0000891804-11-004394.txt : 20110929 0000891804-11-004394.hdr.sgml : 20110929 20110929160823 ACCESSION NUMBER: 0000891804-11-004394 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110731 FILED AS OF DATE: 20110929 DATE AS OF CHANGE: 20110929 EFFECTIVENESS DATE: 20110929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN PREMIER MUNICIPAL INCOME FUND INC CENTRAL INDEX KEY: 0000880845 IRS NUMBER: 363792252 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06456 FILM NUMBER: 111114667 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 N-Q 1 nq2.htm NPF_NQ Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-6456
 
Nuveen Premier Municipal Income Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         7/31/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
Item 1. Schedule of Investments
 

 
           
   
Portfolio of Investments (Unaudited) 
     
   
      Nuveen Premier Municipal Income Fund, Inc. (NPF) 
     
   
      July 31, 2011 
     
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 1.7% (1.0% of Total Investments) 
     
$      2,010 
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
AA+ 
$    2,012,633 
   
2006C-2, 5.000%, 11/15/39 
     
   
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health 
     
   
System Inc., Series 2005A: 
     
1,200 
 
5.250%, 11/15/20 
11/15 at 100.00 
Baa2 
1,204,476 
400 
 
5.000%, 11/15/30 
11/15 at 100.00 
Baa2 
348,004 
1,000 
 
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist 
11/14 at 100.00 
A3 (4) 
1,146,860 
   
Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) 
     
4,610 
 
Total Alabama 
   
4,711,973 
   
Alaska – 0.2% (0.1% of Total Investments) 
     
1,000 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
Baa3 
663,350 
   
Series 2006A, 5.000%, 6/01/46 
     
   
Arizona – 7.7% (4.8% of Total Investments) 
     
   
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
     
   
Network, Series 2005B: 
     
100 
 
5.250%, 12/01/24 
12/15 at 100.00 
BBB 
97,586 
135 
 
5.250%, 12/01/25 
12/15 at 100.00 
BBB 
128,889 
7,000 
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – 
No Opt. Call 
AA 
6,245,260 
   
FGIC Insured 
     
7,500 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/13 at 100.00 
Aa1 
7,833,225 
   
Revenue Bonds, Series 2002B, 5.000%, 1/01/25 (UB) (7) 
     
2,045 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/12 at 101.00 
N/R (4) 
2,109,581 
   
Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15 (Pre-refunded 1/01/12) 
     
3,955 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/12 at 101.00 
Aa1 
4,070,486 
   
Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15 
     
1,200 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
1,078,548 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
21,935 
 
Total Arizona 
   
21,563,575 
   
Arkansas – 0.8% (0.5% of Total Investments) 
     
2,155 
 
Arkansas Development Finance Authority, State Facility Revenue Bonds, Department of Correction 
11/15 at 100.00 
AA+ 
2,263,203 
   
Special Needs Unit Project, Series 2005B, 5.000%, 11/01/25 – AGM Insured 
     
   
California – 20.3% (12.7% of Total Investments) 
     
10,000 
 
Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 
9/17 at 100.00 
A1 
8,144,700 
   
2007A-1, 4.375%, 3/01/37 – FGIC Insured 
     
1,350 
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, 
10/15 at 100.00 
AA+ 
1,382,481 
   
Series 2005, 4.750%, 10/01/28 
     
1,975 
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, 
No Opt. Call 
A+ 
2,156,325 
   
Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 
     
1,700 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA 
1,744,846 
   
Series 2009B, 5.500%, 10/01/39 
     
4,900 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/23 – AMBAC Insured 
12/14 at 100.00 
A1 
5,219,235 
500 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB 
377,790 
   
Health System, Series 2005A, 5.000%, 7/01/39 
     
1,600 
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente 
8/16 at 100.00 
A+ 
1,626,000 
   
System, Series 2001C, 5.250%, 8/01/31 
     
1,025 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
No Opt. Call 
AA– 
1,143,531 
   
Option Bond Trust 3175, 13.616%, 5/15/14 (IF) 
     
1,000 
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric 
6/14 at 102.00 
A
1,051,850 
   
Company, Series 1996A, 5.300%, 7/01/21 
     
5,045 
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment 
11/21 at 61.42 
A
1,423,649 
   
Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 
     
25,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
Aaa 
22,856,492 
   
1995A, 0.000%, 1/01/17 (ETM), (7) 
     
450 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
502,191 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
3,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
Baa3 
2,358,615 
   
Bonds, Series 2007A-1, 5.125%, 6/01/47 
     
6,005 
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 
7/15 at 100.00 
Aa2 
6,412,619 
   
5.000%, 7/01/22 – AMBAC Insured 
     
4,615 
 
Riverside County Redevelopment Agency Jurupa Valley Project Area 2011, California, Tax Allocation 
No Opt. Call 
A– 
614,441 
   
Bonds Series B, 0.000%, 10/01/38 
     
   
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 
     
100 
 
5.000%, 9/01/21 
9/15 at 102.00 
Baa3 
96,238 
110 
 
5.000%, 9/01/23 
9/15 at 102.00 
Baa3 
102,605 
68,875 
 
Total California 
   
57,213,608 
   
Colorado – 11.4% (7.1% of Total Investments) 
     
1,000 
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan 
6/16 at 100.00 
A– 
943,550 
   
Society, Series 2005, 5.000%, 6/01/29 
     
1,150 
 
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 
9/14 at 100.00 
A3 
1,153,048 
   
5.000%, 9/01/25 
     
400 
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 
3/15 at 100.00 
A
400,528 
   
5.000%, 3/01/25 
     
750 
 
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2004, 
1/15 at 100.00 
A– 
793,613 
   
5.000%, 1/15/17 
     
   
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006: 
     
11,060 
 
5.000%, 11/15/23 – FGIC Insured 
11/16 at 100.00 
A+ 
11,655,249 
6,800 
 
5.000%, 11/15/24 – FGIC Insured 
11/16 at 100.00 
A+ 
7,115,520 
8,940 
 
5.000%, 11/15/25 – FGIC Insured 
11/16 at 100.00 
A+ 
9,308,149 
660 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA+ 
694,432 
   
Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured 
     
30,760 
 
Total Colorado 
   
32,064,089 
   
Connecticut – 0.7% (0.5% of Total Investments) 
     
2,020 
 
Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Connecticut Light 
10/11 at 100.50 
BBB+ 
2,036,948 
   
and Power Company, Series 1993A, 5.850%, 9/01/28 
     
   
Florida – 2.1% (1.3% of Total Investments) 
     
2,500 
 
Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, 
10/12 at 100.00 
BBB+ 
2,597,275 
   
Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 
     
105 
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
97,772 
   
Series 2007, 5.000%, 10/01/34 
     
1,000 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
967,830 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 
     
2,150 
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/30 – 
6/16 at 100.00 
A
2,162,234 
   
AMBAC Insured 
     
5,755 
 
Total Florida 
   
5,825,111 
   
Georgia – 4.4% (2.8% of Total Investments) 
     
8,050 
 
George L. Smith II World Congress Center Authority, Atlanta, Georgia, Revenue Refunding Bonds, 
1/12 at 100.00 
Baa1 
8,061,834 
   
Domed Stadium Project, Series 2000, 5.500%, 7/01/20 – NPFG Insured (Alternative Minimum Tax) 
     
4,105 
 
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 
11/13 at 100.00 
A1 
4,424,780 
   
5.125%, 11/01/17 – NPFG Insured 
     
12,155 
 
Total Georgia 
   
12,486,614 
   
Hawaii – 0.8% (0.5% of Total Investments) 
     
2,250 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
1/12 at 100.00 
Baa1 
2,251,575 
   
Company Inc., Series 1999D, 6.150%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax) 
     
   
Idaho – 0.2% (0.1% of Total Investments) 
     
30 
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996E, 6.350%, 
1/12 at 100.00 
Aa1 
30,076 
   
7/01/14 (Alternative Minimum Tax) 
     
   
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial 
     
   
Hospital, Series 2006: 
     
500 
 
5.250%, 9/01/26 
9/16 at 100.00 
BB+ 
448,425 
200 
 
5.250%, 9/01/37 
9/16 at 100.00 
BB+ 
164,990 
730 
 
Total Idaho 
   
643,491 
   
Illinois – 12.7% (7.9% of Total Investments) 
     
3,000 
 
Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured 
12/21 at 100.00 
AA+ 
3,003,450 
415 
 
Chicago Public Building Commission, Illinois, General Obligation Lease Certificates, Chicago 
No Opt. Call 
AAA 
461,065 
   
Board of Education, Series 1990B, 7.000%, 1/01/15 – NPFG Insured (ETM) 
     
8,670 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/24 – 
No Opt. Call 
Aa3 
4,308,123 
   
FGIC Insured 
     
2,000 
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured 
1/12 at 100.00 
A
2,001,040 
785 
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%, 1/01/35 – NPFG Insured 
1/12 at 100.00 
A
743,010 
8,500 
 
Chicago, Illinois, Senior Lien Water Revenue Bonds, Series 2001, 5.750%, 11/01/30 – 
No Opt. Call 
Aa3 
9,627,780 
   
AMBAC Insured 
     
200 
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 
1/16 at 100.00 
BB+ 
169,550 
1,000 
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
1,042,220 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
     
1,500 
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 2/01/17 
2/12 at 100.00 
A+ (4) 
1,540,650 
   
(Pre-refunded 2/01/12) – FGIC Insured 
     
   
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
     
   
Revenue Bonds, Series 2005B: 
     
850 
 
5.250%, 1/01/25 
1/16 at 100.00 
B– 
592,841 
1,750 
 
5.250%, 1/01/30 
1/16 at 100.00 
B– 
1,221,640 
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
     
   
Expansion Project, Series 1996A: 
     
10,575 
 
0.000%, 12/15/23 – NPFG Insured 
No Opt. Call 
AA– 
5,644,512 
10,775 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
AA– 
5,346,232 
50,020 
 
Total Illinois 
   
35,702,113 
   
Indiana – 3.3% (2.1% of Total Investments) 
     
2,275 
 
Anderson School Building Corporation, Madison County, Indiana, First Mortgage Bonds, Series 
1/14 at 100.00 
AA+ (4) 
2,545,134 
   
2003, 5.500%, 7/15/23 (Pre-refunded 1/15/14) – AGM Insured 
     
6,180 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point 
No Opt. Call 
A
3,515,987 
   
Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured 
     
1,250 
 
Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 7/15/23 
7/16 at 100.00 
A
1,250,513 
1,700 
 
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame 
3/18 at 100.00 
Aaa 
1,753,312 
   
du Lac Project, Refunding Series 2009, 5.000%, 3/01/36 
     
1,000 
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 
2/15 at 100.00 
N/R 
172,390 
   
2005, 5.250%, 2/15/28 (5) 
     
12,405 
 
Total Indiana 
   
9,237,336 
   
Iowa – 1.1% (0.7% of Total Investments) 
     
4,000 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
3,001,320 
   
5.500%, 6/01/42 
     
   
Kentucky – 0.8% (0.5% of Total Investments) 
     
1,700 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
No Opt. Call 
Baa2 
1,748,093 
   
Medical Health System, Series 2010A, 6.500%, 3/01/45 
     
510 
 
Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue 
10/16 at 100.00 
N/R 
496,021 
   
Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 
     
2,210 
 
Total Kentucky 
   
2,244,114 
   
Louisiana – 6.5% (4.1% of Total Investments) 
     
1,310 
 
Louisiana Housing Finance Agency, GNMA Collateralized Mortgage Revenue Bonds, St. Dominic 
9/11 at 100.00 
AA+ 
1,312,293 
   
Assisted Care Facility, Series 1995, 6.850%, 9/01/25 
     
1,500 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
1,395,525 
   
Series 2007A, 5.500%, 5/15/47 
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 
     
825 
 
4.750%, 5/01/39 – AGM Insured (UB) 
5/16 at 100.00 
AA+ 
815,529 
8,880 
 
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
8,520,804 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 15.923%, 
5/16 at 100.00 
Aa1 
4,193 
   
5/01/34 – FGIC Insured (IF) 
     
3,950 
 
Morehouse Parish, Louisiana, Pollution Control Revenue Bonds, International Paper Company, 
No Opt. Call 
BBB 
4,246,487 
   
Series 2002A, 5.700%, 4/01/14 
     
2,090 
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
11/11 at 101.00 
A– 
2,077,042 
   
Series 2001B, 5.875%, 5/15/39 
     
18,560 
 
Total Louisiana 
   
18,371,873 
   
Maine – 0.4% (0.3% of Total Investments) 
     
1,235 
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2004A-2, 5.000%, 
5/13 at 100.00 
AA+ 
1,250,203 
   
11/15/21 (Alternative Minimum Tax) 
     
   
Maryland – 1.2% (0.8% of Total Investments) 
     
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
2,047,800 
   
Series 2004, 5.375%, 8/15/24 
     
1,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland 
7/16 at 100.00 
Baa1 
1,421,280 
   
Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured 
     
3,500 
 
Total Maryland 
   
3,469,080 
   
Massachusetts – 4.2% (2.6% of Total Investments) 
     
7,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A
7,517,625 
   
Senior Lien Series 2010B, 5.000%, 1/01/37 
     
1,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 
10/14 at 100.00 
BBB 
1,007,260 
   
5.625%, 10/01/24 
     
3,000 
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 
1/14 at 100.00 
A1 (4) 
3,325,350 
   
1/01/24 (Pre-refunded 1/01/14) – FGIC Insured 
     
11,500 
 
Total Massachusetts 
   
11,850,235 
   
Michigan – 3.9% (2.5% of Total Investments) 
     
2,925 
 
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/17 – SYNCORA 
4/13 at 100.00 
BB 
2,635,103 
   
GTY Insured 
     
4,600 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 
7/16 at 100.00 
A
4,092,712 
   
7/01/34 – FGIC Insured 
     
815 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
AA 
818,358 
   
2006A, 5.000%, 12/01/31 
     
185 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
N/R (4) 
220,296 
   
2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) 
     
170 
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation 
6/16 at 100.00 
BBB– 
153,512 
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35 
     
3,025 
 
Wayne County, Michigan, Airport Revenue Refunding Bonds, Detroit Metropolitan Airport, Series 
12/12 at 100.00 
A2 
3,160,732 
   
2002C, 5.375%, 12/01/19 – FGIC Insured 
     
11,720 
 
Total Michigan 
   
11,080,713 
   
Minnesota – 5.0% (3.1% of Total Investments) 
     
4,350 
 
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 
7/14 at 100.00 
A2 
4,480,196 
1,000 
 
Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, 
2/14 at 100.00 
N/R (4) 
1,116,240 
   
Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.250%, 2/15/21 
     
   
(Pre-refunded 2/15/14) 
     
2,290 
 
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, 
12/13 at 100.00 
A3 
2,410,775 
   
HealthPartners Inc., Series 2003, 6.000%, 12/01/20 
     
530 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, 
10/14 at 100.00 
A2 
566,766 
   
Series 2004-5Y, 5.250%, 10/01/19 
     
1,000 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19 
10/14 at 100.00 
A3 
1,070,600 
1,000 
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 
No Opt. Call 
AAA 
1,204,040 
   
5.000%, 8/01/18 
     
3,000 
 
St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office Building at Cedar Street, 
12/13 at 100.00 
AA+ 
3,228,690 
   
Series 2003, 5.250%, 12/01/20 
     
13,170 
 
Total Minnesota 
   
14,077,307 
   
Mississippi – 0.9% (0.5% of Total Investments) 
     
2,325 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
2,389,124 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 
     
   
Missouri – 1.1% (0.7% of Total Investments) 
     
100 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal 
3/16 at 100.00 
BBB+ 
101,139 
   
Regional Hospital, Series 2006, 5.000%, 3/01/22 
     
2,880 
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman 
2/15 at 102.00 
BBB+ 
2,914,848 
   
Health System, Series 2004, 5.500%, 2/15/24 
     
2,980 
 
Total Missouri 
   
3,015,987 
   
Nebraska – 1.0% (0.7% of Total Investments) 
     
1,580 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
No Opt. Call 
Aa3 
1,767,862 
   
Medical Center, Series 2003, 5.000%, 11/15/16 
     
390 
 
Grand Island, Nebraska, Electric System Revenue Bonds, Series 1977, 6.100%, 9/01/12 (ETM) 
9/11 at 100.00 
A1 (4) 
402,285 
515 
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 
2/17 at 100.00 
AA+ 
771,970 
   
2, Series 2006A, 20.264%, 8/01/40 – AMBAC Insured (IF) 
     
2,485 
 
Total Nebraska 
   
2,942,117 
   
Nevada – 1.5% (0.9% of Total Investments) 
     
4,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
4,160,760 
   
New Hampshire – 2.2% (1.4% of Total Investments) 
     
1,110 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, 
6/19 at 100.00 
AA+ 
1,312,730 
   
Tender Option Bond Trust 09-7W, 14.172%, 6/01/39 (IF) (7) 
     
5,000 
 
New Hampshire Housing Finance Authority, FHLMC Multifamily Housing Remarketed Revenue Bonds, 
1/12 at 100.50 
Aaa 
5,029,750 
   
Countryside LP, Series 1994, 6.100%, 7/01/24 (Alternative Minimum Tax) 
     
6,110 
 
Total New Hampshire 
   
6,342,480 
   
New Jersey – 5.6% (3.5% of Total Investments) 
     
1,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P, 
9/15 at 100.00 
A+ 
1,048,450 
   
5.250%, 9/01/24 
     
3,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 
6/13 at 100.00 
AAA 
3,288,300 
   
5.500%, 6/15/24 (Pre-refunded 6/15/13) 
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 
     
25,000 
 
0.000%, 12/15/35 – AMBAC Insured 
No Opt. Call 
A+ 
5,329,250 
10,000 
 
0.000%, 12/15/36 – AMBAC Insured 
No Opt. Call 
A+ 
1,988,000 
1,500 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured 
7/13 at 100.00 
A+ 
1,598,205 
2,500 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured 
1/15 at 100.00 
AA+ 
2,585,200 
43,000 
 
Total New Jersey 
   
15,837,405 
   
New York – 16.7% (10.5% of Total Investments) 
     
   
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
     
   
Bonds, Barclays Center Project, Series 2009: 
     
660 
 
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
675,569 
1,600 
 
0.000%, 7/15/44 
No Opt. Call 
BBB– 
190,608 
1,500 
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, 
7/14 at 100.00 
AA– 
1,603,695 
   
Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 
     
2,200 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A
1,867,712 
   
2/15/47 – NPFG Insured 
     
7,500 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 
6/16 at 100.00 
AA+ 
8,005,050 
   
5.000%, 12/01/25 – FGIC Insured (UB) 
     
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, 
11/12 at 100.00 
A
5,207,950 
   
Series 2002A, 5.125%, 11/15/21 – FGIC Insured 
     
2,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue 
12/14 at 100.00 
AAA 
2,146,480 
   
Bonds, Fiscal Series 2005B, 5.000%, 6/15/23 – AMBAC Insured 
     
4,265 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22 (UB) 
10/13 at 100.00 
AA 
4,574,724 
1,050 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15 
8/14 at 100.00 
AA 
1,184,841 
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 
4,405,520 
910 
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 
11/15 at 100.00 
AA+ 
966,602 
   
Trust 2364, 17.266%, 11/15/44 – AMBAC Insured (IF) 
     
3,250 
 
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C, 
6/13 at 100.00 
A+ 
3,421,568 
   
5.250%, 6/01/22 
     
   
New York State Thruway Authority, General Revenue Bonds, Residual Series 2005G: 
     
6,460 
 
5.000%, 1/01/25 – AGM Insured (UB) 
7/15 at 100.00 
AA+ 
6,801,153 
2,580 
 
5.000%, 1/01/26 – AGM Insured (UB) 
7/15 at 100.00 
AA+ 
2,704,691 
1,850 
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 
3/15 at 100.00 
AAA 
1,997,704 
   
5.000%, 3/15/24 – AGM Insured (UB) 
     
1,000 
 
New York State Urban Development Corporation, Subordinate Lien Corporate Purpose Bonds, Series 
7/14 at 100.00 
A
1,046,860 
   
2004A, 5.125%, 1/01/22 
     
395 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
401,024 
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
     
46,220 
 
Total New York 
   
47,201,751 
   
North Carolina – 4.4% (2.7% of Total Investments) 
     
10,300 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 
No Opt. Call 
A
12,332,911 
   
1993B, 6.000%, 1/01/22 – CAPMAC Insured 
     
   
Ohio – 2.8% (1.7% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
100 
 
5.125%, 6/01/24 
6/17 at 100.00 
Baa3 
81,990 
1,050 
 
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
826,067 
1,055 
 
5.750%, 6/01/34 
6/17 at 100.00 
Baa3 
797,823 
2,355 
 
5.875%, 6/01/47 
6/17 at 100.00 
Baa3 
1,743,265 
4,000 
 
Ohio, Solid Waste Revenue Bonds, Republic Services Inc., Series 2004, 4.250%, 4/01/33 
No Opt. Call 
BBB+ 
4,108,160 
   
(Mandatory put 4/01/14) (Alternative Minimum Tax) 
     
250 
 
Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, 
10/16 at 100.00 
N/R 
250,130 
   
Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 
     
8,810 
 
Total Ohio 
   
7,807,435 
   
Oklahoma – 1.1% (0.7% of Total Investments) 
     
450 
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 
9/16 at 100.00 
BB+ 
381,857 
   
5.375%, 9/01/36 
     
2,705 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA+ 
2,711,167 
   
System, Series 2006, 5.000%, 12/15/36 
     
3,155 
 
Total Oklahoma 
   
3,093,024 
   
Oregon – 1.2% (0.7% of Total Investments) 
     
   
Oregon State, General Obligation Bonds, State Board of Higher Education, Series 2004A: 
     
1,795 
 
5.000%, 8/01/21 
8/14 at 100.00 
AA+ 
1,966,189 
1,240 
 
5.000%, 8/01/23 
8/14 at 100.00 
AA+ 
1,306,972 
3,035 
 
Total Oregon 
   
3,273,161 
   
Pennsylvania – 2.0% (1.3% of Total Investments) 
     
2,000 
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 
12/15 at 100.00 
A1 
2,091,160 
   
5.000%, 12/01/23 – NPFG Insured 
     
4,500 
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 
6/26 at 100.00 
AA+ 
3,575,205 
   
6/01/33 – AGM Insured 
     
6,500 
 
Total Pennsylvania 
   
5,666,365 
   
Puerto Rico – 0.9% (0.6% of Total Investments) 
     
3,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/26 at 100.00 
A+ 
2,476,680 
   
2009A, 0.000%, 8/01/32 
     
   
Rhode Island – 1.4% (0.9% of Total Investments) 
     
4,060 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
4,075,103 
   
Series 2002A, 6.000%, 6/01/23 
     
   
South Carolina – 7.9% (4.9% of Total Investments) 
     
2,500 
 
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing 
12/13 at 100.00 
A1 
2,586,500 
   
Assets for Education, Series 2003, 5.250%, 12/01/24 
     
4,405 
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, 
12/14 at 100.00 
AA– 
4,697,668 
   
GROWTH, Series 2004, 5.250%, 12/01/23 
     
3,340 
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 
12/13 at 100.00 
AA 
3,593,740 
   
2003, 5.250%, 12/01/19 (UB) 
     
3,620 
 
Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.250%, 
5/13 at 100.00 
AA– 
3,714,916 
   
5/01/21 – AMBAC Insured 
     
310 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A3 (4) 
331,561 
   
Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 
     
1,190 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A– 
1,191,285 
   
Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 
     
   
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement 
     
   
Revenue Bonds, Palmetto Health Alliance, Series 2003C: 
     
4,895 
 
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
5,471,533 
605 
 
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
676,257 
20,865 
 
Total South Carolina 
   
22,263,460 
   
South Dakota – 0.6% (0.4% of Total Investments) 
     
1,750 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, 
11/14 at 100.00 
AA– 
1,774,798 
   
Series 2004A, 5.500%, 11/01/31 
     
   
Tennessee – 1.3% (0.8% of Total Investments) 
     
2,060 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding 
7/23 at 100.00 
Baa1 (4) 
2,067,086 
   
and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 
     
   
(Pre-refunded 7/01/23) – NPFG Insured 
     
1,600 
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain 
7/16 at 100.00 
BBB+ 
1,506,976 
   
States Health Alliance, Series 2006A, 5.500%, 7/01/36 
     
400 
 
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
11/17 at 100.00 
N/R 
29,956 
   
Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (5), (6) 
     
4,060 
 
Total Tennessee 
   
3,604,018 
   
Texas – 6.5% (4.1% of Total Investments) 
     
1,075 
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC 
10/13 at 101.00 
CC 
382,872 
   
Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) 
     
3,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 
5/14 at 100.00 
AA 
3,246,480 
   
5/15/25 – NPFG Insured 
     
   
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
     
   
Memorial Hospital Project, Series 2005: 
     
400 
 
5.250%, 8/15/21 
No Opt. Call 
BBB– 
408,160 
600 
 
5.125%, 8/15/26 
No Opt. Call 
BBB– 
574,788 
800 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
BBB– 
762,624 
   
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
     
2,265 
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services 
5/13 at 100.00 
A
2,378,771 
   
Corporation, Series 2003C, 5.250%, 5/15/25 – AMBAC Insured 
     
950 
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 
1/18 at 100.00 
A3 
953,990 
   
5.750%, 1/01/38 
     
1,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 
11/15 at 100.00 
CCC 
326,270 
   
2001C, 5.200%, 5/01/28 
     
3,000 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
2,937,630 
   
Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 
     
125 
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
114,605 
   
Texas Health Resources Project, Trust 1031, 18.132%, 2/15/30 (IF), (7) 
     
   
Texas Tech University, Financing System Revenue Bonds, 9th Series 2003: 
     
3,525 
 
5.250%, 2/15/18 – AMBAC Insured 
8/13 at 100.00 
AA 
3,812,534 
2,250 
 
5.250%, 2/15/19 – AMBAC Insured 
8/13 at 100.00 
AA 
2,430,203 
18,990 
 
Total Texas 
   
18,328,927 
   
Utah – 0.1% (0.1% of Total Investments) 
     
315 
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001D, 5.500%, 1/01/21 
1/12 at 100.00 
Aaa 
315,290 
   
(Alternative Minimum Tax) 
     
20 
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1996C, 6.450%, 7/01/14 
1/12 at 100.00 
Aaa 
20,052 
   
(Alternative Minimum Tax) 
     
335 
 
Total Utah 
   
335,342 
   
Washington – 4.9% (3.1% of Total Investments) 
     
2,000 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, 
7/12 at 100.00 
Aaa 
2,091,620 
   
Series 2002A, 5.750%, 7/01/17 – NPFG Insured 
     
7,000 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 
7/13 at 100.00 
Aa1 
7,616,420 
   
2003A, 5.500%, 7/01/16 (UB) 
     
3,160 
 
King County Public Hospital District 2, Washington, Limited Tax General Obligation Bonds, 
12/11 at 101.00 
AA– 
3,191,790 
   
Evergreen Hospital Medical Center, Series 2001A, 5.250%, 12/01/24 – AMBAC Insured 
     
1,000 
 
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, 
No Opt. Call 
Baa2 
1,023,290 
   
Series 2003, 6.000%, 12/01/23 
     
13,160 
 
Total Washington 
   
13,923,120 
   
West Virginia – 1.6% (1.0% of Total Investments) 
     
2,000 
 
West Virginia Water Development Authority, Infrastructure Revenue Bonds, Series 2003A, 5.500%, 
10/13 at 101.00 
AAA 
2,241,360 
   
10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured 
     
2,150 
 
West Virginia Water Development Authority, Loan Program II Revenue Bonds, Series 2003B, 
11/13 at 101.00 
A
2,238,688 
   
5.250%, 11/01/23 – AMBAC Insured 
     
4,150 
 
Total West Virginia 
   
4,480,048 
   
Wisconsin – 4.0% (2.5% of Total Investments) 
     
160 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, 
5/16 at 100.00 
BBB 
141,830 
   
Series 2006, 5.000%, 5/01/32 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 
5/14 at 100.00 
BBB+ 
1,028,890 
   
2004, 5.375%, 5/01/18 
     
205 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community 
10/11 at 101.00 
AA– 
206,384 
   
Health Obligated Group, Series 2001, 5.375%, 10/01/30 
     
2,145 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community 
10/11 at 101.00 
AA– (4) 
2,185,712 
   
Health Obligated Group, Series 2001, 5.375%, 10/01/30 (Pre-refunded 10/01/11) 
     
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 
8/11 at 100.00 
BBB+ 
5,008,850 
   
1999, 6.250%, 2/15/18 – RAAI Insured 
     
2,500 
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) 
5/16 at 100.00 
AA 
2,640,400 
11,010 
 
Total Wisconsin 
   
11,212,066 
   
Wyoming – 0.5% (0.3% of Total Investments) 
     
1,350 
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 
12/15 at 100.00 
BBB+ 
1,340,307 
   
5.600%, 12/01/35 (Alternative Minimum Tax) 
     
$      502,215 
 
Total Investments (cost $434,880,180) – 159.6% 
   
449,884,220 
   
Floating Rate Obligations – (15.9)% 
   
(44,770,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.3)% (8) 
   
(127,700,000)
   
Other Assets Less Liabilities – 1.6% 
   
4,483,459 
   
Net Assets Applicable to Common Shares – 100% 
   
$   281,897,679 
 
 
 
 

 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of July 31, 2011:
 
         
 
Level 1 
Level 2 
Level 3 
Total 
Investments: 
       
Municipal Bonds 
$ — 
$449,854,264 
$29,956 
$449,884,220 
 
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
   
 
Level 3 
 
Municipal Bonds 
Balance at the beginning of period 
$   403,317 
Gains (losses): 
 
  Net realized gains (losses) 
(14,916)
  Net change in unrealized appreciation (depreciation) 
(109,954)
Purchases at cost 
Sales at proceeds 
(79,115)
Net discounts (premiums) 
3,014 
Transfers in to 
Transfers out of 
(172,390)
Balance at the end of period 
$   29,956 
 
During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
 
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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At July 31, 2011, the cost of investments was $396,414,508.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2011, were as follows:
 
   
Gross unrealized: 
 
Appreciation 
$ 24,605,596 
Depreciation 
(15,903,748)
Net unrealized appreciation (depreciation) of investments 
$   8,701,848 
 
 
     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
   
shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
   
may be subject to periodic principal paydowns. 
(3) 
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. 
   
(“Moody's”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB 
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of 
   
these national rating agencies. 
(4) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, 
   
which ensure the timely payment of principal and interest. Such investments are normally considered to 
   
be equivalent to AAA rated securities. 
(5) 
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income 
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the 
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the 
   
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations 
   
and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. 
(6) 
 
For fair value measurement disclosure purposes, investment categorized as Level 3. 
(7) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(8) 
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 28.4%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 
 
 
 

 
Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
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 Premier Municipal Income Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         September 29, 2011        
 
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         September 29, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         September 29, 2011        
 

EX-99.CERT 2 npf_certification2.htm CERTIFICATIONS Unassociated Document
CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:
 
1.
I have reviewed this report on Form N-Q of Nuveen Premier Municipal Income Fund, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d.  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:        September 29, 2011        
 
/s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
 
 
 
 

 
 
 
CERTIFICATIONS
 
I, Stephen D. Foy, certify that:
 
1.
I have reviewed this report on Form N-Q of Nuveen Premier Municipal Income Fund, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.  
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d.  
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:         September 29, 2011        
 
/s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)