N-CSRS 1 npi.htm NPI npi.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05570

Nuveen Premium Income Municipal Fund, Inc.
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2013

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
8
   
Common Share Information
10
   
Risk Considerations
12
   
Performance Overview and Holding Summaries
13
   
Portfolios of Investments
16
   
Statement of Assets and Liabilities
65
   
Statement of Operations
66
   
Statement of Changes in Net Assets
67
   
Statement of Cash Flows
68
   
Financial Highlights
70
   
Notes to Financial Statements
75
   
Reinvest Automatically, Easily and Conveniently
84
   
Glossary of Terms Used in this Report
86
   
Additional Fund Information
91

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
 
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
 
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
 
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
 
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
 
Very sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2013

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 key investment strategies and the six-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 key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2013?
 
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. However, the municipal market also encountered some additional volatility generated by the political environment, particularly the “fiscal cliff” at the end of 2012 and the approach of federal tax season. On the revenue side, state tax collections have grown for eleven straight quarters, exceeding pre-recession levels beginning in September 2011, while on the expense side, the states made headway in cutting and controlling costs. The current low level of municipal issuance reflects 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 continued to see municipal yields remain relatively low. Borrowers seeking to take advantage of the low rate environment sparked an increase in refunding activity, with approximately 50% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
 
During this period, all three Funds found value in health care, transportation, infrastructure 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. Also in NPT, we added exposure to prepaid gas debt, a category of bond issuance that rallied during the period. These securities are used by municipalities to prepay natural gas costs and control energy spending.
 
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
 
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

 
 

 
 
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- ratings. 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.
 
As of April 30, 2013, all three of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month reporting period ended April 30, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
 
For the six-months ended April 30, 2013, 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 NPI and NPT performed in line with the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average, while NPM 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 and credit exposure. While sector allocation positively impacted NPI and NPM, it had a more neutral impact on NPT. 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.
 
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. NPI’s shorter duration detracted from its performance for the period.

6
 
Nuveen Investments

 
 

 
 
Credit exposure was another important factor in the Funds’ performance during this six-month reporting period 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 BBB and A rated bonds. NPM, on the other hand, had the smallest weighting of BBB-rated bonds, which detracted from its performance.
 
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ return included industrial development revenue (IDR) credits, health care (together with hospitals), transportation and housing bonds. In particular, the Funds’ health care exposure was positive for performance. Tobacco credits backed by the 1998 master tobacco settlement agreement also were one of the top performing market sectors, helped by their longer effective durations and the 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 April 30, 2013, all three Funds were slightly overweight in tobacco bonds, which benefited their performance as tobacco credits rallied.

Nuveen Investments
 
7

 
 

 
 
Fund Leverage
 
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.
 
As of April 30, 2013, the Funds’ percentages of effective and regulatory leverage are shown in the accompanying table.
         
 
Effective
 
Regulatory
 
 
Leverage
*
Leverage
*
NPI
36.35%
 
29.09%
 
NPM
37.20%
 
30.23%
 
NPT
35.74%
 
29.29%
 
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued 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 forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2013, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
VMTP Shares
         
     
VMTP Shares Issued
 
Fund
Series
 
at Liquidation Value
 
NPI
2015
 
$           407,000,000
 
 
During the current reporting period, NPI successfully exchanged all of its outstanding 4,024 Shares of Series 2014 VMTP for 4,024 Shares of Series 2015 VMTP. Concurrent with this exchange, the Fund also issued an additional $4,600,000 at liquidation value, of Series 2015 VMTP Shares. 3Both of these transactions were completed in privately negotiated offerings.

8
 
Nuveen Investments

 
 

 
 
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 are set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA).
 
VRDP Shares
       
  VRDP Shares Issued  
Fund
at Liquidation Value  
NPM
  $
489,500,000
 
NPT
  $
262,200,000
 
 
Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on VMTP Shares and VRDP Shares.

Nuveen Investments
 
9

 
 

 
 
Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended April 30, 2013, the Funds’ monthly dividends to shareholders were as shown in the accompanying table.
         
   
Per Common Share Amounts
 
     
NPI
   
NPM
   
NPT
 
November
 
$
0.0765
 
$
0.0745
 
$
0.0710
 
December
   
0.0720
   
0.0720
   
0.0680
 
January
   
0.0720
   
0.0720
   
0.0680
 
February
   
0.0720
   
0.0720
   
0.0680
 
March
   
0.0720
   
0.0720
   
0.0680
 
April
   
0.0720
   
0.0720
   
0.0680
 
Ordinary Income Distribution**
 
$
 
$
0.0009
 
$
 
                     
Market Yield***
   
5.90%
 
 
5.81%
 
 
5.71%
 
Taxable-Equivalent Yield***
   
8.19%
 
 
8.07%
 
 
7.93%
 

**
Distribution paid in December 2012.
***
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. 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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2013, all of the Funds in this report had positive UNII balances, based on our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES
 
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
10
 
Nuveen Investments

 
 

 
 
As of April 30, 2013, 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.
           
   
Common Shares
 
% of Common Shares
 
Fund
 
Repurchased and Retired
 
Authorized for Repurchase
 
NPM
 
422,900
 
6.0%
 
 
During the current reporting period, NPM did not repurchase any of its outstanding common shares.
 
COMMON SHARE OTHER INFORMATION
 
As of April 30, 2013, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their NAV as shown in the accompanying table.
                     
     
NPI
   
NPM
   
NPT
 
Common Share NAV
 
$
15.49
 
$
15.98
 
$
14.60
 
Common Share Price
 
$
14.65
 
$
14.88
 
$
14.30
 
Premium/(Discount) to NAV
   
-5.42
%
 
-6.88
%
 
-2.05
%
6-Month Average Premium/(Discount) to NAV
   
-2.39
%
 
-3.92
%
 
-0.27
%
Nuveen Investments
   
11
             

Nuveen Investments
 
11

 
 

 
 
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, Market and Price 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. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (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.

12
 
Nuveen Investments

 
 

 
 
Nuveen Premium Income Municipal Fund, Inc. (NPI)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NPI at Common Share NAV
   
3.25%
 
9.58%
 
8.32%
 
6.30%
NPI at Common Share Price
   
(3.09)%
 
6.53%
 
8.93%
 
6.38%
S&P Municipal Bond Index
   
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
         
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
17.0
%
Health Care
   
17.0
%
Transportation
   
16.5
%
U.S. Guaranteed
   
14.7
%
Tax Obligation/General
   
11.2
%
Water and Sewer
   
6.0
%
Utilities
   
5.4
%
Other
   
12.2
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
20.6
%
AA
   
34.7
%
A
   
26.9
%
BBB
   
11.2
%
BB or Lower
   
4.1
%
N/R
   
1.1
%

States1
       
(as a % of total investments)
       
California
   
14.9
%
Texas
   
10.3
%
New York
   
9.7
%
Illinois
   
8.3
%
Florida
   
7.1
%
New Jersey
   
4.6
%
Massachusetts
   
3.0
%
Pennsylvania
   
3.0
%
Louisiana
   
2.9
%
South Carolina
   
2.8
%
Minnesota
   
2.7
%
Alabama
   
2.5
%
Ohio
   
2.4
%
Michigan
   
2.2
%
Wisconsin
   
2.2
%
Washington
   
1.8
%
Other
   
19.6
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
13

 
 

 
 
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NPM at Common Share NAV
   
2.68%
 
8.74%
 
8.67%
 
6.43%
NPM at Common Share Price
   
(1.63)%
 
4.66%
 
9.03%
 
6.52%
S&P Municipal Bond Index
   
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
         
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
18.3
%
Health Care
   
16.9
%
Tax Obligation/General
   
14.7
%
U.S. Guaranteed
   
12.5
%
Transportation
   
11.3
%
Water and Sewer
   
7.3
%
Education and Civic Organizations
   
6.1
%
Utilities
   
5.7
%
Other
   
7.2
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
19.5
%
AA
   
38.6
%
A
   
26.9
%
BBB
   
8.4
%
BB or Lower
   
2.9
%
N/R
   
2.2
%

States1
       
(as a % of total investments)
       
Florida
   
17.6
%
California
   
11.6
%
Illinois
   
9.5
%
Texas
   
7.3
%
New York
   
6.5
%
Nevada
   
4.1
%
Louisiana
   
4.0
%
New Jersey
   
3.5
%
Michigan
   
3.5
%
Washington
   
3.3
%
Ohio
   
3.1
%
Massachusetts
   
2.2
%
Alabama
   
2.1
%
Pennsylvania
   
2.0
%
Other
   
19.7
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
14
 
Nuveen Investments

 
 

 
 
Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013

     
Cumulative
   
Average Annual
 
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NPT at Common Share NAV
   
3.49%
 
10.48%
 
9.25%
 
6.81%
NPT at Common Share Price
   
1.59%
 
9.82%
 
11.38%
 
7.30%
S&P Municipal Bond Index
   
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
         
Portfolio Composition1
       
(as a % of total investments)
       
Health Care
   
22.5
%
Tax Obligation/Limited
   
17.1
%
Tax Obligation/General
   
14.1
%
U.S. Guaranteed
   
11.7
%
Transportation
   
9.3
%
Water and Sewer
   
7.3
%
Education and Civic Organizations
   
4.6
%
Other
   
13.4
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
17.8
%
AA
   
27.0
%
A
   
29.4
%
BBB
   
19.6
%
BB or Lower
   
2.1
%
N/R
   
2.9
%

States1
       
(as a % of total investments)
       
California
   
14.0
%
Texas
   
12.6
%
Illinois
   
12.4
%
Colorado
   
5.7
%
Florida
   
4.8
%
Louisiana
   
4.3
%
Arizona
   
3.1
%
Michigan
   
3.0
%
Pennsylvania
   
2.5
%
Alabama
   
2.5
%
New York
   
2.5
%
Georgia
   
2.4
%
Wisconsin
   
2.3
%
Ohio
   
2.3
%
Indiana
   
2.3
%
Washington
   
2.0
%
Puerto Rico
   
1.9
%
Other
   
19.4
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
Nuveen Investments
 
15
 
 

 

   
Nuveen Premium Income Municipal Fund, Inc.
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Municipal Bonds – 148.4% (100.0% 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+
 
$
1,587,239
 
 
4,000
 
5.000%, 11/15/39 (UB)
11/16 at 100.00
AA+
   
4,424,360
 
 
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+
   
6,636,540
 
     
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
   
6,483,600
 
 
1,300
 
5.000%, 11/15/30
11/15 at 100.00
Baa2
   
1,351,987
 
 
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+
   
12,554,640
 
 
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
   
3,004,184
 
 
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)
   
1,075,110
 
 
34,625
 
Total Alabama
       
37,117,660
 
     
Alaska – 1.4% (1.0% 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)
   
2,033,760
 
 
2,035
 
5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured
9/13 at 100.00
AA+ (4)
   
2,069,351
 
 
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+
   
9,824,955
 
 
14,535
 
Total Alaska
       
13,928,066
 
     
Arizona – 1.7% (1.1% 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+
   
527,130
 
 
660
 
5.250%, 12/01/25
12/15 at 100.00
BBB+
   
693,416
 
 
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+
   
10,678,975
 
 
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–
   
4,606,145
 
 
14,980
 
Total Arizona
       
16,505,666
 
     
Arkansas – 0.2% (0.1% of Total Investments)
           
 
2,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
2/15 at 100.00
Baa1
   
2,060,560
 
     
California – 22.1% (14.9% of Total Investments)
           
 
9,200
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
BBB+
   
7,257,328
 
 
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
   
10,340,600
 
 
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
   
5,863,158
 
 
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
   
1,619,940
 
 
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
   
5,705,147
 

16
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
A+
 
$
9,256,442
 
 
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+
   
9,331,702
 
 
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
   
5,005,905
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
2,140
 
9.308%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
2,654,285
 
 
825
 
9.308%, 2/15/20 (IF)
No Opt. Call
AA–
   
1,023,264
 
 
790
 
9.301%, 2/15/20 (IF)
No Opt. Call
AA–
   
979,679
 
 
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–
   
3,325,786
 
 
7,205
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15
No Opt. Call
A2
   
7,501,198
 
 
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
   
1,228,170
 
 
3,130
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
No Opt. Call
Aa3
   
3,312,041
 
 
905
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
No Opt. Call
Aaa
   
957,970
 
     
California State, General Obligation Bonds, Series 2004:
           
 
1,160
 
5.125%, 2/01/25
2/14 at 100.00
A1
   
1,199,243
 
 
10,000
 
5.125%, 2/01/26
2/14 at 100.00
A1
   
10,330,600
 
     
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–
   
1,726,953
 
 
4,730
 
5.000%, 7/01/39
7/15 at 100.00
BBB–
   
4,907,375
 
 
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–
   
5,784,650
 
 
7,130
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.651%, 5/15/14 (IF)
No Opt. Call
AA–
   
11,048,220
 
 
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+
   
3,822,426
 
 
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+
   
3,043,243
 
     
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
B
   
6,937,050
 
 
2,000
 
5.750%, 6/01/47
6/17 at 100.00
B
   
1,910,940
 
 
3,000
 
5.125%, 6/01/47
6/17 at 100.00
B
   
2,612,880
 
 
5,000
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
Aa2
   
3,335,650
 
 
15,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
AA
   
16,915,200
 
 
465
 
Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)
No Opt. Call
Aaa
   
535,029
 
 
14,430
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)
No Opt. Call
Aaa
   
19,045,436
 
 
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)
   
5,326,050
 
 
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)
   
2,606,777
 

Nuveen Investments
 
17

 
 

 

   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
1,130
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 – NPFG Insured
8/13 at 100.00
AA–
 
$
1,145,888
 
     
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
           
 
400
 
5.000%, 9/01/21
9/15 at 102.00
Baa2
   
423,276
 
 
445
 
5.000%, 9/01/23
9/15 at 102.00
Baa2
   
466,698
 
 
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+
   
3,685,710
 
     
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
Baa2
   
4,418,887
 
 
7,150
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa2
   
2,853,851
 
 
50,400
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
Baa2
   
17,979,192
 
 
24,025
 
0.000%, 1/15/36 – NPFG Insured
No Opt. Call
Baa2
   
7,622,172
 
     
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
   
1,286,410
 
 
1,000
 
6.625%, 12/01/25
12/21 at 100.00
A
   
1,285,320
 
 
1,325
 
6.750%, 12/01/26
12/21 at 100.00
A
   
1,701,207
 
 
265,850
 
Total California
       
219,318,948
 
     
Colorado – 1.8% (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 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AA+ (4)
   
2,685,300
 
 
690
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured
9/15 at 100.00
A
   
731,904
 
 
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–
   
2,220,264
 
 
1,000
 
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25
9/14 at 100.00
A3
   
1,006,010
 
 
800
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
3/15 at 100.00
A+
   
830,840
 
 
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+
   
1,736,666
 
 
20,500
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
Baa2
   
7,986,595
 
 
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
   
291,833
 
 
29,535
 
Total Colorado
       
17,489,412
 
     
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
   
2,266,592
 
 
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
   
2,503,047
 
 
4,240
 
Total Connecticut
       
4,769,639
 
     
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
   
1,115,570
 
     
District of Columbia – 2.1% (1.4% of Total Investments)
           
 
2,640
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)
6/13 at 100.00
AA+
   
2,646,442
 
 
9,505
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured
No Opt. Call
Aa2
   
12,336,064
 

18
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
District of Columbia (continued)
           
$
2,130
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
 
$
2,444,409
 
 
3,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.452%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
   
3,827,079
 
 
17,610
 
Total District of Columbia
       
21,253,994
 
     
Florida – 10.5% (7.1% 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–
   
3,045,459
 
 
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+
   
2,356,680
 
 
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+
   
8,166,320
 
 
5,400
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
10/13 at 100.00
N/R
   
5,402,970
 
 
8,000
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39
4/20 at 100.00
AA
   
9,038,240
 
 
2,930
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami Issue, Series 2012A, 5.000%, 4/01/42
No Opt. Call
A–
   
3,289,042
 
 
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–
   
20,647,045
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A:
           
 
1,000
 
5.000%, 10/01/29 (Alternative Minimum Tax)
No Opt. Call
A
   
1,127,580
 
 
1,800
 
5.000%, 10/01/30 (Alternative Minimum Tax)
No Opt. Call
A
   
2,020,392
 
 
7,840
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41
10/20 at 100.00
A
   
8,784,485
 
 
1,800
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
A+
   
2,014,254
 
 
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
   
12,530,568
 
 
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
   
7,571,702
 
 
1,785
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
1,938,439
 
 
12,690
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
A–
   
14,166,228
 
 
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
   
2,502,846
 
 
96,255
 
Total Florida
       
104,602,250
 
     
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
   
2,741,393
 
 
1,900
 
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%, 1/01/20 – AGM Insured
No Opt. Call
Aa2
   
1,962,377
 
 
4,125
 
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%, 1/01/20 (Pre-refunded 1/01/14) – AGM Insured
1/14 at 100.00
Aa2 (4)
   
4,264,136
 
 
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
   
5,790,007
 
 
13,660
 
Total Georgia
       
14,757,913
 

Nuveen Investments
 
19

 
 

 

   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Hawaii – 1.0% (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
 
$
5,083,300
 
 
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)
   
5,084,400
 
 
10,000
 
Total Hawaii
       
10,167,700
 
     
Idaho – 0.3% (0.2% of Total Investments)
           
     
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
           
 
2,185
 
5.250%, 9/01/30
9/16 at 100.00
BB+
   
2,260,077
 
 
600
 
5.250%, 9/01/37
9/16 at 100.00
BB+
   
617,220
 
 
2,785
 
Total Idaho
       
2,877,297
 
     
Illinois – 12.4% (8.3% 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+
   
8,467,103
 
 
10,000
 
0.000%, 12/01/20 – FGIC Insured
No Opt. Call
A+
   
8,126,000
 
 
10,130
 
0.000%, 12/01/24 – FGIC Insured
No Opt. Call
A+
   
6,690,460
 
     
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+
   
11,522,850
 
 
10,000
 
0.000%, 12/01/23 – FGIC Insured
No Opt. Call
A+
   
6,913,300
 
 
3,800
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
AA
   
4,354,610
 
 
3,130
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
AAA
   
3,499,434
 
 
13,310
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
   
15,177,925
 
 
8,810
 
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured
8/13 at 100.00
A–
   
8,828,061
 
     
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)
   
1,103,624
 
 
3,000
 
5.250%, 11/15/23 (Pre-refunded 5/15/14)
5/14 at 100.00
A (4)
   
3,153,210
 
 
985
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
BB+
   
973,860
 
 
2,880
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
BBB+
   
3,701,779
 
 
1,970
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
2,192,177
 
 
10,280
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 – AMBAC Insured
8/13 at 100.00
BBB
   
10,290,794
 
 
1,115
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.980%, 1/01/21 (WI/DD, Settling 5/16/13) (IF)
No Opt. Call
AA–
   
1,708,738
 
 
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
   
470,990
 
 
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
   
11,201,000
 
 
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
   
5,186,792
 
     
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)
   
3,551,479
 
 
1,160
 
0.000%, 6/15/15 – FGIC Insured (ETM)
No Opt. Call
A3 (4)
   
1,147,553
 
 
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
   
4,310,850
 
 
128,390
 
Total Illinois
       
122,572,589
 
 
20
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
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
 
$
2,123,556
 
 
1,260
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
A
   
1,397,579
 
 
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
   
2,747,000
 
 
5,765
 
Total Indiana
       
6,268,135
 
     
Iowa – 1.4% (1.0% 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)
   
2,254,329
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
10,000
 
5.500%, 6/01/42
6/15 at 100.00
B+
   
9,712,800
 
 
2,000
 
5.625%, 6/01/46
6/15 at 100.00
B+
   
1,961,620
 
 
14,105
 
Total Iowa
       
13,928,749
 
     
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
   
6,238,500
 
     
Kentucky – 2.0% (1.3% of Total Investments)
           
 
3,800
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
BBB+
   
4,582,610
 
 
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
   
10,717,140
 
     
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)
   
1,272,182
 
 
1,270
 
5.000%, 6/01/20 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
Aa3 (4)
   
1,335,265
 
 
1,335
 
5.000%, 6/01/21 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
Aa3 (4)
   
1,403,606
 
 
16,810
 
Total Kentucky
       
19,310,803
 
     
Louisiana – 4.3% (2.9% of Total Investments)
           
     
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
           
 
115
 
11.000%, 2/01/14 (ETM)
No Opt. Call
N/R (4)
   
123,634
 
 
1,055
 
11.000%, 2/01/14 (ETM)
No Opt. Call
N/R (4)
   
1,133,787
 
 
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+
   
2,076,100
 
 
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
   
6,167,894
 
 
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
   
5,206,037
 
     
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)
   
1,311,900
 
 
2,210
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
   
2,416,083
 
 
2,500
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
   
2,733,125
 
     
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
   
1,013,793
 
 
10,105
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
10,905,519
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
           
 
270
 
5.500%, 5/15/30
5/13 at 100.00
A1
   
271,488
 
 
8,785
 
5.875%, 5/15/39
5/13 at 100.00
A–
   
8,833,405
 
 
39,275
 
Total Louisiana
       
42,192,765
 

Nuveen Investments
 
21

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Maryland – 0.9% (0.6% 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+
 
$
2,267,980
 
 
450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25
7/21 at 100.00
BBB
   
545,877
 
 
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
   
2,181,838
 
 
3,465
 
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
Baa2
   
3,605,850
 
 
735
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
7/13 at 100.00
Aaa
   
736,470
 
 
8,850
 
Total Maryland
       
9,338,015
 
     
Massachusetts – 4.5% (3.0% of Total Investments)
           
 
805
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48
10/23 at 100.00
A1
   
910,487
 
 
2,300
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 (WI/DD, Settling 5/09/13)
11/23 at 100.00
A+
   
2,589,179
 
 
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
   
2,290,741
 
 
700
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
A
   
784,672
 
 
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)
   
3,946,213
 
 
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
   
13,646,360
 
 
5,590
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 – NPFG Insured
8/17 at 100.00
AA+
   
6,545,555
 
 
370
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 (Pre-refunded 8/01/17) – NPFG Insured
8/17 at 100.00
Aa1 (4)
   
441,976
 
 
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+
   
5,841,307
 
 
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+
   
7,517,132
 
 
40,845
 
Total Massachusetts
       
44,513,622
 
     
Michigan – 3.3% (2.2% 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+
   
2,896,715
 
 
3,000
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/15 at 100.00
BB+
   
3,187,530
 
 
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–
   
4,343,282
 
 
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
   
10,208,100
 
 
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
   
1,153,240
 
 
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
   
5,753,384
 
     
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)
   
836,650
 
 
3,275
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
3,613,209
 
 
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
   
908,149
 
 
30,365
 
Total Michigan
       
32,900,259
 
 
22
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Minnesota – 3.9% (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
A
 
$
14,023,874
 
 
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)
   
2,079,940
 
 
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–
   
3,388,170
 
 
90
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured
5/13 at 100.00
A
   
90,173
 
 
1,500
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24
10/14 at 100.00
A3
   
1,597,440
 
 
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–
   
1,672,076
 
 
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–
   
16,152,084
 
 
35,600
 
Total Minnesota
       
39,003,757
 
     
Mississippi – 0.7% (0.5% of Total Investments)
           
 
6,875
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
9/14 at 100.00
AA–
   
7,244,806
 
     
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+
   
2,023,000
 
 
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+
   
520,820
 
     
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
           
 
1,565
 
6.000%, 6/01/20
No Opt. Call
A
   
1,792,128
 
 
1,660
 
5.000%, 6/01/35
6/15 at 100.00
A
   
1,704,073
 
 
5,725
 
Total Missouri
       
6,040,021
 
     
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, 19.934%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
   
2,798,809
 
     
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+
   
10,354,344
 
 
2,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
BBB–
   
3,095,037
 
 
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+
   
2,947,750
 
 
14,100
 
Total Nevada
       
16,397,131
 
     
New Jersey – 6.9% (4.6% of Total Investments)
           
 
190
 
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
Caa1
   
132,998
 
     
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
           
 
3,655
 
5.250%, 9/01/24 (Pre-refunded 9/01/15)
9/15 at 100.00
A+ (4)
   
4,073,242
 
 
2,000
 
5.250%, 9/01/26 (Pre-refunded 9/01/15)
9/15 at 100.00
A+ (4)
   
2,228,860
 
 
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–
   
373,728
 
 
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
BB+
   
871,176
 
 
3,850
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
A+
   
4,780,699
 
 
Nuveen Investments
 
23

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New Jersey (continued)
           
     
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
 
$
5,445,977
 
 
9,250
 
5.500%, 6/15/23 (Pre-refunded 6/15/13)
6/13 at 100.00
Aaa
   
9,311,513
 
 
7,330
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31
6/21 at 100.00
A+
   
8,709,213
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:
           
 
3,915
 
6.000%, 1/01/14 – NPFG Insured (ETM)
No Opt. Call
A+ (4)
   
4,065,884
 
 
7,585
 
6.000%, 1/01/14 – NPFG Insured (ETM)
No Opt. Call
A+ (4)
   
7,877,326
 
 
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)
   
2,520,250
 
 
9,130
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA–
   
9,749,562
 
 
1,315
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
7/22 at 100.00
A+
   
1,921,123
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
4,455
 
4.500%, 6/01/23
6/17 at 100.00
B1
   
4,458,119
 
 
2,000
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
1,761,780
 
 
63,685
 
Total New Jersey
       
68,281,450
 
     
New Mexico – 0.7% (0.5% of Total Investments)
           
 
5,585
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured
No Opt. Call
AA–
   
6,992,532
 
     
New York – 14.5% (9.7% 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–
   
2,389,520
 
 
5,000
 
0.000%, 7/15/44
No Opt. Call
BBB–
   
1,185,650
 
 
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–
   
5,524,944
 
     
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
AA–
   
1,051,630
 
 
500
 
5.250%, 7/01/24
7/14 at 100.00
AA–
   
525,815
 
 
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)
   
1,083,743
 
 
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–
   
2,111,528
 
 
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
   
6,044,887
 
 
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
   
2,530,323
 
     
Dormitory Authority of the State of NY, Rochester Institute of Technology Revenue Bond, Series 2012:
           
 
1,100
 
5.000%, 7/01/38
No Opt. Call
A1
   
1,263,295
 
 
1,500
 
5.000%, 7/01/42
No Opt. Call
A1
   
1,722,675
 
 
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
   
7,156,264
 
 
6,000
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
A
   
7,137,960
 
     
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
   
7,762,650
 
 
5,000
 
5.000%, 12/01/24 – FGIC Insured
6/16 at 100.00
A
   
5,531,950
 
 
24
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
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
 
$
5,134,050
 
 
15,605
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32
No Opt. Call
AA
   
7,826,064
 
 
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
   
4,207,671
 
 
5,780
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
11/15 at 100.00
A
   
6,235,984
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
A
   
837,420
 
     
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
   
2,306,246
 
 
2,050
 
5.250%, 7/01/21
7/14 at 100.00
Aa1
   
2,162,279
 
 
2,420
 
5.250%, 7/01/22
4/14 at 100.00
Aa1
   
2,550,777
 
 
1,370
 
5.250%, 7/01/24
4/14 at 100.00
Aa1
   
1,440,733
 
 
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+
   
3,695,125
 
     
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)
   
5,447,475
 
 
7,175
 
5.250%, 10/15/22 (Pre-refunded 10/15/13)
10/13 at 100.00
AA (4)
   
7,340,025
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2003J:
           
 
95
 
5.500%, 6/01/23
6/13 at 100.00
AA
   
95,433
 
 
4,905
 
5.500%, 6/01/23 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
   
4,927,367
 
 
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
   
8,640,978
 
 
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
   
6,380,160
 
     
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+
   
5,233,500
 
 
1,630
 
17.046%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
1,934,484
 
 
650
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35
6/13 at 100.00
Baa1
   
649,955
 
 
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
   
6,721,563
 
 
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–
   
4,969,923
 
 
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–
   
1,555,257
 
 
144,955
 
Total New York
       
143,315,303
 
     
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 (Pre-refunded 6/01/13)
6/13 at 100.00
AA+ (4)
   
5,809,818
 
 
3,475
 
5.250%, 6/01/23 (Pre-refunded 6/01/13)
6/13 at 100.00
AA+ (4)
   
3,489,804
 
 
2,850
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 15.092%, 7/15/32 (IF) (5)
1/18 at 100.00
AA–
   
3,481,418
 
 
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–
   
1,155,735
 
 
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
   
937,380
 
 
14,160
 
Total North Carolina
       
14,874,155
 
 
Nuveen Investments
 
25

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio – 3.6% (2.4% 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–
 
$
232,075
 
 
2,850
 
5.875%, 6/01/30
6/17 at 100.00
B
   
2,556,650
 
 
4,745
 
5.750%, 6/01/34
6/17 at 100.00
B
   
4,162,077
 
 
6,285
 
5.875%, 6/01/47
6/17 at 100.00
B
   
5,615,459
 
 
16,820
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
AA
   
19,102,810
 
 
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
   
1,167,060
 
     
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)
   
2,234,367
 
 
495
 
5.250%, 6/01/20 (Pre-refunded 6/01/13)
6/13 at 100.00
AA (4)
   
497,084
 
 
34,670
 
Total Ohio
       
35,567,582
 
     
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+
   
1,087,643
 
 
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
   
3,811,150
 
     
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
   
7,274,750
 
 
1,335
 
5.000%, 2/15/42
2/17 at 100.00
A
   
1,416,916
 
 
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+
   
10,938,251
 
 
143
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.446%, 6/15/30 (IF)
12/16 at 100.00
AA+
   
166,402
 
 
22,903
 
Total Oklahoma
       
24,695,112
 
     
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 (Pre-refunded 5/01/15) – AGM Insured
5/15 at 100.00
AA (4)
   
1,157,509
 
 
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
   
2,680,175
 
 
3,560
 
Total Oregon
       
3,837,684
 
     
Pennsylvania – 4.5% (3.0% 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+
   
5,176,114
 
 
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
   
999,992
 
     
Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall College, Series 2003C:
           
 
1,340
 
5.250%, 4/15/15
10/13 at 100.00
AA–
   
1,345,655
 
 
1,960
 
5.250%, 4/15/17
10/13 at 100.00
AA–
   
1,968,173
 
 
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
   
1,927,297
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
AA
   
1,091,100
 
 
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
   
5,212,515
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
A+
   
2,870,123
 
     
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–
   
4,741,152
 
 
4,735
 
5.000%, 9/01/22 – AGM Insured
9/14 at 100.00
AA–
   
4,976,722
 
 
26
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
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)
 
$
14,060,760
 
 
42,595
 
Total Pennsylvania
       
44,369,603
 
     
Puerto Rico – 0.3% (0.2% of Total Investments)
           
 
500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/38
No Opt. Call
AA–
   
127,820
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
300
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
AA–
   
52,425
 
 
75
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
AA–
   
12,323
 
 
175
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
AA–
   
25,310
 
 
2,725
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
AA–
   
236,067
 
 
100
 
0.000%, 8/01/56
No Opt. Call
AA–
   
7,623
 
 
2,500
 
5.250%, 8/01/57
8/17 at 100.00
AA–
   
2,600,300
 
 
6,375
 
Total Puerto Rico
       
3,061,868
 
     
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
6/13 at 100.00
BBB+
   
1,030,098
 
 
4,065
 
6.250%, 6/01/42
6/13 at 100.00
BBB–
   
4,161,584
 
 
5,085
 
Total Rhode Island
       
5,191,682
 
     
South Carolina – 4.1% (2.8% 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–
   
9,218,469
 
     
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)
   
5,240,410
 
 
3,595
 
5.250%, 12/01/20 (Pre-refunded 12/01/13)
12/13 at 100.00
AA (4)
   
3,701,232
 
 
1,865
 
5.250%, 12/01/21 (Pre-refunded 12/01/13)
12/13 at 100.00
AA (4)
   
1,920,111
 
     
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)
   
1,909,221
 
 
2,400
 
5.500%, 5/01/24 (Pre-refunded 5/01/14)
5/14 at 100.00
AA– (4)
   
2,526,576
 
     
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)
   
13,552,515
 
 
1,655
 
6.375%, 8/01/34 (Pre-refunded 8/01/13)
8/13 at 100.00
BBB+ (4)
   
1,680,735
 
 
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–
   
1,069,766
 
 
39,240
 
Total South Carolina
       
40,819,035
 
     
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
   
2,641,745
 
 
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+
   
6,771,648
 
 
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
   
1,634,251
 
 
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+
   
5,697,250
 
 
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+
   
437,917
 
 
Nuveen Investments
 
27

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tennessee (continued)
           
     
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
           
$
1,300
 
5.500%, 11/01/37 (6)
11/17 at 100.00
N/R
 
$
3,237
 
 
3,000
 
5.500%, 11/01/46 (6)
11/17 at 100.00
N/R
   
7,470
 
 
24,775
 
Total Tennessee
       
17,193,518
 
     
Texas – 15.3% (10.3% of Total Investments)
           
 
5,000
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (6)
6/13 at 100.00
N/R
   
5,512,500
 
 
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
   
9,253,889
 
 
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
   
161,272
 
 
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
   
2,840,075
 
 
765
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 (WI/DD, Settling 5/16/13)
1/23 at 100.00
Baa2
   
828,357
 
 
3,380
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
Baa2
   
4,002,799
 
 
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–
   
2,815,550
 
 
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+
   
3,862,005
 
 
9,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
A+
   
9,586,530
 
 
4,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
5/13 at 100.00
Baa2
   
4,008,560
 
 
5,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
   
5,249,400
 
 
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
AA
   
4,542,360
 
 
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
   
15,044,367
 
     
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–
   
2,112,020
 
 
2,800
 
5.125%, 8/15/26
2/16 at 100.00
BBB–
   
2,898,756
 
 
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–
   
4,368,440
 
 
810
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, 5.250%, 5/15/24 – AMBAC Insured
No Opt. Call
A1
   
813,127
 
 
5,420
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012A, 5.000%, 5/15/39
No Opt. Call
A1
   
6,092,351
 
 
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
   
6,362,691
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
2,070
 
0.000%, 9/01/43
9/31 at 100.00
AA
   
1,603,174
 
 
8,470
 
0.000%, 9/01/45
9/31 at 100.00
AA
   
7,155,963
 
 
28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
$
11,000
 
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.554%, 8/15/26 (IF)
2/17 at 100.00
AAA
 
$
12,254,990
 
 
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
   
145,020
 
 
12,130
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
AA–
   
13,199,866
 
 
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
6/13 at 103.00
Aa1
   
1,900,535
 
 
1,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/31
No Opt. Call
A3
   
1,076,389
 
 
2,985
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.591%, 4/01/28 (IF)
4/17 at 100.00
Aaa
   
4,995,875
 
 
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–
   
16,833,249
 
 
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
   
2,421,143
 
 
153,985
 
Total Texas
       
151,941,253
 
     
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–
   
5,658,850
 
 
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
   
4,699,105
 
 
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–
   
1,115,796
 
 
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–
   
3,296,812
 
 
13,620
 
Total Virginia
       
14,770,563
 
     
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)
   
3,377,750
 
 
4,195
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
Baa3
   
4,544,569
 
     
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
           
 
1,525
 
6.500%, 6/01/26
6/13 at 100.00
A3
   
1,555,470
 
 
2,715
 
6.625%, 6/01/32
6/13 at 100.00
Baa1
   
2,769,246
 
 
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+
   
4,953,701
 
 
11,050
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
AA+
   
9,873,507
 
 
29,090
 
Total Washington
       
27,074,243
 
     
Wisconsin – 3.2% (2.2% 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
Aa3 (4)
   
1,012,260
 
 
750
 
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured
8/13 at 100.00
Aa3 (4)
   
759,195
 
 
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
   
1,598,809
 
 
Nuveen Investments
 
29

 
 

 
 
   
Nuveen Premium Income Municipal Fund, Inc. (continued)
NPI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wisconsin (continued)
           
$
9,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33
10/13 at 100.00
A
 
$
9,022,950
 
 
890
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
BBB
   
916,344
 
 
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)
   
6,138,752
 
 
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+
   
5,182,712
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/34
8/16 at 100.00
A–
   
2,124,139
 
 
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–
   
2,023,919
 
     
Wisconsin State, General Obligation Bonds, Series 2004-3:
           
 
175
 
5.250%, 5/01/19 – FGIC Insured
5/14 at 100.00
AA
   
183,779
 
 
130
 
5.250%, 5/01/21 – FGIC Insured
5/14 at 100.00
AA
   
136,494
 
     
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)
   
1,621,013
 
 
1,135
 
5.250%, 5/01/21 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
Aa2 (4)
   
1,190,841
 
 
31,060
 
Total Wisconsin
       
31,911,207
 
     
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
A–
   
3,696,616
 
$
1,500,143
 
Total Municipal Bonds (cost $1,351,497,357)
       
1,472,306,042
 
 
30
 
Nuveen Investments

 
 

 
 
 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
   
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
261
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
N/R
 
$
65,193
 
 
76
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
7/15/55
N/R
   
15,262
 
$
337
 
Total Corporate Bonds (cost $6,411)
         
80,455
 
     
Total Investments (cost $1,351,503,768) – 148.4%
         
1,472,386,497
 
     
Floating Rate Obligations – (9.6)%
         
(95,614,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.0)% (9)
         
(407,000,000
     
Other Assets Less Liabilities – 2.2%
         
22,341,732
 
     
Net Assets Applicable to Common Shares – 100%
       
$
992,114,229
 

(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, 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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant accounting Policies, Investment Valuation for more information.
(8)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the federal bankruptcy court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an coupon rate of 5.500% maturing on July 15, 2019 and the second with an coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.6%.
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
 
31

 
 

 

   
Nuveen Premium Income Municipal Fund 2, Inc.
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Municipal Bonds – 149.2% (100.0% of Total Investments)
           
     
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+
 
$
7,737,100
 
     
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
   
3,782,100
 
 
1,000
 
5.000%, 11/15/30
11/15 at 100.00
Baa2
   
1,039,990
 
 
12,000
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB)
1/17 at 100.00
AA+
   
12,552,960
 
 
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
   
2,037,440
 
 
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)
   
1,816,936
 
 
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
   
6,498,069
 
 
33,400
 
Total Alabama
       
35,464,595
 
     
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+
   
935,710
 
     
Arizona – 1.0% (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+
   
210,852
 
 
265
 
5.250%, 12/01/25
12/15 at 100.00
BBB+
   
278,417
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
No Opt. Call
AA
   
6,291,800
 
 
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–
   
843,392
 
 
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–
   
3,089,488
 
 
9,015
 
Total Arizona
       
10,713,949
 
     
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
   
1,030,280
 
     
California – 17.2% (11.6% of Total Investments)
           
     
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A:
           
 
3,255
 
0.000%, 10/01/23 – NPFG Insured
No Opt. Call
A2
   
2,207,378
 
 
5,890
 
0.000%, 10/01/24 – NPFG Insured
No Opt. Call
A2
   
3,773,429
 
 
7,615
 
0.000%, 10/01/25 – NPFG Insured
No Opt. Call
A2
   
4,635,174
 
 
3,330
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40
11/21 at 100.00
AA–
   
3,829,933
 
 
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
A+
   
4,044,286
 
 
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
   
16,865,850
 
 
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
   
3,003,543
 
 
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–
   
2,757,700
 
 
32
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
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+
 
$
2,192,459
 
 
4,000
 
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21
7/19 at 100.00
Aa3
   
4,900,560
 
 
1,935
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
No Opt. Call
Aa3
   
2,047,540
 
 
565
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
No Opt. Call
Aaa
   
598,069
 
 
7,440
 
California State, General Obligation Bonds, Series 2004, 5.125%, 2/01/25
2/14 at 100.00
A1
   
7,691,695
 
 
20,000
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
A1
   
24,331,200
 
 
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–
   
1,037,500
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.5651%, 5/15/14 (IF)
No Opt. Call
AA–
   
8,297,787
 
 
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+
   
2,031,499
 
 
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
   
2,704,325
 
 
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM)
No Opt. Call
Aaa
   
26,417,700
 
 
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
   
1,456,009
 
     
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
B
   
2,726,523
 
 
1,345
 
5.000%, 6/01/33
6/17 at 100.00
B
   
1,240,736
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
B
   
955,470
 
 
3,850
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
7/21 at 100.00
Aa2
   
4,759,678
 
 
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
   
11,276,800
 
     
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
   
1,463,395
 
 
435
 
5.100%, 9/01/30
9/15 at 102.00
N/R
   
445,323
 
     
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
           
 
250
 
5.000%, 9/01/21
9/15 at 102.00
Baa2
   
264,548
 
 
275
 
5.000%, 9/01/23
9/15 at 102.00
Baa2
   
288,409
 
 
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–
   
2,329,069
 
     
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
Baa2
   
1,834,048
 
 
32,400
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
Baa2
   
11,558,052
 
 
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
   
6,133,200
 
 
18,750
 
University of California, General Revenue Bonds, Limited Project Series 2012G, 5.000%, 5/15/37
5/22 at 100.00
Aa2
   
21,579,938
 
 
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+
   
3,076,259
 
 
210,350
 
Total California
       
194,755,084
 
     
Colorado – 2.3% (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 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AA+ (4)
   
1,826,004
 
     
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–
   
1,874,933
 
 
475
 
5.000%, 6/01/29
6/16 at 100.00
A–
   
496,294
 
 
Nuveen Investments
 
33

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado (continued)
           
$
400
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
3/15 at 100.00
A+
 
$
415,420
 
 
75
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
No Opt. Call
A+
   
77,994
 
 
11,140
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37
11/22 at 100.00
A+
   
12,684,114
 
 
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–
   
7,398,531
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
Aa3
   
717,526
 
 
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
   
466,932
 
 
23,490
 
Total Colorado
       
25,957,748
 
     
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)
   
5,158,550
 
     
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
   
1,115,570
 
     
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–
   
4,065,400
 
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
   
1,532,059
 
 
6,335
 
Total District of Columbia
       
5,597,459
 
     
Florida – 26.3% (17.6% 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+
   
1,076,585
 
 
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
5/14 at 100.00
N/R
   
1,717,255
 
 
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)
   
1,026,069
 
 
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+
   
2,538,325
 
 
725
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
6/13 at 100.00
Aaa
   
726,559
 
 
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)
   
1,978,086
 
 
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
A+
   
1,351,449
 
 
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)
   
932,496
 
 
2,000
 
Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34
10/18 at 100.00
AA+
   
2,305,580
 
 
650
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AMBAC Insured
10/16 at 100.00
A1
   
715,260
 
 
1,500
 
Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding Series 2002, 6.375%, 8/15/32
8/13 at 100.00
BB–
   
1,502,595
 
 
3,010
 
Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 – AMBAC Insured
No Opt. Call
AA–
   
3,681,411
 
 
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)
   
3,002,029
 
 
34
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
4,230
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
 
$
4,414,343
 
 
65
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
AA+
   
70,296
 
 
445
 
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 – NPFG Insured (Alternative Minimum Tax)
7/13 at 100.00
AA+
   
449,762
 
 
755
 
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+
   
774,977
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
           
 
1,040
 
0.000%, 11/01/25 – NPFG Insured
No Opt. Call
Baa2
   
630,739
 
 
1,590
 
0.000%, 11/01/26 – NPFG Insured
No Opt. Call
Baa2
   
911,499
 
 
110
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured
No Opt. Call
A
   
110,271
 
 
260
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 (Pre-refunded 5/15/13)
5/13 at 100.00
A (4)
   
260,515
 
 
14,985
 
Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – FGIC Insured (UB)
7/15 at 101.00
AA
   
16,263,820
 
 
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+
   
6,648,086
 
 
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
Baa2
   
2,694,578
 
 
4,000
 
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003C, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 101.00
AA- (4)
   
4,072,400
 
 
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
   
1,720,200
 
 
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
   
2,479,345
 
 
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)
   
765,788
 
     
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
           
 
1,720
 
5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA–
   
1,866,011
 
 
1,830
 
5.375%, 6/01/46
6/16 at 100.00
A–
   
1,938,446
 
 
5,000
 
Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured
No Opt. Call
N/R
   
5,899,950
 
 
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)
10/13 at 100.00
N/R
   
3,601,980
 
 
1,570
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24
No Opt. Call
A3
   
1,622,108
 
 
430
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24 (Pre-refunded 10/01/13)
10/13 at 100.00
N/R (4)
   
438,961
 
 
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)
   
1,587,113
 
 
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+
   
2,405,358
 
 
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
   
1,529,085
 
     
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)
   
5,095,688
 
 
2,090
 
5.000%, 10/01/22 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
A1 (4)
   
2,132,072
 
 
3,145
 
Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
AA+ (4)
   
3,201,767
 
 
Nuveen Investments
 
35

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
     
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A:
           
$
3,235
 
5.000%, 10/01/18 – FGIC Insured
10/13 at 100.00
AA
 
$
3,300,509
 
 
5,090
 
5.000%, 10/01/19 – FGIC Insured
10/13 at 100.00
AA
   
5,192,665
 
     
Lake County School Board, Florida, Certificates of Participation, Series 2004A:
           
 
1,190
 
5.000%, 7/01/20 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
A+ (4)
   
1,254,593
 
 
1,470
 
5.000%, 7/01/24 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
A+ (4)
   
1,549,792
 
 
1,000
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured
No Opt. Call
A–
   
1,061,360
 
 
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
   
3,716,335
 
 
2,345
 
Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22
7/13 at 100.00
BBB+
   
2,348,611
 
 
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
A (4)
   
5,233,729
 
     
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)
   
2,389,294
 
 
3,305
 
5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
N/R (4)
   
3,448,305
 
     
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B:
           
 
2,000
 
5.250%, 7/01/18 (Pre-refunded 7/01/14) – FGIC Insured
7/14 at 100.00
A- (4)
   
2,114,380
 
 
2,000
 
5.000%, 7/01/23 (Pre-refunded 7/01/14) – FGIC Insured
7/14 at 100.00
A- (4)
   
2,108,560
 
 
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
   
2,168,497
 
 
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
   
5,776,950
 
 
4,000
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1, 5.625%, 7/01/38
7/18 at 100.00
Aa2
   
4,630,920
 
 
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
   
12,539,949
 
 
3,300
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
10/13 at 100.00
Aa2
   
3,311,220
 
 
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
   
2,582,374
 
 
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
8/13 at 100.00
Baa2
   
575,978
 
     
Insured 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
   
3,892,141
 
 
2,000
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
   
2,074,820
 
     
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
           
 
1,895
 
5.500%, 12/01/21
6/13 at 100.00
BBB–
   
1,899,738
 
 
6,470
 
5.625%, 12/01/31
6/13 at 100.00
BBB–
   
6,480,870
 
 
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)
   
1,588,110
 
 
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–
   
3,398,940
 
 
6,090
 
Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond Trust 2089, 12.902%, 8/01/14 – AGM Insured (IF)
No Opt. Call
AA–
   
7,966,207
 
 
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)
   
4,925,530
 
 
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
   
4,678,280
 
 
6,545
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 11.205%, 10/01/14 (IF)
No Opt. Call
AAA
   
8,426,164
 
 
36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
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
 
$
11,488,800
 
 
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–
   
2,640,425
 
 
2,060
 
Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 (Pre-refunded 10/01/13) – FGIC Insured
10/13 at 100.00
Aa3 (4)
   
2,103,631
 
 
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
Baa2
   
2,118,140
 
 
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
   
711,744
 
 
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
   
3,375,270
 
 
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
   
1,654,816
 
 
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)
   
2,805,028
 
 
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)
   
4,303,921
 
 
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
   
1,774,786
 
 
625
 
Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36
5/15 at 100.00
N/R
   
660,675
 
 
7,500
 
South Florida Water Management District, Certificates of Participation, Series 2007, Trust 1036, 9.112%, 10/01/14 – AMBAC Insured (IF)
No Opt. Call
AA
   
9,030,900
 
 
5,000
 
South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%, 10/01/36 – AMBAC Insured
10/16 at 100.00
AA
   
5,510,300
 
 
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
   
2,690,091
 
     
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–
   
2,350,665
 
 
3,135
 
5.625%, 8/01/34
8/14 at 101.00
A–
   
3,238,455
 
 
5,000
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured
6/16 at 100.00
A
   
5,464,600
 
 
620
 
Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured
10/15 at 100.00
AA+
   
687,245
 
 
5,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
AA
   
5,388,798
 
 
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+
   
5,700,498
 
     
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
Baa2
   
1,386,913
 
 
2,785
 
5.750%, 10/01/25 – NPFG Insured
No Opt. Call
Baa2
   
3,127,471
 
     
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005:
           
 
7,285
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
Aaa
   
8,091,303
 
 
2,250
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
Aaa
   
2,495,903
 
 
1,000
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
12/14 at 100.00
A2
   
1,070,370
 
 
273,235
 
Total Florida
       
296,644,426
 
     
Georgia – 2.1% (1.4% of Total Investments)
           
 
7,230
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/42
1/22 at 100.00
A+
   
8,141,125
 
 
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)
   
517,110
 
 
Nuveen Investments
 
37

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Georgia (continued)
           
$
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
 
$
2,242,880
 
 
3,940
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
A+
   
4,056,860
 
 
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)
   
10,252
 
     
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
   
3,487,163
 
 
3,365
 
5.000%, 11/01/18 – NPFG Insured
11/13 at 100.00
A1
   
3,438,862
 
 
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
   
2,309,247
 
 
22,685
 
Total Georgia
       
24,203,499
 
     
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
   
671,629
 
     
Idaho – 0.4% (0.3% of Total Investments)
           
 
2,970
 
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
   
3,095,898
 
 
40
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax)
7/13 at 100.00
AAA
   
40,146
 
 
110
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax)
7/13 at 100.00
AAA
   
110,928
 
 
155
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
7/13 at 100.00
Aaa
   
155,391
 
     
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+
   
1,034,360
 
 
470
 
5.250%, 9/01/37
9/16 at 100.00
BB+
   
483,489
 
 
4,745
 
Total Idaho
       
4,920,212
 
     
Illinois – 14.1% (9.5% 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+
   
4,063,000
 
 
5,700
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
AA
   
6,531,915
 
 
22,670
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – FGIC Insured
No Opt. Call
Aa3
   
14,619,203
 
 
5,000
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
AAA
   
5,590,150
 
 
850
 
Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14
7/13 at 100.00
N/R
   
852,516
 
 
845
 
Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14
7/13 at 100.00
N/R
   
847,848
 
 
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)
   
4,012,944
 
 
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
   
1,965,214
 
 
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)
   
3,199,890
 
 
3,500
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22
11/20 at 100.00
AA
   
4,223,940
 
 
1,100
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Tender Option Bond Trust 4285, 17.853%, 8/15/20 (IF) (5)
No Opt. Call
AA+
   
1,684,760
 
     
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)
   
2,102,140
 
 
4,420
 
5.250%, 11/15/15 (Pre-refunded 5/15/14)
5/14 at 100.00
A (4)
   
4,645,729
 
 
38
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
             
$
395
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
 
BB+
 
$
390,533
 
 
1,900
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
   
2,442,146
 
 
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–
   
5,295,674
 
 
6,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
Aa1
   
6,676,680
 
 
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+
   
3,771,339
 
 
3,090
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
 
AA+ (4)
   
3,120,251
 
 
3,000
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18
No Opt. Call
 
Aa2
   
3,456,870
 
 
10,000
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%,
1/01/21 – AGM Insured
1/20 at 100.00
 
AA–
   
11,549,900
 
 
2,000
 
Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34
9/18 at 100.00
 
A2
   
2,152,940
 
 
1,115
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.980%, 1/01/21 (WI/DD, Settling 5/16/13) (IF)
No Opt. Call
 
AA–
   
1,708,738
 
 
11,050
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured
No Opt. Call
 
A2
   
13,504,647
 
     
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
 
A2
   
2,754,867
 
 
1,740
 
0.000%, 11/01/21 – AGM Insured
No Opt. Call
 
A2
   
1,352,467
 
 
4,020
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB)
No Opt. Call
 
AAA
   
5,126,224
 
     
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
   
408,519
 
 
1,750
 
5.250%, 1/01/30
1/16 at 100.00
 
CCC
   
824,233
 
 
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
   
13,164,990
 
 
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
   
2,386,084
 
 
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
   
17,467,960
 
 
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
   
7,536,720
 
 
164,755
 
Total Illinois
         
159,431,031
 
     
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
   
4,405,779
 
 
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
   
2,747,000
 
 
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
   
3,504,547
 
 
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+
   
7,755,500
 
     
Indiana University, Student Fee Revenue Bonds, Series 2004P:
             
 
2,750
 
5.000%, 8/01/22 (Pre-refunded 8/01/14) – AMBAC Insured
8/14 at 100.00
 
Aaa
   
2,912,608
 
 
1,600
 
5.000%, 8/01/24 (Pre-refunded 8/01/14) – AMBAC Insured
8/14 at 100.00
 
Aaa
   
1,694,608
 
 
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
   
4,940,657
 
 
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
   
173,414
 
 
27,005
 
Total Indiana
         
28,134,113
 
 
Nuveen Investments
 
39

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Iowa – 0.7% (0.5% of Total Investments)
           
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
$
8,365
 
5.500%, 6/01/42
6/15 at 100.00
B+
 
$
8,124,757
 
 
35
 
5.625%, 6/01/46
6/15 at 100.00
B+
   
34,328
 
 
8,400
 
Total Iowa
       
8,159,085
 
     
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
   
91,419
 
     
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+
   
5,185,585
 
 
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–
   
2,181,860
 
 
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
   
5,384,088
 
 
10,930
 
Total Kentucky
       
12,751,533
 
     
Louisiana – 6.0% (4.0% 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–
   
4,767,165
 
 
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+
   
4,152,200
 
 
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
   
2,871,261
 
 
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
   
6,953,475
 
 
10,720
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
A
   
12,060,965
 
 
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
   
3,448,710
 
     
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
   
15,860,955
 
 
5,920
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
6,388,982
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
           
 
95
 
5.500%, 5/15/30
5/13 at 100.00
A1
   
95,523
 
 
11,360
 
5.875%, 5/15/39
5/13 at 100.00
A–
   
11,422,594
 
 
62,445
 
Total Louisiana
       
68,021,830
 
     
Maryland – 0.5% (0.3% of Total Investments)
           
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
BB+
   
1,925,557
 
 
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–
   
1,262,262
 
 
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)
   
1,468,646
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.250%, 7/01/31
7/21 at 100.00
BBB
   
1,194,270
 
 
5,460
 
Total Maryland
       
5,850,735
 
     
Massachusetts – 3.3% (2.2% of Total Investments)
           
 
675
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48
10/23 at 100.00
A1
   
763,452
 
 
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+
   
9,076,925
 
 
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
   
711,631
 
 
40
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Massachusetts (continued)
           
$
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
 
$
777,364
 
 
2,700
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 (WI/DD, Settling 5/09/13)
11/23 at 100.00
A+
   
3,039,471
 
 
1,000
 
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34
10/14 at 100.00
BBB
   
1,027,480
 
 
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–
   
1,628,835
 
 
900
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
A
   
1,008,864
 
     
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)
   
2,324,340
 
 
4,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
4,132,160
 
 
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+
   
4,005,015
 
 
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+
   
9,031,778
 
 
34,470
 
Total Massachusetts
       
37,527,315
 
     
Michigan – 5.2% (3.5% 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+
   
3,339,421
 
 
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
   
7,736,540
 
     
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
   
6,361,477
 
 
7,955
 
0.000%, 12/01/22
No Opt. Call
AAA
   
6,331,703
 
 
8,260
 
0.000%, 12/01/23
No Opt. Call
AAA
   
6,338,063
 
 
8,575
 
0.000%, 12/01/24
No Opt. Call
AAA
   
6,355,104
 
 
1,200
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/15 at 100.00
BB+
   
1,275,012
 
 
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
   
11,139,200
 
 
6,345
 
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
A
   
7,238,820
 
     
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)
   
317,350
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
1,351,506
 
 
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
   
363,259
 
 
61,890
 
Total Michigan
       
58,147,455
 
     
Minnesota – 1.3% (0.9% of Total Investments)
           
 
8,165
 
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22
7/14 at 100.00
A
   
8,388,639
 
     
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–
   
1,031,470
 
 
1,050
 
5.875%, 12/01/29
12/13 at 100.00
A–
   
1,080,450
 
 
1,000
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19
10/14 at 100.00
A3
   
1,065,840
 
 
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)
   
1,717,378
 
 
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–
   
1,082,250
 
 
13,835
 
Total Minnesota
       
14,366,027
 
 
Nuveen Investments
 
41

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
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–
 
$
3,872,678
 
     
Missouri – 1.6% (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+
   
2,023,000
 
 
200
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
3/16 at 100.00
BBB+
   
208,328
 
 
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+
   
3,044,569
 
 
9,000
 
Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 – FGIC Insured
9/13 at 100.00
A+
   
9,148,770
 
     
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
           
 
780
 
6.000%, 6/01/20
No Opt. Call
A
   
893,201
 
 
1,525
 
5.000%, 6/01/35
6/15 at 100.00
A
   
1,565,489
 
 
1,200
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, Reg S, 5.125%, 2/15/18 (Pre-refunded 2/15/14)
2/14 at 100.00
BBB+ (4)
   
1,245,108
 
 
17,590
 
Total Missouri
       
18,128,465
 
     
Nebraska – 2.1% (1.4% 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
   
4,655,920
 
 
5,130
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
2/17 at 100.00
Aa1
   
5,710,460
 
 
10,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42
2/22 at 100.00
Aa1
   
11,491,800
 
 
1,050
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.934%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
   
1,814,043
 
 
20,180
 
Total Nebraska
       
23,672,223
 
     
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+
   
11,766,300
 
     
Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009:
           
 
3,520
 
5.000%, 6/01/27
6/19 at 100.00
AA+
   
3,972,918
 
 
3,695
 
5.000%, 6/01/28
6/19 at 100.00
AA+
   
4,156,801
 
 
3,880
 
5.000%, 6/01/29
6/19 at 100.00
AA+
   
4,346,454
 
     
Clark County, Nevada, General Obligation Transportation Bonds, Refunding Series 2010B:
           
 
4,915
 
5.000%, 7/01/25
1/20 at 100.00
AA+
   
5,680,118
 
 
4,160
 
5.000%, 7/01/26
1/20 at 100.00
AA+
   
4,771,728
 
 
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)
   
5,842,461
 
 
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+
   
4,193,960
 
 
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+
   
3,571,313
 
 
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+
   
11,246,700
 
 
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
   
9,601,095
 
 
61,655
 
Total Nevada
       
69,149,848
 
     
New Jersey – 5.3% (3.5% 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
   
5,642,372
 
 
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)
   
139,165
 
 
42
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New Jersey (continued)
           
     
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
           
$
1,325
 
5.250%, 9/01/24 (Pre-refunded 9/01/15)
9/15 at 100.00
A+ (4)
 
$
1,476,620
 
 
1,000
 
5.250%, 9/01/26 (Pre-refunded 9/01/15)
9/15 at 100.00
A+ (4)
   
1,114,430
 
 
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
BB+
   
566,264
 
 
17,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
A+
   
7,028,817
 
 
3,425
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
A+
   
4,252,960
 
 
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
   
3,422,610
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
A+
   
6,196,000
 
 
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)
   
4,032,400
 
 
3,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – AGM Insured
1/15 at 100.00
AA–
   
3,207,720
 
 
5,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36
1/19 at 100.00
A+
   
5,497,050
 
 
985
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
7/22 at 100.00
A+
   
1,439,016
 
     
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
   
10,082,558
 
 
6,125
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
5,395,451
 
 
67,250
 
Total New Jersey
       
59,493,433
 
     
New York – 9.7% (6.5% 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
N/R
   
5,337,650
 
 
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–
   
1,587,615
 
 
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
   
1,344,113
 
 
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
   
2,497,236
 
 
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
   
5,200,322
 
 
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
   
2,644,036
 
 
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
   
11,164,300
 
 
5,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/42
No Opt. Call
A
   
5,584,500
 
 
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+
   
2,483,124
 
     
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
   
6,957,981
 
 
7,260
 
5.000%, 8/01/24 (Pre-refunded 8/01/13)
8/13 at 100.00
AAA
   
7,347,628
 
 
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
   
2,586,100
 
 
10
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26
8/13 at 100.00
AA
   
10,044
 
 
785
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
3/15 at 100.00
Aa2
   
847,251
 
 
1,365
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 (Pre-refunded 3/01/15)
3/15 at 100.00
Aa2 (4)
   
1,481,994
 
 
Nuveen Investments
 
43

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
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
 
$
5,427,750
 
 
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
   
4,253,440
 
     
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005:
           
 
2,475
 
5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
AA+
   
2,590,583
 
 
1,235
 
17.046%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
1,465,698
 
     
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)
   
6,026,100
 
 
5,100
 
5.250%, 6/01/21 (Pre-refunded 6/01/13)
6/13 at 100.00
AA– (4)
   
5,122,185
 
 
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–
   
2,009,060
 
 
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–
   
1,244,207
 
 
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
Baa2
   
6,793,563
 
 
9,950
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2012-10W, 7.286%, 11/15/21 (IF) (5)
No Opt. Call
AA–
   
13,663,937
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
1,055
 
5.000%, 11/15/28
No Opt. Call
A+
   
1,257,444
 
 
2,550
 
0.000%, 11/15/31
No Opt. Call
A+
   
1,271,022
 
 
455
 
3.125%, 11/15/32
No Opt. Call
A+
   
436,295
 
 
1,345
 
0.000%, 11/15/32
No Opt. Call
A+
   
638,552
 
 
101,820
 
Total New York
       
109,273,730
 
     
North Carolina – 1.1% (0.7% of Total Investments)
           
 
1,775
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 15.092%, 7/15/32 (IF) (5)
1/18 at 100.00
AA–
   
2,168,251
 
 
1,000
 
Charlotte-Mecklenburg 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–
   
1,144,520
 
 
1,755
 
Durham Urban Redevelopment Authority, North Carolina, FHA-Insured Mortgage Loan Revenue Bonds, Durham Hosiery Mill, Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax)
8/13 at 100.00
AA+
   
1,766,864
 
     
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)
   
1,294,513
 
 
2,445
 
5.000%, 2/01/22 (Pre-refunded 2/01/14)
2/14 at 100.00
AA+ (4)
   
2,532,066
 
 
3,540
 
University of North Carolina, Charlotte, General Revenue Bonds, Series 2013A, 3.625%, 4/01/43
4/23 at 100.00
AA–
   
3,533,486
 
 
11,765
 
Total North Carolina
       
12,439,700
 
     
Ohio – 4.6% (3.1% 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–
   
1,578,110
 
 
900
 
5.875%, 6/01/30
6/17 at 100.00
B
   
807,363
 
 
7,030
 
5.750%, 6/01/34
6/17 at 100.00
B
   
6,166,365
 
 
2,245
 
5.875%, 6/01/47
6/17 at 100.00
B
   
2,005,840
 
 
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)
   
3,234,630
 
 
6,345
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
AA+
   
7,084,573
 
 
10,000
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 5.500%, 4/01/39
4/19 at 100.00
A
   
10,945,900
 
 
14,850
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
AA
   
16,865,442
 
 
875
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157, 17.137%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
   
1,350,020
 
 
44
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio (continued)
           
$
1,980
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Courtyards of Kettering, Series 1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax)
7/13 at 100.00
Aa2
 
$
1,982,396
 
 
48,925
 
Total Ohio
       
52,020,639
 
     
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+
   
776,888
 
     
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
   
2,860,976
 
 
1,020
 
5.000%, 2/15/42
2/17 at 100.00
A
   
1,082,587
 
 
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
   
10,326,200
 
 
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+
   
5,951,455
 
 
99
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.446%, 6/15/30 (IF)
12/16 at 100.00
AA+
   
115,201
 
 
20,019
 
Total Oklahoma
       
21,113,307
 
     
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
   
8,434,409
 
     
Pennsylvania – 3.0% (2.0% of Total Investments)
           
 
3,500
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
   
3,846,255
 
 
270
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 – AGM Insured
3/15 at 100.00
A1
   
294,959
 
 
1,230
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 (Pre-refunded 3/01/15) – AGM Insured
3/15 at 100.00
A1 (4)
   
1,357,440
 
 
500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
BBB
   
510,200
 
 
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
   
1,263,759
 
 
50
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
No Opt. Call
N/R
   
55,138
 
 
2,575
 
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
   
2,561,198
 
 
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
   
6,202,580
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
AA
   
1,091,100
 
 
15,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
   
15,394,200
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
A+
   
1,148,049
 
 
32,075
 
Total Pennsylvania
       
33,724,878
 
     
Puerto Rico – 0.6% (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+
   
7,089,075
 
 
Nuveen Investments
 
45

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
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
6/13 at 100.00
Baa1
 
$
3,921,935
 
 
6,425
 
6.125%, 6/01/32
6/13 at 100.00
BBB+
   
6,488,608
 
 
5,260
 
6.250%, 6/01/42
6/13 at 100.00
BBB–
   
5,384,978
 
 
15,555
 
Total Rhode Island
       
15,795,521
 
     
South Carolina – 1.6% (1.1% 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
   
9,250,290
 
 
2,500
 
Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 5/01/25 – AMBAC Insured
5/13 at 100.00
AA–
   
2,508,675
 
     
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)
   
1,357,414
 
 
165
 
6.875%, 8/01/27 (Pre-refunded 8/01/13)
8/13 at 100.00
BBB+ (4)
   
167,769
 
 
4,450
 
6.375%, 8/01/34 (Pre-refunded 8/01/13)
8/13 at 100.00
BBB+ (4)
   
4,519,196
 
 
550
 
6.375%, 8/01/34 (Pre-refunded 8/01/13)
8/13 at 100.00
BBB+ (4)
   
558,552
 
 
18,000
 
Total South Carolina
       
18,361,896
 
     
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
   
1,700,650
 
 
1,690
 
4.000%, 9/01/42
9/22 at 100.00
AA
   
1,740,565
 
 
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+
   
3,385,824
 
     
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
   
1,992
 
 
1,000
 
5.500%, 11/01/46 (6)
11/17 at 100.00
N/R
   
2,490
 
 
8,335
 
Total Tennessee
       
6,831,521
 
     
Texas – 10.9% (7.3% 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
   
6,082,024
 
 
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
4/14 at 100.00
C
   
408,851
 
 
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 (Pre-refunded 5/01/13) (Alternative Minimum Tax)
5/13 at 100.00
BBB (4)
   
10,044,400
 
 
1,000
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
7/17 at 100.00
A+
   
1,114,540
 
 
965
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 (WI/DD, Settling 5/16/13)
1/23 at 100.00
Baa2
   
1,044,921
 
 
5,240
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
Baa2
   
6,205,522
 
 
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+
   
6,784,481
 
 
11,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
A+
   
11,716,870
 
     
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A:
           
 
1,000
 
5.000%, 12/01/20 (Pre-refunded 12/01/14)
12/14 at 100.00
A+ (4)
   
1,073,430
 
 
1,000
 
5.000%, 12/01/21 (Pre-refunded 12/01/14)
12/14 at 100.00
A+ (4)
   
1,073,430
 
 
2,500
 
5.125%, 12/01/22 (Pre-refunded 12/01/14)
12/14 at 100.00
A+ (4)
   
2,688,500
 
 
2,925
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
5/13 at 100.00
A
   
2,943,223
 
 
46
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
$
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
 
$
4,201,280
 
 
6,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
AA
   
6,813,540
 
 
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
   
6,588,337
 
     
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–
   
844,808
 
 
1,250
 
5.125%, 8/15/26
2/16 at 100.00
BBB–
   
1,294,088
 
 
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–
   
3,276,330
 
 
4,715
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012A, 5.000%, 5/15/39
No Opt. Call
A1
   
5,299,896
 
 
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
   
6,913,929
 
 
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
   
3,491,034
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
1,880
 
0.000%, 9/01/43
9/31 at 100.00
AA
   
1,456,022
 
 
7,990
 
0.000%, 9/01/45
9/31 at 100.00
AA
   
6,750,431
 
 
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
   
72,510
 
 
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–
   
2,890,575
 
 
1,000
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Tender Option Bond Trust 1149, 17.223%, 8/15/43 (IF) (5)
8/23 at 100.00
AA–
   
1,465,080
 
 
7,100
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
AA–
   
7,726,220
 
 
1,100
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
No Opt. Call
A3
   
1,188,583
 
 
3,755
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.591%, 4/01/28 (IF)
4/17 at 100.00
Aaa
   
6,284,593
 
 
5,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
A–
   
5,459,600
 
 
123,715
 
Total Texas
       
123,197,048
 
     
Utah – 1.5% (1.0% 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+
   
7,133,210
 
 
9,045
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
A1
   
10,251,513
 
 
15,380
 
Total Utah
       
17,384,723
 
     
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–
   
1,303,500
 
     
Washington – 4.9% (3.3% 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)
   
5,045,150
 
 
10,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
   
11,156,400
 
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
AA+
   
2,902,100
 
 
4,160
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
8/22 at 100.00
Aa3
   
4,884,630
 
 
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)
   
3,048,082
 
 
Nuveen Investments
 
47

 
 

 
 
   
Nuveen Premium Income Municipal Fund 2, Inc. (continued)
NPM
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Washington (continued)
           
$
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
 
$
3,828,919
 
 
4,415
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
Baa3
   
4,782,902
 
 
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
   
2,174,743
 
 
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
   
5,511,212
 
 
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
   
5,633,250
 
 
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
   
1,052,139
 
     
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
           
 
2,930
 
6.500%, 6/01/26
6/13 at 100.00
A3
   
2,988,540
 
 
2,435
 
6.625%, 6/01/32
6/13 at 100.00
Baa1
   
2,483,650
 
 
50,495
 
Total Washington
       
55,491,717
 
     
West Virginia – 0.2% (0.1% of Total Investments)
           
 
2,355
 
West Virginia University, Revenue Bonds, West Virginia University Projects, Improvement Series 2004C, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – FGIC Insured
10/14 at 100.00
Aa3 (4)
   
2,511,466
 
     
Wisconsin – 2.2% (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
   
1,292,186
 
 
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
   
7,756,359
 
 
365
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
BBB
   
375,804
 
 
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+
   
1,042,810
 
 
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–
   
3,205,111
 
 
4,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/34
8/16 at 100.00
A–
   
4,811,177
 
 
5,300
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) (5)
5/16 at 100.00
AA
   
5,934,357
 
 
22,060
 
Total Wisconsin
       
24,417,804
 
     
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
A–
   
2,446,290
 
$
1,642,099
 
Total Municipal Bonds (cost $1,537,344,763)
       
1,685,803,125
 
 
48
 
Nuveen Investments

 
 

 
 
 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
   
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
21
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
N/R
 
$
5,133
 
 
6
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
7/15/55
N/R
   
1,202
 
$
27
 
Total Corporate Bonds (cost $504)
         
6,335
 
     
Total Investments (cost $1,537,345,267) – 149.2%
         
1,685,809,460
 
     
Floating Rate Obligations – (8.5)%
         
(96,294,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.3)% (9)
         
(489,500,000
     
Other Assets Less Liabilities – 2.6%
         
29,612,584
 
     
Net Assets Applicable to Common Shares – 100%
         
$1,129,628,044
 

(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, 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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant accounting Policies, Investment Valuation for more information.
(8)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.0%.
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
 
49

 
 

 

   
Nuveen Premium Income Municipal Fund 4, Inc.
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Municipal Bonds – 149.7% (100.0% of Total Investments)
           
     
Alabama – 3.7% (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
 
$
11,942,580
 
 
5,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
11/16 at 100.00
AA+
   
5,530,450
 
 
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
   
1,039,990
 
 
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
   
1,039,510
 
 
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
   
1,508,055
 
 
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
   
2,644,525
 
 
22,720
 
Total Alabama
       
23,705,110
 
     
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+
   
1,764,767
 
 
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)
   
3,155,939
 
 
4,730
 
Total Alaska
       
4,920,706
 
     
Arizona – 4.6% (3.1% 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
   
1,355,796
 
 
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
   
11,666,417
 
 
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)
   
5,040,500
 
 
1,665
 
Oro Valley, Arizona, Water Project Revenue Obligations, Refunding Senior Lien Series 2012, 4.000%, 7/01/20
No Opt. Call
AA
   
1,926,105
 
     
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+
   
443,552
 
 
950
 
5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
AA+
   
1,029,477
 
 
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
   
4,178,907
 
 
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–
   
3,370,350
 
 
26,375
 
Total Arizona
       
29,011,104
 
     
California – 20.9% (14.0% 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
   
1,737,795
 
 
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
   
8,272,480
 
 
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+
   
5,444,400
 
 
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–
   
3,198,932
 
 
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
   
1,544,926
 
 
50
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
2,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/38
3/23 at 100.00
A2
 
$
2,208,300
 
 
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
   
1,516,460
 
 
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
   
1,775,040
 
 
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
   
5,065,830
 
 
19,095
 
California State, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured
6/15 at 100.00
A1
   
20,463,157
 
 
1,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
A1
   
1,173,340
 
 
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+
   
1,171,574
 
 
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
   
1,109,682
 
 
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–
   
1,037,500
 
 
1,685
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.651%, 5/15/14 (IF)
No Opt. Call
AA–
   
2,610,975
 
 
4,780
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/14 (ETM)
No Opt. Call
Aaa
   
4,773,786
 
 
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
   
1,005,590
 
 
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
   
1,230,480
 
 
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
   
2,113,940
 
     
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
B
   
2,866,410
 
 
610
 
5.125%, 6/01/47
6/17 at 100.00
B
   
531,286
 
 
3,190
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27
No Opt. Call
AAA
   
1,879,325
 
 
360
 
Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33
9/20 at 100.00
AA–
   
391,860
 
 
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+
   
595,647
 
 
2,000
 
Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 0.000%, 8/01/31
8/24 at 100.00
Aa2
   
2,254,840
 
 
1,000
 
Mendocino-Lake Community College District, California, General Obligation Bonds, Election 2006, Series 2011B, 0.000%, 8/01/31 – AGM Insured
8/26 at 100.00
AA–
   
979,980
 
 
2,700
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 7.000%, 11/01/34
No Opt. Call
A
   
3,816,207
 
 
3,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
Baa3
   
3,416,640
 
 
1,250
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
11/20 at 100.00
Baa3
   
1,399,500
 
 
2,500
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
5/21 at 100.00
AA–
   
2,950,500
 
 
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–
   
2,272,420
 
 
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+
   
11,704,493
 
 
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–
   
792,067
 
 
Nuveen Investments
 
51

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
     
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
Baa2
 
$
1,768,190
 
 
31,300
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
Baa2
   
11,165,649
 
 
4,000
 
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 17.207%, 9/01/38 – NPFG Insured (IF)
9/17 at 100.00
AA+
   
5,396,160
 
 
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–
   
492,087
 
     
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–
   
2,432,557
 
 
3,900
 
5.625%, 5/01/41 – AGM Insured
8/21 at 100.00
AA–
   
4,560,933
 
 
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
   
3,401,160
 
 
146,850
 
Total California
       
132,522,098
 
     
Colorado – 8.6% (5.7% 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
   
1,547,688
 
 
4,735
 
Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2012, 5.000%, 12/01/20
No Opt. Call
A1
   
5,812,023
 
 
1,240
 
Colorado City Metropolitan District, Pueblo county, Colorado, Water and Wastewater Enterprise Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34
No Opt. Call
A–
   
1,276,630
 
 
2,000
 
Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42 (UB) (5)
12/22 at 100.00
A–
   
2,011,840
 
 
945
 
Colorado Springs, Colorado, Utility System Revenue Bonds, Improvement Series 2008C, 5.500%, 11/15/48
11/18 at 100.00
AA
   
1,092,845
 
 
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
   
1,358,796
 
 
1,210
 
Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, City of Fountain, Electric, Water & Wastewater Utility Enterprise Project, Series 2013A, 5.000%, 9/01/38 – AGM Insured
9/22 at 100.00
AA–
   
1,375,637
 
     
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013:
           
 
1,070
 
5.000%, 12/01/29 – AGM Insured
12/22 at 100.00
AA–
   
1,250,509
 
 
1,185
 
5.000%, 12/01/30 – AGM Insured
12/22 at 100.00
AA–
   
1,381,674
 
 
1,000
 
5.000%, 12/01/31 – AGM Insured
12/22 at 100.00
AA–
   
1,151,570
 
 
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
   
1,112,330
 
 
535
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax)
No Opt. Call
A+
   
556,357
 
 
3,150
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 4.000%, 11/15/43
11/22 at 100.00
A+
   
3,244,532
 
     
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)
   
3,020,291
 
 
10,185
 
5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
   
10,463,152
 
 
4,000
 
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012, 5.000%, 12/01/42
No Opt. Call
A+
   
4,588,480
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
   
812,690
 
 
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
   
1,088,330
 
 
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–
   
2,074,493
 
 
52
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado (continued)
           
$
2,605
 
Parker Water and Sanitation District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2012, 4.500%, 8/01/37
No Opt. Call
AA–
 
$
2,873,159
 
     
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
   
1,446,441
 
 
2,365
 
6.000%, 1/15/41
7/20 at 100.00
Baa3
   
2,760,735
 
 
1,965
 
SBC Metropolitan District, Colorado, General Obligation Bonds, Series 2012, 4.000%, 12/01/37
No Opt. Call
BBB+
   
1,972,015
 
 
49,345
 
Total Colorado
       
54,272,217
 
     
Florida – 7.1% (4.8% 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–
   
1,364,338
 
     
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:
           
 
1,005
 
5.000%, 9/01/43
9/23 at 100.00
BBB–
   
1,011,382
 
 
865
 
5.000%, 9/01/45
9/23 at 100.00
BBB–
   
867,015
 
 
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–
   
307,133
 
 
5,050
 
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)
   
5,090,905
 
 
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–
   
3,385,080
 
 
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+
   
1,303,676
 
 
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+
   
5,099,650
 
 
1,795
 
Jacksonville, Florida, Transportation Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/24
10/22 at 100.00
AA–
   
2,184,210
 
 
2,050
 
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
   
2,201,311
 
 
1,170
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
AA
   
1,320,790
 
 
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
   
1,006,710
 
 
1,885
 
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
   
1,950,787
 
 
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
   
5,977,371
 
 
11,000
 
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured
10/18 at 100.00
AA–
   
12,107,040
 
 
41,875
 
Total Florida
       
45,177,398
 
     
Georgia – 3.6% (2.4% of Total Investments)
           
 
4,400
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
A1
   
5,441,084
 
 
1,500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
11/19 at 100.00
AA–
   
1,706,115
 
 
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
   
2,727,175
 
 
5,295
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
A1 (4)
   
6,487,646
 
 
6,000
 
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–
   
6,517,740
 
 
19,695
 
Total Georgia
       
22,879,760
 
 
Nuveen Investments
 
53

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
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
 
$
4,367,960
 
     
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–
   
1,105,430
 
 
2,050
 
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13
No Opt. Call
Aa1
   
2,091,533
 
 
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
   
1,611,948
 
 
4,630
 
Total Hawaii
       
4,808,911
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
575
 
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26
7/19 at 100.00
A1
   
606,562
 
 
595
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32
9/22 at 100.00
Baa1
   
652,852
 
 
1,170
 
Total Idaho
       
1,259,414
 
     
Illinois – 18.5% (12.4% 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+
   
1,276,135
 
 
2,120
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
A2
   
2,229,498
 
 
5,550
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured (Alternative Minimum Tax)
7/13 at 100.00
AA–
   
5,568,426
 
 
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
   
446,801
 
 
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
   
1,431,588
 
     
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
   
1,520,082
 
 
1,685
 
8.500%, 12/01/15 – FGIC Insured
No Opt. Call
N/R
   
1,992,580
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30
5/20 at 100.00
N/R
   
602,315
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 75 Series 2010D-1, 7.000%, 5/15/18
5/13 at 100.00
N/R
   
501,160
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
AA
   
1,128,690
 
 
5,220
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27
4/21 at 100.00
A
   
6,200,786
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
Baa2
   
3,359,340
 
 
5,015
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
Baa1
   
5,351,105
 
 
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+
   
1,623,765
 
 
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)
   
2,673,671
 
 
3,160
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
A
   
3,671,667
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
BBB+
   
642,670
 
 
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
A
   
2,033,681
 
 
5,565
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
BBB
   
6,089,557
 
 
54
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
     
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+
 
$
2,369,400
 
 
2,000
 
7.000%, 8/15/44
8/19 at 100.00
BBB+
   
2,380,280
 
 
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–
   
558,725
 
 
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+
   
3,451,440
 
 
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+
   
1,056,800
 
 
4,000
 
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37
8/13 at 100.00
Aa2
   
4,018,080
 
     
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002:
           
 
3,000
 
5.500%, 1/01/22
7/13 at 100.00
Baa2
   
3,010,680
 
 
1,000
 
5.625%, 1/01/28
7/13 at 100.00
Baa2
   
1,003,370
 
 
1,375
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 7.000%, 4/01/14
No Opt. Call
Aa2
   
1,446,184
 
 
275
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
A2
   
312,513
 
 
2,250
 
Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/26
1/22 at 100.00
A2
   
2,334,263
 
 
700
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.980%, 1/01/21 (WI/DD, Settling 5/16/13) (IF)
No Opt. Call
AA–
   
1,072,750
 
 
625
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bonds Trust 4306, 17.973%, 1/01/21 (WI/DD, Settling 5/16/13) (IF)
No Opt. Call
AA–
   
957,675
 
 
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
   
12,277,347
 
 
1,245
 
Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B, 6.250%, 2/01/21 – AGM Insured
2/20 at 100.00
A2
   
1,514,007
 
     
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
A2
   
973,979
 
 
1,030
 
6.000%, 2/01/25 – AGM Insured
2/20 at 100.00
A2
   
1,203,267
 
 
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52 (UB) (5)
6/22 at 100.00
AAA
   
2,750,525
 
     
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
   
9,126,270
 
 
36,040
 
0.000%, 6/15/40 – NPFG Insured
No Opt. Call
AAA
   
10,020,562
 
     
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
   
507,162
 
 
400
 
5.000%, 10/01/26
10/22 at 100.00
Baa1
   
451,292
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
780
 
5.250%, 6/01/21
No Opt. Call
A
   
955,562
 
 
2,000
 
6.250%, 6/01/24
6/16 at 100.00
A–
   
2,250,820
 
 
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
   
2,928,404
 
 
132,515
 
Total Illinois
       
117,274,874
 
     
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+
   
1,414,589
 
 
2,705
 
0.000%, 2/01/25
No Opt. Call
AA+
   
1,876,134
 
 
Nuveen Investments
 
55

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Indiana (continued)
           
$
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
 
$
3,199,410
 
 
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+
   
746,878
 
 
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+
   
1,170,141
 
 
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–
   
1,622,820
 
 
5,380
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
7/23 at 100.00
BBB
   
5,728,355
 
 
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–
   
1,557,134
 
 
4,000
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AA+ (4)
   
4,016,520
 
 
21,725
 
Total Indiana
       
21,331,981
 
     
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+
   
1,055,810
 
 
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–
   
1,787,735
 
 
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
   
2,130,400
 
 
4,630
 
Total Iowa
       
4,973,945
 
     
Kansas – 1.9% (1.3% 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
   
2,385,960
 
 
1,400
 
5.000%, 9/01/27
9/21 at 100.00
Aa3
   
1,657,418
 
 
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
   
2,185,060
 
 
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
   
1,600,934
 
 
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
   
673,494
 
 
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
A–
   
1,789,270
 
 
2,845
 
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+
   
1,915,652
 
 
12,080
 
Total Kansas
       
12,207,788
 
     
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+
   
1,191,960
 
 
5,000
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31
3/21 at 100.00
A3
   
5,974,700
 
 
6,000
 
Total Kentucky
       
7,166,660
 
     
Louisiana – 6.4% (4.3% of Total Investments)
           
 
165
 
DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)
11/14 at 100.00
BBB
   
173,474
 
 
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
   
1,841,070
 
 
56
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana (continued)
           
$
5,150
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
8/15 at 100.00
A+
 
$
5,340,190
 
 
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
   
4,041,034
 
 
625
 
Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Series 2013B, 5.000%, 10/01/37
4/23 at 100.00
A
   
712,825
 
     
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
           
 
3,375
 
5.000%, 7/01/30
7/23 at 100.00
A
   
3,881,250
 
 
4,580
 
5.000%, 7/01/31
7/23 at 100.00
A
   
5,237,138
 
 
300
 
5.000%, 7/01/36
7/23 at 100.00
A
   
337,527
 
     
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
   
1,613,348
 
 
15,820
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
17,073,260
 
 
170
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Residuals 660, 15.895%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
223,849
 
 
37,215
 
Total Louisiana
       
40,474,965
 
     
Maine – 0.7% (0.5% of Total Investments)
           
 
505
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
Baa1
   
548,809
 
 
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
   
2,446,320
 
 
1,250
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
AA
   
1,378,338
 
 
3,755
 
Total Maine
       
4,373,467
 
     
Maryland – 0.2% (0.1% of Total Investments)
           
 
685
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16
7/13 at 100.00
Aa2
   
687,096
 
 
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
   
52,651
 
 
345
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)
7/13 at 100.00
Aaa
   
345,904
 
 
1,080
 
Total Maryland
       
1,085,651
 
     
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
   
2,855,041
 
 
1,000
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
10/13 at 102.00
N/R
   
1,020,310
 
 
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
   
2,149,337
 
 
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+
   
3,656,753
 
 
9,170
 
Total Massachusetts
       
9,681,441
 
     
Michigan – 4.5% (3.0% 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+
   
388,051
 
 
625
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
11/20 at 100.00
AA
   
693,131
 
 
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
   
6,067,800
 
 
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
   
5,466,366
 
 
Nuveen Investments
 
57

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Michigan (continued)
           
$
2,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
A+
 
$
2,171,920
 
 
1,500
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 – AGM Insured
6/20 at 100.00
AA–
   
1,685,610
 
 
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
   
5,093,150
 
 
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
A
   
3,673,601
 
 
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)
   
1,092,850
 
     
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)
   
421,210
 
 
1,635
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
1,803,846
 
 
27,100
 
Total Michigan
       
28,557,535
 
     
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–
   
1,069,360
 
 
3,000
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2012, 4.000%, 11/15/41
5/22 at 100.00
AA
   
3,178,650
 
 
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
   
2,926,980
 
 
870
 
Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012B, 4.875%, 5/01/19
5/14 at 100.00
N/R
   
883,859
 
 
7,745
 
Total Minnesota
       
8,058,849
 
     
Mississippi – 1.9% (1.2% of Total Investments)
           
 
1,000
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
10/13 at 100.00
BBB
   
1,003,130
 
 
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–
   
3,135,025
 
 
5,215
 
Mississippi, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18
No Opt. Call
AA+
   
6,492,154
 
 
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
   
1,149,270
 
 
10,190
 
Total Mississippi
       
11,779,579
 
     
Missouri – 1.5% (1.0% of Total Investments)
           
 
1,745
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A, 3.375%, 6/01/28 (WI/DD, Settling 5/01/13)
6/22 at 100.00
AA–
   
1,719,558
 
 
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+
   
1,485,148
 
 
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+
   
1,010,540
 
 
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–
   
1,115,380
 
     
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
   
1,265,285
 
 
1,110
 
5.000%, 1/01/23
1/21 at 100.00
A2
   
1,286,168
 
 
1,250
 
5.000%, 1/01/25
1/21 at 100.00
A2
   
1,429,763
 
 
8,635
 
Total Missouri
       
9,311,842
 
 
58
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nebraska – 0.2% (0.1% of Total Investments)
           
$
1,110
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
No Opt. Call
A–
 
$
1,208,113
 
     
Nevada – 2.2% (1.4% 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+
   
4,706,520
 
 
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)
   
7,057,330
 
 
1,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
BBB–
   
1,948,727
 
 
12,700
 
Total Nevada
       
13,712,577
 
     
New Jersey – 2.2% (1.4% of Total Investments)
           
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
835
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
   
956,200
 
 
3,000
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
   
3,417,390
 
 
575
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
   
662,377
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
305
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A (4)
   
354,038
 
 
300
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (4)
   
348,498
 
 
1,455
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (4)
   
1,567,428
 
 
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
   
4,027,548
 
 
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
   
2,387,212
 
 
13,185
 
Total New Jersey
       
13,720,691
 
     
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–
   
1,657,995
 
     
New York – 3.7% (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
BB+
   
857,078
 
     
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–
   
2,323,808
 
 
3,065
 
6.250%, 7/15/40
1/20 at 100.00
BBB–
   
3,667,089
 
 
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
   
4,212,002
 
 
1,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
AA
   
1,127,160
 
 
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+
   
1,478,050
 
 
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+
   
2,058,851
 
 
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 (Pre-refunded 6/01/13)
6/13 at 100.00
AA– (4)
   
170,750
 
 
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–
   
933,155
 
 
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
Baa2
   
6,793,563
 
 
21,270
 
Total New York
       
23,621,506
 
 
Nuveen Investments
 
59

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
North Carolina – 0.5% (0.4% 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–
 
$
825,525
 
 
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)
   
2,547,601
 
 
3,210
 
Total North Carolina
       
3,373,126
 
     
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+
   
2,742,165
 
 
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–
   
1,226,093
 
 
3,315
 
Total North Dakota
       
3,968,258
 
     
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–
   
4,984,971
 
     
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
           
 
2,000
 
5.250%, 11/01/29
11/20 at 100.00
BBB+
   
2,199,420
 
 
3,000
 
5.750%, 11/01/40
11/20 at 100.00
BBB+
   
3,411,270
 
 
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
   
3,412,552
 
 
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
   
781,893
 
 
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
   
5,614,471
 
 
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–
   
950,016
 
 
19,525
 
Total Ohio
       
21,354,593
 
     
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+
   
6,120,406
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.446%, 6/15/30 (IF)
12/16 at 100.00
AA+
   
102,401
 
 
5,703
 
Total Oklahoma
       
6,222,807
 
     
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
   
1,166,840
 
     
Pennsylvania – 3.8% (2.5% 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
   
1,020,400
 
 
1,020
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2012A, 5.000%, 11/15/47
No Opt. Call
A–
   
1,079,721
 
 
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+
   
1,133,320
 
 
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
Baa3
   
678,510
 
 
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
AA
   
5,820,883
 
 
2,230
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/38
12/22 at 100.00
AA
   
2,511,002
 
 
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
   
1,747,849
 
 
60
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
     
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:
           
$
5,445
 
6.000%, 8/01/36
8/20 at 100.00
A2
 
$
6,414,917
 
 
1,425
 
6.500%, 8/01/41
8/20 at 100.00
A2
   
1,733,839
 
 
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+
   
1,919,480
 
 
21,475
 
Total Pennsylvania
       
24,059,921
 
     
Puerto Rico – 2.8% (1.9% 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+
   
5,303,458
 
 
12,390
 
Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 7/01/13 – NPFG Insured
No Opt. Call
Baa2
   
12,486,642
 
 
17,200
 
Total Puerto Rico
       
17,790,100
 
     
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
6/13 at 100.00
BBB–
   
15,356,400
 
     
South Carolina – 1.7% (1.1% of Total Investments)
           
 
4,120
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/23 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
Baa2 (4)
   
4,373,957
 
 
5,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.250%, 1/01/21 – FGIC Insured
No Opt. Call
A–
   
6,497,600
 
 
9,120
 
Total South Carolina
       
10,871,557
 
     
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+
   
1,813,945
 
     
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
   
1,288,999
 
 
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+
   
1,365,778
 
 
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+
   
726,301
 
     
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
           
 
860
 
5.500%, 11/01/37 (6)
11/17 at 100.00
N/R
   
2,141
 
 
1,000
 
5.500%, 11/01/46 (6)
11/17 at 100.00
N/R
   
2,490
 
 
8,835
 
Total Tennessee
       
3,385,709
 
     
Texas – 18.8% (12.6% of Total Investments)
           
 
3,000
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (6)
6/13 at 100.00
N/R
   
3,307,500
 
 
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
   
5,694,701
 
 
525
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 (WI/DD, Settling 5/16/13)
1/23 at 100.00
Baa2
   
568,481
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
Baa2
   
1,171,230
 
 
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+
   
2,891,746
 
 
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–
   
2,398,692
 
 
6,000
 
Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax)
6/13 at 100.50
N/R
   
6,036,840
 
 
Nuveen Investments
 
61

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
$
7,000
 
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 (Pre-refunded 11/15/13) – NPFG Insured
11/13 at 100.00
AA (4)
 
$
7,178,710
 
 
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
   
14,401,301
 
 
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)
   
11,175,600
 
 
3,790
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
A+
   
4,249,841
 
 
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
   
8,199,344
 
 
2,000
 
Lubbock, Texas, General Obligation Bonds, Series 2012, 5.000%, 2/15/27
2/22 at 100.00
AA+
   
2,394,760
 
 
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–
   
1,268,388
 
 
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
   
2,815,350
 
 
1,960
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
9/31 at 100.00
AA
   
1,517,981
 
 
1,100
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
1/19 at 100.00
A2
   
1,281,940
 
 
250
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 17.712%, 2/15/30 (IF) (5)
2/17 at 100.00
AA–
   
338,200
 
 
2,945
 
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–
   
3,385,366
 
 
5,000
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 4.000%, 8/15/43
8/23 at 100.00
AA–
   
5,031,250
 
 
5,200
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
AA–
   
5,658,640
 
 
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–
   
1,896,511
 
 
3,960
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/28
No Opt. Call
A3
   
4,311,965
 
     
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
   
2,474,500
 
 
500
 
7.000%, 6/30/40
6/20 at 100.00
Baa3
   
613,245
 
 
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
   
1,952,115
 
 
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
   
1,043,429
 
 
3,395
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.591%, 4/01/28 (IF)
4/17 at 100.00
Aaa
   
5,682,076
 
 
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–
   
1,033,783
 
 
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
   
9,237,714
 
 
146,795
 
Total Texas
       
119,211,199
 
     
Utah – 1.6% (1.1% of Total Investments)
           
 
3,965
 
Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18
6/13 at 100.00
N/R
   
3,971,265
 
 
2,520
 
Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14 (ETM)
7/13 at 100.00
Aa3 (4)
   
2,617,373
 
 
380
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax)
7/13 at 100.00
AA
   
383,948
 
 
62
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Utah (continued)
           
     
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:
           
$
500
 
5.500%, 1/01/18 (Alternative Minimum Tax)
7/13 at 100.00
AA–
 
$
501,130
 
 
305
 
5.650%, 1/01/21 (Alternative Minimum Tax)
7/13 at 100.00
Aaa
   
305,607
 
 
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–
   
885,087
 
 
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–
   
1,679,509
 
 
10,035
 
Total Utah
       
10,343,919
 
     
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
   
277,380
 
 
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
   
2,917,125
 
 
2,730
 
Total Virgin Islands
       
3,194,505
 
     
Virginia – 1.4% (0.9% of Total Investments)
           
 
3,045
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/38
No Opt. Call
BBB–
   
886,125
 
 
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
   
846,630
 
 
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–
   
1,840,542
 
 
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–
   
5,357,344
 
 
10,450
 
Total Virginia
       
8,930,641
 
     
Washington – 3.1% (2.0% of Total Investments)
           
 
220
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
Aa3 (4)
   
237,186
 
 
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
   
6,091,022
 
 
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
   
2,437,652
 
 
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
   
2,253,300
 
 
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
   
1,151,345
 
 
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
   
2,104,279
 
 
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
   
1,574,974
 
 
3,405
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
A3
   
3,473,031
 
 
18,180
 
Total Washington
       
19,322,789
 
     
West Virginia – 0.4% (0.2% of Total Investments)
           
 
1,950
 
West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
9/19 at 100.00
A3
   
2,191,215
 
     
Wisconsin – 3.4% (2.3% of Total Investments)
           
 
815
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
A3
   
920,869
 
 
4,200
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36
7/23 at 100.00
A–
   
4,717,775
 
 
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–
   
1,489,501
 
 
Nuveen Investments
 
63

 
 

 
 
   
Nuveen Premium Income Municipal Fund 4, Inc. (continued)
NPT
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wisconsin (continued)
           
$
2,105
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
6/22 at 100.00
A2
 
$
2,348,000
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
           
 
5,000
 
5.250%, 8/15/21
8/16 at 100.00
A–
   
5,603,450
 
 
1,000
 
5.250%, 8/15/34
8/16 at 100.00
A–
   
1,062,070
 
 
5,000
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) (5)
5/16 at 100.00
AA
   
5,598,450
 
 
19,520
 
Total Wisconsin
       
21,740,115
 
$
968,788
 
Total Municipal Bonds (cost $857,669,854)
       
947,421,776
 

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
   
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
46
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
N/R
 
$
11,557
 
 
14
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
7/15/55
N/R
   
2,706
 
$
60
 
Total Corporate Bonds (cost $1,136)
         
14,263
 
     
Total Investments (cost $857,670,990) – 149.7%
         
947,436,039
 
     
Floating Rate Obligations – (10.0)%
         
(63,078,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.4)% (9)
         
(262,200,000
     
Other Assets Less Liabilities – 1.7%
         
10,778,072
 
     
Net Assets Applicable to Common Shares – 100%
       
$
632,936,111
 

(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, 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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant accounting Policies, Investment Valuation for more information.
(8)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
 
Variable Rate Demand 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.

64
 
Nuveen Investments

 
 

 
 
   
Statement of
   
Assets & Liabilities
   
April 30, 2013 (Unaudited)

     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Assets
                   
Investments, at value (cost $1,351,503,768, $1,537,345,267 and $857,670,990, respectively)
 
$
1,472,386,497
 
$
1,685,809,460
 
$
947,436,039
 
Cash
   
12,022,535
   
5,823,195
   
1,861,045
 
Receivables:
                   
Interest
   
20,575,193
   
23,342,567
   
13,812,236
 
Investments sold
   
3,075,856
   
12,497,481
   
420,000
 
Deferred offering costs
   
130,084
   
2,230,113
   
2,015,343
 
Other assets
   
185,417
   
737,273
   
386,566
 
Total assets
   
1,508,375,582
   
1,730,440,089
   
965,931,229
 
Liabilities
                   
Floating rate obligations
   
95,614,000
   
96,294,000
   
63,078,000
 
Payables:
                   
Common share dividends
   
4,065,710
   
4,715,374
   
2,731,207
 
Interest
   
442,459
   
   
 
Investments purchased
   
7,749,262
   
8,998,295
   
4,249,917
 
Offering Costs
   
102,357
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
407,000,000
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
489,500,000
   
262,200,000
 
Accrued expenses:
                   
Management fees
   
728,554
   
812,602
   
458,142
 
Directors fees
   
177,840
   
213,835
   
110,333
 
Other
   
381,171
   
277,939
   
167,519
 
Total liabilities
   
516,261,353
   
600,812,045
   
332,995,118
 
Net assets applicable to Common shares
 
$
992,114,229
 
$
1,129,628,044
 
$
632,936,111
 
Common shares outstanding
   
64,060,043
   
70,692,851
   
43,338,451
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
15.49
 
$
15.98
 
$
14.60
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
640,600
 
$
706,929
 
$
433,385
 
Paid-in surplus
   
903,411,633
   
999,473,733
   
550,472,383
 
Undistributed (Over-distribution of) net investment income
   
7,940,496
   
9,515,037
   
7,096,265
 
Accumulated net realized gain (loss)
   
(40,761,229
)
 
(28,531,848
)
 
(14,830,971
)
Net unrealized appreciation (depreciation)
   
120,882,729
   
148,464,193
   
89,765,049
 
Net assets applicable to Common shares
 
$
992,114,229
 
$
1,129,628,044
 
$
632,936,111
 
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.
 
Nuveen Investments
 
65

 
 

 

   
Statement of
   
Operations
 
Six Months Ended April 30, 2013
 
(Unaudited)

     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Investment Income
 
$
34,385,476
 
$
38,512,112
 
$
22,738,594
 
Expenses
                   
Management fees
   
4,404,985
   
4,921,287
   
2,774,755
 
Shareholder servicing agent fees and expenses
   
63,667
   
27,530
   
24,673
 
Interest expense and amortization of offering costs
   
4,003,215
   
879,454
   
467,854
 
Liquidity fees
   
   
2,506,628
   
1,544,072
 
Remarketing fees
   
   
246,110
   
131,100
 
Custodian fees and expenses
   
97,824
   
115,577
   
71,186
 
Directors fees and expenses
   
16,602
   
19,092
   
10,614
 
Professional fees
   
57,531
   
55,846
   
33,566
 
Shareholder reporting expenses
   
45,170
   
28,609
   
24,196
 
Stock exchange listing fees
   
10,232
   
11,127
   
6,863
 
Investor relations expenses
   
51,614
   
58,043
   
32,714
 
Other expenses
   
42,984
   
784,937
   
33,844
 
Total expenses
   
8,793,824
   
9,654,240
   
5,155,437
 
Net investment income (loss)
   
25,591,652
   
28,857,872
   
17,583,157
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
267,475
   
201,027
   
698,258
 
Change in net unrealized appreciation (depreciation) of investments
   
5,849,462
   
718,018
   
3,741,428
 
Net realized and unrealized gain (loss)
   
6,116,937
   
919,045
   
4,439,686
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
31,708,589
 
$
29,776,917
 
$
22,022,843
 
 
See accompanying notes to financial statements.
 
66
 
Nuveen Investments

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)

   
Premium Income (NPI)
 
Premium Income 2 (NPM)
 
Premium Income 4 (NPT)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Operations
                                     
Net investment income (loss)
 
$
25,591,652
 
$
54,012,962
 
$
28,857,872
 
$
61,926,231
 
$
17,583,157
 
$
35,832,536
 
Net realized gain (loss) from investments
   
267,475
   
(7,996,822
)
 
201,027
   
3,250,555
   
698,258
   
111,074
 
Change in net unrealized appreciation (depreciation) of investments
   
5,849,462
   
98,394,165
   
718,018
   
92,465,232
   
3,741,428
   
63,318,471
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
31,708,589
   
144,410,305
   
29,776,917
   
157,642,018
   
22,022,843
   
99,262,081
 
Distributions to Common Shareholders
                                     
From net investment income
   
(27,960,539
)
 
(58,724,314
)
 
(30,779,667
)
 
(66,734,054
)
 
(17,808,244
)
 
(36,885,240
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(27,960,539
)
 
(58,724,314
)
 
(30,779,667
)
 
(66,734,054
)
 
(17,808,244
)
 
(36,885,240
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
702,545
   
1,517,037
   
   
   
354,182
   
461,383
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
702,545
   
1,517,037
   
   
   
354,182
   
461,383
 
Net increase (decrease) in net assets applicable to Common shares
   
4,450,595
   
87,203,028
   
(1,002,750
)
 
90,907,964
   
4,568,781
   
62,838,224
 
Net assets applicable to Common shares at the beginning of period
   
987,663,634
   
900,460,606
   
1,130,630,794
   
1,039,722,830
   
628,367,330
   
565,529,106
 
Net assets applicable to Common shares at the end of period
 
$
992,114,229
 
$
987,663,634
 
$
1,129,628,044
 
$
1,130,630,794
 
$
632,936,111
 
$
628,367,330
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
7,940,496
 
$
10,309,383
 
$
9,515,037
 
$
11,436,832
 
$
7,096,265
 
$
7,321,352
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
67
 
 
 

 
   
Statement of
   
Cash Flows
 
Six Months Ended April 30, 2013
 
(Unaudited)

     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
31,708,589
 
$
29,776,917
 
$
22,022,843
 
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
   
(89,226,606
)
 
(109,034,789
)
 
(69,439,745
)
Proceeds from sales of and maturities of investments
   
69,651,657
   
95,651,648
   
60,245,577
 
Proceeds from (Purchases of) short-term investments, net
   
5,435,000
   
   
 
Amortization (Accretion) of premiums and discount, net
   
(1,190,887
)
 
(1,122,219
)
 
(1,056,690
)
(Increase) Decrease in:
                   
Receivable for interest
   
(43,013
)
 
(817,327
)
 
533,583
 
Receivable for investments sold
   
2,749,144
   
(4,862,481
)
 
4,903,890
 
Other assets
   
(19,265
)
 
735,017
   
(24,269
)
Increase (Decrease) in:
                   
Payable for investments purchased
   
4,409,990
   
8,998,295
   
4,249,917
 
Payable for interest
   
(47,238
)
 
   
 
Accrued management fees
   
(19,796
)
 
(28,420
)
 
(14,781
)
Accrued Directors fees
   
8,969
   
10,538
   
5,524
 
Accrued other expenses
   
6,943
   
(20,958
)
 
(12,460
)
Net realized (gain) loss from investments
   
(267,475
)
 
(201,027
)
 
(698,258
)
Change in net unrealized (appreciation) depreciation of investments
   
(5,849,462
)
 
(718,018
)
 
(3,741,428
)
Taxes paid on undistributed capital gains
   
(5,241
)
 
(254
)
 
(2,978
)
Net cash provided by (used in) operating activities
   
17,301,309
   
18,366,922
   
16,970,725
 
Cash Flows from Financing Activities
                   
(Increase) Decrease in deferred offering costs
   
1,023,332
   
39,465
   
37,215
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
(951,057
)
Floating rate obligations
   
12,615,000
   
11,135,000
   
3,375,000
 
Payable for offering costs
   
102,357
   
   
 
VMTP Shares, at liquidation value
   
4,600,000
   
   
 
Cash distributions paid to Common shareholders
   
(27,475,027
)
 
(30,917,373
)
 
(17,570,838
)
Net cash provided by (used in) financing activities
   
(9,134,338
)
 
(19,742,908
)
 
(15,109,680
)
Net Increase (Decrease) in Cash
   
8,166,971
   
(1,375,986
)
 
1,861,045
 
Cash at the beginning of period
   
3,855,564
   
7,199,181
   
 
Cash at the End of Period
 
$
12,022,535
 
$
5,823,195
 
$
1,861,045
 

Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $702,545 and $354,182 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)
 
$
2,872,121
 
$
839,989
 
$
430,639
 
 
See accompanying notes to financial statements.

68
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK
 
Nuveen Investments
 
69

 
 

 

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

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Accumu-
lated Net
Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
From
Net
Investment
Income to
Common
Share-
holders
 
From
Accumu-
lated Net
Realized
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:
                                                                   
2013(e)
 
$
15.43
 
$
.40
 
$
.10
 
$
 
$
 
$
.50
 
$
(.44
)
$
 
$
(.44
)
$
 
$
15.49
 
$
14.65
 
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:
                                                                   
2013(e)
   
15.99
   
.41
   
.02
   
   
   
.43
   
(.44
)
 
   
(.44
)
 
   
15.98
   
14.88
 
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)
     
                   
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                       
                                       
     
(3.09
)%
 
3.25
%
$
992,114
   
1.67
%**
 
5.32
%**
 
5
%
     
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
 
                                       
                                       
     
(1.63
)
 
2.68
   
1,129,628
   
1.72
**
 
5.14
**
 
6
 
     
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)
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:
       
2013(e)
   
.70
%**
2012
   
.71
 
2011
   
.58
 
2010
   
.09
 
2009
   
.14
 
2008
   
.31
 

Premium Income 2 (NPM)
       
Year Ended 10/31:
       
2013(e)
   
.65
%**
2012
   
.69
 
2011
   
.42
 
2010
   
.07
 
2009
   
.16
 
2008
   
.34
 
 
(e)
For the six months ended April 30, 2013.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
71

 
 

 

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

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Accumu-
lated Net
Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
From
Net
Investment
Income to
Common
Share-
holders
 
From
Accumu-
lated Net
Realized
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:
                                                                   
2013(e)
 
$
14.51
 
$
.41
 
$
.09
 
$
 
$
 
$
.50
 
$
(.41
)
$
 
$
(.41
)
$
 
$
14.60
 
$
14.30
 
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 t he 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)
     
                           
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                       
                                       
     
1.59
%
 
3.49
%
$
632,936
   
1.65
%**
 
5.61
%**
 
6
%
     
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)
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:
       
2013(e)
   
.68
%**
2012
   
.75
 
2011
   
.94
 
2010
   
.59
 
2009
   
.10
 
2008
   
.37
 
 
(e)
For the six months ended April 30, 2013.
*
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.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
73

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
VMTP Shares at the End of Period
 
VRDP Shares at the End of Period
 
     
Aggregate
   
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:
                                     
2013(a)
 
$
 
$
 
$
407,000
 
$
343,763
 
$
 
$
 
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:
                                     
2013(a)
   
   
   
   
   
489,500
   
330,772
 
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
   
   
   
   
 
                                       
Premium Income 4 (NPT)
                                     
Year Ended 10/31:
                                     
2013(a)
 
$
 
$
   
   
 
$
262,200
 
$
341,394
 
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
   
   
   
   
 
 
(a)
For the six months ended April 30, 2013.
 
See accompanying notes to financial statements.
 
74
 
Nuveen Investments

 
 

 
 
   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are Nuveen Premium Income Municipal Fund, Inc. (NPI), Nuveen Premium Income Municipal Fund 2, Inc. (NPM) and Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (each a “Fund” and collectively the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies.
 
On December 31, 2012, the Funds’ investment adviser converted from a Delaware Corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
 
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 and other fixed income securities 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 the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment 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
 
Nuveen Investments
 
75

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
purchase commitments. As of April 30, 2013, Premium Income (NPI), Premium Income 2 (NPM) and Premium Income 4 (NPT) had outstanding when issued/delayed delivery purchase commitments of $5,033,347, $5,693,869 and $4,221,867, respectively.
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented 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. 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”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and outstanding 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, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
During the current fiscal period, Premium Income (NPI) exchanged all 4,024 shares of its outstanding Series 2014 VMTP for 4,024 shares of Series 2015 VMTP. Concurrent with the exchange, Premium Income (NPI) issued an additional $4,600,000 at liquidation value, of Series 2015 VMTP Shares through a privately negotiated offering, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities act of 1933. 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.
 
As of April 30, 2013, the number of VMTP Shares outstanding, at liquidation value, for the Fund is as follows:
 
     
Premium
 
     
Income
 
     
(NPI
)
Series 2015
 
$
407,000,000
 
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), 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.
 
76
 
Nuveen Investments

 
 

 
 
The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund’s VMTP Shares are as follows:
 
     
Premium
 
     
Income
 
     
(NPI
)
Term Redemption Date
   
December 1, 2015
 
Optional Redemption Date
   
December 1, 2013
 
Premium Expiration Date
   
November 30, 2013
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for the Fund during the six months ended April 30, 2013, were as follows:
         
     
Premium
 
     
Income
 
     
(NPI
)
Average liquidation value of VMTP Shares outstanding
 
$
407,000,000
 
Annualized dividend rate
   
1.28
%
 
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 and recognized as “Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value” 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. Costs incurred by the Fund in connection with its offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
In conjunction with the Fund’s exchange of VMTP Shares, the remaining deferred offering costs of $1,153,416 for the Fund’s issuance of Series 2014 VMTP Shares were fully expensed during the current fiscal period, as the exchange was deemed and extinguishment of debt. Offering costs of $155,000 were incurred with the Fund’s issuance of Series 2015 VMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Premium Income 2 (NPM) and Premium Income 4 (NPT) issued their VRDP Shares in privately negotiated offerings. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
As of April 30, 2013, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
 
     
Premium
   
Premium
 
     
Income 2
   
Income 4
 
     
(NPM
)
 
(NPT
)
Series
   
1
   
1
 
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 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.
 
Nuveen Investments
 
77

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the six months ended April 30, 2013, were as follows:
 
     
Premium
   
Premium
 
     
Income 2
   
Income 4
 
     
(NPM
)
 
(NPT
)
Average liquidation value of VRDP Shares outstanding
 
$
489,500,000
 
$
262,200,000
 
Annualized dividend rate
   
0.24
%
 
0.21
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recorded as a liability and recognized as “Variable Rate Demand Preferred (VRDP) Shares, at liquidation value” 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, when applicable. Dividends paid on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “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, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended April 30, 2013, 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.
 
As of April 30, 2013, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Maximum exposure to Recourse Trusts
 
$
15,930,000
 
$
28,890,000
 
$
14,095,000
 
 
78
 
Nuveen Investments

 
 

 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2013, were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Average floating rate obligations outstanding
 
$
83,905,050
 
$
85,958,751
 
$
60,931,591
 
Average annual interest rate and fees
   
0.56
%
 
0.62
%
 
0.53
%
 
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.
 
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).
 
Nuveen Investments
 
79

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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
 
$
 
$
1,472,306,042
 
$
 
$
1,472,306,042
 
Corporate Bonds
   
   
   
80,455
   
80,455
 
Total
 
$
 
$
1,472,306,042
 
$
80,455
 
$
1,472,386,497
 
                           
Premium Income 2 (NPM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,685,803,125
 
$
 
$
1,685,803,125
 
Corporate Bonds
   
   
   
6,335
   
6,335
 
Total
 
$
 
$
1,685,803,125
 
$
6,335
 
$
1,685,809,460
 
                           
Premium Income 4 (NPT)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
947,421,776
 
$
 
$
947,421,776
 
Corporate Bonds
   
   
   
14,263
   
14,263
 
Total
 
$
 
$
947,421,776
 
$
14,263
 
$
947,436,039
 
 
* Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds and breakdown of Corporate 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 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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i.)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii.)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value 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 purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
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
Each Fund is authorized to invest in certain derivative instruments, including futures, options, swap contracts and other derivatives.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. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2013.
 
4. Fund Shares
Common Shares
The Funds did not repurchase any of their outstanding Common shares during the six months ended April 30, 2013 or the fiscal year ended October 31, 2012.
 
80
 
Nuveen Investments

 
 

 
 
Transactions in Common shares were as follows:
 
   
Premium
 
Premium
 
Premium
 
   
Income (NPI)
 
Income 2 (NPM)
 
Income 4 (NPT)
 
     
Six Months
         
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Common shares issued to shareholders due to reinvestment of distributions
   
45,020
   
103,129
   
   
   
24,314
   
32,382
 
 
Preferred Shares
Transactions in VMTP Shares were as follows:
 
     
Premium Income (NPI)
 
   
Six Months
             
   
Ended
 
Year Ended
 
   
4/30/13
 
10/31/12
 
     
Shares
   
Amount
   
Shares
   
Amount
 
VMTP Shares issued: Series 2015
   
4,070
 
$
407,000,000
   
 
$
 
VMTP Shares exchanged: Series 2014
   
(4,024
)
 
(402,400,000
)
 
   
 
Total
   
46
 
$
4,600,000
   
   
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2013, were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Purchases
 
$
89,226,606
 
$
109,034,789
 
$
69,439,745
 
Sales and maturities
   
69,651,657
   
95,651,648
   
60,245,577
 
 
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.
 
As of April 30, 2013, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Cost of investments
 
$
1,255,055,026
 
$
1,439,866,355
 
$
794,322,828
 
Gross unrealized:
                   
Appreciation
 
$
133,708,579
 
$
162,860,453
 
$
92,083,625
 
Depreciation
   
(12,081,718
)
 
(13,171,846
)
 
(2,013,177
)
Net unrealized appreciation (depreciation) of investments
 
$
121,626,861
 
$
149,688,607
 
$
90,070,448
 

Nuveen Investments
 
81

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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 as of October 31, 2012, the Funds’ last tax year end, as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(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
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2012, the Funds’ last tax year end, were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Undistributed net tax-exempt income 1
 
$
13,030,710
 
$
15,165,950
 
$
9,539,492
 
Undistributed net ordinary income 2
   
34,938
   
65,316
   
19,852
 
Undistributed net long-term capital gains
   
   
   
 
 
1
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.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Distributions from net tax-exempt income
 
$
64,364,185
 
$
68,529,213
 
$
37,581,657
 
Distributions from net ordinary income 2
   
   
   
 
Distributions from net long-term capital gains
   
   
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of October 31, 2012, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Expiration:
                   
October 31, 2013
 
$
 
$
 
$
6,030,935
 
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’ last tax year ended October 31, 2012, the following Funds utilized capital loss carryforwards as follows:
 
     
Premium
   
Premium
 
     
Income 2
   
Income 4
 
     
(NPM
)
 
(NPT
)
Utilized capital loss carryforwards
 
$
3,264,943
 
$
130,895
 
 
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended October 31, 2012, the following Fund generated post-enactment capital losses as follows:
 
     
Premium
 
     
Income
 
     
(NPI
)
Post-enactment losses:
       
Short-term
 
$
 
Long-term
   
7,899,732
 
 
82
 
Nuveen Investments

 
 

 
 
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
 
 
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 or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2013, the complex-level fee rate for each of these Funds was .1661%.
 
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 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 January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
 
Nuveen Investments
 
83

 
 

 
 
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
 
84
 
Nuveen Investments

 
 

 
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
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Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
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.
   
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.
 
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Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
   
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.
   
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.
   
Total Investment Exposure: Total investment exposure is a Fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a Fund’s use of preferred stock and borrowings and 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.
   
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.
 
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Notes
 
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Notes
 
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Notes
 
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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, LLC
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 Form N-Q Portfolio of Investments Information
 
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
 
You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund 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. You may also obtain this information directly from the SEC. Visit the SEC online at http://www.sec.gov.
 
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 semi-annual report.
 
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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 $224 billion as of March 31, 2013.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
ESA-E-0413D

 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

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

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


 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Premium Income Municipal Fund, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: July 8, 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: July 8, 2013

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

Date: July 8, 2013