|
1.67
|
6.76
|
16
|
||||||||||||
|
35.01
|
26.11
|
543,812
|
1.33
|
7.89
|
6
|
|||||||||||||
|
(17.19
|
)
|
(15.97
|
)
|
457,866
|
1.62
|
7.19
|
10
|
|||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
|
Premium Income 4 (NPT)
|
||||
|
Year Ended 10/31:
|
||||
|
2012
|
.75
|
%
|
||
|
2011
|
.94
|
|||
|
2010
|
.59
|
|||
|
2009
|
.10
|
|||
|
2008
|
.37
|
|
*
|
During the fiscal year ended October 31, 2010, Premium Income 4 (NPT) received payments from the Adviser of $240 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return Based on Common Share Net Asset Value.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
73
|
|
Financial
|
||
|
Highlights (continued)
|
|
ARPS at the End of Period
|
VMTP Shares at the End of Period
|
VRDP Shares at the End of Period
|
|||||||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||||||
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||||||
|
Outstanding
|
Per $25,000
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
||||||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
|||||||||||
|
Premium Income (NPI)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012
|
$
|
—
|
$
|
—
|
$
|
402,400
|
$
|
345,443
|
$
|
—
|
$
|
—
|
|||||||
|
2011
|
—
|
—
|
402,400
|
323,773
|
—
|
—
|
|||||||||||||
|
2010
|
400,650
|
82,664
|
—
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
400,650
|
79,620
|
—
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
415,450
|
70,540
|
—
|
—
|
—
|
—
|
|||||||||||||
|
Premium Income 2 (NPM)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012
|
—
|
—
|
—
|
—
|
489,500
|
330,977
|
|||||||||||||
|
2011
|
—
|
—
|
—
|
—
|
489,500
|
312,405
|
|||||||||||||
|
2010
|
487,525
|
79,299
|
—
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
487,525
|
76,452
|
—
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
283,550
|
67,109
|
—
|
—
|
—
|
—
|
|||||||||||||
See accompanying notes to financial statements.
|
74
|
Nuveen Investments
|
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||
|
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||
|
Outstanding
|
Per $25,000
|
Outstanding
|
Per $100,000
|
||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
||||||||
|
Premium Income 4 (NPT)
|
|||||||||||||
|
Year Ended 10/31:
|
|||||||||||||
|
2012
|
$
|
—
|
$
|
—
|
$
|
262,200
|
$
|
339,652
|
|||||
|
2011
|
—
|
—
|
262,200
|
315,686
|
|||||||||
|
2010
|
—
|
—
|
262,200
|
319,660
|
|||||||||
|
2009
|
259,050
|
77,481
|
—
|
—
|
|||||||||
|
2008
|
302,200
|
62,878
|
—
|
—
|
|||||||||
See accompanying notes to financial statements.
|
Nuveen Investments
|
75
|
|
Notes to
|
||
|
Financial Statements
|
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are Nuveen Premium Income Municipal Fund, Inc. (NPI), Nuveen Premium Income Municipal Fund 2, Inc. (NPM) and Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (each a “Fund” and collectively the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At October 31, 2012, Premium Income (NPI) had outstanding when issued/delayed delivery purchase commitments of $3,339,272. There were no such outstanding purchase commitments in Premium Income 2 (NPM) and Premium Income 4 (NPT).
|
76
|
Nuveen Investments
|
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2011, the Funds redeemed all of their outstanding ARPS, at liquidation value.
Variable Rate MuniFund Term Preferred Shares
Premium Income (NPI) has issued and outstanding 4,024 Series 2014 Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. Premium Income (NPI) issued its VMTP Shares in a privately negotiated offering. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem the remainder of the Fund’s outstanding ARPS. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
The Fund is obligated to redeem its VMTP Shares on March 1, 2014, unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares were subject to redemption at the option of the Fund until March 1, 2012, subject to payment of a premium until February 29, 2012, and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value outstanding and annualized dividend rate of VMTP Shares for the Fund during the fiscal year ended October 31, 2012, were $402,400,000 and 1.41%, respectively.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Variable Rate Demand Preferred Shares
Premium Income 2 (NPM) and Premium Income 4 (NPT) have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Premium Income 2 (NPM) and Premium Income 4 (NPT) issued their VRDP Shares in privately negotiated offerings. Proceeds from each Fund’s offering were used to redeem all, or a portion of, the remainder of each Fund’s outstanding ARPS. The VRDP
|
Nuveen Investments
|
77
|
|
Notes to
|
||
|
Financial Statements (continued)
|
Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of October 31, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
|
Premium
Income 2
(NPM
|
) |
Premium
Income 4
(NPT
|
) | ||||
|
Series
|
1
|
1
|
|||||
|
VRDP Shares Outstanding
|
4,895
|
2,622
|
|||||
|
Maturity
|
May 1, 2041
|
March 1, 2040
|
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value of VRDP Shares outstanding and annualized dividend rate of VRDP Shares for each Fund during the fiscal year ended October 31, 2012, were as follows:
|
Premium
Income 2
(NPM
|
) |
Premium
Income 4
(NPT
|
) | ||||
|
Average liquidation value of VRDP Shares outstanding
|
$
|
489,500,000
|
$
|
262,200,000
|
|||
|
Annualized dividend rate
|
0.29
|
%
|
0.27
|
%
|
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, 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
|
78
|
Nuveen Investments
|
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 fiscal year ended October 31, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
At October 31, 2012, 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
|
$
|
8,645,000
|
$
|
13,665,000
|
$
|
12,000,000
|
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2012, were as follows:
|
Premium
Income
(NPI
|
) |
Premium
Income 2
(NPM
|
) |
Premium
Income 4
(NPT
|
) | |||||
|
Average floating rate obligations outstanding
|
$
|
95,803,358
|
$
|
92,991,036
|
$
|
59,703,000
|
||||
|
Average annual interest rate and fees
|
0.52
|
%
|
0.57
|
%
|
0.47
|
%
|
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 2012.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser, believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
|
Nuveen Investments
|
79
|
|
Notes to
|
||
|
Financial Statements (continued)
|
Offering Costs
Costs incurred by Premium Income (NPI) in connection with its offering of VMTP Shares were recorded as a deferred charge which are being amortized over the life of the shares. Costs incurred by Premium Income 2 (NPM) and Premium Income 4 (NPT) in connection with their offerings of VRDP Shares were recorded as deferred charges, and are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
|
Premium Income (NPI)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments*:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
1,445,250,059
|
$
|
248,424
|
$
|
1,445,498,483
|
|||||
|
Short-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
—
|
5,435,000
|
—
|
5,435,000
|
|||||||||
|
Total
|
$
|
—
|
$
|
1,450,685,059
|
$
|
248,424
|
$
|
1,450,933,483
|
|||||
|
Premium Income 2 (NPM)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments*:
Municipal Bonds
|
$
|
—
|
$
|
1,670,365,287
|
$
|
19,514
|
$
|
1,670,384,801
|
|||||
|
Premium Income 4 (NPT)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments*:
Municipal Bonds
|
$
|
—
|
$
|
932,697,986
|
$
|
44,531
|
$
|
932,742,517
|
| * |
Refer to the Fund’s Portfolio of Investments for state classifications and breakdown of Municipal Bonds classified as Level 3.
|
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily
|
80
|
Nuveen Investments
|
valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
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 fiscal year ended October 31, 2012.
4. Fund Shares
Common Shares
The Funds did not repurchase any of their outstanding Common shares during the fiscal years ended October 31, 2012 or October 31, 2011.
Transactions in Common shares were as follows:
|
Premium
|
Premium
|
Premium
|
|||||||||||||||||
|
Income (NPI)
|
Income 2 (NPM)
|
Income 4 (NPT)
|
|||||||||||||||||
|
Year Ended
10/31/12
|
Year Ended
10/31/11
|
Year Ended
10/31/12
|
Year Ended
10/31/11
|
Year Ended
10/31/12
|
Year Ended
10/31/11
|
||||||||||||||
|
Common shares issued to shareholders due to reinvestment of distributions
|
103,129
|
27,784
|
—
|
—
|
32,382
|
18,014
|
|||||||||||||
Preferred Shares
Premium Income 4 (NPT) redeemed all of its outstanding ARPS during the fiscal year ended October 31, 2010.
Transactions in ARPS during the fiscal year ended October 31, 2011, were as follows:
|
Premium
Income (NPI)
|
Premium
Income 2 (NPM)
|
||||||||||||||||||||||||
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||||||||||||
|
10/31/12
|
10/31/11
|
10/31/12
|
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
ARPS redeemed:
|
|||||||||||||||||||||||||
|
Series M
|
N/A
|
N/A
|
2,900
|
$
|
72,500,000
|
N/A
|
N/A
|
1,600
|
$
|
40,000,000
|
|||||||||||||||
|
Series M2
|
N/A
|
N/A
|
1,526
|
38,150,000
|
N/A
|
N/A
|
1,379
|
34,475,000
|
|||||||||||||||||
|
Series T
|
N/A
|
N/A
|
2,900
|
72,500,000
|
N/A
|
N/A
|
2,401
|
60,025,000
|
|||||||||||||||||
|
Series T2
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
2,683
|
67,075,000
|
|||||||||||||||||
|
Series W
|
N/A
|
N/A
|
2,900
|
72,500,000
|
N/A
|
N/A
|
1,600
|
40,000,000
|
|||||||||||||||||
|
Series TH
|
N/A
|
N/A
|
2,901
|
72,525,000
|
N/A
|
N/A
|
2,401
|
60,025,000
|
|||||||||||||||||
|
Series TH2
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
1,379
|
34,475,000
|
|||||||||||||||||
|
Series F
|
N/A
|
N/A
|
2,899
|
72,475,000
|
N/A
|
N/A
|
1,601
|
40,025,000
|
|||||||||||||||||
|
Series F2
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
1,504
|
37,600,000
|
|||||||||||||||||
|
Series F3
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
1,915
|
47,875,000
|
|||||||||||||||||
|
Series F4
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
1,038
|
25,950,000
|
|||||||||||||||||
|
Total
|
N/A
|
N/A
|
16,026
|
$
|
400,650,000
|
N/A
|
N/A
|
19,501
|
$
|
487,525,000
|
|||||||||||||||
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS at liquidation value.
|
Nuveen Investments
|
81
|
|
Notes to
|
||
|
Financial Statements (continued)
|
Transactions in VMTP Shares were as follows:
| Premium Income (NPI) | |||||||||||||
|
Year Ended
10/31/12
|
Year Ended
10/31/11
|
||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
| VMTP Shares issued: | |||||||||||||
|
Series 2014
|
—
|
$
|
—
|
4,024
|
$
|
402,400,000
|
|||||||
Transactions in VRDP Shares were as follows:
|
Premium
Income 2 (NPM)
|
|||||||||||||
|
Year Ended
10/31/12
|
Year Ended
10/31/11
|
||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
| VRDP Shares issued: | |||||||||||||
|
Series 1
|
—
|
$
|
—
|
4,895
|
$
|
489,500,000
|
|||||||
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the fiscal year ended October 31, 2012, were as follows:
|
Premium
Income
(NPI
|
) |
Premium
Income 2
(NPM
|
) |
Premium
Income 4
(NPT)
|
||||||
|
Purchases
|
$
|
112,791,559
|
$
|
240,129,871
|
$
|
82,299,243
|
||||
|
Sales and maturities
|
135,328,242
|
265,908,810
|
86,820,481
|
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 October 31, 2012, 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
|
$
|
1,252,239,496
|
$
|
1,436,505,522
|
$
|
786,649,971
|
||||
|
Gross unrealized:
|
||||||||||
|
Appreciation
|
$
|
131,013,376
|
$
|
161,058,056
|
$
|
89,665,197
|
||||
|
Depreciation
|
(15,405,202
|
)
|
(12,301,573
|
)
|
(3,237,912
|
)
|
||||
|
Net unrealized appreciation (depreciation) of investments
|
$
|
115,608,174
|
$
|
148,756,483
|
$
|
86,427,285
|
Permanent differences, primarily due to federal taxes paid, non-deductible offering costs, taxable market discount and prior non-deductible reorganization expenses, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2012, the Funds’ tax year end, as follows:
|
Premium
Income
(NPI
|
) |
Premium
Income 2
(NPM
|
) |
Premium
Income 4
(NPT
|
) | |||||
|
Paid-in-surplus
|
$
|
(582,149
|
)
|
$
|
280,888
|
$
|
(47,462
|
)
|
||
|
Undistributed (Over-distribution of) net investment income
|
579,688
|
(306,969
|
)
|
27,641
|
||||||
|
Accumulated net realized gain (loss)
|
2,461
|
26,081
|
19,821
|
|
82
|
Nuveen Investments
|
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:
|
Premium
Income
(NPI
|
) |
Premium
Income 2
(NPM
|
) |
Premium
Income 4
(NPT
|
) | |||||
|
Undistributed net tax-exempt income *
|
$
|
13,030,710
|
$
|
15,165,950
|
$
|
9,539,492
|
||||
|
Undistributed net ordinary income **
|
34,938
|
65,316
|
19,852
|
|||||||
|
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, 2012, paid on November 1, 2012.
|
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
|
2012
|
Premium
Income
(NPI
|
)
|
Premium
Income 2
(NPM
|
)
|
Premium
Income 4
(NPT
|
)
|
||||
|
Distributions from net tax-exempt income***
|
$
|
64,364,185
|
$
|
68,529,213
|
$
|
37,581,657
|
||||
|
Distributions from net ordinary income **
|
—
|
—
|
—
|
|||||||
|
Distributions from net long-term capital gains
|
—
|
—
|
—
|
|
2011
|
Premium
Income
(NPI
|
)
|
Premium
Income 2
(NPM
|
)
|
Premium
Income 4
(NPT
|
)
|
||||
|
Distributions from net tax-exempt income
|
$
|
62,787,473
|
$
|
65,953,092
|
$
|
37,916,463
|
||||
|
Distributions from net ordinary income **
|
—
|
360,050
|
—
|
|||||||
|
Distributions from net long-term capital gains
|
—
|
—
|
—
|
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
***
|
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2012, as Exempt Interest Dividends.
|
At October 31, 2012, the Funds’ 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, 2013
|
$
|
—
|
$
|
—
|
$
|
6,030,935
|
||||
|
October 31, 2014
|
4,614,516
|
—
|
806,337
|
|||||||
|
October 31, 2015
|
—
|
6,446,971
|
—
|
|||||||
|
October 31, 2016
|
11,536,998
|
18,051,540
|
7,113,122
|
|||||||
|
October 31, 2017
|
11,817,772
|
488,931
|
—
|
|||||||
|
Total
|
$
|
27,969,286
|
$
|
24,987,442
|
$
|
13,950,394
|
During the Funds’ tax year ended October 31, 2012, the following Funds utilized capital loss carryforwards as follows:
|
Premium
Income 2
(NPM
|
)
|
Premium
Income 4
(NPT
|
)
|
||||
|
Utilized capital loss carryforwards
|
$
|
3,264,943
|
$
|
130,895
|
|
Nuveen Investments
|
83
|
|
Notes to
|
||
|
Financial Statements (continued)
|
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
Capital losses incurred that will be carried forward under the provisions of the Act are as follows:
|
Premium
Income
(NPI
|
)
|
|||
|
Post-enactment losses:
|
||||
|
Short-term
|
$
|
—
|
||
|
Long-term
|
7,899,732
|
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
|
For the first $125 million
|
.4500
|
%
|
||
|
For the next $125 million
|
.4375
|
|||
|
For the next $250 million
|
.4250
|
|||
|
For the next $500 million
|
.4125
|
|||
|
For the next $1 billion
|
.4000
|
|||
|
For the next $3 billion
|
.3875
|
|||
|
For managed assets over $5 billion
|
.3750
|
|||
|
84
|
Nuveen Investments
|
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 October 31, 2012, the complex-level fee rate for these Funds was .1691%.
|
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Funds pay no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
9. Subsequent Events
VMTP Refinancing
In November 2012, Premium Income (NPI) exchanged all of its outstanding 4,024 Series 2014 VMTP Shares for 4,024 Series 2015 VMTP Shares. Concurrent with this exchange, the Fund issued an additional 46 Series 2015 VMTP Shares. The Fund is required to redeem all 4,070 Series 2015 VMTP Shares on December 1, 2015, unless earlier redeemed or repurchased by the Fund. In connection with these transactions, the Fund expensed the remainder of the deferred offering costs associated with the Series 2014 VMTP Shares and recorded new deferred offering costs, which will be amortized over the life of the Series 2015 Shares.
|
Nuveen Investments
|
85
|
Annual Investment Management
Agreement Approval Process (Unaudited)
The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
|
86
|
Nuveen Investments
|
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Board visited with the Sub-Advisor’s municipal team in Minneapolis in September 2011, and with the Sub-Advisor’s municipal team in Chicago in November 2011. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012. The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The
|
Nuveen Investments
|
87
|
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance, legal support,
|
88
|
Nuveen Investments
|
managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.
In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the closed-end fund product line. These initiatives included completion of the refinancing of auction rate preferred securities; efforts to eliminate product overlap with fund mergers; elimination of the insurance mandate on several funds; ongoing services to manage leverage that has become increasingly complex; continued secondary market offerings, share repurchases and other support initiatives for certain funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: continuing communications concerning the refinancing efforts related to auction rate preferred securities; supporting and promoting munifund term preferred shares (MTP) including by launching a microsite dedicated to MTP shares; sponsoring and participating in conferences; communicating with closed-end fund analysts covering the Nuveen funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012. In addition, the Board reviewed each
|
Nuveen Investments
|
89
|
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
The Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen Premium Income Municipal Fund 4, Inc. had satisfactory performance compared to its peers, performing in the second or third quartile over various periods. In addition, they observed that the Nuveen Premium Income Municipal Fund 2, Inc. lagged its peers somewhat in the shorter one- and three-year periods, but demonstrated more favorable performance in the longer five-year period. Finally, the Independent Board Members noted that the Nuveen Premium Income Municipal Fund, Inc. lagged its peers but outperformed its benchmark over various periods.
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
|
90
|
Nuveen Investments
|
C. Fees, Expenses and Profitability
1.Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses (excluding leverage costs and leveraged assets), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
The Independent Board Members noted that the Funds had net management fees slightly higher or higher than their respective peer averages, but net expense ratios in line with their respective peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and
|
Nuveen Investments
|
91
|
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent
|
92
|
Nuveen Investments
|
Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
|
Nuveen Investments
|
93
|
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
|
94
|
Nuveen Investments
|
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
|
Nuveen Investments
|
95
|
Board Members & Officers (Unaudited)
|
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
|
|
Name,
Birthdate
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed
and Term(1)
|
Principal
Occupation(s)
including other
Directorships
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
|
|||||
|
Independent Board Members:
|
|||||||||
|
■
|
ROBERT P. BREMNER
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
|
Chairman of
the Board
and Board Member
|
1996
|
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
|
217
|
||||
|
■
|
JACK B. EVANS
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1999
|
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
217
|
||||
|
|
|||||||||
|
■
|
WILLIAM C. HUNTER
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2004
|
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
217
|
||||
|
■
|
DAVID J. KUNDERT
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2005
|
Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.
|
217
|
||||
|
■
|
WILLIAM J. SCHNEIDER
9/24/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1996
|
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.
|
217
|
||||
|
96
|
Nuveen Investments
|
|
Name,
Birthdate
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed
and Term(1)
|
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
|
|||||
|
Independent Board Members:
|
|||||||||
|
■
|
JUDITH M. STOCKDALE
12/29/47
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1997
|
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
217
|
||||
|
■
|
CAROLE E. STONE
6/28/47
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2007
|
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
|
217
|
||||
|
■
|
VIRGINIA L. STRINGER
8/16/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2011
|
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
|
217
|
||||
|
■
|
TERENCE J. TOTH
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
|
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly,Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
|
217
|
||||
|
Interested Board Member:
|
|||||||||
|
■
|
JOHN P. AMBOIAN(2)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
|
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.
|
217
|
||||
|
Nuveen Investments
|
97
|
Board Members & Officers (Unaudited) (continued)
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(3)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
|||||
|
Officers of the Funds:
|
|||||||||
|
■
|
GIFFORD R. ZIMMERMAN
9/9/56
333 W. Wacker Drive
Chicago, IL 60606
|
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
217
|
||||
|
■
|
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.
|
117
|
||||
|
■
|
CEDRIC H. ANTOSIEWICZ
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC.
|
117
|
||||
|
■
|
MARGO L. COOK
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2009
|
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
|
217
|
||||
|
|
|
||||||||
| ■ |
LORNA C. FERGUSON
10/24/45333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
1998
|
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).
|
217
|
||||
|
■
|
STEPHEN D. FOY
5/31/54
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Controller
|
1998
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
|
217
|
||||
|
98
|
Nuveen Investments
|
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(3)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
|||||
| Officers of the Funds: | |||||||||
|
■
|
SCOTT S. GRACE
8/20/70
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Treasurer
|
2009
|
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
|
217
|
||||
|
■
|
WALTER M. KELLY
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Compliance
Officer and
Vice President
|
2003
|
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.
|
217
|
||||
|
■
|
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2002
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
|
217
|
||||
|
■
|
KEVIN J. MCCARTHY
3/26/66
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Secretary
|
2007
|
Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
|
217
|
||||
|
Nuveen Investments
|
99
|
Board Members & Officers (Unaudited) (continued)
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(3)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
|||||
| Officers of the Funds: | |||||||||
|
■
|
KATHLEEN L. PRUDHOMME
3/30/53
901 Marquette Avenue
Minneapolis, MN 55402
|
Vice President and
Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
217
|
||||
|
(1)
|
Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
|
(2)
|
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
|
(3)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
|
100
|
Nuveen Investments
|
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
|
Nuveen Investments
|
101
|
Reinvest Automatically,
Easily and Conveniently (continued)
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.
|
102
|
Nuveen Investments
|
Glossary of Terms
Used in this Report
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
|
■
|
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse-floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the 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.
|
|
Nuveen Investments
|
103
|
Glossary of Terms
Used in this Report (continued)
|
■
|
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
|
■
|
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
|
■
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
|
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
|
■
|
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
|
■
|
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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.
|
|
104
|
Nuveen Investments
|
Notes
Notes
Additional Fund Information
Board of Directors
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
Boston, MA
Transfer Agent
and Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
Quarterly Portfolio of Investments and Proxy Voting Information
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Information
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.
|
Common Shares
|
|||
|
Fund
|
Repurchased
|
||
|
NPI
|
—
|
||
|
NPM
|
—
|
||
|
NPT
|
—
|
Any future repurchases will be reported to shareholders in the next annual or semiannual report.
|
Nuveen Investments
|
107
|
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of September 30, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
EAN-E-1012D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Premium Income Municipal Fund, Inc.
The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
|
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
|
October 31, 2012
|
$ | 21,200 | $ | 0 | $ | 0 | $ | 0 | ||||||||
|
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
|
pursuant to
|
||||||||||||||||
|
pre-approval
|
||||||||||||||||
|
exception
|
||||||||||||||||
|
October 31, 2011
|
$ | 18,200 | $ | 1,500 | $ | 0 | $ | 1,700 | ||||||||
|
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
|
pursuant to
|
||||||||||||||||
|
pre-approval
|
||||||||||||||||
|
exception
|
||||||||||||||||
|
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
|
||||||||||||||||
|
connection with statutory and regulatory filings or engagements.
|
||||||||||||||||
|
2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||||||||||||||
|
financial statements that are not reported under "Audit Fees". These fees include leverage offerings as well as comfort letters for seed and shelf offerings.
|
||||||||||||||||
|
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding
|
||||||||||||||||
|
tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
|
||||||||||||||||
|
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
|
||||||||||||||||
|
represent all "Agreed-Upon Procedures" engagements pertaining to preferred stock, commercial paper and registration statements.
|
||||||||||||||||
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser” or “NFA”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.
|
Fiscal Year Ended
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|||||||||
|
Billed to Adviser
|
Adviser and
|
Billed to Adviser
|
||||||||||
|
and Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
||||||||||
|
Service Providers
|
Service Providers
|
Service Providers
|
||||||||||
|
October 31, 2012
|
$ | 0 | $ | 0 | $ | 0 | ||||||
|
Percentage approved
|
0 | % | 0 | % | 0 | % | ||||||
|
pursuant to
|
||||||||||||
|
pre-approval
|
||||||||||||
|
exception
|
||||||||||||
|
October 31, 2011
|
$ | 0 | $ | 0 | $ | 0 | ||||||
|
Percentage approved
|
0 | % | 0 | % | 0 | % | ||||||
|
pursuant to
|
||||||||||||
|
pre-approval
|
||||||||||||
|
exception
|
||||||||||||
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.
|
Fiscal Year Ended
|
Total Non-Audit Fees
|
|||
|
billed to Adviser and
|
||||
|
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
|
Providers (engagements
|
billed to Adviser and
|
|||
|
related directly to the
|
Affiliated Fund Service
|
|||
|
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
|
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
|
|
October 31, 2012
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
October 31, 2011
|
$ 1,700
|
$ 0
|
$ 0
|
$ 1,700
|
|
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
||||
|
amounts from the previous table.
|
||||
|
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were
|
||||
|
attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
||||
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.
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.
Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:
The Portfolio Manager
The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
|
Name
|
Fund
|
|
PAUL BRENNAN
|
Nuveen Premium Income Municipal Fund, Inc.
|
Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
|
Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets*
|
|
Paul Brennan
|
Registered Investment Company
|
21
|
$ 13.791 billion
|
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
|
Other Accounts
|
3
|
$310 million
|
|
*
|
Assets are as of October 31, 2012. None of the assets in these accounts are subject to an advisory fee based on performance.
|
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
|
Item 8(a)(3).
|
FUND MANAGER COMPENSATION
|
Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.
Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.
Annual cash bonus. The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.
A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.
A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.
Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
Beneficial Ownership of Securities. As of October 31, 2012, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.
|
Name of Portfolio Manager
|
Fund
|
Dollar range of equity securities
beneficially owned in Fund
|
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen
Asset Management’s municipal
investment team
|
|
Paul Brennan
|
Nuveen Premium Income Municipal Fund, Inc.
|
$50,001-$100,000
|
$500,001-$1,000,000
|
PORTFOLIO MANAGER BIO:
Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds. Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994. He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year. He earned his B.S. in Accountancy and Finance from Wright State University. He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)
|
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Premium Income Municipal Fund, Inc.
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date: January 7, 2013
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: January 7, 2013
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: January 7, 2013