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: October 31, 2010

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.
 
 
 
 

 
 

 
 

 
 
 

 
 
NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS
 
 
On July 29, 2010, Nuveen Investments announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors. Nuveen Investments is the parent of Nuveen Asset Management (NAM), the investment adviser for the Funds included in this report.
 
 
FAF Advisors, which currently manages about $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with NAM, which currently manages about $75 billion in municipal fixed income assets. Upon completion of the transaction, Nuveen Investments, which currently manages about $160 billion of assets across several high-quality affiliates, will manage a combined total of about $185 billion in institutional and retail assets.
 
 
This combination will not affect the investment objectives, strategies or policies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at Hyde Park, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital.
 
 
The transaction is expected to close late in 2010, subject to customary conditions.
 
 

 
 
 

 
 
Chairman’s
Letter to Shareholders
 
 
 
Dear Shareholder,
 
 
Recent months have revealed the fragility and disparity of the global economic recovery. In the U.S., the rate of economic growth has slowed as various stimulus programs wind down, exposing weakness in the underlying economy. In contrast, many emerging market countries are experiencing a return to comparatively high rates of growth. Confidence in global financial markets has been undermined by concerns about high sovereign debt levels in Europe and the U.S. Until these countries can begin credible programs to reduce their budgetary deficits, market unease and hesitation will remain. On a more encouraging note, while the global recovery is expanding existing trade imbalances, policy makers in the leading economies are making a sustained effort to create a global framework through which various countries can take complimentary actions that should reduce those imbalances over time.
 
 
The U.S. economy is subject to unusually high levels of uncertainty as it struggles to recover from a devastating financial crisis. Unemployment remains stubbornly high, due to what appears to be both cyclical and structural forces. Federal Reserve policy makers are implementing another round of quantitative easing, a novel approach to provide support to the economy. However, the high levels of debt owed both by U.S. consumers and the U.S. government limit the Fed’s ability to engineer a stronger economic recovery.
 
 
The U.S. financial markets reflect the crosscurrents now impacting the U.S. economy. Today’s historically low interest rates reflect the Fed’s intervention in the financial markets and the demand for U.S. government debt by U.S. and overseas investors looking for a safe haven for investment. The continued corporate earnings recovery and recent electoral results are giving a boost to equity markets. Encouragingly, financial institutions are rebuilding their balance sheets and the financial reform legislation enacted last summer has the potential to address many of the most significant contributors to the financial crisis, although the details still have to be worked out.
 
 
In this difficult environment your Nuveen investment team continues to seek sustainable investment opportunities and, at the same time, remains alert for potential risks that may result from a recovery still facing many headwinds. As your representative, the Nuveen Fund Board monitors the activities of each investment team to assure that all maintain their investment disciplines. As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund.
 
 
On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
December 22, 2010
 
 
Nuveen Investments 1
 
 

 
 
 

 
 
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)
 
 
Recently, portfolio managers Paul Brennan and Johnathan Wilhelm discussed U.S. economic and municipal market conditions, key investment strategies and the twelvemonth performance of these three national Funds. With 20 years of investment experience, including 12 years at Nuveen, Paul has managed NPI and NPM since 2006. John, who came to Nuveen in 2001 with 20 years of industry experience, assumed portfolio management responsibility for NPT in March 2009.
 
 
Since the close of this reporting period, Johnathan Wilhelm has left Nuveen Asset Management and no longer manages NPT. Paul Brennan now is the portfolio manager for NPT.
 
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2010?
 
 
During this reporting period, the U.S. economy remained under considerable stress, and both the Federal Reserve (Fed) and the federal government continued their efforts to improve the overall economic environment. For its part, the Fed held the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its November 2010 meeting (shortly after the end of this reporting period), the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also announced a second round of quantitative easing, in which it plans to purchase $600 billion in U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 and aimed at providing job creation, tax relief, fiscal assistance to state and local governments, and expansion of unemployment benefits and other federal social welfare programs.
 
 
These and other measures produced some signs of economic improvement. In the third quarter of 2010, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, marking the first time the economy had strung together five consecutive quarters of growth since 2007-2008. Inflation remained relatively tame, as the Consumer Price Index (CPI) rose just 1.2% year-over-year as of
 
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s, Moody’s, or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 
2 Nuveen Investments
 
 

 
 
 

 
 
October 2010. The core CPI (which excludes food and energy) rose 0.6% over this period, the smallest twelve-month increase in the 53-year history of this index. Housing prices also continued to recover from their April 2009 lows, although growth rates moderated from previous periods. For the twelve months ended September 2010 (the latest information available at the time this report was prepared), the average home price in the Standard & Poor’s/Case-Shiller Index rose 0.6%. Unemployment remained persistently high, with the jobless rate hovering at or above 9.5% over the past 15 months. As of October 2010, national unemployment stood at 9.6% for the third consecutive month, down from its 26-year high of 10.1% in October 2009.
 
 
Municipal bond prices generally rose during this period, as the combination of strong demand and tight supply of new tax-exempt issuance created favorable conditions. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond program. Build America Bonds, which were created as part of the February 2009 economic stimulus package, currently offer municipal issuers a federal subsidy equal to 35% of a bond’s interest payments, providing issuers with an alternative to traditional tax-exempt debt that often proves to be lower in cost. For the twelve months ended October 31, 2010, taxable Build America Bonds issuance totaled $100.3 billion, accounting for 24% of new bonds issued in the municipal market.
 
 
Over the twelve months ended October 31, 2010, municipal bond issuance nationwide—both tax-exempt and taxable—totaled $418 billion, an increase of 9% compared with the twelve-month period ended October 31, 2009. However, if taxable Build America Bond issuance were removed from the equation, the supply of tax-exempt bonds alone actually fell 15%. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as appropriate investment opportunities for the tax-exempt Nuveen municipal closed-end funds.
 
 
What key strategies were used to manage these Funds?
 
 
As previously mentioned, the supply of tax-exempt municipal bonds declined nationally during this period, due in part to the issuance of taxable municipal bonds under the Build America Bond program. In this environment of constrained issuance of tax-exempt municipal bonds, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. In NPI and NPM, we found value in several areas of the market, including health care, tax-supported sectors and other essential services such as toll roads and airports. For the most part, our purchases in these two Funds were rated AA, A, and—to a lesser degree—BBB with maturities of at least 20 years. In NPT, our focus was on increasing our exposure to hospitals and to lower-rated bonds, primarily credits rated BBB, in order to take advantage of attractive prices and yields.
 
 
Nuveen Investments 3
 
 

 
 
 

 
 
Some of this investment activity resulted from opportunities created by the provisions of the Build America Bond program. For example, tax-exempt supply was more plentiful in the health care sector because, as 501(c)(3) (nonprofit) organizations, hospitals generally do not qualify for the Build America Bond program and must continue to issue bonds in the tax-exempt municipal market. Supply in the health care sector was also boosted in the early part of the period by hospitals issuing fixed rate bonds in order to refinance and retire outstanding debt that had initially been issued as variable rate debt. Bonds with proceeds earmarked for refundings, working capital and private activities also are not covered by the Build America Bond program and this resulted in attractive opportunities in various other sectors of the market.
 
 
The impact of the Build America Bond program also was evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of at least 30 years. Even though this significantly reduced the availability of tax-exempt credits with longer maturities and made locating appropriate longer bonds more challenging, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds.
 
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. On the whole, active selling was relatively minimal, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
 
In October 2009, just prior to the start of this reporting period, the Nuveen Florida Investment Quality Municipal Fund (NQF) and the Nuveen Florida Quality Income Municipal Fund (NUF) were reorganized into NPM. In general, the securities acquired through this reorganization matched the investment parameters and strategies of NPM and required little immediate portfolio activity. However, NPM’s exposure to Florida bonds rose significantly. During this period, we worked to reduce this exposure, when appropriate. As of October 31, 2010, NPM’s allocation to Florida bonds represented 31.3% of its portfolio, down from 36.7% twelve months earlier. We intend to further reduce NPM’s Florida exposure over time as appropriate opportunities arise.
 
 
As of October 31, 2010, all three of these Funds continued to use inverse floating rate securities.1 We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
1     
An inverse floating rate security, also known as an inverse floater, is a financial instru ment designed to pay long-term interest at a rate that varies inversely with a short-term interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report.
 
4 Nuveen Investments
 
 

 
 
 

 
 
How did the Funds perform?
 
 
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
 
Average Annual Total Returns on Common Share Net Asset Value
For periods ended 10/31/10
 
       
Fund 
1-Year 
5-Year 
10-Year 
NPI 
12.26% 
5.04% 
6.08% 
NPM 
12.25% 
5.46% 
6.33% 
NPT 
12.77% 
5.44% 
5.78% 
Standard & Poor’s (S&P) National Municipal Bond Index2 
8.06% 
4.98% 
5.58% 
Lipper General Leveraged Municipal Debt Funds Average3 
13.81% 
4.87% 
6.36% 
 
 
For the twelve months ended October 31, 2010, the total returns on common share net asset value (NAV) for all three of these Nuveen Funds exceeded the return for the Standard & Poor’s (S&P) National Municipal Bond Index. For this same period, all of the Funds lagged the average return for the Lipper General Leveraged Municipal Debt Funds Average.
 
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of structural leverage was an important positive factor affecting the Funds’ performances over this period. The impact of structural leverage is discussed in more detail on page six.
 
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities, with credits at the longest end of the municipal yield curve posting the strongest returns. The outperformance of longer term bonds was due in part to the decline in interest rates, particularly in the intermediate and longer segments of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up the prices of these bonds. Overall, duration and yield curve positioning were positive contributors to the performances of these three Funds. NPT’s performance reflects the fact that this Fund had the longest duration among the three Funds, while NPM had the shortest duration.
 
 
Credit exposure also played a role in performance. The demand for municipal bonds increased during this period driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for higher yields and additional risk. At the same time, the supply of new tax-exempt municipal paper declined, due largely to the Build America Bond program. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. All of these Funds, especially NPT, benefited from their substantial allocations to lower-rated bonds.
 
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
 
 
 
For additional information, see the individual Performance Overview for your Fund in this report.
 
 
2
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
 
 
3
The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all leveraged closed-end funds in this category for each period as follows: 1-year, 46 funds; 5-year, 44 funds; and 10-year, 30 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
 
 
 
 
Nuveen Investments 5
 
 

 
 
 

 
 
Holdings that generally contributed positively to the Funds’ returns during this period included industrial development revenue and health care bonds. In general, these three Funds, particularly NPT, had strong weightings in health care, which added to their performance. Revenue bonds as a whole performed well, with transportation, housing, leasing and special tax credits among the other sectors that outperformed the general municipal market. Zero coupon bonds and credits backed by the 1998 master tobacco settlement agreement also were among the strongest performers. As of October 31, 2010, these Funds held approximately 4% to 5% of their portfolios in lower-rated tobacco bonds, which had a meaningful and beneficial impact on their investment performance.
 
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities trailed the general municipal market during this period. While these securities continued to provide attractive tax-free income, their muted investment performance was attributed primarily to their shorter effective maturities and higher credit quality. Although allocations of pre-refunded bonds fell in NPI and NPT over the past twelve months due to calls, all of these Funds continued to hold a substantial amount of these bonds. While these holdings detracted from the Funds’ performance, they continued to provide attractive income. Among the revenue sectors, resource recovery trailed the overall municipal market by the widest margin, and water and sewer bonds also turned in a relatively weaker performance. In addition, general obligation and other tax-supported bonds also struggled to keep pace with the municipal market return during the twelve months.
 
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
 
One important factor impacting the returns of most of these Funds relative to the comparative indexes was the Funds’ use of financial 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.
 
 
6 Nuveen Investments
 
 

 
 
 

 
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ LEVERAGED CAPITAL STRUCTURE
 
 
Shortly after their inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multigenerational lows, those maximum rates also have been low.
 
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares, a floating rate form of preferred stock. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of five years.
 
 
While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
 
 
During 2010 and as of the time this report was prepared, 36 Nuveen leveraged closed-end funds, (including NPI and NPM), received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/ Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established
 
 
Nuveen Investments 7
 
 

 
 
 

 
 
an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
 
Subsequently, 26 of the funds that received demand letters (including NPI and NPM) were named as nominal defendants in a putative shareholder derivative action complaint captioned Safier and Smith v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on July 27, 2010. Three additional funds were named as nominal defendants in a similar complaint captioned Curbow v. Nuveen Asset Management, et al. filed in the Cook County Chancery Court on August 12, 2010, and three additional funds were named as nominal defendants in a similar complaint captioned Beidler v. Nuveen Asset Management, et al. filed in the Cook County Chancery Court on September 21, 2010 (collectively, the “Complaints”). The Complaints, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Asset Management as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaints contain the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Asset Management believes that the Complaints are without merit, and intends to defend vigorously against these charges.
 
 
8 Nuveen Investments
 
 

 
 
 

 
 
As of October 31, 2010, the amounts of ARPS redeemed by the Funds are as shown in the accompanying table.
 
     
 
Auction Rate 
% of Original 
 
Preferred Shares 
Auction Rate 
Fund 
Redeemed 
Preferred Shares 
NPI 
$124,350,000 
23.7% 
NPM 
$108,475,000 
18.2% 
NPT 
$338,400,000 
100.0% 
 
 
VRDP
 
During the current reporting period, NPT issued $262.2 million of VRDP to redeem at par its remaining outstanding ARPS. As noted previously, VRDP is a newly-developed instrument that essentially replaces all or a portion of the ARPS used as leverage and potentially could be used to refinance all or a portion of the ARPS of other funds. VRDP shares include a liquidity feature that allows holders of VRDP to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. VRDP is offered only to qualified institutional buyers, defined pursuant to Rule 144A under the Securities Act of 1933. VRDPs offer interest rates that are reset frequently on a regular schedule and generally reflect current short-term municipal market interest rates.
 
 
Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on VRDP Shares.
 
 
As of October 31, 2010, 83 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $5.7 billion of the approximately $11.0 billion outstanding.
 
 
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
 
Nuveen Investments 9
 
 

 
 
 

 
 
Common Share Dividend
and Share Price Information
 
 
During the twelve-month reporting period ended October 31, 2010, NPI and NPT each had three monthly dividends increases and NPM had two monthly dividend increases.
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of October 31, 2010, all three Funds in this report had positive UNII balances for both tax and financial reporting purposes.
 
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
 
As of October 31, 2010, and since the inception of the Funds’ repurchase program, NPM has cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase program, NPI and NPT have not repurchased any of their outstanding common shares.
 
     
 
Common Shares 
% of Outstanding 
Fund 
Repurchased and Retired 
Common Shares 
NPM 
422,900 
0.6% 
 
 
During the twelve-month reporting period, NPM repurchased and retired common shares at a weighted average price and a weighted average discount per common share as shown in the accompanying table.
 
       
   
Weighted Average 
Weighted Average 
 
Common Shares 
Price Per Share 
Discount Per Share 
Fund 
Repurchased and Retired 
Repurchased and Retired 
Repurchased and Retired 
NPM 
122,900 
$12.90 
8.42% 
 
 
10 Nuveen Investments
 
 

 
 
 

 
 
As of October 31, 2010, the Funds’ common share prices were trading at (+) premiums and (-) discounts to their common share NAVs as shown in the accompanying table.
 
     
 
10/31/10 
12-Month 
Fund 
(+) Premium/(-) Discount 
Average(-) Discount 
NPI 
-0.90% 
-2.21% 
NPM 
-2.94% 
-4.61% 
NPT 
+0.23% 
-1.84% 
 
 
Nuveen Investments 11
 
 

 
 
 

 
   
NPI 
Nuveen Premium 
 
Income Municipal 
Performance 
Fund, Inc. 
OVERVIEW 
 
 
as of October 31, 2010 
 
     
Fund Snapshot 
   
Common Share Price 
 
$14.34 
Common Share 
   
Net Asset Value (NAV) 
 
$14.47 
Premium/(Discount) to NAV 
 
-0.90% 
Market Yield 
 
6.40% 
Taxable-Equivalent Yield1 
 
8.89% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$924,129 
Average Effective Maturity 
   
on Securities (Years) 
 
15.51 
Leverage-Adjusted Duration 
 
8.80 
 
Average Annual Total Return 
   
(Inception 7/18/88) 
   
 
On Share Price 
On NAV 
1-Year 
19.68% 
12.26% 
5-Year 
6.64% 
5.04% 
10-Year 
8.23% 
6.08% 
 
States3 
   
(as a % of total investments) 
   
California 
 
13.3% 
Texas 
 
9.3% 
New York 
 
8.6% 
Illinois 
 
7.2% 
New Jersey 
 
4.8% 
Florida 
 
4.4% 
Pennsylvania 
 
3.4% 
South Carolina 
 
3.3% 
Minnesota 
 
3.2% 
Alabama 
 
3.1% 
Massachusetts 
 
3.0% 
Louisiana 
 
2.8% 
Colorado 
 
2.7% 
Nevada 
 
2.7% 
Michigan 
 
2.6% 
Washington 
 
2.6% 
District of Columbia 
 
2.6% 
Wisconsin 
 
2.5% 
Other 
 
17.9% 
 
Portfolio Composition3 
   
(as a % of total investments) 
   
U.S. Guaranteed 
 
17.8% 
Health Care 
 
17.1% 
Tax Obligation/Limited 
 
15.4% 
Tax Obligation/General 
 
13.0% 
Transportation 
 
12.6% 
Utilities 
 
5.6% 
Consumer Staples 
 
4.4% 
Other 
 
14.1% 
 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to invest- ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 
12 Nuveen Investments
 
 
 
 

 

 
   
NPM 
Nuveen Premium 
 
Income Municipal 
Performance 
Fund 2, Inc. 
OVERVIEW 
 
 
as of October 31, 2010 
 
 

 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Percentage includes assets acquired in the Reorganization of Nuveen Florida Investment Quality Municipal Fund (NQF) and Nuveen Florida Quality Income Municipal Fund (NUF). Please see the Portfolio Managers’ Comments for an expanded discussion on the intention overtime to reduce the Fund’s concentration of Florida holdings.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 

 
     
Fund Snapshot 
   
Common Share Price 
 
$14.54 
Common Share 
   
Net Asset Value (NAV) 
 
$14.98 
Premium/(Discount) to NAV 
 
-2.94% 
Market Yield 
 
6.11% 
Taxable-Equivalent Yield1 
 
8.49% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$1,058,891 
Average Effective Maturity 
   
on Securities (Years) 
 
15.01 
Leverage-Adjusted Duration 
 
7.87 
 
Average Annual Total Return 
   
(Inception 7/23/92) 
   
 
On Share Price 
On NAV 
1-Year 
18.89% 
12.25% 
5-Year 
6.86% 
5.46% 
10-Year 
7.57% 
6.33% 
 
States4 
   
(as a % of total investments) 
   
Florida² 
 
31.3% 
California 
 
8.0% 
Illinois 
 
6.6% 
Texas 
 
4.8% 
New York 
 
4.5% 
Washington 
 
4.3% 
South Carolina 
 
3.7% 
New Jersey 
 
3.4% 
Nevada 
 
3.4% 
Massachusetts 
 
3.2% 
Louisiana 
 
2.6% 
Michigan 
 
2.5% 
Alabama 
 
2.1% 
Other 
 
19.6% 
 
Portfolio Composition4 
   
(as a % of total investments) 
   
Tax Obligation/Limited 
 
21.6% 
U.S. Guaranteed 
 
15.6% 
Health Care 
 
14.6% 
Tax Obligation/General 
 
13.9% 
Transportation 
 
10.1% 
Utilities 
 
6.5% 
Water and Sewer 
 
5.4% 
Other 
 
12.3% 
 
 
Nuveen Investments 13
 
 
 
 

 

   
NPT 
Nuveen Premium 
 
Income Municipal 
Performance 
Fund 4, Inc. 
OVERVIEW 
 
 
as of October 31, 2010 
 
     
Fund Snapshot 
   
Common Share Price 
 
$13.34 
Common Share 
   
Net Asset Value (NAV) 
 
$13.31 
Premium/(Discount) to NAV 
 
0.23% 
Market Yield 
 
6.39% 
Taxable-Equivalent Yield1 
 
8.88% 
Net Assets Applicable to 
   
Common Shares ($000) 
 
$575,949 
Average Effective Maturity 
   
on Securities (Years) 
 
17.39 
Leverage-Adjusted Duration 
 
9.02 
 
Average Annual Total Return 
   
(Inception 2/19/93) 
   
 
On Share Price 
On NAV 
1-Year 
21.76% 
12.77% 
5-Year 
7.66% 
5.44% 
10-Year 
7.17% 
5.78% 
 
States3 
   
(as a % of total investments) 
   
Texas 
 
13.4% 
California 
 
12.9% 
Illinois 
 
11.6% 
Michigan 
 
5.0% 
Florida 
 
4.3% 
Louisiana 
 
3.3% 
Indiana 
 
3.2% 
Alabama 
 
3.2% 
Georgia 
 
2.8% 
Colorado 
 
2.7% 
New Jersey 
 
2.7% 
New York 
 
2.6% 
Washington 
 
2.5% 
South Carolina 
 
2.5% 
Ohio 
 
2.5% 
Wisconsin 
 
2.4% 
North Carolina 
 
1.9% 
Rhode Island 
 
1.7% 
Other 
 
18.8% 
 
Portfolio Composition3 
   
(as a % of total investments) 
   
Health Care 
 
23.5% 
U.S. Guaranteed 
 
16.4% 
Tax Obligation/Limited 
 
15.4% 
Tax Obligation/General 
 
9.8% 
Transportation 
 
7.9% 
Utilities 
 
7.6% 
Water and Sewer 
 
5.5% 
Other 
 
13.9% 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to invest- ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 
14 Nuveen Investments
 
 
 
 

 

   
NPI 
Shareholder Meeting Report 
NPM
The annual meeting of shareholders was held on July 27, 2010, in the Lobby Conference Room, 
NPT 
333 West Wacker Drive, Chicago, IL  60606; at this meeting the shareholders were asked to vote on 
 
the election of Board Members, the elimination of Fundamental Investment Policies and the 
 
approval of new Fundamental Investment Policies.  The meeting for NPI and NPT was subsequently 
 
adjourned to September 9, 2010. 
 
             
  NPI  NPM  NPT 
 
Common and 
 
Common and 
 
Common and 
 
 
Preferred 
Preferred 
Preferred 
Preferred 
Preferred 
Preferred 
 
shares voting 
shares voting 
shares voting 
shares voting 
shares voting 
shares voting 
 
together 
together 
together 
together 
together 
together 
 
as a class 
as a class 
as a class 
as a class 
as a class 
as a class 
To approve the elimination of the Fund’s 
           
fundamental policy relating to investments 
           
in municipal securities and below 
           
investment grade securities. 
           
For 
28,531,135 
1,409 
19,104,397 
2,422 
Against 
1,663,674 
272 
1,039,011 
Abstain 
1,029,419 
707,973 
Broker Non-Votes 
8,820,601 
5,388 
6,975,067 
Total 
40,044,829 
7,075 
27,826,448 
2,422 
To approve the new fundamental policy 
           
relating to investments in municipal 
           
securities for the Fund. 
           
For 
28,655,277 
1,411 
19,122,228 
2,422 
Against 
1,571,241 
270 
928,280 
Abstain 
997,710 
800,873 
Broker Non-Votes 
8,820,601 
5,388 
6,975,067 
Total 
40,044,829 
7,075 
27,826,448 
2,422 
To approve the elimination of the fundamental 
           
policy relating to investing in other 
           
investment companies. 
           
For 
28,409,159 
1,409 
19,008,824 
2,422 
Against 
1,709,040 
270 
986,266 
Abstain 
1,106,029 
856,291 
Broker Non-Votes 
8,820,601 
5,388 
6,975,067 
Total 
40,044,829 
7,075 
27,826,448 
2,422 
To approve the elimination of the fundamental 
           
policy relating to derivatives and short sales. 
           
For 
28,263,247 
1,408 
18,976,995 
2,422 
Against 
1,883,329 
271 
1,119,265 
Abstain 
1,077,652 
755,121 
Broker Non-Votes 
8,820,601 
5,388 
6,975,067 
Total 
40,044,829 
7,075 
27,826,448 
2,422 
To approve the elimination of the fundamental 
           
policy relating to commodities. 
           
For 
28,338,035 
1,408 
18,946,833 
2,422 
Against 
1,795,306 
271 
1,042,974 
Abstain 
1,090,887 
861,574 
Broker Non-Votes 
8,820,601 
5,388 
6,975,067 
Total 
40,044,829 
7,075 
27,826,448 
2,422 
To approve the new fundamental policy relating 
           
to commodities. 
           
For 
28,251,230 
1,408 
18,947,927 
2,422 
Against 
1,825,668 
271 
1,034,870 
Abstain 
1,147,330 
868,584 
Broker Non-Votes 
8,820,601 
5,388 
6,975,067 
Total 
40,044,829 
7,075 
27,826,448 
2,422 
 
 
Nuveen Investments 15
 
 
 
 

 

   
NPI 
Shareholder Meeting Report (continued) 
NPM 
 
NPT 
 
 
             
  NPI  NPM  NPT 
 
Common and 
 
Common and 
 
Common and 
 
 
Preferred 
Preferred 
Preferred 
Preferred 
Preferred 
Preferred 
 
shares voting 
shares voting 
shares voting 
shares voting 
shares voting 
shares voting 
 
together 
together 
together 
together 
together 
together 
 
as a class 
as a class 
as a class 
as a class 
as a class 
as a class 
Approval of the Board Members was reached 
           
as follows: 
           
John Amboian 
           
For 
38,650,803 
52,284,991 
26,897,182 
Withhold 
1,394,026 
1,655,261 
929,266 
Total 
40,044,829 
53,940,252 
27,826,448 
Robert P. Bremner 
           
For 
38,599,113 
52,263,598 
26,915,062 
Withhold 
1,445,716 
1,676,654 
911,386 
Total 
40,044,829 
53,940,252 
27,826,448 
Jack B. Evans 
           
For 
38,667,456 
52,263,821 
26,916,252 
Withhold 
1,377,373 
1,676,431 
910,196 
Total 
40,044,829 
53,940,252 
27,826,448 
William C. Hunter 
           
For 
5,702 
7,473 
2,272 
Withhold 
1,373 
1,554 
150 
Total 
7,075 
9,027 
2,422 
David J. Kundert 
           
For 
38,639,748 
52,310,427 
26,920,871 
Withhold 
1,405,081 
1,629,825 
905,577 
Total 
40,044,829 
53,940,252 
27,826,448 
William J. Schneider 
           
For 
5,702 
7,473 
2,272 
Withhold 
1,373 
1,554 
150 
Total 
7,075 
9,027 
2,422 
Judith M. Stockdale 
           
For 
38,662,766 
52,233,372 
26,886,217 
Withhold 
1,382,063 
1,706,880 
940,231 
Total 
40,044,829 
53,940,252 
27,826,448 
Carole E. Stone 
           
For 
38,635,742 
52,247,961 
26,915,115 
Withhold 
1,409,087 
1,692,291 
911,333 
Total 
40,044,829 
53,940,252 
27,826,448 
Terence J. Toth 
           
For 
38,665,857 
52,318,198 
26,928,503 
Withhold 
1,378,972 
1,622,054 
897,945 
Total 
40,044,829 
53,940,252 
27,826,448 
 
 
16 Nuveen Investments
 
 
 
 

 

 
Report of Independent
Registered Public Accounting Firm
 
 
The Board of Directors and Shareholders
Nuveen Premium Income Municipal Fund, Inc.
Nuveen Premium Income Municipal Fund 2, Inc.
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Premium Income Municipal Fund, Inc., Nuveen Premium Income Municipal Fund 2, Inc. and Nuveen Premium Income Municipal Fund 4, Inc. (the “Funds”) as of October 31, 2010, and the related statements of operations and cash flows (Nuveen Premium Income Municipal Fund, Inc. and Nuveen Premium Income Municipal Fund 4, Inc. only) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Premium Income Municipal Fund, Inc., Nuveen Premium Income Municipal Fund 2, Inc. and Nuveen Premium Income Municipal Fund 4, Inc. at October 31, 2010, the results of their operations and cash flows (Nuveen Premium Income Municipal Fund, Inc. and Nuveen Premium Income Municipal Fund 4, Inc. only) for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
December 28, 2010
 
 
Nuveen Investments 17
 
 
 

 

           
   
Nuveen Premium Income Municipal Fund, Inc. 
   
NPI 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 4.8% (3.1% of Total Investments) 
     
$   4,050 
 
Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 
12/10 at 102.00 
A– 
$   4,137,966 
   
6.125%, 12/01/16 
     
   
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, 
     
   
Series 2006C-2: 
     
1,435 
 
5.000%, 11/15/36 (UB) 
11/16 at 100.00 
Aa1 
1,479,083 
4,000 
 
5.000%, 11/15/39 (UB) 
11/16 at 100.00 
Aa1 
4,113,240 
6,000 
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
Aa1 
6,171,480 
   
2006D, 5.000%, 11/15/39 (UB) 
     
   
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health 
     
   
System Inc., Series 2005A: 
     
6,000 
 
5.250%, 11/15/20 
11/15 at 100.00 
Baa2 
6,076,680 
1,300 
 
5.000%, 11/15/30 
11/15 at 100.00 
Baa2 
1,202,292 
12,000 
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, 
1/17 at 100.00 
AA+ 
11,848,440 
   
Series 2007A, 4.500%, 1/01/43 – AMBAC Insured (UB) 
     
2,890 
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, 
6/15 at 100.00 
BBB 
2,927,079 
   
International Paper Company, Series 2005A, 5.000%, 6/01/25 
     
5,020 
 
DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 
6/12 at 101.00 
A
5,144,094 
   
5.250%, 6/01/18 
     
1,000 
 
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist 
11/14 at 100.00 
A3 (4) 
1,166,530 
   
Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) 
     
43,695 
 
Total Alabama 
   
44,266,884 
   
Alaska – 1.4% (0.9% of Total Investments) 
     
   
Anchorage, Alaska, General Obligation Refunding Bonds, Series 2003A: 
     
2,000 
 
5.250%, 9/01/17 (Pre-refunded 9/01/13) – FGIC Insured 
9/13 at 100.00 
AA (4) 
2,257,620 
2,035 
 
5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured 
9/13 at 100.00 
AA (4) 
2,297,127 
10,500 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
Baa3 
8,559,705 
   
Series 2006A, 5.000%, 6/01/32 
     
14,535 
 
Total Alaska 
   
13,114,452 
   
Arizona – 2.1% (1.4% 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 
508,674 
660 
 
5.250%, 12/01/25 
12/15 at 100.00 
BBB 
670,025 
9,720 
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 
No Opt. Call 
A+ 
9,959,112 
   
2010A, 5.000%, 7/01/40 
     
4,100 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
3,873,393 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
4,130 
 
University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 – 
6/12 at 100.00 
AA– 
4,349,344 
   
AMBAC Insured 
     
19,110 
 
Total Arizona 
   
19,360,548 
   
Arkansas – 0.3% (0.2% of Total Investments) 
     
480 
 
Paragould, Arkansas, Water, Sewer and Electric Revenue Bonds, Series 2000, 5.650%, 12/01/25 
12/10 at 100.00 
N/R (4) 
482,313 
   
(Pre-refunded 12/01/10) – AMBAC Insured 
     
2,000 
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, 
2/15 at 100.00 
Baa1 
2,041,920 
   
Series 2005B, 5.000%, 2/01/25 
     
2,480 
 
Total Arkansas 
   
2,524,233 
   
California – 20.5% (13.3% of Total Investments) 
     
9,200 
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 
No Opt. Call 
A– 
5,207,844 
   
2004A, 0.000%, 10/01/20 – AMBAC Insured 
     
10,000 
 
Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 
9/17 at 100.00 
A1 
9,034,300 
   
2007A-1, 4.375%, 3/01/37 – FGIC Insured 
     
 
 
18 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$ 4,000 
 
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 
5/12 at 101.00 
Aaa 
$ 4,375,160 
   
5/01/15 (Pre-refunded 5/01/12) 
     
5,400 
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, 
10/15 at 100.00 
AA+ 
5,599,962 
   
Series 2005, 4.750%, 10/01/28 (UB) 
     
1,500 
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 
11/15 at 100.00 
A2 
1,523,865 
   
2006, 5.000%, 11/01/30 
     
   
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist 
     
   
Health System/West, Series 2003A: 
     
3,700 
 
5.000%, 3/01/28 
3/13 at 100.00 
A
3,705,402 
7,000 
 
5.000%, 3/01/33 
3/13 at 100.00 
A
6,906,830 
5,425 
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, 
No Opt. Call 
A
5,911,297 
   
Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 
     
8,560 
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, 
11/15 at 100.00 
AAA 
8,770,490 
   
Series 2005, 5.000%, 11/15/27 
     
8,570 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, 
4/16 at 100.00 
A+ 
8,507,525 
   
Series 2006, 5.000%, 4/01/37 
     
4,250 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA 
4,556,085 
   
Series 2009B, 5.500%, 10/01/39 
     
3,015 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
Aa3 
2,976,951 
   
5.000%, 11/15/42 (UB) 
     
11,395 
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 
No Opt. Call 
A2 
12,028,904 
   
1993E, 5.500%, 6/01/15 
     
1,000 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
A2 
1,068,040 
   
2010A-1, 6.000%, 3/01/35 
     
   
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 
1,577,614 
4,730 
 
5.000%, 7/01/39 
7/15 at 100.00 
BBB 
4,173,894 
5,000 
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
5,221,900 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
     
7,130 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
No Opt. Call 
Aa3 
8,627,657 
   
Option Bond Trust 3175, 13.358%, 5/15/14 (IF) 
     
3,095 
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 
No Opt. Call 
Aa3 
3,527,774 
905 
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM) 
No Opt. Call 
AAA 
1,049,194 
   
California, General Obligation Bonds, Series 2004: 
     
1,160 
 
5.125%, 2/01/25 
2/14 at 100.00 
A1 
1,225,447 
10,000 
 
5.125%, 2/01/26 
2/14 at 100.00 
A1 
10,335,300 
3,575 
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric 
6/14 at 102.00 
A
3,845,592 
   
Company, Series 1996A, 5.300%, 7/01/21 
     
4,890 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
2,113,703 
   
2006B, 0.000%, 8/01/26 – NPFG Insured 
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
7,200 
 
5.000%, 6/01/33 
6/17 at 100.00 
BBB 
5,959,368 
2,000 
 
5.750%, 6/01/47 
6/17 at 100.00 
BBB 
1,599,700 
3,000 
 
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
2,162,130 
5,000 
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 
No Opt. Call 
AA+ 
2,496,850 
   
11/01/24 – AGM Insured 
     
755 
 
Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM) 
No Opt. Call 
AAA 
949,299 
16,650 
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage 
No Opt. Call 
AAA 
22,077,068 
   
Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) 
     
5,000 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa1 (4) 
5,899,450 
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) 
     
2,000 
 
Redwood City School District, San Mateo County, California, General Obligation Bonds, Series 
7/12 at 100.00 
A+ 
2,024,700 
   
2002, 5.000%, 7/15/27 – FGIC Insured 
     
 
 
Nuveen Investments 19
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund, Inc. (continued) 
NPI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$   3,700 
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 
8/13 at 100.00 
A+ 
$   3,968,879 
   
5.000%, 8/15/22 – NPFG Insured 
     
   
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 
     
400 
 
5.000%, 9/01/21 
9/15 at 102.00 
Baa3 
401,812 
445 
 
5.000%, 9/01/23 
9/15 at 102.00 
Baa3 
437,524 
3,500 
 
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – 
9/14 at 100.00 
A+ 
3,570,735 
   
NPFG Insured 
     
   
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 
A
2,230,135 
7,150 
 
0.000%, 1/15/32 – NPFG Insured 
No Opt. Call 
A
1,399,255 
50,400 
 
0.000%, 1/15/34 – NPFG Insured 
No Opt. Call 
A
8,514,072 
24,025 
 
0.000%, 1/15/36 – NPFG Insured 
No Opt. Call 
A
3,456,717 
266,815 
 
Total California 
   
189,018,424 
   
Colorado – 4.1% (2.7% of Total Investments) 
     
2,500 
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 
12/14 at 100.00 
AA– 
2,762,850 
   
2004, 5.000%, 12/01/21 – FGIC Insured 
     
690 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley 
9/15 at 100.00 
A
724,776 
   
School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured 
     
2,125 
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan 
6/16 at 100.00 
A– 
2,126,955 
   
Society, Series 2005, 5.000%, 6/01/29 
     
1,000 
 
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 
9/14 at 100.00 
A3 
1,007,220 
   
5.000%, 9/01/25 
     
800 
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 
3/15 at 100.00 
A
806,056 
   
5.000%, 3/01/25 
     
315 
 
Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 
4/11 at 105.00 
AA 
323,685 
   
7.250%, 10/01/31 (Alternative Minimum Tax) 
     
4,660 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 
No Opt. Call 
A+ 
5,047,526 
   
(Alternative Minimum Tax) 
     
19,810 
 
Denver, Colorado, Excise Tax Revenue Bonds, Convention Center, Series 2001A, 5.500%, 9/01/18 
3/11 at 100.00 
AA+ (4) 
20,154,694 
   
(Pre-refunded 3/01/11) – AGM Insured 
     
20,500 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – 
No Opt. Call 
A
4,881,254 
   
NPFG Insured 
     
250 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
Baa3 
264,490 
   
Activity Bonds, Series 2010, 6.000%, 1/15/41 
     
52,650 
 
Total Colorado 
   
38,099,506 
   
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 
2,368,148 
2,310 
 
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System 
11/15 at 100.00 
A1 
2,399,559 
   
Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – NPFG Insured 
     
4,240 
 
Total Connecticut 
   
4,767,707 
   
Delaware – 0.2% (0.1% of Total Investments) 
     
1,500 
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., 
10/20 at 100.00 
AA– 
1,542,494 
   
Series 2010A, 5.000%, 10/01/40 (WI/DD, Settling 11/04/10) – NPFG Insured 
     
   
District of Columbia – 4.0% (2.6% of Total Investments) 
     
3,960 
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage 
12/10 at 100.00 
AAA 
3,966,019 
   
Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) 
     
9,505 
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured 
No Opt. Call 
Aa2 
11,783,253 
   
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: 
     
14,105 
 
0.000%, 4/01/24 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 47.66 
A (4) 
6,706,645 
7,625 
 
0.000%, 4/01/25 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 44.82 
A (4) 
3,410,129 
16,665 
 
0.000%, 4/01/32 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 29.23 
A (4) 
4,860,681 
 
 
20 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, 
10/16 at 100.00 
AA+ 
$ 2,221,058 
   
Tender Option Bond Trust 1606, 11.401%, 10/01/30 – AMBAC Insured (IF) 
     
3,335 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
3,477,571 
   
Tender Option Bond Trust 1731, 11.377%, 10/01/30 – AMBAC Insured (IF) 
     
57,325 
 
Total District of Columbia 
   
36,425,356 
   
Florida – 6.8% (4.4% of Total Investments) 
     
4,225 
 
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, 
4/16 at 100.00 
A– 
4,295,008 
   
Series 2005, 5.000%, 4/01/24 
     
8,000 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/13 at 100.00 
Aa3 
8,702,400 
   
Series 2003A, 5.375%, 10/01/16 – NPFG Insured (Alternative Minimum Tax) 
     
5,400 
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed 
4/12 at 100.00 
N/R 
5,291,298 
   
Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 
     
   
4/01/30 (Alternative Minimum Tax) 
     
8,000 
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 
No Opt. Call 
Aa2 
8,425,360 
19,750 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 
7/16 at 100.00 
A
19,748,815 
   
4.500%, 7/01/33 – AMBAC Insured 
     
5,475 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A2 
5,419,484 
   
5.000%, 10/01/41 
     
6,910 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
6,992,851 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
     
1,785 
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured 
10/15 at 100.00 
AA 
1,855,079 
2,375 
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 
8/15 at 100.00 
Aa3 
2,465,321 
   
8/01/22 – AGM Insured 
     
61,920 
 
Total Florida 
   
63,195,616 
   
Georgia – 1.6% (1.1% of Total Investments) 
     
2,625 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science 
5/14 at 100.00 
Aa3 
2,803,368 
   
Building, Series 2004, 5.250%, 5/01/24 – NPFG Insured 
     
6,025 
 
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 
1/14 at 100.00 
AA+ 
6,459,403 
   
5.250%, 1/01/20 – AGM Insured 
     
4,860 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, 
No Opt. Call 
Aa2 
5,886,092 
   
Series 1992P, 6.250%, 7/01/20 – AMBAC Insured 
     
13,510 
 
Total Georgia 
   
15,148,863 
   
Hawaii – 1.2% (0.8% of Total Investments) 
     
10,000 
 
Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – NPFG Insured 
9/13 at 100.00 
Aa1 
11,023,500 
   
Idaho – 0.8% (0.5% of Total Investments) 
     
5,000 
 
Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%, 9/01/25 – 
3/11 at 100.00 
A1 
5,011,400 
   
FGIC Insured (Alternative Minimum Tax) 
     
   
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial 
     
   
Hospital, Series 2006: 
     
2,185 
 
5.250%, 9/01/30 
9/16 at 100.00 
BBB– 
1,998,575 
600 
 
5.250%, 9/01/37 
9/16 at 100.00 
BBB– 
528,708 
7,785 
 
Total Idaho 
   
7,538,683 
   
Illinois – 11.0% (7.2% of Total Investments) 
     
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
     
   
Revenues, Series 1998B-1: 
     
8,890 
 
0.000%, 12/01/16 – FGIC Insured 
No Opt. Call 
Aa2 
7,396,302 
10,000 
 
0.000%, 12/01/20 – FGIC Insured 
No Opt. Call 
Aa2 
6,521,100 
10,130 
 
0.000%, 12/01/24 – FGIC Insured 
No Opt. Call 
Aa2 
5,010,197 
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
     
   
Revenues, Series 1999A: 
     
15,000 
 
0.000%, 12/01/21 – FGIC Insured 
No Opt. Call 
Aa2 
8,928,300 
10,000 
 
0.000%, 12/01/23 – FGIC Insured 
No Opt. Call 
Aa2 
5,240,600 
13,310 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA 
14,264,993 
 
 
Nuveen Investments 21
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund, Inc. (continued) 
NPI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
$   8,740 
 
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois 
2/11 at 100.00 
A
$  8,744,720 
   
Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured 
     
   
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: 
     
1,050 
 
5.250%, 11/15/22 
5/14 at 100.00 
A
1,070,444 
3,000 
 
5.250%, 11/15/23 
5/14 at 100.00 
A
3,056,070 
985 
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 
1/16 at 100.00 
BB+ 
878,325 
2,880 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
3,374,986 
1,225 
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
1,315,871 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
     
9,820 
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 
2/11 at 100.00 
BBB 
9,315,743 
   
5.250%, 8/01/27 – AMBAC Insured 
     
1,000 
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
1/16 at 100.00 
B– 
712,300 
   
Revenue Bonds, Series 2005B, 5.250%, 1/01/30 
     
10,040 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A
8,724,057 
   
Project, Series 1992A, 0.000%, 6/15/15 – FGIC Insured 
     
9,970 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
12/10 at 100.50 
AAA 
10,107,985 
   
Project, Series 1999A, 5.500%, 12/15/24 – FGIC Insured 
     
3,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
AAA 
4,102,350 
   
Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 
     
3,000 
 
Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris 
12/11 at 101.00 
BBB+ 
3,058,200 
   
Hospital, Series 2001, 6.625%, 12/01/31 
     
122,040 
 
Total Illinois 
   
101,822,543 
   
Indiana – 1.4% (0.9% of Total Investments) 
     
2,005 
 
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004, 
8/14 at 100.00 
Aaa 
2,219,975 
   
5.000%, 8/01/22 – AGM Insured 
     
2,500 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 
12/20 at 100.00 
AA 
2,586,025 
   
5.000%, 12/01/37 
     
7,965 
 
Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and 
1/12 at 101.00 
AA+ (4) 
8,556,800 
   
Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12) 
     
12,470 
 
Total Indiana 
   
13,362,800 
   
Iowa – 1.4% (0.9% of Total Investments) 
     
2,900 
 
Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel 
No Opt. Call 
AAA 
3,557,835 
   
Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM) 
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
     
10,000 
 
5.500%, 6/01/42 
6/15 at 100.00 
BBB 
7,819,800 
2,000 
 
5.625%, 6/01/46 
6/15 at 100.00 
BBB 
1,564,380 
14,900 
 
Total Iowa 
   
12,942,015 
   
Kansas – 0.7% (0.5% of Total Investments) 
     
6,000 
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21 (UB) 
3/14 at 100.00 
AAA 
6,667,200 
   
Kentucky – 0.9% (0.6% of Total Investments) 
     
3,800 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
No Opt. Call 
Baa2 
4,056,651 
   
Medical Health System, Series 2010A, 6.500%, 3/01/45 
     
   
Marshall County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 
     
   
Series 2004: 
     
1,210 
 
5.000%, 6/01/19 – AMBAC Insured 
6/14 at 100.00 
Aa2 
1,329,972 
1,270 
 
5.000%, 6/01/20 – AMBAC Insured 
6/14 at 100.00 
Aa2 
1,364,831 
1,335 
 
5.000%, 6/01/21 – AMBAC Insured 
6/14 at 100.00 
Aa2 
1,421,615 
7,615 
 
Total Kentucky 
   
8,173,069 
   
Louisiana – 4.4% (2.8% of Total Investments) 
     
2,915 
 
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding 
12/12 at 100.00 
A+ (4) 
3,199,213 
   
Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured 
     
 
 
22 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Louisiana (continued) 
     
   
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care 
     
   
Corporation Project, Series 1994: 
     
$      405 
 
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
$    473,449 
3,635 
 
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
4,249,351 
2,000 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
2,015,000 
   
Lady Health System, Series 2005A, 5.250%, 8/15/31 
     
5,800 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
5,742,986 
   
Series 2007A, 5.500%, 5/15/47 
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: 
     
1,200 
 
5.000%, 5/01/25 – FGIC Insured 
5/15 at 100.00 
Aa1 
1,264,956 
2,210 
 
5.000%, 5/01/26 – FGIC Insured 
5/15 at 100.00 
Aa1 
2,321,207 
2,500 
 
5.000%, 5/01/27 – FGIC Insured 
5/15 at 100.00 
Aa1 
2,614,200 
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 
     
930 
 
4.750%, 5/01/39 – AGM Insured (UB) 
5/16 at 100.00 
AA+ 
947,810 
10,105 
 
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
10,112,276 
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2001B: 
     
420 
 
5.500%, 5/15/30 
5/11 at 101.00 
BBB 
424,801 
6,785 
 
5.875%, 5/15/39 
5/11 at 101.00 
BBB 
6,849,932 
38,905 
 
Total Louisiana 
   
40,215,181 
   
Maryland – 1.2% (0.8% of Total Investments) 
     
2,200 
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 
9/16 at 100.00 
Baa3 
2,139,940 
   
9/01/27 – SYNCORA GTY Insured 
     
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County 
No Opt. Call 
BBB– 
2,042,200 
   
Hospital, Series 2008, 5.750%, 1/01/33 
     
3,445 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland 
7/16 at 100.00 
A
3,396,977 
   
Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured 
     
3,600 
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development 
1/11 at 100.00 
Aaa 
3,604,284 
   
Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) 
     
11,245 
 
Total Maryland 
   
11,183,401 
   
Massachusetts – 4.6% (3.0% of Total Investments) 
     
2,025 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,147,472 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
     
7,930 
 
Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 
1/11 at 100.00 
N/R 
7,934,282 
   
5.850%, 7/01/35 – AMBAC Insured (Alternative Minimum Tax) 
     
2,825 
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden 
12/10 at 100.00 
BBB 
2,830,339 
   
Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) 
     
13,000 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006, 
8/16 at 100.00 
AAA 
13,144,300 
   
4.375%, 8/01/36 (UB) 
     
5,960 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 – 
8/17 at 100.00 
AA+ 
6,656,426 
   
NPFG Insured 
     
5,535 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – 
2/17 at 100.00 
AA+ 
5,568,542 
   
AGM Insured (UB) 
     
3,820 
 
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24 
1/14 at 100.00 
A1 (4) 
4,326,265 
   
(Pre-refunded 1/01/14) – FGIC Insured 
     
41,095 
 
Total Massachusetts 
   
42,607,626 
   
Michigan – 4.0% (2.6% of Total Investments) 
     
   
Detroit, Michigan, General Obligation Bonds, Series 2003A: 
     
3,565 
 
5.250%, 4/01/22 – SYNCORA GTY Insured 
4/13 at 100.00 
BB 
3,167,146 
1,275 
 
5.250%, 4/01/23 – SYNCORA GTY Insured 
4/13 at 100.00 
BB 
1,119,705 
3,000 
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 
7/15 at 100.00 
BB+ 
3,033,720 
   
6.000%, 7/01/35 
     
6,580 
 
Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue 
1/11 at 100.00 
AAA 
6,586,119 
   
Refunding Bonds, Forest Hills Regency Square Project, Series 1999A, 5.750%, 7/01/29 
     
 
 
Nuveen Investments 23
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund, Inc. (continued) 
NPI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Michigan (continued) 
     
$   10,000 
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 
10/13 at 100.00 
Aa3 
$  10,566,000 
   
5.000%, 10/15/23 – NPFG Insured 
     
1,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical 
1/11 at 100.00 
BB– 
956,890 
   
Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured 
     
4,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
AA 
4,124,680 
   
2006A, 5.000%, 12/01/31 (UB) 
     
850 
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation 
6/16 at 100.00 
Baa3 
754,851 
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35 
     
6,390 
 
Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, 
12/12 at 100.00 
A
6,512,560 
   
5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax) 
     
36,660 
 
Total Michigan 
   
36,821,671 
   
Minnesota – 4.9% (3.2% of Total Investments) 
     
13,650 
 
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 
7/14 at 100.00 
A2 
14,012,954 
2,000 
 
Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, 
2/14 at 100.00 
N/R (4) 
2,294,980 
   
Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 
     
   
(Pre-refunded 2/15/14) 
     
   
Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills 
     
   
Project, Series 2001A: 
     
1,000 
 
6.150%, 8/20/31 
8/11 at 105.00 
Aaa 
1,061,020 
2,000 
 
6.200%, 2/20/43 
8/11 at 105.00 
Aaa 
2,120,400 
3,000 
 
Minneapolis, Minnesota, St. Paul Metropolitan Airports Commission, Senior Airport Revenue Bonds, 
1/20 at 100.00 
AA– 
3,183,300 
   
Series 2010A, 5.000%, 1/01/35 
     
90 
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, 
1/11 at 100.00 
A
90,063 
   
Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured 
     
1,500 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24 
10/14 at 100.00 
A3 
1,587,480 
1,545 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., 
11/15 at 100.00 
BB+ 
1,559,631 
   
Series 2005, 6.000%, 11/15/25 
     
15,385 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, 
11/15 at 103.00 
AA+ 
18,916,011 
   
Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured 
     
40,170 
 
Total Minnesota 
   
44,825,839 
   
Mississippi – 0.8% (0.5% of Total Investments) 
     
6,875 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
7,136,869 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 
     
   
Missouri – 1.4% (0.9% of Total Investments) 
     
2,000 
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
2,015,280 
   
Services – Heisinger Project, Series 2004, 5.250%, 2/01/24 
     
500 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal 
3/16 at 100.00 
BBB+ 
502,455 
   
Regional Hospital, Series 2006, 5.000%, 3/01/22 
     
   
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing 
     
   
Project, Series 2005A: 
     
1,565 
 
6.000%, 6/01/20 
No Opt. Call 
A
1,747,808 
1,660 
 
5.000%, 6/01/35 
6/15 at 100.00 
A
1,585,333 
1,295 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/11 at 101.00 
AA– 
1,345,440 
   
Series 2001A, 5.250%, 6/01/21 – AMBAC Insured 
     
   
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
     
   
Series 2001A: 
     
205 
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
212,884 
1,500 
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
1,557,690 
4,150 
 
5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
4,309,609 
12,875 
 
Total Missouri 
   
13,276,499 
   
Nebraska – 0.3% (0.2% of Total Investments) 
     
1,620 
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska 
2/17 at 100.00 
AA+ 
2,618,098 
   
City 2, Series 2006A, Trust 11673, 19.418%, 8/01/40 – AMBAC Insured (IF) 
     
 
 
24 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Nevada – 4.1% (2.7% of Total Investments) 
     
$   10,410 
 
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 
6/12 at 100.00 
AA (4) 
$  11,272,573 
   
(Pre-refunded 6/15/12) – NPFG Insured 
     
5,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,383,300 
15,000 
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, 
6/11 at 100.00 
Aaa 
15,442,650 
   
Series 2001, 5.250%, 6/01/26 (Pre-refunded 6/01/11) – FGIC Insured 
     
   
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
     
   
Monorail Project, First Tier, Series 2000: 
     
6,425 
 
0.000%, 1/01/29 – AMBAC Insured 
No Opt. Call 
D
467,547 
10,600 
 
5.375%, 1/01/40 – AMBAC Insured (6) 
1/11 at 100.00 
N/R 
2,227,378 
2,700 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A
3,201,363 
   
8.000%, 6/15/30 
     
50,135 
 
Total Nevada 
   
37,994,811 
   
New Hampshire – 0.0% (0.0% of Total Investments) 
     
405 
 
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, 
1/11 at 100.00 
Aa2 
405,571 
   
Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax) 
     
   
New Jersey – 7.4% (4.8% of Total Investments) 
     
10,150 
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District 
1/11 at 100.00 
AA+ 
10,163,195 
   
Project, Series 1999B, 5.625%, 1/01/26 – AGM Insured 
     
435 
 
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center 
No Opt. Call 
B3 
273,319 
   
Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15 
     
   
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: 
     
3,655 
 
5.250%, 9/01/24 
9/15 at 100.00 
AA– 
4,011,289 
2,000 
 
5.250%, 9/01/26 
9/15 at 100.00 
AA– 
2,178,420 
300 
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine 
6/19 at 100.00 
Baa1 
348,984 
   
and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32 
     
800 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BBB– 
809,816 
   
University Hospital, Series 2007, 5.750%, 7/01/37 
     
3,850 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
AA– 
4,442,939 
   
2006A, 5.250%, 12/15/20 
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C: 
     
5,410 
 
5.500%, 6/15/20 (Pre-refunded 6/15/13) 
6/13 at 100.00 
AAA 
6,095,393 
9,250 
 
5.500%, 6/15/23 (Pre-refunded 6/15/13) 
6/13 at 100.00 
AAA 
10,421,883 
   
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A: 
     
3,915 
 
6.000%, 1/01/14 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
4,542,653 
7,585 
 
6.000%, 1/01/14 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
8,801,027 
2,500 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured 
7/13 at 100.00 
A+ 
2,711,850 
9,130 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured (UB) 
1/15 at 100.00 
AA+ 
9,835,110 
4,270 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
BBB 
4,011,238 
   
Series 2007-1A, 4.500%, 6/01/23 
     
63,250 
 
Total New Jersey 
   
68,647,116 
   
New Mexico – 0.7% (0.5% of Total Investments) 
     
5,585 
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 
No Opt. Call 
AA+ 
6,703,620 
   
1997, 6.000%, 2/01/27 – AGM Insured 
     
   
New York – 13.2% (8.6% of Total Investments) 
     
   
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
     
   
Bonds, Barclays Center Project, Series 2009: 
     
2,000 
 
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
2,146,020 
5,000 
 
0.000%, 7/15/44 
No Opt. Call 
BBB– 
627,950 
   
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, 
     
   
Series 2004A: 
     
1,000 
 
5.250%, 7/01/22 
7/14 at 100.00 
Aa3 
1,071,520 
500 
 
5.250%, 7/01/24 
7/14 at 100.00 
Aa3 
528,820 
1,025 
 
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 
7/14 at 100.00 
AAA 
1,189,933 
   
2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14) 
     
 
 
Nuveen Investments 25
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund, Inc. (continued) 
NPI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
New York (continued) 
     
$   1,995 
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, 
7/14 at 100.00 
AA– 
$  2,150,610 
   
Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20 
     
2,335 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 
3/15 at 100.00 
AAA 
2,540,083 
   
2005F, 5.000%, 3/15/24 – AMBAC Insured 
     
6,915 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A
6,638,815 
   
2/15/47 – NPFG Insured 
     
6,000 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 
No Opt. Call 
A1 
6,305,400 
   
2005, 5.250%, 10/01/35 
     
   
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 
     
7,000 
 
5.000%, 12/01/23 – FGIC Insured 
6/16 at 100.00 
A
7,562,940 
5,000 
 
5.000%, 12/01/24 – FGIC Insured 
6/16 at 100.00 
A
5,374,950 
5,100 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 
11/16 at 100.00 
A
5,088,270 
   
5/01/33 – NPFG Insured 
     
3,900 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 
11/15 at 100.00 
A
4,045,821 
   
5.000%, 11/15/30 – AMBAC Insured 
     
5,780 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 
11/15 at 100.00 
A
5,996,114 
   
5.000%, 11/15/30 
     
3,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, 
11/12 at 100.00 
A
3,202,710 
   
Series 2002A, 5.125%, 11/15/21 – FGIC Insured 
     
   
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United 
     
   
Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A: 
     
2,185 
 
5.250%, 7/01/20 
7/14 at 100.00 
Aa1 
2,450,827 
2,050 
 
5.250%, 7/01/21 
7/14 at 100.00 
Aa1 
2,299,403 
2,420 
 
5.250%, 7/01/22 
4/14 at 100.00 
Aa1 
2,698,881 
1,370 
 
5.250%, 7/01/24 
4/14 at 100.00 
Aa1 
1,465,037 
12,500 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22 (UB) 
10/13 at 100.00 
AA 
13,694,000 
95 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 
6/13 at 100.00 
AA 
103,578 
4,905 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 
6/13 at 100.00 
AAA 
5,524,452 
   
(Pre-refunded 6/01/13) 
     
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 
8,635,486 
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 
6,737,460 
2,880 
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 
11/15 at 100.00 
AA+ 
3,350,592 
   
Trust 2364, 16.664%, 11/15/44 – AMBAC Insured (IF) 
     
650 
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 
6/11 at 100.00 
BBB 
650,507 
   
6.500%, 6/01/35 
     
7,400 
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
1/11 at 100.00 
AA– 
7,425,160 
   
State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16 
     
6,460 
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 
3/14 at 100.00 
AAA 
6,982,420 
   
2004A-1, 5.000%, 3/15/26 – FGIC Insured 
     
4,750 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
3/14 at 101.00 
Aa2 
5,055,520 
   
Thirty-Fifth Series 2004, 5.000%, 9/15/28 – SYNCORA GTY Insured 
     
118,175 
 
Total New York 
   
121,543,279 
   
North Carolina – 1.6% (1.1% of Total Investments) 
     
   
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G: 
     
5,785 
 
5.250%, 6/01/22 (UB) 
6/13 at 100.00 
AA+ 
6,344,583 
3,475 
 
5.250%, 6/01/23 (UB) 
6/13 at 100.00 
AA+ 
3,800,191 
2,850 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
Aa3 
3,078,371 
   
Bonds, Series 2008, Trust 1149, 14.679%, 7/15/32 (IF) 
     
1,050 
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, 
1/17 at 100.00 
AA– 
1,088,462 
   
Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 
     
1,000 
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, 
8/15 at 100.00 
N/R 
833,040 
   
National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 
     
   
(Alternative Minimum Tax) 
     
14,160 
 
Total North Carolina 
   
15,144,647 
 
 
26 Nuveen Investments
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Ohio – 1.9% (1.2% 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 
BBB 
$    218,455 
2,850 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
2,401,353 
2,745 
 
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
2,189,083 
6,285 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
4,809,659 
4,265 
 
Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children’s Hospital Project, 
5/11 at 101.00 
Aa2 (4) 
4,418,241 
   
Series 2001, 5.500%, 5/01/28 (Pre-refunded 5/01/11) – AMBAC Insured 
     
   
Ohio State University, General Receipts Bonds, Series 2003B: 
     
2,225 
 
5.250%, 6/01/20 
6/13 at 100.00 
N/R 
2,488,663 
495 
 
5.250%, 6/01/20 
6/13 at 100.00 
Aa1 
542,619 
665 
 
Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System 
11/10 at 101.00 
A– 
673,020 
   
Obligated Group, Series 2000A, 6.125%, 11/15/16 
     
19,780 
 
Total Ohio 
   
17,741,093 
   
Oklahoma – 2.6% (1.7% of Total Investments) 
     
1,050 
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 
9/16 at 100.00 
BB+ 
934,101 
   
5.375%, 9/01/36 
     
3,500 
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 
7/15 at 100.00 
AA 
3,727,430 
   
7/01/24 – AMBAC Insured 
     
   
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: 
     
7,290 
 
5.000%, 2/15/37 
2/17 at 100.00 
A
7,305,090 
1,335 
 
5.000%, 2/15/42 
2/17 at 100.00 
A
1,335,614 
10,035 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
10,225,264 
   
System, Series 2006, 5.000%, 12/15/36 (UB) 
     
143 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
147,934 
   
System, Series 2008, Trust 3500, 8.333%, 6/15/30 (IF) 
     
23,353 
 
Total Oklahoma 
   
23,675,433 
   
Oregon – 0.4% (0.3% of Total Investments) 
     
1,060 
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 
5/15 at 100.00 
AA+ 
1,128,243 
   
5.000%, 5/01/24 – AGM Insured 
     
2,500 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 
11/14 at 100.00 
AAA 
2,894,850 
   
5.000%, 11/15/21 (Pre-refunded 11/15/14) 
     
3,560 
 
Total Oregon 
   
4,023,093 
   
Pennsylvania – 5.2% (3.4% of Total Investments) 
     
980 
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, 
3/17 at 100.00 
BBB 
894,377 
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37 
     
   
Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall 
     
   
College, Series 2003C: 
     
1,340 
 
5.250%, 4/15/15 
4/13 at 100.00 
AA– 
1,453,806 
1,960 
 
5.250%, 4/15/17 
4/13 at 100.00 
AA– 
2,120,877 
1,695 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue 
8/20 at 100.00 
AA 
1,791,734 
   
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 
     
1,025 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, 
11/20 at 100.00 
A– 
1,050,963 
   
Series 2010A, 5.000%, 11/01/40 
     
1,000 
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 
9/15 at 100.00 
Aa1 
1,084,350 
5,250 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Motor License Special Fund, 
12/20 at 100.00 
Aa3 
4,139,310 
   
Subordinate Series 2010A, 0.000%, 12/01/34 
     
2,625 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – 
6/16 at 100.00 
Aa3 
2,797,148 
   
AMBAC Insured 
     
   
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+ 
4,722,772 
4,735 
 
5.000%, 9/01/22 – AGM Insured 
9/14 at 100.00 
AA+ 
4,938,510 
 
 
Nuveen Investments 27
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund, Inc. (continued) 
NPI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Pennsylvania (continued) 
     
$    7,870 
 
Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue 
4/11 at 100.00 
N/R 
$   7,177,047 
   
Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax) 
     
14,000 
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AAA 
15,624,000 
   
District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured 
     
46,985 
 
Total Pennsylvania 
   
47,794,894 
   
Puerto Rico – 0.3% (0.2% of Total Investments) 
     
2,500 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 
8/17 at 100.00 
Aa2 
2,610,825 
   
5.250%, 8/01/57 
     
   
Rhode Island – 0.5% (0.3% of Total Investments) 
     
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2002A: 
     
870 
 
6.125%, 6/01/32 
6/12 at 100.00 
BBB 
875,359 
3,715 
 
6.250%, 6/01/42 
6/12 at 100.00 
BBB 
3,719,161 
4,585 
 
Total Rhode Island 
   
4,594,520 
   
South Carolina – 5.0% (3.3% of Total Investments) 
     
8,610 
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, 
12/14 at 100.00 
AA– 
9,297,681 
   
GROWTH, Series 2004, 5.250%, 12/01/24 
     
   
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, 
     
   
Series 2003: 
     
5,090 
 
5.250%, 12/01/18 (UB) 
12/13 at 100.00 
AA 
5,582,407 
3,595 
 
5.250%, 12/01/20 (UB) 
12/13 at 100.00 
AA 
3,940,947 
1,865 
 
5.250%, 12/01/21 (UB) 
12/13 at 100.00 
AA 
2,031,955 
   
Lexington County Health Service District, South Carolina, Hospital Revenue Bonds, Series 2004: 
     
1,805 
 
6.000%, 5/01/19 (Pre-refunded 5/01/14) 
5/14 at 100.00 
A+ (4) 
2,116,832 
2,400 
 
5.500%, 5/01/24 (Pre-refunded 5/01/14) 
5/14 at 100.00 
A+ (4) 
2,773,368 
   
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue 
     
   
Bonds, Palmetto Health Alliance, Series 2003C: 
     
13,345 
 
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
15,282,427 
1,655 
 
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
1,904,574 
3,530 
 
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement 
5/11 at 101.00 
BBB (4) 
3,636,147 
   
Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11) 
     
41,895 
 
Total South Carolina 
   
46,566,338 
   
Tennessee – 1.6% (1.0% of Total Investments) 
     
6,400 
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain 
7/16 at 100.00 
BBB+ 
6,430,400 
   
States Health Alliance, Series 2006A, 5.500%, 7/01/36 
     
6,100 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
1/17 at 31.69 
A– 
1,115,080 
   
Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40 
     
5,000 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
10/19 at 100.00 
AA 
5,381,650 
   
Tennessee, Revenue Refunding Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39 
     
410 
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
403,137 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
     
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
     
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
     
163 
 
5.500%, 11/01/37 (5), (6) 
11/17 at 100.00 
N/R 
67,654 
375 
 
5.500%, 11/01/46 (5), (6) 
11/17 at 100.00 
N/R 
156,125 
940 
 
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, 
7/13 at 100.00 
AA+ 
982,573 
   
7/01/34 (Alternative Minimum Tax) 
     
19,388 
 
Total Tennessee 
   
14,536,619 
   
Texas – 13.5% (8.8% of Total Investments) 
     
5,000 
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
CCC+ 
3,846,600 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 
     
3,118 
 
Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue 
12/10 at 105.00 
Aaa 
3,280,417 
   
Bonds, Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 
     
 
28     
Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Texas (continued) 
     
$    8,840 
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 
2/17 at 100.00 
AAA 
$   8,866,166 
   
4.250%, 8/15/36 (UB) 
     
2,150 
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC 
10/13 at 101.00 
CCC 
732,892 
   
Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) 
     
2,500 
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman 
4/20 at 100.00 
Baa2 
2,569,150 
   
Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 
     
3,500 
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 
11/20 at 100.00 
A+ 
3,519,145 
   
5.000%, 11/01/42 (WI/DD, Settling 11/17/10) 
     
470 
 
Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds, 
3/11 at 105.00 
AAA 
501,941 
   
Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax) 
     
4,000 
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 
11/11 at 100.00 
A
3,905,960 
   
2001B, 5.250%, 11/15/40 – NPFG Insured 
     
5,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 
5/14 at 100.00 
AA 
5,385,650 
   
5/15/25 – NPFG Insured 
     
6,000 
 
Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 - 
3/11 at 100.00 
AA+ 
6,100,500 
   
AGM Insured 
     
13,975 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 
8/16 at 100.00 
AAA 
14,374,266 
   
2007A, 4.750%, 8/01/43 (UB) 
     
   
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
     
   
Memorial Hospital Project, Series 2005: 
     
2,000 
 
5.250%, 8/15/21 
No Opt. Call 
BBB– 
2,023,780 
2,800 
 
5.125%, 8/15/26 
No Opt. Call 
BBB– 
2,688,168 
1,505 
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services 
5/13 at 100.00 
A
1,622,345 
   
Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured 
     
   
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003: 
     
245 
 
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured 
5/13 at 100.00 
A1 (4) 
272,839 
125 
 
5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured 
5/13 at 100.00 
A1 (4) 
137,701 
3,030 
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, 
5/13 at 100.00 
A1 
3,235,464 
   
5.250%, 5/15/24 – AMBAC Insured 
     
5,650 
 
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 
1/18 at 100.00 
A3 
5,965,044 
   
5.750%, 1/01/38 
     
11,000 
 
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender 
2/17 at 100.00 
AAA 
11,467,060 
   
Option Bond Trust 1124, 7.387%, 8/15/26 (IF) 
     
2,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 
11/15 at 100.00 
CCC 
687,300 
   
2001C, 5.200%, 5/01/28 
     
12,130 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
12,194,168 
   
Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 
     
7,255 
 
Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage 
12/10 at 105.00 
Aaa 
7,639,080 
   
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 
     
5,000 
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 
3/13 at 100.00 
AAA 
5,502,350 
   
1999, 5.250%, 3/01/17 – AGM Insured 
     
2,985 
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.588%, 4/01/28 (IF) 
4/17 at 100.00 
Aaa 
4,216,492 
25,000 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
BBB+ 
11,560,750 
   
2002A, 0.000%, 8/15/24 – AMBAC Insured 
     
2,500 
 
Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 
7/15 at 100.00 
Baa3 
2,514,300 
   
2005, 5.000%, 7/01/20 
     
137,778 
 
Total Texas 
   
124,809,528 
   
Virginia – 1.1% (0.7% of Total Investments) 
     
5,000 
 
Metropolitan Washington D.C. Airports Authority, District of Columbia, Airport System Revenue 
10/20 at 100.00 
AA– 
5,302,950 
   
Bonds, Series 2010A, 5.000%, 10/01/39 
     
4,635 
 
Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue 
10/14 at 100.00 
N/R 
4,714,073 
   
Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) 
     
9,635 
 
Total Virginia 
   
10,017,023 
 
 
Nuveen Investments 29
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund, Inc. (continued) 
NPI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Washington – 4.0% (2.6% of Total Investments) 
     
$   2,500 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, 
7/12 at 100.00 
Aaa 
$   2,697,050 
   
Series 2002A, 5.750%, 7/01/17 – NPFG Insured 
     
3,125 
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 
6/14 at 100.00 
A1 
3,393,219 
   
5.375%, 12/01/20 – NPFG Insured 
     
5,000 
 
Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%, 
12/11 at 100.00 
AA (4) 
5,267,450 
   
12/01/26 (Pre-refunded 12/01/11) – NPFG Insured 
     
3,955 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
Baa2 
3,926,405 
   
Series 2010, 5.500%, 12/01/39 (WI/DD, Settling 11/04/10) 
     
4,750 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, 
11/10 at 100.00 
A2 
4,763,110 
   
Series 1998, 5.125%, 11/15/22 – AMBAC Insured 
     
   
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
     
   
Series 2002: 
     
1,705 
 
6.500%, 6/01/26 
6/13 at 100.00 
BBB 
1,765,869 
2,700 
 
6.625%, 6/01/32 
6/13 at 100.00 
BBB 
2,742,309 
6,480 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 
No Opt. Call 
AA+ 
3,859,423 
   
6/01/24 – NPFG Insured 
     
11,000 
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured 
No Opt. Call 
AA+ 
8,228,550 
41,215 
 
Total Washington 
   
36,643,385 
   
Wisconsin – 3.9% (2.5% of Total Investments) 
     
   
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2002: 
     
895 
 
6.125%, 6/01/27 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
953,452 
300 
 
6.375%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
327,846 
   
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) 
1,120,020 
750 
 
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured 
8/13 at 100.00 
Aa3 (4) 
840,015 
1,415 
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., 
2/19 at 100.00 
A3 
1,467,949 
   
Series 2009, 5.875%, 2/15/39 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare 
7/11 at 100.00 
A– 
1,008,030 
   
Inc., Series 2001, 6.000%, 7/01/21 
     
9,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., 
4/13 at 100.00 
BBB+ 
9,262,980 
   
Series 2003, 6.400%, 4/15/33 
     
1,915 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., 
10/11 at 100.00 
BBB 
1,962,798 
   
Series 2001, 6.125%, 10/01/16 
     
790 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior 
5/16 at 100.00 
BBB 
688,374 
   
Healthcare, Series 2006, 5.000%, 5/01/32 
     
6,025 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
6,887,539 
   
Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 (Pre-refunded 9/01/13) 
     
4,995 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/17 at 100.00 
BBB+ 
4,629,216 
   
Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 
     
2,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
1,890,840 
   
Healthcare System, Series 2006, 5.250%, 8/15/34 
     
2,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/13 at 100.00 
BBB+ 
2,004,360 
   
Services Inc., Series 2003A, 5.250%, 8/15/25 
     
   
Wisconsin, General Obligation Bonds, Series 2004-3: 
     
175 
 
5.250%, 5/01/19 – FGIC Insured 
5/14 at 100.00 
AA 
191,340 
1,265 
 
5.250%, 5/01/21 – FGIC Insured 
5/14 at 100.00 
AA 
1,366,390 
1,545 
 
Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/19 (Pre-refunded 5/01/14) – 
5/14 at 100.00 
Aa2 (4) 
1,779,006 
   
FGIC Insured 
     
35,070 
 
Total Wisconsin 
   
36,380,155 
 
 
30 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Wyoming – 0.4% (0.3% of Total Investments) 
     
$       3,900 
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 
12/15 at 100.00 
BBB+ 
$       3,944,460 
   
   5.600%, 12/01/35 (Alternative Minimum Tax) 
     
$ 1,549,389 
 
Total Long-Term Investments (cost $1,373,010,505) – 152.7% (99.5% of Total Investments) 
   
1,411,455,487 
   
Short-Term Investments – 0.8% (0.5% of Total Investments) 
     
   
Texas – 0.8% (0.5% of Total Investments) 
     
$       7,000 
 
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Variable Rate 
12/10 at 100.00 
AA+ 
7,000,000 
   
Demand Revenue Obligations, Tender Option Bond Trust 2043, 0.270%, 4/01/29 (7) 
     
   
Total Short-Term Investments (cost $7,000,000) 
   
7,000,000 
   
Total Investments (cost $1,380,010,505) – 153.5% 
   
1,418,455,487 
   
Floating Rate Obligations – (13.4)% 
   
(124,294,000)
   
Other Assets Less Liabilities – 3.3% 
   
30,617,273 
   
Auction Rate Preferred Shares, at Liquidation Value – (43.4)% (8) 
   
(400,650,000)
   
Net Assets Applicable to Common Shares – 100% 
   
$   924,128,760 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
 
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
 
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
 
 
(5)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
 
 
(6)
The Fund’s Adviser has concluded this 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 has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
 
 
(8)
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.2%.
 
 
N/R
Not rated.
 
 
WI/DD
Purchased on a when-issued or delayed delivery basis.
 
 
(ETM)
Escrowed to maturity.
 
 
(IF)
Inverse floating rate investment.
 
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 31
 
 

 
 

           
   
Nuveen Premium Income Municipal Fund 2, Inc. 
   
NPM 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 3.2% (2.1% of Total Investments) 
     
$     6,995 
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
Aa1 
$   7,193,028 
   
2006C-2, 5.000%, 11/15/39 (UB) 
     
   
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 
3,544,730 
1,000 
 
5.000%, 11/15/30 
11/15 at 100.00 
Baa2 
924,840 
12,000 
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, 
1/17 at 100.00 
AA+ 
12,008,880 
   
Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB) 
     
1,960 
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, 
6/15 at 100.00 
BBB 
1,985,147 
   
International Paper Company, Series 2005A, 5.000%, 6/01/25 
     
1,690 
 
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist 
11/14 at 100.00 
A3 (4) 
1,971,436 
   
Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) 
     
6,255 
 
University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 – 
3/14 at 100.00 
Aa3 
6,696,228 
   
FGIC Insured 
     
33,400 
 
Total Alabama 
   
34,324,289 
   
Arizona – 0.4% (0.2% of Total Investments) 
     
   
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
     
   
Network, Series 2005B: 
     
200 
 
5.250%, 12/01/24 
12/15 at 100.00 
BBB 
203,470 
265 
 
5.250%, 12/01/25 
12/15 at 100.00 
BBB 
269,025 
800 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
1/15 at 100.00 
BBB– 
827,936 
   
Company, Refunding Series 2008, 5.750%, 9/01/29 
     
2,750 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
2,598,008 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
4,015 
 
Total Arizona 
   
3,898,439 
   
Arkansas – 0.1% (0.1% of Total Investments) 
     
1,000 
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, 
2/15 at 100.00 
Baa1 
1,020,960 
   
Series 2005B, 5.000%, 2/01/25 
     
   
California – 12.3% (8.0% of Total Investments) 
     
5,690 
 
California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%, 
6/12 at 101.00 
AA 
5,852,620 
   
12/01/21 – AMBAC Insured 
     
   
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 
     
4,000 
 
6.000%, 5/01/15 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
4,375,160 
5,500 
 
5.375%, 5/01/21 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
5,964,255 
   
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount 
     
   
University, Series 2001A: 
     
3,255 
 
0.000%, 10/01/23 – NPFG Insured 
No Opt. Call 
A2 
1,544,725 
5,890 
 
0.000%, 10/01/24 – NPFG Insured 
No Opt. Call 
A2 
2,617,928 
7,615 
 
0.000%, 10/01/25 – NPFG Insured 
No Opt. Call 
A2 
3,156,341 
3,740 
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, 
11/15 at 100.00 
AAA 
3,831,967 
   
Series 2005, 5.000%, 11/15/27 
     
2,550 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA 
2,733,651 
   
Series 2009B, 5.500%, 10/01/39 
     
2,500 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, 
11/16 at 100.00 
Aa3 
2,468,450 
   
5.000%, 11/15/42 (UB) 
     
2,055 
 
California Infrastructure Economic Development Bank, Infrastructure State Revolving Fund 
10/14 at 100.00 
AA+ 
2,204,399 
   
Revenue Bonds, Series 2004, 5.000%, 10/01/21 
     
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB 
882,430 
   
Health System, Series 2005A, 5.000%, 7/01/39 
     
5,355 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
No Opt. Call 
Aa3 
6,479,818 
   
Option Bond Trust 3175, 13.358%, 5/15/14 (IF) 
     
1,935 
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 
No Opt. Call 
Aa3 
2,205,571 
 
 
32 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$     565 
 
California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM) 
No Opt. Call 
AAA 
$     655,021 
7,440 
 
California, General Obligation Bonds, Series 2004, 5.125%, 2/01/25 
2/14 at 100.00 
A1 
7,859,765 
20,000 
 
California, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 
11/19 at 100.00 
A1 
22,445,200 
4,000 
 
California, State Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21 
7/19 at 100.00 
Aa3 
4,642,800 
1,900 
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric 
6/14 at 102.00 
A
2,043,811 
   
Company, Series 1996A, 5.300%, 7/01/21 
     
2,500 
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana 
10/15 at 100.00 
A
2,527,600 
   
Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured 
     
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
22,293,900 
   
1995A, 0.000%, 1/01/21 (ETM) 
     
1,385 
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 
9/15 at 100.00 
A
1,379,446 
   
5.000%, 9/01/27 – AMBAC Insured 
     
1,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
BBB 
799,850 
   
Bonds, Series 2007A-1, 5.750%, 6/01/47 
     
   
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 
1,323,937 
435 
 
5.100%, 9/01/30 
9/15 at 102.00 
N/R 
393,179 
   
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 
     
250 
 
5.000%, 9/01/21 
9/15 at 102.00 
Baa3 
251,133 
275 
 
5.000%, 9/01/23 
9/15 at 102.00 
Baa3 
270,380 
2,220 
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City 
9/14 at 100.00 
A
2,293,216 
   
Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured 
     
960 
 
San Francisco Redevelopment Agency, California, Hotel Tax Revenue Bonds, Series 1994, 6.750%, 
1/11 at 100.00 
AA+ 
964,080 
   
7/01/25 – AGM Insured 
     
   
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 
A
899,242 
32,400 
 
0.000%, 1/15/34 – NPFG Insured 
No Opt. Call 
A
5,473,332 
6,000 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/14 at 100.00 
A
6,297,840 
   
Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured 
     
3,000 
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation 
1/14 at 100.00 
A+ 
3,086,580 
   
District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured 
     
171,430 
 
Total California 
   
130,217,627 
   
Colorado – 1.3% (0.8% of Total Investments) 
     
1,700 
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 
12/14 at 100.00 
AA– 
1,863,693 
   
2004, 5.000%, 12/01/22 – FGIC Insured 
     
   
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– 
1,809,321 
475 
 
5.000%, 6/01/29 
6/16 at 100.00 
A– 
475,437 
400 
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 
3/15 at 100.00 
A
403,028 
   
5.000%, 3/01/25 
     
210 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 
No Opt. Call 
A+ 
227,464 
   
(Alternative Minimum Tax) 
     
6,925 
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center 
11/16 at 100.00 
BBB– 
6,764,686 
   
Hotel, Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured 
     
1,700 
 
Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 
4/11 at 100.00 
BB+ 
1,699,915 
   
1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) 
     
400 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
Baa3 
423,184 
   
Activity Bonds, Series 2010, 6.000%, 1/15/41 
     
13,555 
 
Total Colorado 
   
13,666,728 
 
 
Nuveen Investments 33
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Connecticut – 0.5% (0.3% of Total Investments) 
     
$   5,000 
 
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 
1/14 at 100.00 
AA 
$  5,481,350 
   
5.000%, 1/01/21 – FGIC Insured 
     
   
Delaware – 0.1% (0.1% of Total Investments) 
     
1,000 
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., 
10/20 at 100.00 
AA– 
1,028,330 
   
Series 2010A, 5.000%, 10/01/40 (WI/DD, Settling 11/04/10) – NPFG Insured 
     
   
District of Columbia – 1.6% (1.0% of Total Investments) 
     
   
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: 
     
11,720 
 
0.000%, 4/01/27 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 39.61 
A (4) 
4,631,744 
13,780 
 
0.000%, 4/01/28 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 37.21 
A (4) 
5,116,376 
15,855 
 
0.000%, 4/01/29 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 35.07 
A (4) 
5,547,823 
1,335 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
1,392,071 
   
Tender Option Bond Trust 1606, 11.401%, 10/01/30 – AMBAC Insured (IF) 
     
42,690 
 
Total District of Columbia 
   
16,688,014 
   
Florida – 48.0% (31.3% of Total Investments) 
     
1,000 
 
Alachua County School Board, Florida, Certificates of Participation, Series 2001, 5.000%, 
7/11 at 101.00 
Aa3 
1,031,770 
   
7/01/21 – AMBAC Insured 
     
1,055 
 
Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24 – 
7/14 at 100.00 
N/R 
1,063,546 
   
AMBAC Insured 
     
1,700 
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special 
5/12 at 102.00 
N/R 
1,704,012 
   
Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured 
     
1,320 
 
Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe 
No Opt. Call 
AAA 
1,508,179 
   
Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) 
     
2,500 
 
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern 
4/14 at 100.00 
BBB 
2,533,575 
   
University, Series 2004B, 5.625%, 4/01/34 
     
875 
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald 
11/10 at 101.00 
Aaa 
881,256 
   
Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) 
     
195 
 
Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding 
1/11 at 28.50 
Aaa 
59,173 
   
Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) 
     
1,870 
 
Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 
7/14 at 100.00 
AA+ 
1,978,778 
   
7/01/20 – AGM Insured 
     
   
Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1: 
     
2,225 
 
5.250%, 10/01/21 – AMBAC Insured (Alternative Minimum Tax) 
10/11 at 101.00 
A+ 
2,266,474 
8,900 
 
5.250%, 10/01/26 – AMBAC Insured (Alternative Minimum Tax) 
10/11 at 101.00 
A+ 
8,966,661 
2,150 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – 
10/14 at 100.00 
A+ 
2,260,725 
   
AMBAC Insured 
     
2,000 
 
Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34 
10/18 at 100.00 
AA 
2,145,080 
650 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 10/01/36 – 
10/16 at 100.00 
A1 
639,308 
   
AMBAC Insured 
     
1,500 
 
Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding 
8/13 at 100.00 
Baa3 
1,523,730 
   
Series 2002, 6.375%, 8/15/32 
     
750 
 
City of Gainesville, Florida, Utilities System Revenue Bonds, Series 2003A, 5.250%, 10/01/21 
10/13 at 100.00 
AA (4) 
849,120 
   
(Pre-refunded 10/01/13) 
     
3,010 
 
Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 
No Opt. Call 
AA– 
3,520,857 
   
10/01/23 – AMBAC Insured 
     
2,815 
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – 
10/14 at 100.00 
AA– 
2,968,418 
   
NPFG Insured 
     
1,290 
 
Escambia County, Florida, Tourist Development Revenue Refunding Bonds, Series 2002, 5.000%, 
10/12 at 100.00 
A1 
1,370,457 
   
10/01/18 – NPFG Insured 
     
4,230 
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – 
10/15 at 100.00 
A
4,342,010 
   
NPFG Insured 
     
2,000 
 
Florida Board of Education, Lottery Revenue Bonds, Series 2001B, 5.000%, 7/01/20 – FGIC Insured 
7/11 at 101.00 
AAA 
2,083,940 
75 
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, 
No Opt. Call 
AAA 
81,426 
   
Series 1987G-1, 8.595%, 11/01/17 
     
 
 
34 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$      230 
 
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, New Money and Refunding 
1/11 at 100.00 
AA+ 
$    230,306 
   
Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) 
     
635 
 
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 
1/11 at 100.00 
AA+ 
642,557 
   
7/01/29 – NPFG Insured (Alternative Minimum Tax) 
     
1,000 
 
Florida Housing Finance Agency, Housing Revenue Bonds, Holly Cove Apartments, Series 1995F, 
4/11 at 100.00 
N/R 
1,000,230 
   
6.150%, 10/01/25 – AMBAC Insured (Alternative Minimum Tax) 
     
5,790 
 
Florida Housing Finance Corporation, FNMA Revenue Bonds, Villa de Mallorca Apartments, Series 
4/11 at 102.00 
Aaa 
5,926,528 
   
2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) 
     
535 
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-11, 5.850%, 
1/11 at 100.00 
AA+ 
535,690 
   
1/01/22 – AGM Insured (Alternative Minimum Tax) 
     
1,075 
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 
1/16 at 100.00 
AA+ 
1,085,030 
   
7/01/31 (Alternative Minimum Tax) 
     
3,170 
 
Florida Housing Finance Corporation, Housing Revenue Refunding Bonds, Hunters Ridge at 
12/10 at 100.00 
AA 
3,172,536 
   
Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 
     
1,280 
 
Florida Intergovernmental Finance Commission, Capital Revenue Bonds, Daytona Beach Community 
8/11 at 100.00 
Aa3 
1,292,109 
   
Redevelopment Agency, Series 2001C-1, 5.000%, 2/01/20 – AMBAC Insured 
     
   
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 
     
1,040 
 
0.000%, 11/01/25 – NPFG Insured 
No Opt. Call 
A
474,396 
1,590 
 
0.000%, 11/01/26 – NPFG Insured 
No Opt. Call 
A
680,838 
1,685 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured 
5/13 at 100.00 
A
1,740,420 
5,000 
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Series 
12/10 at 100.00 
A
5,002,100 
   
1996, 5.375%, 6/01/27 – NPFG Insured (Alternative Minimum Tax) 
     
13,925 
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, 
6/12 at 101.00 
AAA 
14,870,925 
   
Series 2002B, 5.000%, 6/01/20 – NPFG Insured 
     
185 
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, 
6/12 at 101.00 
AAA 
197,055 
   
Series 2002F, 5.000%, 6/01/22 – NPFG Insured 
     
9,230 
 
Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay 
6/11 at 101.00 
AAA 
9,582,678 
   
Bonds, Series 2001C, 5.125%, 6/01/31 (Pre-refunded 6/01/11) – FGIC Insured 
     
14,985 
 
Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 
7/15 at 101.00 
AA 
15,856,528 
   
7/01/30 – FGIC Insured (UB) 
     
5,980 
 
Florida State Department of Management Services, Certificates of Participation, Series 2006A, 
8/15 at 101.00 
AA+ 
6,381,437 
   
5.000%, 8/01/23 – NPFG Insured 
     
2,580 
 
Florida State Education System, Housing Facility Revenue Bonds, Florida International 
No Opt. Call 
A
2,788,387 
   
University, Series 2004A, 5.000%, 7/01/14 – NPFG Insured 
     
6,000 
 
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 
7/13 at 101.00 
AA– 
6,204,180 
   
2003C, 5.000%, 7/01/33 
     
3,500 
 
Florida State Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, 
1/19 at 100.00 
AAA 
3,823,365 
   
Series 2009A, 5.000%, 1/15/29 
     
2,345 
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic 
10/14 at 100.00 
Aa3 
2,596,454 
   
Facilities Improvements, Series 2004, 5.000%, 10/01/16 – AMBAC Insured 
     
12,000 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 1999A, 
4/11 at 100.00 
Aa3 
12,003,840 
   
5.125%, 10/01/28 – FGIC Insured (Alternative Minimum Tax) 
     
8,000 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 
10/12 at 100.00 
AA+ 
8,153,520 
   
5.125%, 10/01/21 – AGM Insured (Alternative Minimum Tax) 
     
   
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: 
     
4,820 
 
5.500%, 6/01/38 – AGM Insured 
6/18 at 100.00 
AA+ 
4,987,350 
1,755 
 
5.375%, 6/01/46 
6/16 at 100.00 
A– 
1,720,532 
5,000 
 
Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 
No Opt. Call 
A
6,104,250 
   
1986, 7.650%, 7/01/16 – FGIC Insured 
     
7,200 
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist 
11/11 at 101.00 
N/R (4) 
7,691,472 
   
Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) 
     
3,600 
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed 
4/12 at 100.00 
N/R 
3,527,532 
   
Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 
     
   
(Alternative Minimum Tax) 
     
 
 
Nuveen Investments 35
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$   2,000 
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding 
10/13 at 100.00 
A3 
$   2,034,000 
   
Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24 
     
1,535 
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 
11/13 at 101.00 
AA+ 
1,643,970 
   
5/01/24 – AMBAC Insured 
     
2,170 
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 
10/15 at 100.00 
AA+ 
2,294,623 
   
10/01/25 – FGIC Insured 
     
1,500 
 
Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003, 
10/13 at 100.00 
Aa2 
1,578,780 
   
5.000%, 10/01/20 – AGM Insured 
     
1,430 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 
10/11 at 100.00 
Aa2 
1,448,161 
   
10/01/23 – AMBAC Insured 
     
   
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003: 
     
4,990 
 
5.250%, 10/01/21 – NPFG Insured 
10/13 at 100.00 
Aa2 
5,280,668 
2,090 
 
5.000%, 10/01/22 – NPFG Insured 
10/13 at 100.00 
Aa2 
2,186,851 
3,145 
 
Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 – 
10/13 at 100.00 
Aa2 
3,283,632 
   
NPFG Insured (Alternative Minimum Tax) 
     
   
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, 
     
   
Series 2002: 
     
2,230 
 
5.000%, 10/01/21 – FGIC Insured 
10/12 at 100.00 
A+ 
2,314,138 
2,000 
 
5.000%, 10/01/22 – FGIC Insured 
10/12 at 100.00 
A+ 
2,071,280 
2,750 
 
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, 
10/12 at 100.00 
AA+ 
2,943,903 
   
Series 2002, 5.375%, 10/01/17 – FGIC Insured 
     
   
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: 
     
3,235 
 
5.000%, 10/01/18 – FGIC Insured 
10/13 at 100.00 
Aa2 
3,510,719 
5,090 
 
5.000%, 10/01/19 – FGIC Insured 
10/13 at 100.00 
Aa2 
5,523,821 
   
Lake County School Board, Florida, Certificates of Participation, Series 2004A: 
     
1,190 
 
5.000%, 7/01/20 – AMBAC Insured 
7/14 at 100.00 
A
1,239,076 
1,470 
 
5.000%, 7/01/24 – AMBAC Insured 
7/14 at 100.00 
A
1,499,768 
4,250 
 
Lakeland, Florida, Energy System Revenue Refunding Bonds, Series 1999C, 6.050%, 10/01/11 – 
No Opt. Call 
AA+ 
4,458,463 
   
FGIC Insured 
     
1,065 
 
Lee County Industrial Development Authority, Florida, Utilities Revenue Bonds, Bonita Springs 
11/12 at 100.00 
AA– 
1,088,792 
   
Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 – NPFG Insured (Alternative Minimum Tax) 
     
1,000 
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – 
No Opt. Call 
A– 
1,128,750 
   
AMBAC Insured 
     
3,500 
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – 
4/17 at 100.00 
A
3,463,565 
   
NPFG Insured 
     
2,345 
 
Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 
7/12 at 100.00 
BBB+ 
2,358,765 
   
2002, 5.375%, 7/01/22 
     
3,430 
 
Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, 
No Opt. Call 
BBB+ 
3,544,905 
   
Series 2003, 5.000%, 7/01/12 
     
5,130 
 
Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 
10/13 at 100.00 
A1 
5,398,709 
   
10/01/17 – AMBAC Insured 
     
   
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) 
2,592,028 
3,305 
 
5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured 
4/14 at 100.00 
N/R (4) 
3,740,896 
   
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: 
     
2,000 
 
5.250%, 7/01/18 – FGIC Insured 
7/14 at 100.00 
A
2,180,000 
2,000 
 
5.000%, 7/01/23 – FGIC Insured 
7/14 at 100.00 
A
2,094,720 
2,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 
7/11 at 101.00 
A3 
2,043,100 
   
2001, 5.000%, 7/01/21 – FGIC Insured 
     
3,000 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Refunding Bonds, Miami 
8/11 at 101.00 
AAA 
3,146,190 
   
Children’s Hospital, Series 2001A, 5.125%, 8/15/26 (Pre-refunded 8/15/11) – AMBAC Insured 
     
3,630 
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, 
1/11 at 102.00 
AA+ 
3,709,207 
   
Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 – AGM Insured (Alternative Minimum Tax) 
     
 
 
36 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$   1,280 
 
Miami-Dade County Industrial Development Authority, Florida, Industrial Development Revenue 
4/11 at 100.00 
N/R 
$  1,228,877 
   
Bonds, Airis Miami II LLC – Miami International Airport, Series 1999, 6.000%, 10/15/25 – 
     
   
AMBAC Insured (Alternative Minimum Tax) 
     
1,970 
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 
11/16 at 100.00 
A1 
1,986,765 
   
11/01/31 – AMBAC Insured 
     
7,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 
4/11 at 100.00 
A
7,501,200 
   
5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax) 
     
4,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 
4/11 at 100.00 
A
4,001,120 
   
5.000%, 10/01/23 – NPFG Insured (Alternative Minimum Tax) 
     
5,390 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 
10/12 at 100.00 
A
5,659,015 
   
5.750%, 10/01/18 – FGIC Insured (Alternative Minimum Tax) 
     
5,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 
10/19 at 100.00 
A2 
5,205,350 
   
5.500%, 10/01/41 
     
4,000 
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 
7/18 at 100.00 
Aa2 
4,313,160 
   
2009-B1, 5.625%, 7/01/38 
     
11,300 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 
7/18 at 100.00 
AA+ 
11,504,530 
   
7/01/35 – AGM Insured 
     
3,300 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 
4/11 at 100.50 
Aa2 
3,318,381 
   
10/01/29 – FGIC Insured 
     
1,175 
 
Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 5.000%, 9/01/14 
9/12 at 100.00 
Aa2 (4) 
1,273,265 
   
(Pre-refunded 9/01/12) 
     
   
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: 
     
12,125 
 
6.000%, 1/15/31 (Pre-refunded 1/15/11) 
1/11 at 101.00 
A2 (4) 
12,390,416 
1,375 
 
6.000%, 1/15/31 (Pre-refunded 1/15/11) 
1/11 at 101.00 
A2 (4) 
1,405,099 
2,000 
 
Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994, 6.125%, 1/01/24 – 
1/11 at 100.00 
A
2,007,840 
   
FGIC Insured 
     
5,000 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health 
11/12 at 101.00 
N/R (4) 
5,495,150 
   
System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 (Pre-refunded 11/15/12) 
     
   
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional 
     
   
Healthcare System, Series 2002: 
     
3,695 
 
5.750%, 12/01/27 (Pre-refunded 12/01/12) 
12/12 at 100.00 
AAA 
4,085,414 
1,000 
 
5.750%, 12/01/32 (Pre-refunded 12/01/12) 
12/12 at 100.00 
AAA 
1,105,660 
2,440 
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 
8/14 at 100.00 
Aa3 
2,549,702 
   
8/01/22 – AMBAC Insured 
     
   
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: 
     
1,665 
 
5.125%, 1/01/20 – FGIC Insured 
1/13 at 100.00 
AA 
1,777,221 
3,400 
 
5.125%, 1/01/23 – FGIC Insured 
1/13 at 100.00 
AA 
3,596,248 
   
Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic 
     
   
Drive-Universal Boulevard – I-4 Interchange Project, Series 2002: 
     
1,495 
 
5.125%, 4/01/20 – AMBAC Insured 
4/12 at 100.00 
N/R 
1,505,226 
1,225 
 
5.125%, 4/01/21 – AMBAC Insured 
4/12 at 100.00 
N/R 
1,230,329 
4,295 
 
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 
10/12 at 100.00 
Aa1 (4) 
4,683,483 
   
2002C, 5.250%, 10/01/18 (Pre-refunded 10/01/12) 
     
575 
 
Osceola County Industrial Development Authority, Florida, Industrial Development Revenue 
8/11 at 101.00 
A
574,529 
   
Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 – NPFG 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 
3,907,383 
2,000 
 
5.000%, 4/01/23 – NPFG Insured 
4/14 at 100.00 
Aa3 
2,080,520 
   
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH 
     
   
Corporation Obligated Group, Series 2001: 
     
3,895 
 
5.500%, 12/01/21 
12/11 at 101.00 
BBB– 
3,859,750 
6,470 
 
5.625%, 12/01/31 
12/11 at 101.00 
BBB– 
6,129,678 
2,040 
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 
8/12 at 100.00 
AA+ 
2,160,707 
   
8/01/21 – AGM Insured 
     
1,500 
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 
8/14 at 100.00 
AA– 
1,590,120 
   
8/01/22 – FGIC Insured 
     
 
 
Nuveen Investments 37
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$     3,000 
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 
8/17 at 100.00 
AA– 
$   3,139,710 
   
8/01/27 – NPFG Insured 
     
6,090 
 
Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond 
No Opt. Call 
AA+ 
6,940,895 
   
Trust 2089, 12.554%, 8/01/14 – AGM Insured (IF) 
     
4,490 
 
Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park 
6/15 at 100.00 
AA+ 
4,665,873 
   
Project, Series 2005A, 5.000%, 6/01/25 – AMBAC Insured 
     
4,000 
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 
10/19 at 100.00 
AAA 
4,414,600 
   
2009, 5.250%, 10/01/33 
     
6,545 
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 
No Opt. Call 
AAA 
7,375,430 
   
11.208%, 10/01/14 (IF) 
     
10,000 
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 (UB) 
10/16 at 100.00 
AAA 
10,633,500 
2,500 
 
Polk County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/18 – 
10/14 at 100.00 
AA+ 
2,767,900 
   
AGM Insured 
     
2,060 
 
Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 – FGIC Insured 
10/13 at 100.00 
Aa3 
2,210,936 
2,000 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
A
1,974,480 
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured 
     
1,350 
 
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 – NPFG Insured 
9/13 at 100.00 
A+ 
1,456,569 
650 
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 
10/15 at 100.00 
A1 
680,537 
   
10/01/25 – AMBAC Insured 
     
3,240 
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation 
4/14 at 100.00 
Aa3 
3,381,005 
   
Bonds, Series 2004A, 5.000%, 6/01/22 – NPFG Insured 
     
1,640 
 
Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/18 at 100.00 
A– 
1,574,843 
   
5.000%, 5/01/30 – RAAI Insured 
     
2,750 
 
Saint Johns County, Florida, Transportation Improvement Revenue Bonds, Series 2003, 5.000%, 
10/13 at 100.00 
Aa3 
2,905,238 
   
10/01/23 – AMBAC Insured 
     
3,570 
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
A (4) 
4,284,571 
   
1992, 6.000%, 10/01/19 – NPFG Insured (ETM) 
     
1,680 
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
A
1,982,501 
   
1992, 6.000%, 10/01/19 – NPFG Insured 
     
625 
 
Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 
5/15 at 100.00 
N/R 
579,625 
   
5.450%, 5/01/36 
     
10,000 
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 
5/12 at 101.00 
Aa3 (4) 
10,861,000 
   
(Pre-refunded 5/01/12) 
     
7,500 
 
South Florida Water Management District, Certificates of Participation, Series 2006, 
No Opt. Call 
AA+ 
7,901,250 
   
Trust 1036, 9.113%, 10/01/14 – AMBAC Insured (IF) 
     
5,000 
 
South Florida Water Management District, Certificates of Participation, Series 2006, 
10/16 at 100.00 
AA+ 
5,133,750 
   
5.000%, 10/01/36 – AMBAC Insured 
     
2,455 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
Aa3 
2,484,435 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
     
   
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, 
     
   
Presbyterian Retirement Communities, Series 2004A: 
     
2,250 
 
5.850%, 8/01/24 
8/14 at 101.00 
N/R 
2,289,870 
3,135 
 
5.625%, 8/01/34 
8/14 at 101.00 
N/R 
3,068,381 
5,000 
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – 
6/16 at 100.00 
A
5,048,300 
   
AMBAC Insured 
     
620 
 
Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – 
10/15 at 100.00 
AA+ 
659,246 
   
AMBAC Insured 
     
5,000 
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured 
10/15 at 100.00 
AA 
5,120,200 
5,000 
 
Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008, 
10/18 at 100.00 
AA+ 
5,298,150 
   
5.000%, 10/01/34 
     
   
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 
A
1,344,550 
2,785 
 
5.750%, 10/01/25 – NPFG Insured 
No Opt. Call 
A
2,903,335 
 
 
38 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$    9,535 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 
7/15 at 101.00 
A– 
$   10,786,469 
   
7/01/16 – AMBAC Insured 
     
   
Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002: 
     
11,815 
 
5.375%, 10/01/14 – AGM Insured 
10/12 at 100.00 
AA+ 
12,576,240 
8,605 
 
5.375%, 10/01/15 – AGM Insured 
10/12 at 100.00 
AA+ 
9,159,420 
1,000 
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – 
12/14 at 100.00 
Aa3 
1,047,330 
   
AGM Insured 
     
1,585 
 
Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001, 5.000%, 4/01/20 – 
4/11 at 101.00 
A
1,623,785 
   
NPFG Insured 
     
485,595 
 
Total Florida 
   
508,252,282 
   
Georgia – 1.0% (0.6% of Total Investments) 
     
500 
 
Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health 
1/14 at 100.00 
Baa3 
465,345 
   
University Medical Center Inc., Series 2004A, 5.375%, 1/01/26 
     
10 
 
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 
11/13 at 100.00 
Aaa 
11,356 
   
5.250%, 11/01/15 (Pre-refunded 11/01/13) – NPFG Insured 
     
   
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 
3,766,168 
3,365 
 
5.000%, 11/01/18 – NPFG Insured 
11/13 at 100.00 
A1 
3,670,407 
2,235 
 
Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, 
12/14 at 100.00 
N/R 
2,237,749 
   
Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured 
     
9,515 
 
Total Georgia 
   
10,151,025 
   
Idaho – 0.5% (0.3% of Total Investments) 
     
80 
 
Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 
1/11 at 100.00 
Aaa 
80,443 
   
(Alternative Minimum Tax) 
     
3,075 
 
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood 
3/12 at 105.00 
Aaa 
3,301,043 
   
Terrace Project, Series 2002A-1, 7.250%, 3/20/37 
     
120 
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 
1/11 at 100.00 
Aa1 
120,647 
   
7/01/26 (Alternative Minimum Tax) 
     
130 
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 
1/11 at 100.00 
Aa2 
131,260 
   
7/01/22 (Alternative Minimum Tax) 
     
220 
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 
1/11 at 100.00 
Aaa 
230,166 
   
7/01/20 (Alternative Minimum Tax) 
     
   
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial 
     
   
Hospital, Series 2006: 
     
1,000 
 
5.250%, 9/01/30 
9/16 at 100.00 
BBB– 
914,680 
470 
 
5.250%, 9/01/37 
9/16 at 100.00 
BBB– 
414,155 
5,095 
 
Total Idaho 
   
5,192,394 
   
Illinois – 10.1% (6.6% of Total Investments) 
     
5,000 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Aa2 
3,260,550 
   
Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured 
     
22,670 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – 
No Opt. Call 
AA– 
11,321,171 
   
FGIC Insured 
     
2,135 
 
Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 
1/11 at 100.00 
N/R 
2,138,181 
   
1996B, 7.250%, 1/01/14 
     
2,180 
 
Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment 
1/11 at 100.00 
N/R 
2,184,142 
   
Project, Series 1997A, 7.750%, 1/01/14 
     
4,865 
 
Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation 
No Opt. Call 
Aa2 
3,274,486 
   
Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured 
     
2,575 
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation 
No Opt. Call 
Baa1 
1,562,562 
   
Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured 
     
3,615 
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation 
No Opt. Call 
N/R (4) 
2,673,473 
   
Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM) 
     
3,500 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22 
11/20 at 100.00 
AA 
3,988,810 
 
 
Nuveen Investments 39
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
   
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: 
     
$    2,000 
 
5.250%, 11/15/14 
5/14 at 100.00 
A
$    2,152,160 
4,420 
 
5.250%, 11/15/15 
5/14 at 100.00 
A
4,708,759 
395 
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 
1/16 at 100.00 
BB+ 
352,222 
1,900 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
2,226,553 
1,000 
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
1,074,180 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
     
3,090 
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 
7/13 at 100.00 
AA+ 
3,197,779 
   
6.000%, 7/01/33 
     
3,000 
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, 
No Opt. Call 
Aa2 
3,523,470 
   
Series 1993C, 6.000%, 4/01/18 
     
10,000 
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured 
1/20 at 100.00 
AA+ 
10,713,300 
2,000 
 
Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 
9/18 at 100.00 
A+ 
1,994,340 
11,000 
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – 
No Opt. Call 
A+ 
13,207,370 
   
FGIC Insured 
     
2,000 
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 2/01/18 
2/12 at 100.00 
A+ (4) 
2,127,140 
   
(Pre-refunded 2/01/12) – FGIC Insured 
     
   
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation 
     
   
Refunding Bonds, Series 2001B: 
     
3,230 
 
0.000%, 11/01/19 – AGM Insured 
No Opt. Call 
Aa3 
2,286,711 
1,740 
 
0.000%, 11/01/21 – AGM Insured 
No Opt. Call 
Aa3 
1,099,106 
4,020 
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
AAA 
4,912,400 
   
Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) 
     
   
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
     
   
Revenue Bonds, Series 2005B: 
     
855 
 
5.250%, 1/01/25 
1/16 at 100.00 
B– 
621,594 
1,750 
 
5.250%, 1/01/30 
1/16 at 100.00 
B– 
1,246,525 
17,945 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
No Opt. Call 
N/R 
9,809,096 
   
General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured 
     
2,910 
 
McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation 
No Opt. Call 
Aa2 
1,948,914 
   
School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Series 2002A: 
     
8,000 
 
0.000%, 6/15/26 – NPFG Insured 
6/22 at 101.00 
AAA 
6,035,120 
3,370 
 
5.000%, 12/15/28 – NPFG Insured 
6/12 at 101.00 
AAA 
3,433,322 
131,165 
 
Total Illinois 
   
107,073,436 
   
Indiana – 2.1% (1.4% of Total Investments) 
     
1,000 
 
Ball State University, Indiana, Student Fee Revenue Bonds, Series 2002K, 5.750%, 7/01/20 
1/12 at 100.00 
Aa3 (4) 
1,063,170 
   
(Pre-refunded 1/01/12) – FGIC Insured 
     
3,880 
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, 
11/19 at 100.00 
Aa3 
4,052,582 
   
Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 
     
2,500 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 
12/20 at 100.00 
AA 
2,586,025 
   
5.000%, 12/01/37 
     
   
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2000: 
     
805 
 
5.375%, 12/01/25 (Pre-refunded 12/01/10) 
12/10 at 100.00 
AA+ (4) 
808,679 
4,195 
 
5.375%, 12/01/25 (Pre-refunded 12/01/10) 
12/10 at 100.00 
AA+ (4) 
4,214,171 
   
Indiana University, Student Fee Revenue Bonds, Series 2004P: 
     
2,750 
 
5.000%, 8/01/22 – AMBAC Insured 
8/14 at 100.00 
Aaa 
2,936,368 
1,600 
 
5.000%, 8/01/24 – AMBAC Insured 
8/14 at 100.00 
Aaa 
1,693,344 
4,300 
 
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame 
3/18 at 100.00 
Aaa 
4,603,365 
   
du Lac, Refunding Series 2009., 5.000%, 3/01/36 
     
1,550 
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 
2/15 at 100.00 
CCC 
592,875 
   
2005, 5.250%, 2/15/23 (5), (7) 
     
22,580 
 
Total Indiana 
   
22,550,579 
 
 
40 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Iowa – 0.8% (0.5% of Total Investments) 
     
$     8,100 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
$   6,334,038 
   
5.500%, 6/01/42 
     
1,695 
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 
6/11 at 101.00 
AAA 
1,755,223 
   
2001B, 5.300%, 6/01/25 (Pre-refunded 6/01/11) 
     
9,795 
 
Total Iowa 
   
8,089,261 
   
Kansas – 0.0% (0.0% of Total Investments) 
     
90 
 
Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue 
No Opt. Call 
Aaa 
91,820 
   
Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax) 
     
   
Kentucky – 0.4% (0.3% of Total Investments) 
     
4,300 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
No Opt. Call 
Baa2 
4,590,422 
   
Medical Health System, Series 2010A, 6.500%, 3/01/45 
     
   
Louisiana – 4.0% (2.6% of Total Investments) 
     
50 
 
Bossier Public Trust Financing Authority, Louisiana, Single Family Mortgage Revenue Refunding 
2/11 at 100.00 
AAA 
50,071 
   
Bonds, Series 1995B, 6.125%, 8/01/28 
     
4,350 
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 
6/16 at 100.00 
A– 
4,409,030 
   
5.000%, 6/01/22 – AMBAC Insured 
     
4,000 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
4,030,000 
   
Lady Health System, Series 2005A, 5.250%, 8/15/31 
     
2,700 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
2,673,459 
   
Series 2007A, 5.500%, 5/15/47 
     
3,000 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 
5/20 at 100.00 
AA 
3,170,820 
   
5.000%, 5/01/45 
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 
     
14,550 
 
4.750%, 5/01/39 – AGM Insured (UB) 
5/16 at 100.00 
AA+ 
14,828,633 
5,920 
 
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
5,924,262 
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2001B: 
     
65 
 
5.500%, 5/15/30 
5/11 at 101.00 
BBB 
65,743 
6,935 
 
5.875%, 5/15/39 
5/11 at 101.00 
BBB 
7,001,368 
41,570 
 
Total Louisiana 
   
42,153,386 
   
Maryland – 0.4% (0.3% of Total Investments) 
     
1,865 
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 
9/16 at 100.00 
Baa3 
1,815,969 
   
9/01/26 – SYNCORA GTY Insured 
     
1,205 
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University 
6/16 at 100.00 
Baa2 
1,214,881 
   
of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured 
     
1,390 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health 
7/14 at 100.00 
A2 (4) 
1,597,847 
   
System, Series 2004A, 5.250%, 7/01/19 (Pre-refunded 7/01/14) 
     
4,460 
 
Total Maryland 
   
4,628,697 
   
Massachusetts – 5.0% (3.2% of Total Investments) 
     
8,125 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior 
1/20 at 100.00 
A
8,489,163 
   
Lien Series 2010B, 5.000%, 1/01/37 
     
1,310 
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, 
No Opt. Call 
N/R 
1,374,609 
   
Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax) 
     
1,215 
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, 
No Opt. Call 
N/R 
1,179,267 
   
Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) 
     
1,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 
10/14 at 100.00 
BBB 
1,012,540 
   
5.700%, 10/01/34 
     
9,175 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health 
10/11 at 101.00 
BBB+ 
9,276,384 
   
System, Series 2001E, 5.700%, 10/01/25 – RAAI Insured 
     
1,100 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi 
1/11 at 100.00 
BBB 
1,100,275 
   
Obligated Group, Series 1999A, 5.625%, 7/01/20 
     
 
 
Nuveen Investments 41
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Massachusetts (continued) 
     
$     2,000 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye 
7/20 at 100.00 
BBB– 
$    1,984,980 
   
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 
     
2,645 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical 
5/12 at 100.00 
N/R 
2,571,178 
   
Center Hospitals, Series 2002H, 5.000%, 5/15/25 – FGIC Insured 
     
105 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical 
5/12 at 100.00 
N/R (4) 
112,186 
   
Center Hospitals, Series 2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured 
     
3,795 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – 
2/17 at 100.00 
AA+ 
3,817,998 
   
AGM Insured (UB) 
     
   
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E: 
     
11,400 
 
5.250%, 1/01/21 (Pre-refunded 1/01/13) – AGM Insured 
1/13 at 100.00 
AA+ (4) 
12,540,912 
1,850 
 
5.250%, 1/01/21 (Pre-refunded 1/01/13) – AGM Insured 
1/13 at 100.00 
AA+ (4) 
2,035,148 
   
Massachusetts, 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) 
2,548,193 
4,000 
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured 
1/14 at 100.00 
A1 (4) 
4,530,120 
49,970 
 
Total Massachusetts 
   
52,572,953 
   
Michigan – 3.8% (2.5% of Total Investments) 
     
7,000 
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 
11/20 at 100.00 
AA 
7,141,960 
   
5.250%, 11/01/35 
     
   
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
     
   
Obligation Bonds, Devos Place Project, Series 2001: 
     
7,660 
 
0.000%, 12/01/21 
No Opt. Call 
AAA 
5,076,818 
7,955 
 
0.000%, 12/01/22 
No Opt. Call 
AAA 
5,013,241 
8,260 
 
0.000%, 12/01/23 
No Opt. Call 
AAA 
4,951,622 
8,575 
 
0.000%, 12/01/24 
No Opt. Call 
AAA 
4,901,213 
1,200 
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 
7/15 at 100.00 
BB+ 
1,213,488 
   
6.000%, 7/01/35 
     
6,200 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
6,434,298 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
1,500 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
AA 
1,546,755 
   
2006A, 5.000%, 12/01/31 (UB) 
     
340 
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation 
6/16 at 100.00 
Baa3 
301,940 
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35 
     
3,270 
 
Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 
5/13 at 100.00 
Aa2 
3,518,814 
   
5.000%, 5/01/22 
     
51,960 
 
Total Michigan 
   
40,100,149 
   
Minnesota – 2.0% (1.3% of Total Investments) 
     
8,165 
 
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 
7/14 at 100.00 
A2 
8,382,107 
   
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, 
     
   
HealthPartners Inc., Series 2003: 
     
1,000 
 
6.000%, 12/01/18 
12/13 at 100.00 
A3 
1,058,430 
1,050 
 
5.875%, 12/01/29 
12/13 at 100.00 
A3 
1,073,531 
2,400 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/11 at 100.00 
AAA 
2,420,736 
   
Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) – FGIC Insured 
     
3,000 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Subordinate Airport Revenue 
1/11 at 100.00 
A (4) 
3,025,920 
   
Bonds, Series 2001C, 5.250%, 1/01/26 (Pre-refunded 1/01/11) – FGIC Insured 
     
275 
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – 
2/11 at 100.00 
AA+ 
276,155 
   
NPFG Insured 
     
755 
 
Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 
1/11 at 101.00 
AA+ 
778,458 
   
6.050%, 7/01/31 (Alternative Minimum Tax) 
     
1,000 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19 
10/14 at 100.00 
A3 
1,087,860 
540 
 
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1992B, 
12/10 at 100.00 
Aaa 
542,344 
   
5.750%, 1/01/11 (ETM) 
     
 
 
42 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Minnesota (continued) 
     
$    1,620 
 
St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%, 
7/14 at 100.00 
N/R (4) 
$   1,872,331 
   
7/01/25 (Pre-refunded 7/01/14) 
     
1,000 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., 
11/15 at 100.00 
BB+ 
1,009,470 
   
Series 2005, 6.000%, 11/15/25 
     
20,805 
 
Total Minnesota 
   
21,527,342 
   
Mississippi – 0.4% (0.2% of Total Investments) 
     
3,675 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
3,814,981 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 
     
   
Missouri – 2.3% (1.5% of Total Investments) 
     
2,000 
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
2,015,280 
   
Services – Heisinger Project, Series 2004, 5.250%, 2/01/24 
     
200 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal 
3/16 at 100.00 
BBB+ 
200,982 
   
Regional Hospital, Series 2006, 5.000%, 3/01/22 
     
2,885 
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman 
2/15 at 102.00 
BBB+ 
2,930,698 
   
Health System, Series 2004, 5.500%, 2/15/24 
     
9,000 
 
Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 
9/12 at 100.00 
A+ 
9,552,150 
   
5.250%, 9/01/17 – FGIC Insured 
     
   
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing 
     
   
Project, Series 2005A: 
     
780 
 
6.000%, 6/01/20 
No Opt. Call 
A
871,112 
1,525 
 
5.000%, 6/01/35 
6/15 at 100.00 
A
1,456,406 
1,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 
5/13 at 100.00 
AA 
1,052,170 
   
2003, 5.125%, 5/15/24 
     
1,200 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health 
2/14 at 100.00 
BBB+ 
1,248,360 
   
System, Series 2003, 5.125%, 2/15/18 
     
1,080 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/11 at 101.00 
AA– 
1,122,066 
   
Series 2001A, 5.250%, 6/01/21 – AMBAC Insured 
     
   
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
     
   
Series 2001A: 
     
170 
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
176,538 
1,250 
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
1,298,075 
2,000 
 
5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
2,076,920 
23,090 
 
Total Missouri 
   
24,000,757 
   
Nebraska – 0.8% (0.5% of Total Investments) 
     
1,470 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A, 
4/13 at 100.00 
AA+ 
1,580,397 
   
5.250%, 4/01/23 – AGM Insured 
     
5,130 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 
2/17 at 100.00 
Aa1 
5,386,500 
   
5.000%, 2/01/43 
     
1,050 
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska 
2/17 at 100.00 
AA+ 
1,696,916 
   
City 2, Series 2006A, Trust 11673, 19.418%, 8/01/40 – AMBAC Insured (IF) 
     
7,650 
 
Total Nebraska 
   
8,663,813 
   
Nevada – 5.1% (3.4% of Total Investments) 
     
10,410 
 
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 
6/12 at 100.00 
AA (4) 
11,272,573 
   
(Pre-refunded 6/15/12) – NPFG Insured 
     
10,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
10,766,600 
   
Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009: 
     
3,520 
 
5.000%, 6/01/27 
6/19 at 100.00 
AA+ 
3,835,040 
3,695 
 
5.000%, 6/01/28 
6/19 at 100.00 
AA+ 
4,008,742 
3,880 
 
5.000%, 6/01/29 
6/19 at 100.00 
AA+ 
4,153,734 
 
 
Nuveen Investments 43
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Nevada (continued) 
     
   
Clark County, Nevada, General Obligation Transportation Bonds, Refunding Series 2010B: 
     
$     4,915 
 
5.000%, 7/01/25 
1/20 at 100.00 
AA+ 
$   5,456,337 
4,160 
 
5.000%, 7/01/26 
1/20 at 100.00 
AA+ 
4,583,987 
5,795 
 
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 
7/13 at 100.00 
AA– 
6,116,970 
   
5.000%, 7/01/23 – AMBAC Insured 
     
4,000 
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – 
7/14 at 100.00 
Aa3 
4,139,600 
   
FGIC Insured 
     
1,000 
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
1/11 at 100.00 
N/R 
210,130 
   
Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (6) 
     
51,375 
 
Total Nevada 
   
54,543,713 
   
New Jersey – 5.2% (3.4% of Total Investments) 
     
5,480 
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 
12/13 at 100.00 
Aa2 
5,841,734 
   
12/15/20 – AGM Insured 
     
135 
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 
12/13 at 100.00 
Aa2 (4) 
153,592 
   
12/15/20 (Pre-refunded 12/15/13) – AGM Insured 
     
   
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: 
     
1,325 
 
5.250%, 9/01/24 
9/15 at 100.00 
AA– 
1,454,161 
1,000 
 
5.250%, 9/01/26 
9/15 at 100.00 
AA– 
1,089,210 
520 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BBB– 
526,380 
   
University Hospital, Series 2007, 5.750%, 7/01/37 
     
3,675 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 
11/10 at 100.00 
A+ 
3,676,727 
   
1997A, 5.650%, 5/01/40 – AMBAC Insured (Alternative Minimum Tax) 
     
17,300 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
AA– 
4,694,355 
   
Appreciation Series 2010A, 0.000%, 12/15/33 
     
3,425 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
AA– 
3,952,484 
   
2006A, 5.250%, 12/15/20 
     
3,400 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 
6/13 at 100.00 
AAA 
3,830,746 
   
5.500%, 6/15/22 (Pre-refunded 6/15/13) 
     
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 
No Opt. Call 
AA– 
5,518,400 
   
5.000%, 12/15/23 
     
4,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured 
7/13 at 100.00 
A+ 
4,338,960 
3,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – AGM Insured 
1/15 at 100.00 
AA+ 
3,242,700 
5,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36 
1/19 at 100.00 
A+ 
5,309,550 
10,555 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
BBB 
9,002,148 
   
Series 2007-1A, 5.000%, 6/01/29 
     
2,870 
 
Union County Utilities Authority, New Jersey, Solid Waste Facility Subordinate Lease Revenue 
12/10 at 100.00 
Baa3 
2,871,234 
   
Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.350%, 6/01/23 – AMBAC Insured 
     
   
(Alternative Minimum Tax) 
     
66,685 
 
Total New Jersey 
   
55,502,381 
   
New York – 6.9% (4.5% of Total Investments) 
     
5,000 
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical 
2/15 at 100.00 
A
5,118,850 
   
Center, Series 2005, 5.000%, 2/01/28 – FGIC Insured 
     
1,500 
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, 
7/14 at 100.00 
AA– 
1,628,160 
   
Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 
     
1,250 
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, 
10/15 at 100.00 
A
1,290,638 
   
Civic Facility Project, Series 2005, 5.000%, 10/01/30 
     
5,025 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A
4,824,302 
   
2/15/47 – NPFG Insured 
     
3,300 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 
11/16 at 100.00 
A
3,292,410 
   
5/01/33 – NPFG Insured 
     
 
 
44 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
New York (continued) 
     
   
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 
     
   
Series 2003B: 
     
$    6,875 
 
5.000%, 8/01/23 (UB) 
8/13 at 100.00 
AAA 
$   7,484,606 
7,260 
 
5.000%, 8/01/24 (UB) 
8/13 at 100.00 
AAA 
7,893,508 
2,500 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 
2/14 at 100.00 
AAA 
2,732,700 
   
Series 2004C, 5.000%, 2/01/22 (UB) 
     
35 
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 
No Opt. Call 
AA 
35,123 
2,150 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 
3/15 at 100.00 
AA 
2,314,841 
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 
5,424,300 
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 
4,491,640 
1,855 
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 
11/15 at 100.00 
AA+ 
2,158,107 
   
Trust 2364, 16.664%, 11/15/44 – AMBAC Insured (IF) 
     
   
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C: 
     
6,000 
 
5.250%, 6/01/20 
6/13 at 100.00 
A+ 
6,464,100 
5,100 
 
5.250%, 6/01/21 
6/13 at 100.00 
A+ 
5,494,485 
   
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
     
   
State Contingency Contract-Backed Bonds, Series 2003A-1: 
     
3,400 
 
5.500%, 6/01/16 
1/11 at 100.00 
AA– 
3,411,560 
2,000 
 
5.500%, 6/01/19 
6/13 at 100.00 
AA– 
2,184,200 
6,250 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
No Opt. Call 
A
6,789,563 
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax) 
     
68,500 
 
Total New York 
   
73,033,093 
   
North Carolina – 0.8% (0.5% of Total Investments) 
     
1,775 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
1,917,231 
   
Bonds, Series 2008, Trust 1149, 14.679%, 7/15/32 (IF) 
     
1,965 
 
Durham Urban Redevelopment Authority, North Carolina, FHA-Insured Mortgage Loan Revenue Bonds, 
2/11 at 102.00 
AAA 
2,012,337 
   
Durham Hosiery Mill, Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax) 
     
   
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
     
   
Facilities, Series 2004A: 
     
1,250 
 
5.000%, 2/01/21 
2/14 at 100.00 
AA+ 
1,380,950 
2,445 
 
5.000%, 2/01/22 
2/14 at 100.00 
AA+ 
2,673,386 
7,435 
 
Total North Carolina 
   
7,983,904 
   
Ohio – 2.5% (1.6% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
1,075 
 
5.125%, 6/01/24 
6/17 at 100.00 
BBB 
939,357 
900 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
758,322 
845 
 
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
673,871 
1,965 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
1,503,736 
3,000 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA+ (4) 
3,523,770 
   
5.250%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured 
     
   
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2003C: 
     
2,330 
 
5.250%, 5/15/17 – NPFG Insured 
5/13 at 100.00 
AA 
2,465,093 
4,105 
 
5.250%, 5/15/18 – NPFG Insured 
5/13 at 100.00 
AA 
4,317,229 
10,000 
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 
4/19 at 100.00 
A
10,367,699 
   
5.500%, 4/01/39 
     
2,000 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, 
1/11 at 100.00 
Aa2 
2,000,920 
   
Courtyards of Kettering, Series 1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax) 
     
26,220 
 
Total Ohio 
   
26,549,997 
 
 
Nuveen Investments 45
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Oklahoma – 2.1% (1.4% of Total Investments) 
     
$     750 
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 
9/16 at 100.00 
BB+ 
$   667,215 
   
5.375%, 9/01/36 
     
   
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
2,695,568 
1,020 
 
5.000%, 2/15/42 
2/17 at 100.00 
A
1,020,469 
10,000 
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 
1/17 at 100.00 
A
9,914,600 
   
1/01/47 – FGIC Insured 
     
2,055 
 
Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds, Series 2001A-1, 5.625%, 
6/11 at 102.00 
AAA 
2,078,509 
   
6/01/31 (Alternative Minimum Tax) 
     
5,460 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
5,563,521 
   
System, Series 2006, 5.000%, 12/15/36 (UB) 
     
99 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
102,416 
   
System, Series 2008, Trust 3500, 8.333%, 6/15/30 (IF) 
     
22,074 
 
Total Oklahoma 
   
22,042,298 
   
Oregon – 0.8% (0.5% of Total Investments) 
     
7,860 
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence 
10/14 at 100.00 
AA 
8,775,139 
   
Health System, Series 2004, 5.500%, 10/01/21 (UB) 
     
   
Pennsylvania – 2.6% (1.7% of Total Investments) 
     
3,500 
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 
12/15 at 100.00 
A1 
3,639,650 
   
5.000%, 12/01/23 – NPFG Insured 
     
1,500 
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, 
3/15 at 100.00 
Aa3 
1,641,765 
   
Series 2005, 6.000%, 3/01/28 – AGM Insured 
     
500 
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, 
3/17 at 100.00 
BBB 
456,315 
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37 
     
1,050 
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, 
No Opt. Call 
A2 
1,165,070 
   
Series 1997B, 5.700%, 7/01/27 – AMBAC Insured 
     
1,025 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, 
11/20 at 100.00 
A– 
1,050,963 
   
Series 2010A, 5.000%, 11/01/40 
     
5,850 
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
12/16 at 100.00 
AA+ 
5,817,825 
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured 
     
1,000 
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 
9/15 at 100.00 
Aa1 
1,084,350 
15,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 
12/27 at 100.00 
A– 
11,238,899 
   
0.000%, 12/01/38 
     
1,050 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – 
6/16 at 100.00 
Aa3 
1,118,859 
   
AMBAC Insured 
     
30,475 
 
Total Pennsylvania 
   
27,213,696 
   
Puerto Rico – 1.0% (0.7% of Total Investments) 
     
8,750 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/29 at 100.00 
A+ 
6,015,187 
   
2010A, 0.000%, 8/01/33 
     
5,000 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
4,846,000 
   
Series 2002, 5.500%, 5/15/39 
     
13,750 
 
Total Puerto Rico 
   
10,861,187 
   
Rhode Island – 1.7% (1.1% of Total Investments) 
     
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2002A: 
     
6,450 
 
6.000%, 6/01/23 
6/12 at 100.00 
BBB 
6,650,402 
6,240 
 
6.125%, 6/01/32 
6/12 at 100.00 
BBB 
6,278,437 
4,850 
 
6.250%, 6/01/42 
6/12 at 100.00 
BBB 
4,855,432 
17,540 
 
Total Rhode Island 
   
17,784,271 
 
 
46 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
South Carolina – 5.7% (3.7% of Total Investments) 
     
$    9,000 
 
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing 
12/13 at 100.00 
A1 
$   9,376,650 
   
Assets for Education, Series 2003, 5.250%, 12/01/24 
     
15,445 
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 
12/12 at 101.00 
AA (4) 
17,315,544 
   
2002, 5.875%, 12/01/17 (Pre-refunded 12/01/12) 
     
2,500 
 
Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 
5/13 at 100.00 
AA– 
2,553,650 
   
5/01/25 – AMBAC Insured 
     
7,600 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 4.000%, 
1/11 at 100.00 
A
7,600,152 
   
1/01/23 – NPFG Insured 
     
1,250 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A3 (4) 
1,377,038 
   
Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 
     
4,750 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A– 
4,817,023 
   
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: 
     
1,335 
 
6.875%, 8/01/27 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
1,546,704 
165 
 
6.875%, 8/01/27 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
192,100 
4,450 
 
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
5,096,051 
550 
 
6.375%, 8/01/34 (Pre-refunded 8/01/13) 
8/13 at 100.00 
BBB+ (4) 
632,940 
8,100 
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 
10/12 at 100.00 
Aa3 
8,282,492 
   
10/01/33 – AMBAC Insured 
     
1,980 
 
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement 
5/11 at 101.00 
BBB (4) 
2,039,538 
   
Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11) 
     
57,125 
 
Total South Carolina 
   
60,829,882 
   
Tennessee – 0.4% (0.2% of Total Investments) 
     
3,200 
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain 
7/16 at 100.00 
BBB+ 
3,215,200 
   
States Health Alliance, Series 2006A, 5.500%, 7/01/36 
     
530 
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 
3/11 at 100.00 
A2 
535,565 
   
6.000%, 3/01/19 – AMBAC Insured (Alternative Minimum Tax) 
     
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
     
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
     
100 
 
5.500%, 11/01/37 (5), (6) 
11/17 at 100.00 
N/R 
41,633 
125 
 
5.500%, 11/01/46 (5), (6) 
11/17 at 100.00 
N/R 
52,042 
3,955 
 
Total Tennessee 
   
3,844,440 
   
Texas – 7.4% (4.8% of Total Investments) 
     
5,810 
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 
2/17 at 100.00 
AAA 
5,827,198 
   
4.250%, 8/15/36 (UB) 
     
5,110 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/13 at 101.00 
Ca 
1,895,452 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
     
10,000 
 
Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities Revenue 
5/12 at 101.00 
BBB– 
10,211,100 
   
Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) 
     
   
(Alternative Minimum Tax) 
     
1,000 
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 
7/17 at 100.00 
A+ 
1,029,640 
3,345 
 
Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2001, 5.625%, 2/15/19 
2/12 at 100.00 
Aa1 (4) 
3,572,661 
   
(Pre-refunded 2/15/12) 
     
5,000 
 
Gulf Coast Industrial Development Authority, Texas, Waste Disposal Revenue Bonds, Valero Refining 
1/11 at 100.00 
BBB 
4,935,800 
   
and Marketing Company Project, Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax) 
     
   
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
     
   
Memorial Hermann Healthcare System, Series 2004A: 
     
1,000 
 
5.000%, 12/01/20 
12/14 at 100.00 
A
1,026,710 
1,000 
 
5.000%, 12/01/21 
12/14 at 100.00 
A
1,021,820 
2,500 
 
5.125%, 12/01/22 
12/14 at 100.00 
A
2,555,975 
 
 
Nuveen Investments 47
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Texas (continued) 
     
$   2,925 
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 
11/11 at 100.00 
A
$   2,876,855 
   
5.250%, 11/15/30 – NPFG Insured 
     
4,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 
5/14 at 100.00 
AA 
4,322,800 
   
5/15/24 – FGIC Insured 
     
10,850 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
4,913,748 
   
Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured 
     
725 
 
Keller Independent School District, Tarrant County, Texas, Unlimited Tax General Obligation 
8/11 at 100.00 
AAA 
746,315 
   
Refunding Bonds, Series 2001, 5.250%, 8/15/26 
     
   
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
     
   
Memorial Hospital Project, Series 2005: 
     
800 
 
5.250%, 8/15/21 
No Opt. Call 
BBB– 
809,512 
1,250 
 
5.125%, 8/15/26 
No Opt. Call 
BBB– 
1,200,075 
3,100 
 
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 
1/18 at 100.00 
A3 
3,272,856 
   
5.750%, 1/01/38 
     
2,000 
 
Pearland Independent School District, Brazoria County, Texas, Unlimited Tax Schoolhouse Bonds, 
2/11 at 100.00 
AAA 
2,029,200 
   
Series 2001A, 5.250%, 2/15/22 (Pre-refunded 2/15/11) 
     
1,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 
11/15 at 100.00 
CCC 
343,650 
   
2001C, 5.200%, 5/01/28 
     
2,500 
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, 
No Opt. Call 
AA– 
2,627,675 
   
Series 2010, 5.000%, 10/01/41 
     
3,935 
 
Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and 
2/11 at 100.00 
AAA 
3,984,227 
   
Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) 
     
7,100 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
7,137,559 
   
Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 
     
3,755 
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.588%, 4/01/28 (IF) 
4/17 at 100.00 
Aaa 
5,304,163 
3,900 
 
Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2001C-1, 
12/11 at 101.00 
Aaa 
3,976,440 
   
5.200%, 12/01/21 (Alternative Minimum Tax) (UB) 
     
2,905 
 
Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building 
2/11 at 44.73 
AAA 
1,284,591 
   
and Refunding Bonds, Series 2001, 0.000%, 2/15/25 
     
4,040 
 
Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building 
2/11 at 44.73 
AAA 
1,804,910 
   
and Refunding Bonds, Series 2001, 0.000%, 2/15/25 (Pre-refunded 2/15/11) 
     
89,550 
 
Total Texas 
   
78,710,932 
   
Utah – 0.6% (0.4% of Total Investments) 
     
6,335 
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 
8/19 at 100.00 
AA+ 
6,604,617 
20 
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C, 5.600%, 7/01/18 
1/11 at 100.00 
AAA 
20,748 
   
(Alternative Minimum Tax) 
     
35 
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997E-2, 5.875%, 1/01/19 
1/11 at 100.00 
Aaa 
35,044 
   
(Alternative Minimum Tax) 
     
6,390 
 
Total Utah 
   
6,660,409 
   
Virgin Islands – 0.1% (0.1% of Total Investments) 
     
900 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 
1/15 at 100.00 
Baa3 
835,730 
   
2007, 4.700%, 7/01/22 (Alternative Minimum Tax) 
     
   
Washington – 6.5% (4.3% of Total Investments) 
     
15,000 
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, 
7/12 at 100.00 
AA 
15,042,600 
   
Series 2002A, 5.450%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax) 
     
6,000 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, 
7/12 at 100.00 
Aaa 
6,472,920 
   
Series 2002A, 5.750%, 7/01/17 – NPFG Insured 
     
5,000 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 
7/13 at 100.00 
Aaa 
5,574,850 
   
2003A, 5.500%, 7/01/16 (UB) 
     
 
 
48 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Washington (continued) 
     
$    10,080 
 
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2002, 
6/12 at 100.00 
AA+ 
$   10,891,338 
   
5.500%, 12/01/16 – FGIC Insured 
      
2,500 
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 
1/19 at 100.00 
AA+ 
2,713,150 
6,965 
 
Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.250%, 9/01/22 – FGIC Insured 
9/12 at 100.00 
A1 
7,371,477 
2,820 
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 
12/14 at 100.00 
A1 
3,085,728 
   
5.375%, 12/01/19 – NPFG Insured 
     
2,500 
 
Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.125%, 
12/11 at 100.00 
AA 
2,630,325 
   
12/01/22 – NPFG Insured 
     
3,955 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
Baa2 
3,926,405 
   
Series 2010, 5.500%, 12/01/39 (WI/DD, Settling 11/04/10) 
     
5,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A
5,261,700 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
     
1,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
849,880 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
   
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
     
   
Series 2002: 
     
2,975 
 
6.500%, 6/01/26 
6/13 at 100.00 
BBB 
3,081,208 
2,395 
 
6.625%, 6/01/32 
6/13 at 100.00 
BBB 
2,432,530 
66,190 
 
Total Washington 
   
69,334,111 
   
West Virginia – 0.8% (0.5% of Total Investments) 
     
5,000 
 
Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, 
10/11 at 100.00 
BBB 
5,063,900 
   
Series 2003L, 5.500%, 10/01/22 
     
1,000 
 
Pleasants County, West Virginia, Pollution Control Revenue Bonds, West Penn Power Company 
4/11 at 100.00 
Baa2 
1,000,510 
   
Pleasants Station Project, Series 1999E, 5.500%, 4/01/29 – AMBAC Insured (Alternative 
     
   
Minimum Tax) 
     
2,355 
 
West Virginia University, Unlimited Tax General Revenue Bonds, Student Fees, Series 2004C, 
10/14 at 100.00 
Aa3 
2,562,570 
   
5.000%, 10/01/24 – FGIC Insured 
     
8,355 
 
Total West Virginia 
   
8,626,980 
   
Wisconsin – 2.0% (1.3% of Total Investments) 
     
5,540 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., 
1/11 at 100.00 
A3 
5,542,327 
   
Series 1999A, 5.600%, 2/15/29 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
1/11 at 100.00 
A3 
1,045,870 
   
Inc., Series 2010A, 5.625%, 4/15/39 
     
315 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior 
5/16 at 100.00 
BBB 
274,478 
   
Healthcare, Series 2006, 5.000%, 5/01/32 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., 
5/14 at 100.00 
BBB+ 
1,011,040 
   
Series 2004, 5.750%, 5/01/24 
     
3,215 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/11 at 100.00 
A
3,219,180 
   
Series 1997, 5.625%, 2/15/17 – NPFG Insured 
     
4,530 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
4,282,753 
   
Healthcare System, Series 2006, 5.250%, 8/15/34 
     
5,300 
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) 
5/16 at 100.00 
AA 
5,663,368 
20,900 
 
Total Wisconsin 
   
21,039,016 
 
 
Nuveen Investments 49
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 2, Inc. (continued) 
NPM 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Wyoming – 0.3% (0.2% of Total Investments) 
     
$       2,750 
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 
12/15 at 100.00 
BBB+ 
$        2,781,349 
   
   5.600%, 12/01/35 (Alternative Minimum Tax) 
     
$ 1,711,434 
 
Total Investments (cost $1,548,371,050) – 153.6% 
   
1,626,731,562 
   
Floating Rate Obligations – (9.7)% 
   
(102,434,000)
   
Other Assets Less Liabilities – 2.1% 
   
22,118,918 
   
Auction Rate Preferred Shares, at Liquidation Value – (46.0)% (8) 
   
(487,525,000)
   
Net Assets Applicable to Common Shares – 100% 
   
$ 1,058,891,480 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
 
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
 
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
 
 
(5)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
 
 
(6)
The Fund’s Adviser has concluded this 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)
Subsequent to the reporting period, the Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
 
 
(8)
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%.
 
 
N/R
Not rated.
 
 
WI/DD
Purchased on a when-issued or delayed delivery basis.
 
 
(ETM)
Escrowed to maturity.
 
 
(IF)
Inverse floating rate investment.
 
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 
See accompanying notes to financial statements.
 
 
50 Nuveen Investments
 
 
 
 

 

           
   
Nuveen Premium Income Municipal Fund 4, Inc. 
   
NPT 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 4.9% (3.2% of Total Investments) 
     
$   5,150 
 
Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001, 5.750%, 12/01/16 
12/11 at 101.00 
A– 
$   5,302,028 
11,895 
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, 
1/11 at 100.00 
Aaa 
11,933,419 
   
Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, 
     
   
Series 1995, 5.000%, 11/01/25 (ETM) 
     
5,000 
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
Aa1 
5,141,550 
   
2006C-2, 5.000%, 11/15/39 (UB) 
     
1,000 
 
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health 
11/15 at 100.00 
Baa2 
924,840 
   
System Inc., Series 2005A, 5.000%, 11/15/30 
     
1,000 
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, 
6/15 at 100.00 
BBB 
1,012,830 
   
International Paper Company, Series 2005A, 5.000%, 6/01/25 
     
1,500 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
1/14 at 100.00 
AA+ 
1,467,960 
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
     
2,325 
 
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, 
5/20 at 100.00 
BBB 
2,437,460 
   
International Paper Company Project, Series 2010A, 5.800%, 5/01/34 
     
27,870 
 
Total Alabama 
   
28,220,087 
   
Alaska – 0.9% (0.6% of Total Investments) 
     
1,665 
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 
12/14 at 100.00 
AA 
1,721,460 
   
5.000%, 12/01/30 – FGIC Insured (UB) 
     
3,065 
 
Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 
12/13 at 100.00 
A+ (4) 
3,490,177 
   
(Pre-refunded 12/01/13) – NPFG Insured 
     
4,730 
 
Total Alaska 
   
5,211,637 
   
Arizona – 1.4% (0.9% of Total Investments) 
     
5,000 
 
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/13 at 100.00 
A1 
5,013,900 
   
Project, Series 2003A, 5.000%, 7/01/31 – NPFG Insured 
     
3,000 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
2,834,190 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
8,000 
 
Total Arizona 
   
7,848,090 
   
California – 19.6% (12.9% of Total Investments) 
     
1,500 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
A– 
1,539,390 
   
Bonds, Channing House, Series 2010, 6.000%, 5/15/30 
     
10,000 
 
Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 
9/17 at 100.00 
A1 
9,034,300 
   
2007A-1, 4.375%, 3/01/37 – FGIC Insured 
     
17,000 
 
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist 
3/13 at 100.00 
A
16,773,728 
   
Health System/West, Series 2003A, 5.000%, 3/01/33 
     
5,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, 
4/16 at 100.00 
A+ 
4,963,550 
   
Series 2006, 5.000%, 4/01/37 
     
2,900 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
Aa3 
2,863,402 
   
5.000%, 11/15/42 (UB) 
     
2,000 
 
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance 
8/11 at 102.00 
A+ 
2,052,140 
   
LLC, Series 2001A, 5.550%, 8/01/31 
     
1,400 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
BBB– 
1,387,862 
   
Series 2010A, 6.400%, 8/15/45 
     
1,220 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/19 at 100.00 
A2 
1,339,511 
   
2009I-1, 6.375%, 11/01/34 
     
1,500 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
A2 
1,592,790 
   
2010A-1, 5.750%, 3/01/30 
     
1,000 
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 
3/20 at 100.00 
A1 
1,064,120 
1,030 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB– 
1,048,952 
   
of the West, Series 2010, 6.250%, 10/01/39 
     
 
 
Nuveen Investments 51
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund 4, Inc. (continued) 
NPT 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$ 1,050 
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, 
1/19 at 100.00 
N/R 
$ 1,071,630 
   
Aspire Public Schools, Series 2010, 6.000%, 7/01/40 
     
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB 
882,430 
   
Health System, Series 2005A, 5.000%, 7/01/39 
     
1,685 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
No Opt. Call 
Aa3 
2,038,934 
   
Option Bond Trust 3175, 13.358%, 5/15/14 (IF) 
     
19,095 
 
California, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured 
6/15 at 100.00 
A1 
19,222,360 
4,780 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
4,635,501 
   
1995A, 0.000%, 1/01/14 (ETM) 
     
1,000 
 
Glendale Redevelopment Agency, Central Glendale Redevelopment Project, California, Tax 
12/16 at 100.00 
A– 
1,023,020 
   
Allocation Bonds, Series 2010, 5.500%, 12/01/24 
     
1,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
1,155,190 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
4,000 
 
5.750%, 6/01/47 
6/17 at 100.00 
BBB 
3,199,400 
610 
 
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
439,633 
3,190 
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
AAA 
1,512,060 
   
Series 2006B, 0.000%, 9/01/27 
     
360 
 
Jurupa Public Financing Authority, California,Superior Lien Revenue Bonds, Series 2010A, 
9/20 at 100.00 
AA+ 
365,148 
   
5.000%, 9/01/33 
     
540 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
A– 
543,721 
   
California, Series 2010, 5.375%, 3/15/36 
     
2,700 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
A
3,323,565 
   
Series 2009C, 7.000%, 11/01/34 
     
3,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
3,329,340 
   
6.625%, 11/01/29 
     
2,000 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
2,040,720 
   
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
     
11,310 
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AA+ 
11,329,227 
   
4.250%, 7/01/31 – AGM Insured (UB) 
     
670 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
8/19 at 100.00 
A– 
731,312 
   
Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 
     
   
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 
A
866,951 
31,300 
 
0.000%, 1/15/34 – NPFG Insured 
No Opt. Call 
A
5,287,509 
4,000 
 
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water 
9/17 at 100.00 
AA+ 
4,404,000 
   
Project, Tender Option Bond Trust 3030, 17.416%, 9/01/38 – NPFG Insured (IF) 
     
440 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
AA– 
454,753 
   
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 
     
1,335 
 
South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series 
No Opt. Call 
A
1,404,113 
   
1996A, 6.000%, 10/01/12 – FGIC Insured 
     
144,045 
 
Total California 
   
112,920,262 
   
Colorado – 4.2% (2.7% of Total Investments) 
     
2,000 
 
Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives, 
9/11 at 100.00 
Aa2 (4) 
2,081,620 
   
Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11) 
     
245 
 
Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 
4/11 at 105.00 
Aa2 
268,816 
   
6.750%, 10/01/21 
     
1,000 
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding 
12/20 at 100.00 
BBB 
956,200 
   
Series 2010, 5.375%, 12/01/40 
     
1,495 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 
No Opt. Call 
A+ 
1,619,324 
   
(Alternative Minimum Tax) 
     
 
 
52 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado (continued) 
     
   
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center 
     
   
Hotel, Series 2003A: 
     
$    2,940 
 
5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured 
12/13 at 100.00 
N/R (4) 
$   3,281,363 
10,000 
 
5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured 
12/13 at 100.00 
N/R (4) 
11,161,100 
755 
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA+ (4) 
877,348 
   
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB) 
     
   
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 
1,321,057 
2,365 
 
6.000%, 1/15/41 
7/20 at 100.00 
Baa3 
2,502,075 
22,045 
 
Total Colorado 
   
24,068,903 
   
District of Columbia – 1.6% (1.0% of Total Investments) 
     
   
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: 
     
9,670 
 
0.000%, 4/01/26 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 42.15 
A (4) 
4,066,138 
15,235 
 
0.000%, 4/01/30 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 32.93 
A (4) 
5,005,307 
24,905 
 
Total District of Columbia 
   
9,071,445 
   
Florida – 6.5% (4.3% of Total Investments) 
     
1,250 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
No Opt. Call 
BBB 
1,270,300 
   
Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 
     
250 
 
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, 
4/19 at 100.00 
A– 
280,543 
   
Series 2009B, 7.000%, 4/01/39 
     
5,000 
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 
7/13 at 100.00 
Aa3 
5,062,600 
   
7/01/28 – NPFG Insured 
     
5,000 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/13 at 100.00 
Aa3 
5,331,900 
   
Series 2003A, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax) 
     
5,000 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
12/10 at 100.00 
BB+ 
5,100,000 
   
Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 
     
1,380 
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, 
1/11 at 102.00 
AA+ 
1,411,119 
   
Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – AGM Insured (Alternative Minimum Tax) 
     
2,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 
10/15 at 100.00 
A2 
1,924,100 
   
5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax) 
     
5,455 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
5,520,405 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
     
11,000 
 
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – 
10/18 at 100.00 
AA– 
11,508,200 
   
AMBAC Insured 
     
36,335 
 
Total Florida 
   
37,409,167 
   
Georgia – 4.3% (2.8% of Total Investments) 
     
4,400 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
A1 
5,034,788 
   
FGIC Insured 
     
1,500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – 
11/19 at 100.00 
AA+ 
1,584,810 
   
AGM Insured 
     
2,500 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/20 at 100.00 
A– 
2,507,200 
   
Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 
     
2,880 
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 
No Opt. Call 
A+ 
2,916,518 
   
8.250%, 1/01/11 
     
5,450 
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 
No Opt. Call 
A1 (4) 
6,583,873 
   
1/01/19 – FGIC Insured (ETM) 
     
6,000 
 
The Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus 
8/20 at 100.00 
AA+ 
6,080,520 
   
Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/41 
     
22,730 
 
Total Georgia 
   
24,707,709 
 
 
Nuveen Investments 53
 
 
 
 

 

   
 
Nuveen Premium Income Municipal Fund 4, Inc. (continued) 
NPT 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Hawaii – 0.9% (0.6% of Total Investments) 
     
$  1,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/20 at 100.00 
A3 
$   995,570 
   
Obligated Group, Series 2010A, 5.500%, 7/01/40 
     
2,000 
 
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa1 
2,243,680 
   
1993B, 5.000%, 10/01/13 
     
1,580 
 
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 
No Opt. Call 
Aaa 
1,777,389 
   
1993B, 5.000%, 10/01/13 (ETM) 
     
4,580 
 
Total Hawaii 
   
5,016,639 
   
Idaho – 0.2% (0.1% of Total Investments) 
     
965 
 
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 
No Opt. Call 
Aa3 
1,030,321 
   
5.650%, 7/01/26 
     
   
Illinois – 17.6% (11.6% of Total Investments) 
     
4,000 
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 
No Opt. Call 
Aa2 
4,423,000 
   
6.250%, 1/01/15 – NPFG Insured 
     
5,550 
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured 
1/11 at 101.00 
AA+ 
5,574,642 
   
(Alternative Minimum Tax) 
     
415 
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/16 at 100.00 
A1 
418,357 
   
Series 2005A, 5.000%, 1/01/33 – FGIC Insured 
     
   
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 
1,762,500 
1,685 
 
8.500%, 12/01/15 – FGIC Insured 
No Opt. Call 
N/R 
2,203,323 
5,920 
 
Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek 
4/11 at 105.00 
Aaa 
6,409,229 
   
American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
AA 
1,042,990 
3,000 
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 
1/18 at 100.00 
Baa1 
2,925,540 
   
5.625%, 1/01/37 
     
1,500 
 
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care 
No Opt. Call 
A+ 
1,485,570 
   
Centers, Series 2010, 5.375%, 8/15/40 
     
2,515 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 
8/14 at 100.00 
N/R (4) 
2,903,316 
   
5.250%, 8/15/34 (Pre-refunded 8/15/14) 
     
5,500 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A
5,823,345 
   
6.000%, 5/15/39 
     
500 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
585,935 
1,665 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
A– 
1,832,432 
   
Series 2009C, 6.625%, 11/01/39 
     
5,565 
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
5,375,567 
   
5.500%, 8/01/37 
     
   
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 
2,230,840 
2,000 
 
7.000%, 8/15/44 
8/19 at 100.00 
BBB 
2,239,320 
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA+ 
527,330 
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
     
3,000 
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, 
5/19 at 100.00 
BBB+ 
3,124,920 
   
Series 2009, 6.125%, 5/15/25 
     
1,000 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
952,050 
   
Refunding Series 2007A, 5.250%, 5/01/34 
     
4,000 
 
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai 
8/13 at 100.00 
Aa2 
4,064,880 
   
Health System, Series 2003, 5.150%, 2/15/37 
     
3,000 
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
3,222,540 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
     
 
 
54 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
   
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, 
     
   
Series 2002: 
     
 $    3,000 
 
5.500%, 1/01/22 
1/13 at 100.00 
Baa1 
$   3,018,030 
1,000 
 
5.625%, 1/01/28 
1/13 at 100.00 
Baa1 
996,100 
3,930 
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, 
No Opt. Call 
Aa2 
4,403,683 
   
Series 1993C, 7.000%, 4/01/14 
     
9,795 
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
AAA 
11,923,747 
   
Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Series 2002A: 
     
9,500 
 
0.000%, 6/15/24 – NPFG Insured 
6/22 at 101.00 
AAA 
7,431,185 
4,540 
 
5.000%, 12/15/28 – NPFG Insured 
6/12 at 101.00 
AAA 
4,625,307 
36,040 
 
0.000%, 6/15/40 – NPFG Insured 
No Opt. Call 
AAA 
6,006,426 
3,050 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
Aa3 
3,783,617 
   
Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured 
     
126,625 
 
Total Illinois 
   
101,315,721 
   
Indiana – 4.9% (3.2% of Total Investments) 
     
   
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: 
     
1,950 
 
0.000%, 2/01/24 
No Opt. Call 
AA+ 
1,063,004 
2,705 
 
0.000%, 2/01/25 
No Opt. Call 
AA+ 
1,392,994 
3,000 
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health 
8/16 at 100.00 
Baa3 
2,780,490 
   
System, Series 2006, 5.250%, 8/01/36 
     
3,965 
 
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 
2/11 at 100.00 
A
3,996,006 
   
5.500%, 2/01/26 – NPFG Insured 
     
1,050 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
BBB– 
1,128,414 
   
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
     
1,500 
 
Indiana Finance Authority, Hospital Refunding Revenue Bonds, Floyd Memorial Hospital and 
3/20 at 100.00 
A– 
1,513,755 
   
Health Services Project, Series 2010, 5.125%, 3/01/30 
     
2,280 
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus 
No Opt. Call 
AA+ 
2,603,623 
   
Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured 
     
4,000 
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 
6/13 at 100.00 
AA+ 
4,435,240 
   
6/01/23 – AGM Insured 
     
6,000 
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24 
6/13 at 100.00 
AA+ (4) 
6,652,860 
   
(Pre-refunded 6/01/13) – AGM Insured 
     
2,250 
 
Indianapolis, Indiana, Multifamily Housing Revenue Bonds, GMF-Berkley Commons Apartments, 
7/20 at 100.00 
A+ 
2,347,898 
   
Series 2010A, 6.000%, 7/01/40 
     
420 
 
Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease 
1/11 at 100.00 
A
420,273 
   
Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – NPFG Insured 
     
29,120 
 
Total Indiana 
   
28,334,557 
   
Iowa – 0.6% (0.4% of Total Investments) 
     
400 
 
Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2008A, 
8/19 at 100.00 
Aa3 
437,372 
   
5.625%, 8/15/37 – AGC Insured 
     
1,000 
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 
7/16 at 100.00 
BB+ 
900,100 
   
5.000%, 7/01/20 
     
2,000 
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 
12/19 at 100.00 
A1 
2,083,360 
   
5.500%, 12/01/25 
     
3,400 
 
Total Iowa 
   
3,420,832 
 
 
Nuveen Investments 55
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 4, Inc. (continued) 
NPT 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Kansas – 1.1% (0.7% of Total Investments) 
     
$ 2,000 
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health 
No Opt. Call 
AA 
$ 2,062,220 
   
Services Corporation, Series 2010A, 5.000%, 1/01/40 
     
600 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park 
4/20 at 100.00 
BBB 
614,334 
   
Mall Project, Series 2010, 5.900%, 4/01/32 
     
1,750 
 
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 
6/14 at 100.00 
A
1,793,803 
   
5.300%, 6/01/31 – NPFG Insured 
     
2,980 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital 
No Opt. Call 
N/R 
1,676,101 
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex 
     
   
Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 
     
7,330 
 
Total Kansas 
   
6,146,458 
   
Kentucky – 0.2% (0.1% of Total Investments) 
     
1,000 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
6/20 at 100.00 
Baa2 
1,052,810 
   
Medical Health System, Series 2010A, 6.000%, 6/01/30 
     
   
Louisiana – 4.9% (3.3% of Total Investments) 
     
165 
 
DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company 
11/14 at 100.00 
BBB 
167,389 
   
Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax) 
     
1,750 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA 
6/12 at 105.00 
Aaa 
1,876,228 
   
Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 
     
   
6.500%, 6/20/37 
     
5,150 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
5,175,544 
   
Lady Health System, Series 2005A, 5.250%, 8/15/32 
     
3,800 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
3,762,646 
   
Series 2007A, 5.500%, 5/15/47 
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 
     
1,480 
 
4.750%, 5/01/39 - AGM Insured (UB) 
5/16 at 100.00 
AA+ 
1,508,342 
15,820 
 
4.500%, 5/01/41 - FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
15,831,390 
170 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660, 15.415%, 
5/16 at 100.00 
Aa1 
170,490 
   
5/01/34 – FGIC Insured (IF) 
     
28,335 
 
Total Louisiana 
   
28,492,029 
   
Maine – 0.2% (0.1% of Total Investments) 
     
1,250 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Series 2010A, 
7/20 at 100.00 
Aa3 
1,288,600 
   
5.000%, 7/01/40 
     
   
Maryland – 1.6% (1.0% of Total Investments) 
     
1,675 
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 
1/11 at 100.00 
Aa2 
1,678,484 
   
5.875%, 7/01/16 
     
2,900 
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%, 
1/11 at 100.00 
Aa2 
2,903,306 
   
7/01/39 (Alternative Minimum Tax) 
     
50 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
51,878 
   
Series 2004, 5.375%, 8/15/24 
     
2,135 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland 
7/16 at 100.00 
A
2,105,238 
   
Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured 
     
2,315 
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development 
1/11 at 100.00 
Aaa 
2,318,727 
   
Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax) 
     
9,075 
 
Total Maryland 
   
9,057,633 
 
 
56 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Massachusetts – 1.7% (1.1% of Total Investments) 
     
$ 2,805 
 
Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, 
3/15 at 100.00 
BBB 
$ 2,739,195 
   
3/01/35 – ACA Insured 
     
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
10/12 at 102.00 
N/R 
866,360 
   
5.250%, 10/01/26 
     
1,000 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital 
7/15 at 100.00 
BB– 
788,760 
   
Project, Series 2005D, 5.375%, 7/01/35 
     
1,900 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,014,912 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
     
3,465 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 
2/17 at 100.00 
AA+ 
3,485,998 
   
8/01/46 – AGM Insured (UB) 
     
10,170 
 
Total Massachusetts 
   
9,895,225 
   
Michigan – 7.6% (5.0% of Total Investments) 
     
625 
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 
11/20 at 100.00 
AA 
642,844 
   
5.000%, 11/01/30 
     
6,000 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
5,924,160 
   
7/01/35 – NPFG Insured 
     
8,915 
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 
1/11 at 100.00 
Aa3 
8,917,140 
   
7/01/27 – NPFG Insured 
     
5,400 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 
7/16 at 100.00 
A1 
5,056,452 
   
7/01/34 – FGIC Insured 
     
1,500 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote 
6/20 at 100.00 
AAA 
1,516,455 
   
Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (WI/DD, Settling 11/02/10) – 
     
   
AGM Insured 
     
5,000 
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 
10/13 at 100.00 
Aa3 
5,082,350 
   
5.000%, 10/15/29 – NPFG Insured 
     
10,500 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
2/11 at 100.00 
Ba3 
10,262,070 
   
Obligated Group, Series 1998A, 5.250%, 8/15/23 
     
3,210 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
3,331,306 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
1,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 
5/15 at 100.00 
AAA 
1,167,810 
   
2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15) 
     
2,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
AA 
2,062,340 
   
2006A, 5.000%, 12/01/31 (UB) 
     
44,150 
 
Total Michigan 
   
43,962,927 
   
Minnesota – 1.4% (1.0% of Total Investments) 
     
3,500 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/11 at 100.00 
AAA 
3,530,240 
   
Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) – FGIC Insured 
     
2,875 
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
8/16 at 100.00 
N/R 
2,604,693 
   
Project, Series 2007-1, 5.000%, 8/01/36 
     
2,315 
 
Washington County Housing & Redevelopment Authority, Minnesota, Hospital Facility Revenue 
11/10 at 100.00 
BB+ 
2,209,066 
   
Bonds, Healtheast Project, Series 1998, 5.500%, 11/15/27 
     
8,690 
 
Total Minnesota 
   
8,343,999 
   
Mississippi – 2.2% (1.4% of Total Investments) 
     
1,000 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/11 at 100.00 
BBB 
1,005,000 
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
     
2,975 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
3,088,318 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 
     
5,180 
 
Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18 
No Opt. Call 
AA 
6,404,345 
1,000 
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
9/18 at 100.00 
BBB 
1,103,710 
   
Project, Series 2008A, 6.500%, 9/01/32 
     
900 
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
5/20 at 100.00 
BBB 
948,375 
   
Project, Series 2010A, 5.800%, 5/01/34 
     
11,055 
 
Total Mississippi 
   
12,549,748 
 
 
Nuveen Investments 57
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 4, Inc. (continued) 
NPT 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Missouri – 1.0% (0.7% of Total Investments) 
     
$   1,450 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
6/17 at 100.00 
N/R 
$  1,341,642 
   
Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 
     
1,000 
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
1,001,680 
   
Services – Heisinger Project, Series 2004, 5.500%, 2/01/35 
     
1,000 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
1,045,110 
   
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
     
2,450 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 
5/13 at 100.00 
AA 
2,577,817 
   
2003, 5.125%, 5/15/24 
     
5,900 
 
Total Missouri 
   
5,966,249 
   
Nevada – 2.5% (1.6% 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 
Aa3 
4,306,640 
7,000 
 
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 
7/13 at 100.00 
AA– 
7,388,920 
   
5.000%, 7/01/23 – AMBAC Insured 
     
5,425 
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
No Opt. Call 
D
501,596 
   
Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured 
     
1,700 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A
2,015,673 
   
8.000%, 6/15/30 
     
18,125 
 
Total Nevada 
   
14,212,829 
   
New Jersey – 4.2% (2.7% of Total Investments) 
     
500 
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The 
1/18 at 100.00 
N/R 
448,860 
   
Evergreens Project, Series 2007, 5.625%, 1/01/38 
     
   
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 
876,366 
3,000 
 
5.875%, 6/01/42 
6/20 at 100.00 
Baa3 
3,148,920 
880 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured 
No Opt. Call 
A+ 
1,067,845 
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: 
     
300 
 
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
375,648 
2,345 
 
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
2,682,446 
8,920 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
AAA 
9,479,552 
   
Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) 
     
3,995 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
AAA 
4,618,699 
   
Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
1,710 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
BBB 
1,265,554 
   
Series 2007-1A, 4.750%, 6/01/34 
     
22,485 
 
Total New Jersey 
   
23,963,890 
   
New Mexico – 0.3% (0.2% of Total Investments) 
     
1,500 
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida Llena 
7/20 at 100.00 
N/R 
1,522,245 
   
Project, Series 2010A, 6.125%, 7/01/40 
     
   
New York – 3.9% (2.6% of Total Investments) 
     
855 
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
4/17 at 100.00 
N/R 
784,428 
   
Schools, Series 2007A, 5.000%, 4/01/32 
     
   
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
     
   
Bonds, Barclays Center Project, Series 2009: 
     
1,945 
 
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
2,087,004 
3,065 
 
6.250%, 7/15/40 
No Opt. Call 
BBB– 
3,328,253 
4,070 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A
3,907,444 
   
2/15/47 – NPFG Insured 
     
1,000 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA 
1,066,640 
   
5.000%, 11/15/34 
     
 
 
58 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
New York (continued) 
     
$    2,000 
 
New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, 
1/20 at 100.00 
AA 
$   2,041,820 
   
Bank of America Tower at One Bryant Park Project, Series 2010, 5.125%, 1/15/44 
     
2,500 
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
6/12 at 100.00 
AA– 
2,646,150 
   
State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/18 
     
6,250 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
No Opt. Call 
A
6,789,563 
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax) 
     
21,685 
 
Total New York 
   
22,651,302 
   
North Carolina – 2.8% (1.9% of Total Investments) 
     
750 
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, 
1/17 at 100.00 
AA– 
777,473 
   
Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 
     
2,445 
 
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ 
2,701,138 
   
Facilities, Series 2004A, 5.000%, 2/01/21 
     
2,000 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1992, 6.000%, 
No Opt. Call 
A
2,018,460 
   
1/01/11 – NPFG Insured 
     
10,000 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
A
10,793,800 
   
1/01/18 – NPFG Insured 
     
15,195 
 
Total North Carolina 
   
16,290,871 
   
Ohio – 3.8% (2.5% of Total Investments) 
     
5,380 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
BBB 
4,701,152 
   
Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 
     
   
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: 
     
2,000 
 
5.250%, 11/01/29 (WI/DD, Settling 11/04/10) 
11/20 at 100.00 
BBB+ 
1,964,620 
3,000 
 
5.750%, 11/01/40 (WI/DD, Settling 11/04/10) 
11/20 at 100.00 
BBB+ 
3,015,840 
8,065 
 
Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured 
1/11 at 100.00 
AA+ 
8,068,549 
3,040 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
3,112,626 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
800 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
869,800 
   
Project, Series 2009E, 5.625%, 10/01/19 
     
22,285 
 
Total Ohio 
   
21,732,587 
   
Oklahoma – 1.0% (0.7% of Total Investments) 
     
170 
 
Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan 
3/11 at 100.00 
Aaa 
171,037 
   
Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax) 
     
5,615 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
5,721,461 
   
System, Series 2006, 5.000%, 12/15/36 (UB) 
     
88 
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
91,036 
   
System, Series 2008, Trust 3500, 8.333%, 6/15/30 (IF) 
     
5,873 
 
Total Oklahoma 
   
5,983,534 
   
Pennsylvania – 1.6% (1.1% of Total Investments) 
     
500 
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, 
3/17 at 100.00 
BBB 
456,315 
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37 
     
1,000 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R 
1,056,770 
   
Ministries Project, Series 2009, 6.125%, 1/01/29 
     
600 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
No Opt. Call 
BBB– 
623,586 
   
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 
     
5,490 
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
12/16 at 100.00 
AA+ 
5,459,805 
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) 
     
1,595 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
AA 
1,645,051 
   
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 
     
9,185 
 
Total Pennsylvania 
   
9,241,527 
 
 
Nuveen Investments 59
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 4, Inc. (continued) 
NPT 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Puerto Rico – 2.4% (1.6% of Total Investments) 
     
$   12,390 
 
Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 
No Opt. Call 
A
$   13,773,713 
   
7/01/13 – NPFG Insured 
     
   
Rhode Island – 2.6% (1.7% of Total Investments) 
     
15,000 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
15,016,798 
   
Series 2002A, 6.250%, 6/01/42 
     
   
South Carolina – 3.8% (2.5% of Total Investments) 
     
4,120 
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, 
8/14 at 100.00 
A
4,405,640 
   
Series 2004A, 5.250%, 2/15/23 – NPFG Insured 
     
   
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991: 
     
5,000 
 
6.250%, 1/01/21 – FGIC Insured 
No Opt. Call 
A
6,148,700 
5,750 
 
4.000%, 1/01/23 – NPFG Insured 
1/11 at 100.00 
A
5,750,115 
5,085 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 
No Opt. Call 
A
5,507,716 
   
1998A, 5.500%, 1/01/13 – NPFG Insured 
     
19,955 
 
Total South Carolina 
   
21,812,171 
   
South Dakota – 0.3% (0.2% of Total Investments) 
     
1,750 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley 
11/14 at 100.00 
AA– 
1,806,368 
   
Hospitals, Series 2004A, 5.500%, 11/01/31 
     
   
Tennessee – 0.6% (0.4% of Total Investments) 
     
5,075 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
1/17 at 30.07 
A– 
870,870 
   
Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41 
     
2,000 
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
3/13 at 100.00 
N/R 
1,924,980 
   
Wellmont Health System, Refunding Series 2006A, 5.440%, 9/01/32 
     
680 
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
668,617 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
     
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
     
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
     
108 
 
5.500%, 11/01/37 (5), (6) 
11/17 at 100.00 
N/R 
44,756 
125 
 
5.500%, 11/01/46 (5), (6) 
11/17 at 100.00 
N/R 
52,042 
7,988 
 
Total Tennessee 
   
3,561,265 
   
Texas – 20.4% (13.4% of Total Investments) 
     
3,000 
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
CCC+ 
2,307,960 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 
     
5,440 
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 
2/17 at 100.00 
Aaa 
5,456,102 
   
4.250%, 8/15/36 (UB) 
     
2,250 
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, 
11/14 at 100.00 
AA+ 
2,266,628 
   
11/01/27 – AGM Insured (Alternative Minimum Tax) 
     
8,000 
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, 
11/11 at 100.00 
A+ 
8,234,160 
   
Series 2001A, 5.875%, 11/01/19 – NPFG Insured (Alternative Minimum Tax) 
     
6,000 
 
Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe 
12/11 at 101.00 
N/R 
6,020,580 
   
Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax) 
     
7,000 
 
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, 
11/13 at 100.00 
AA 
7,150,290 
   
TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured 
     
28,305 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
10,458,131 
   
Project, Series 2001B, 0.000%, 9/01/28 – AMBAC Insured 
     
7,500 
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 
No Opt. Call 
AA+ (4) 
9,705,825 
   
5.750%, 12/01/32 – AGM Insured (ETM) 
     
33,505 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/14 at 25.08 
AAA 
6,978,756 
   
Bonds, Series 2006, 0.000%, 8/15/39 
     
 
 
60 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Texas (continued) 
     
   
Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School 
     
   
Building and Refunding Bonds, Series 2001: 
     
$     730 
 
5.500%, 2/15/21 
2/11 at 100.00 
AAA 
$        739,439 
760 
 
5.500%, 2/15/23 
2/11 at 100.00 
AAA 
769,675 
   
Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School 
     
   
Building and Refunding Bonds, Series 2001: 
     
1,570 
 
5.500%, 2/15/21 (Pre-refunded 2/15/11) 
2/11 at 100.00 
Aaa 
1,594,351 
1,640 
 
5.500%, 2/15/23 (Pre-refunded 2/15/11) 
2/11 at 100.00 
Aaa 
1,665,436 
   
Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding 
     
   
Bonds, Series 2001: 
     
3,025 
 
5.000%, 2/15/26 
8/11 at 100.00 
Aaa 
3,105,556 
2,300 
 
5.125%, 2/15/31 
8/11 at 100.00 
Aaa 
2,352,624 
700 
 
Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding 
8/11 at 100.00 
Aaa 
727,118 
   
Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11) 
     
1,100 
 
North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 
1/18 at 100.00 
AA+ 
1,205,644 
   
5.750%, 1/01/40 – AGC Insured 
     
2,500 
 
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 
1/18 at 100.00 
A3 
2,639,400 
   
5.750%, 1/01/38 
     
1,100 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 
1/19 at 100.00 
A2 
1,218,437 
6,000 
 
Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State 
8/12 at 100.00 
N/R (4) 
6,441,120 
   
University – Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) – 
     
   
NPFG Insured 
     
3,410 
 
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park 
12/12 at 100.00 
AAA 
3,952,633 
   
Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/12) 
     
1,800 
 
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 
10/12 at 100.00 
BBB 
1,847,250 
   
2002A, 5.750%, 10/01/21 – RAAI Insured 
     
5,200 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
5,227,508 
   
Texas Health Resources, Series 2007, 5.000%, 2/15/36 (UB) 
     
250 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
255,288 
   
Texas Health Resources, Series 2008, Trust 1031, 17.255%, 2/15/30 (IF) 
     
2,890 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/20 at 100.00 
A1 
2,940,113 
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45 
     
1,505 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A
1,693,607 
   
Lien Series 2008D, 6.250%, 12/15/26 
     
1,620 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
12/19 at 100.00 
Baa2 
1,763,969 
   
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
     
   
6.875%, 12/31/39 
     
   
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 
2,194,140 
1,500 
 
7.000%, 6/30/40 
6/20 at 100.00 
Baa3 
1,636,275 
1,000 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB 
923,680 
   
School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured 
     
3,395 
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.588%, 4/01/28 (IF) 
4/17 at 100.00 
Aaa 
4,795,641 
8,500 
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
1/11 at 100.00 
Aaa 
9,021,730 
   
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 
     
155,495 
 
Total Texas 
   
117,289,066 
   
Utah – 2.4% (1.6% of Total Investments) 
     
4,845 
 
Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community 
12/10 at 100.00 
N/R 
4,687,538 
   
Hospital Project, Series 1998, 5.750%, 12/15/18 
     
 
 
Nuveen Investments 61
 
 
 

 
 

   
 
Nuveen Premium Income Municipal Fund 4, Inc. (continued) 
NPT 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Utah (continued) 
     
$ 4,755 
 
Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 
1/11 at 100.00 
Aa3 (4) 
$ 5,028,650 
   
6.150%, 7/01/14 (ETM) 
     
425 
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 
1/11 at 100.00 
AA 
443,624 
   
(Alternative Minimum Tax) 
     
   
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C: 
     
875 
 
5.500%, 1/01/18 (Alternative Minimum Tax) 
1/11 at 100.00 
AA– 
893,200 
395 
 
5.650%, 1/01/21 (Alternative Minimum Tax) 
1/11 at 100.00 
Aaa 
395,849 
810 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis 
7/20 at 100.00 
BBB– 
832,316 
   
Preparatory Academy, Series 2010, 6.375%, 7/15/40 
     
1,555 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BBB– 
1,592,102 
   
School, Series 2010A, 6.375%, 7/15/40 
     
13,660 
 
Total Utah 
   
13,873,279 
   
Virgin Islands – 0.5% (0.4% of Total Investments) 
     
250 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate 
10/19 at 100.00 
Baa3 
264,303 
   
Lien Series 2009A, 6.000%, 10/01/39 
     
2,480 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
2,796,423 
   
Series 2009A, 6.750%, 10/01/37 
     
2,730 
 
Total Virgin Islands 
   
3,060,726 
   
Virginia – 1.4% (0.9% of Total Investments) 
     
8,190 
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 – 
1/13 at 100.00 
Aa3 
8,283,284 
   
AMBAC Insured 
     
   
Washington – 3.9% (2.5% of Total Investments) 
     
220 
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric 
1/15 at 100.00 
Aa3 (4) 
254,940 
   
Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured 
     
5,780 
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric 
1/15 at 100.00 
AA– 
5,916,061 
   
Development, Series 2005A, 5.000%, 1/01/34 – FGIC Insured 
     
1,500 
 
Snohomish County School District 6, Mukilteo, Washington, Unlimited Tax General Obligation and 
No Opt. Call 
Aa2 
1,648,710 
   
Refunding Bonds, Series 1993, 5.700%, 12/01/12 – FGIC Insured 
     
4,155 
 
Tacoma, Washington, Electric System Revenue Refunding Bonds, Series 2001A, 5.750%, 1/01/20 
1/11 at 101.00 
AA+ (4) 
4,236,023 
   
(Pre-refunded 1/01/11) – AGM Insured 
     
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A
2,104,680 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
     
1,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, 
8/13 at 102.00 
N/R 
931,810 
   
Series 1998, 5.000%, 8/15/28 – AMBAC Insured 
     
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
1,699,760 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
1,460 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
BBB 
1,486,119 
   
Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured 
     
3,855 
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
BBB 
3,992,624 
   
Series 2002, 6.500%, 6/01/26 
     
21,970 
 
Total Washington 
   
22,270,727 
   
West Virginia – 0.4% (0.2% of Total Investments) 
     
1,950 
 
West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical 
9/19 at 100.00 
A2 
2,051,732 
   
Center, Series 2009A, 5.625%, 9/01/32 
     
   
Wisconsin – 3.6% (2.4% of Total Investments) 
     
815 
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., 
2/19 at 100.00 
A3 
845,497 
   
Series 2009, 5.875%, 2/15/39 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
N/R 
979,280 
   
Inc., Series 2010B, 5.000%, 4/01/30 
     
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of 
1/11 at 100.00 
A+ 
500,420 
   
Wisconsin Inc., Series 1996, 5.500%, 12/01/26 – NPFG Insured 
     
 
 
62 Nuveen Investments
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Wisconsin (continued) 
     
$    7,150 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare 
2/12 at 101.00 
A+ 
$     7,157,079 
   
Inc., Series 2002A, 5.250%, 2/15/32 – NPFG Insured 
     
   
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
     
   
Healthcare System, Series 2006: 
     
5,000 
 
5.250%, 8/15/21 
8/16 at 100.00 
BBB+ 
5,122,450 
1,000 
 
5.250%, 8/15/34 
8/16 at 100.00 
BBB+ 
945,420 
5,000 
 
Wisconsin State, General Obligation Bonds, Series 2006, 4.750%, 5/01/25 – FGIC Insured (UB) 
5/16 at 100.00 
AA 
5,342,800 
20,465 
 
Total Wisconsin 
   
20,892,946 
   
Wyoming – 0.3% (0.2% of Total Investments) 
     
1,720 
 
Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company 
8/19 at 100.00 
A2 
1,863,621 
   
Project, Series 2006, 5.250%, 7/15/26 
     
$ 981,901 
 
Total Investments (cost $842,760,792) – 152.2% 
   
876,485,529 
   
Floating Rate Obligations – (10.4)% 
   
(59,703,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.5)% (7) 
   
(262,200,000)
   
Other Assets Less Liabilities – 3.7% 
   
21,366,247 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 575,948,776 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
 
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
 
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
 
 
(5)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
 
 
(6)
The Fund’s Adviser has concluded this 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)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.9%.
 
 
N/R
Not rated.
 
 
WI/DD
Purchased on a when-issued or delayed delivery basis.
 
 
(ETM)
Escrowed to maturity.
 
 
(IF)
Inverse floating rate investment.
 
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 63
 
 
 

 
 

                   
Statement of 
                 
Assets & Liabilities 
                 
   
October 31, 2010
       
             
   
Premium Income
   
Premium Income 2
   
Premium Income 4
 
   
(NPI)
   
(NPM)
   
(NPT)
 
Assets 
                 
Investments, at value (cost $1,380,010,505, 
                 
$1,548,371,050 and $842,760,792, respectively) 
  $ 1,418,455,487     $ 1,626,731,562     $ 876,485,529  
Cash 
    10,323,691       3,414,343       12,955,356  
Receivables: 
                       
Interest 
    21,550,697       23,024,174       13,949,995  
Investments sold 
    12,873,350       7,894,842       2,452,611  
Deferred offering costs 
                1,880,972  
Other assets 
    313,904       366,318       362,685  
Total assets 
    1,463,517,129       1,661,431,239       908,087,148  
Liabilities 
                       
Floating rate obligations 
    124,294,000       102,434,000       59,703,000  
Payables: 
                       
Investments purchased 
    8,917,811       5,903,573       6,481,758  
Auction Rate Preferred share dividends 
    24,528       31,014        
Common share dividends 
    4,192,755       4,726,876       2,823,291  
Offering costs 
                242,356  
Variable Rate Demand Preferred shares, at liquidation value 
                262,200,000  
Accrued expenses: 
                       
Management fees 
    732,446       829,048       420,667  
Other 
    576,829       1,090,248       267,300  
Total liabilities 
    138,738,369       115,014,759       332,138,372  
Auction Rate Preferred shares, at liquidation value 
    400,650,000       487,525,000        
Net assets applicable to Common shares 
  $ 924,128,760     $ 1,058,891,480     $ 575,948,776  
Common shares outstanding 
    63,884,110       70,692,851       43,263,741  
Net asset value per Common share outstanding 
                       
(net assets applicable to Common shares, 
                       
divided by Common shares outstanding) 
  $ 14.47     $ 14.98     $ 13.31  
Net assets applicable to Common shares consist of: 
                       
Common shares, $.01 par value per share 
  $ 638,841     $ 706,929     $ 432,637  
Paid-in surplus 
    905,928,093       999,224,647       573,155,417  
Undistributed (Over-distribution of) net investment income 
    16,148,981       15,014,208       9,091,690  
Accumulated net realized gain (loss) 
    (37,032,137 )      (34,414,816 )      (40,455,705 ) 
Net unrealized appreciation (depreciation) 
    38,444,982       78,360,512       33,724,737  
Net assets applicable to Common shares 
  $ 924,128,760     $ 1,058,891,480     $ 575,948,776  
Authorized shares: 
                       
Common 
    200,000,000       200,000,000       200,000,000  
Auction Rate Preferred 
    1,000,000       1,000,000       1,000,000  
Variable Rate Demand Preferred 
             
Unlimited
 
 
 
See accompanying notes to financial statements.
 
 
64 Nuveen Investments
 
 
 
 

 
 

                   
       Statement of 
                 
Operations 
                 
   
Year Ended October 31, 2010
 
       
   
Premium Income
   
Premium Income 2
   
Premium Income 4
 
   
(NPI)
   
(NPM)
   
(NPT)
 
Investment Income 
  $ 74,289,217     $ 83,109,932     $ 47,167,003  
Expenses 
                       
Management fees 
    8,579,339       9,639,380       5,342,947  
Auction fees 
    600,976       731,288       342,021  
Dividend disbursing agent fees 
    60,000       109,986       53,178  
Shareholders’ servicing agent fees and expenses 
    116,821       62,249       56,762  
Interest expense and amortization of offering costs 
    789,614       695,520       1,095,627  
Liquidity fees 
                1,991,335  
Custodian’s fees and expenses 
    218,156       269,345       146,102  
Directors’ fees and expenses 
    41,681       47,802       23,411  
Professional fees 
    209,780       176,540       87,876  
Shareholders’ reports – printing and mailing expenses 
    254,967       167,591       194,760  
Stock exchange listing fees 
    21,618       21,589       14,654  
Other expenses 
    4,592       73,245       13,551  
Total expenses before custodian fee credit 
    10,897,544       11,994,535       9,362,224  
Custodian fee credit 
    (12,668 )      (5,659 )      (14,335 ) 
Net expenses 
    10,884,876       11,988,876       9,347,889  
Net investment income 
    63,404,341       71,121,056       37,819,114  
Realized and Unrealized Gain (Loss) 
                       
Net realized gain (loss) from investments 
    80,865       262,957       2,772,683  
Net increase from payments by the Adviser for losses realized on 
                       
the disposal of investments purchased in violation of 
                       
investment restrictions 
                240  
Change in net unrealized appreciation (depreciation) of investments 
    41,929,740       49,908,999       27,449,019  
Net realized and unrealized gain (loss) 
    42,010,605       50,171,956       30,221,942  
Distributions to Auction Rate Preferred Shareholders 
                       
From net investment income 
    (1,613,244 )      (1,960,497 )      (411,168 ) 
Decrease in net assets applicable to Common shares from 
                       
distributions to Auction Rate Preferred shareholders 
    (1,613,244 )      (1,960,497 )      (411,168 ) 
Net increase (decrease) in net assets applicable to Common shares 
                       
from operations 
  $ 103,801,702     $ 119,332,515     $ 67,629,888  
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 65
 
 
 

 
 

                                     
Statement of
                               
Changes in Net Assets
 
 
             
   
Premium Income (NPI)
   
Premium Income 2 (NPM)
   
Premium Income 4 (NPT)
 
   
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
10/31/10
   
10/31/09
   
10/31/10
   
10/31/09
   
10/31/10
   
10/31/09
 
Operations 
                                   
Net investment income 
  $ 63,404,341     $ 63,405,736     $ 71,121,056     $ 42,387,921     $ 37,819,114     $ 39,500,335  
Net realized gain (loss) from: 
                                               
Investments 
    80,865       698,560       262,957       (624,684 )      2,772,683       (164,101 ) 
Forward swaps 
          (12,560,000 )                         
Net increase from payments by the 
                                               
Adviser for losses realized on the 
                                               
disposal of investments purchased 
                                               
in violation of investment 
                                               
restrictions 
                            240        
Change in net unrealized appreciation 
                                               
(depreciation) of: 
                                               
Investments 
    41,929,740       116,676,462       49,908,999       89,299,077       27,449,019       79,097,537  
Forward swaps 
          3,082,340                          
Distributions to Auction Rate 
                                               
Preferred Shareholders: 
                                               
From net investment income 
    (1,613,244 )      (3,246,414 )      (1,960,497 )      (2,280,590 )      (411,168 )      (2,265,160 ) 
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
                                               
from operations 
    103,801,702       168,056,684       119,332,515       128,781,724       67,629,888       116,168,611  
Distributions to Common Shareholders 
                                               
From net investment income 
    (56,435,904 )      (49,497,495 )      (62,218,560 )      (31,697,528 )      (35,849,021 )      (30,222,465 ) 
Decrease in net assets applicable to 
                                               
Common shares from distributions 
                                               
to Common shareholders 
    (56,435,904 )      (49,497,495 )      (62,218,560 )      (31,697,528 )      (35,849,021 )      (30,222,465 ) 
Capital Share Transactions 
                                               
Common shares: 
                                               
Issued in the Reorganization(1) 
                      428,707,039              
Net proceeds from shares issued 
                                               
to shareholders due to 
                                               
reinvestment of distributions 
    1,421,771                         355,536        
Repurchased and retired 
                (1,587,980 )      (28,350 )             
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
                                               
from capital share transactions 
    1,421,771             (1,587,980 )      428,678,689       355,536        
Net increase (decrease) in net assets 
                                               
applicable to Common shares 
    48,787,569       118,559,189       55,525,975     $ 525,762,885       32,136,403     $ 85,946,146  
Net assets applicable to Common 
                                               
shares at the beginning of year 
    875,341,191       756,782,002       1,003,365,505       477,602,620       543,812,373       457,866,227  
Net assets applicable to Common 
                                               
shares at the end of year 
  $ 924,128,760     $ 875,341,191     $ 1,058,891,480     $ 1,003,365,505     $ 575,948,776     $ 543,812,373  
Undistributed (Over-distribution of) 
                                               
net investment income at the 
                                               
end of year 
  $ 16,148,981     $ 10,830,804     $ 15,014,208     $ 8,088,876     $ 9,091,690     $ 7,564,727  
(1) Common shares issued in the Reorganization of Nuveen Florida Investment Quality Municipal Fund (NQF) and Nuveen Florida Quality Income Municipal Fund (NUF).
 
 
See accompanying notes to financial statements.
 
 
66 Nuveen Investments
 
 
 
 

 

             
 Statement of 
           
Cash Flows 
           
   
Year Ended October 31, 2010
 
       
   
Premium
   
Premium
 
   
Income
   
Income 4
 
   
(NPI)
   
(NPT)
 
Cash Flows from Operating Activities: 
           
Net Increase (Decrease) In Net Assets Applicable to Common Shares 
           
from Operations 
  $ 103,801,702     $ 67,629,888  
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 
    (89,233,273 )      (140,919,075 ) 
Proceeds from sales and maturities of investments 
    97,209,367       138,178,782  
Proceeds from (Purchases of) short-term investments, net 
    (7,000,000 )       
Amortization (Accretion) of premiums and discounts, net 
    (3,489,571 )      (2,353,452 ) 
(Increase) Decrease in receivable for interest 
    315,924       (65,638 ) 
(Increase) Decrease in receivable for investments sold 
    (10,072,146 )      8,603,222  
(Increase) Decrease in other assets 
    (35,298 )      (144,897 ) 
Increase (Decrease) in payable for investments purchased 
    8,917,811       2,333,680  
Increase (Decrease) in payable for Auction Rate Preferred share dividends 
    5,373       (12,889 ) 
Increase (Decrease) in accrued management fees 
    (101 )      (27,454 ) 
Increase (Decrease) in accrued other liabilities 
    12,189       18,969  
Net realized (gain) loss from investments 
    (80,865 )      (2,772,683 ) 
Change in net unrealized (appreciation) depreciation of investments 
    (41,929,740 )      (27,449,019 ) 
Net realized (gain) loss from paydowns 
          44  
Taxes paid on undistributed capital gains 
    (4,245 )      (636 ) 
Net cash provided by (used in) operating activities 
    58,417,127       43,018,842  
Cash Flows from Financing Activities: 
               
Cash distributions paid to Common shareholders 
    (54,628,100 )      (35,273,444 ) 
(Increase) Decrease in deferred offering costs 
          (1,880,972 ) 
Increase (Decrease) in payable for offering costs 
          242,356  
Increase (Decrease) in Auction Rate Preferred shares, at liquidation value 
          (259,050,000 ) 
Increase (Decrease) in Variable Rate Demand Preferred shares, at liquidation value 
          262,200,000  
Net cash provided by (used in) financing activities 
    (54,628,100 )      (33,762,060 ) 
Net Increase (Decrease) in Cash 
    3,789,027       9,256,782  
Cash at the beginning of year 
    6,534,664       3,698,574  
Cash at the End of Year 
  $ 10,323,691     $ 12,955,356  
Supplemental Disclosure of Cash Flow Information 
               
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $1,421,771 and $355,536 for Premium Income (NPI) and
 
Premium Income 4 (NPT), respectively. 
               
   
Premium
   
Premium
 
   
Income
   
Income 4
 
   
(NPI)
   
(NPT)
 
Cash paid for interest (excluding amortization of offering costs, where applicable) 
  $ 789,614     $ 1,055,599  
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 67
 
 
 
 

 

 
Notes to
Financial Statements
 
 
1. General Information and Significant Accounting Policies
The funds covered in this report and their corresponding Common share New York Stock Exchange (“NYSE”) symbols are Nuveen Premium Income Municipal Fund, Inc. (NPI), Nuveen Premium Income Municipal Fund 2, Inc. (NPM) and Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (collectively, the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
 
 
During the fiscal year ended October 31, 2009, Nuveen Florida Investment Quality Municipal Fund (NQF) and Nuveen Florida Quality Income Municipal Fund (NUF) were reorganized into Premium Income 2 (NPM) (collectively, the “Reorganizations”).
 
 
Each of these Funds called a special meeting of shareholders, originally scheduled in each case for May 15, 2009, to vote on the Reorganizations. Those meetings were subsequently adjourned to and reconvened in June and July, at which time, shareholders of each of Florida Investment Quality (NQF), Florida Quality Income (NUF) and Premium Income 2 (NPM) approved its respective Reorganization, with more than 80% of participating shares of each fund voting in favor of the Reorganization.
 
 
After the close of business on October 16, 2009, Premium Income 2 (NPM) acquired all the net assets of Florida Investment Quality (NQF) and Florida Quality Income (NUF) pursuant to the plan of Reorganizations described above. The acquisition was accomplished by a tax-free exchange of Florida Investment Quality (NQF) and Florida Quality Income (NUF) Common shares for Premium Income 2 (NPM) Common shares. On October 16, 2009, the net assets of Florida Investment Quality (NQF) and Florida Quality Income (NUF) were $227,077,390 and $201,629,650, respectively. Florida Investment Quality’s (NQF) and Florida Quality Income’s (NUF) net assets applicable to Common shares at that date included $10,786,142 and $8,057,306 of net unrealized appreciation, respectively. Each Fund’s net unrealized appreciation was combined with that of Premium Income 2 (NPM). The combined net assets applicable to Common shares of Premium Income 2 (NPM) immediately after the acquisition were $1,011,235,268. For accounting and performance reporting purposes, Premium Income 2 (NPM) is the survivor. Prior to the Reorganizations, each of Florida Investment Quality (NQF) and Florida Quality Income (NUF) established a reserve for certain costs and expenses associated with the Reorganizations, including amounts estimated for the advancement of legal costs in connection with legal proceedings brought by a shareholder of the funds challenging the Reorganizations. The amount of such reserve is recognized as a component of “Accrued other expenses” on the Statement of Assets and Liabilities for Premium Income 2 (NPM).
 
 
The securities acquired through the Reorganization matched the investment parameters and strategies of Premium Income 2 (NPM) and required little immediate portfolio activity. However, as a result of the Reorganization, Premium Income 2’s (NPM) concentration of Florida municipal bonds rose substantially. During the fiscal year ended October 31, 2010, Premium Income 2’s (NPM) exposure to Florida municipal bonds was reduced and as of October 31, 2010, Florida municipal bonds represented 31.3% of Premium Income 2’s (NPM) total investments.
 
 
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.
 
 
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 forward swap contracts are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
 
Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. These securities are generally classified as Level 1 or Level 2, which is usually the case for municipal bonds.
 
 
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
 
 
68 Nuveen Investments
 
 
 

 

 
price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
 
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
 
Investment Transactions
 
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At October 31, 2010, Premium Income (NPI), Premium Income 2 (NPM) and Premium Income 4 (NPT) had outstanding when-issued/delayed delivery purchase commitments of $8,917,811, $4,902,061 and $6,481,758, respectively.
 
 
Investment Income
 
Interest 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.
 
 
Income Taxes
 
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
 
Dividends and Distributions to Common Shareholders
 
Dividends from tax-exempt 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 tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
 
Auction Rate Preferred Shares
 
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). The following Funds have issued and outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction
 
 
Nuveen Investments 69
 
 
 
 

 

 
Notes to
Financial Statements (continued)
 
 
agent, and is payable at the end of each rate period. As of October 31, 2010, the number of ARPS outstanding, by Series and in total, for each Fund is as follows:
 
             
   
Premium
   
Premium
 
   
Income
   
Income 2
 
   
(NPI)
   
(NPM)
 
Number of shares: 
           
Series M 
    2,900       1,600  
Series M2 
    1,526       1,379 * 
Series T 
    2,900       2,401  
Series T2 
          2,683 * 
Series W 
    2,900       1,600  
Series TH 
    2,901       2,401  
Series TH2 
          1,379 * 
Series F 
    2,899       1,601  
Series F2 
          1,504  
Series F3 
          1,915 * 
Series F4 
          1,038 * 
Total 
    16,026       19,501  
* ARPS issued in the Reorganization of Florida Investment Quality (NQF) and Florida Quality Income (NUF). 
               
 
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of October 31, 2010, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
ARPS redeemed, at liquidation value 
$124,350,000 
$108,475,000 
$338,400,000 
 
 
During the fiscal year ended October 31, 2010, lawsuits pursuing claims made in a demand letter alleging that Premium Income’s (NPI) and Premium Income 2’s (NPM) Board of Directors breached their fiduciary duties related to the redemption at par of their ARPS had been filed on behalf of shareholders of Premium Income (NPI) and Premium Income 2 (NPM), against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested director, and current and former officers of Premium Income (NPI) and Premium Income 2 (NPM). Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. Premium Income (NPI) and Premium Income 2 (NPM) believe that these lawsuits will not have a material effect on them or on the Adviser’s ability to serve as investment adviser to them.
 
 
Variable Rate Demand Preferred Shares
 
Premium Income 4 (NPT) has issued and outstanding 2,622 Series 1 Variable Rate Demand Preferred (“VRDP”) Shares, $100,000 liquidation value per share. The Fund issued its VRDP Shares in a privately negotiated offering in March 2010. Proceeds of the Fund’s offering were used to redeem all of the Fund’s outstanding ARPS. The VRDP Shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and have a maturity date of March 1, 2040.
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
 
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
 
70 Nuveen Investments
 
 
 
 

 

 
Premium Income 4 (NPT) had all $262,200,000 of its VRDP Shares outstanding during the period March 18, 2010 (issuance date of shares) through October 31, 2010, with an annualized dividend rate of 0.44%.
 
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, which is recognized as “Liquidity fees” on the Statement of Operations.
 
 
Inverse Floating Rate Securities
 
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
 
During the fiscal year ended October 31, 2010, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
       
At October 31, 2010, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows: 
     
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
Maximum exposure to Recourse Trusts 
$8,635,000 
$5,570,000 
$12,000,000 
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2010, were as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
Average floating rate obligations outstanding 
$124,294,000 
$102,434,000 
$59,703,000 
Average annual interest rate and fees 
0.64% 
0.68% 
0.57% 
 
 
Nuveen Investments 71
 
 
 

 
 

 
Notes to
Financial Statements (continued)
 
 
Forward Swap Contracts
 
Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
 
 
Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve each Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of the Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”
 
 
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. The Funds did not enter into forward interest rate swap transactions during the fiscal year ended October 31, 2010.
 
 
Market and Counterparty Credit Risk
 
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser, believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
 
Zero Coupon Securities
 
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
 
Offering Costs
 
Costs incurred by Premium Income 4 (NPT) in connection with its offering of VRDP Shares ($1,921,000) were recorded as a deferred charge which will be amortized over the 30-year life of the shares. The Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
 
Custodian Fee Credit
 
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
 
Indemnifications
 
Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties.
 
 
72 Nuveen Investments
 
 
 
 

 

 
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
 
 
In determining the fair value of each Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 – Quoted prices in active markets for identical securities.
 
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of October 31, 2010:
 
                         
Premium Income (NPI) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                       
Municipal Bonds 
  $     $ 1,411,231,708     $ 223,779     $ 1,411,455,487  
Short-Term Investments 
          7,000,000             7,000,000  
Total 
  $     $ 1,418,231,708     $ 223,779     $ 1,418,455,487  
                                 
Premium Income 2 (NPM) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 1,626,045,012     $ 686,550     $ 1,626,731,562  
                                 
Premium Income 4 (NPT) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 876,388,731     $ 96,798     $ 876,485,529  
 
 
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
 
                   
   
Premium
   
Premium
   
Premium
 
   
Income
   
Income 2
   
Income 4
 
   
(NPI)
   
(NPM)
   
(NPT)
 
   
Level 3
   
Level 3
   
Level 3
 
   
Municipal
   
Municipal
   
Municipal
 
   
Bonds
   
Bonds
   
Bonds
 
Balance at the beginning of year 
  $     $     $  
Gains (losses): 
                       
Net realized gains (losses) 
                 
Net change in unrealized appreciation (depreciation) 
                 
Net purchases at cost (sales at proceeds) 
                 
Net discounts (premiums) 
                 
Net transfers in to (out of) at end of year fair value 
    223,779       686,550       96,798  
Balance at the end of year 
  $ 223,779     $ 686,550     $ 96,798  
 
 
“Change in net unrealized appreciation (depreciation) of investments” presented on the Statement of Operations includes net unrealized appreciation (depreciation) related to securities classified as Level 3 at year end as follows:
 
                   
   
Premium
   
Premium
   
Premium
 
   
Income
   
Income 2
   
Income 4
 
   
(NPI)
   
(NPM)
   
(NPT)
 
Level 3 net unrealized appreciation (depreciation) 
  $ 2,318,375     $ 210,735     $ 990,226  
 
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the fiscal year ended October 31, 2010.
 
 
Nuveen Investments 73
 
 
 

 
 

 
Notes to 
Financial Statements (continued) 
 
 
4. Fund Shares
Common Shares
Transactions in Common shares were as follows:
 
             
 
Premium 
Premium 
Premium 
 
Income (NPI) 
Income 2 (NPM) 
Income 4 (NPT) 
 
Year Ended 
Year Ended 
Year Ended 
Year Ended 
Year Ended 
Year Ended 
 
10/31/10 
10/31/09 
10/31/10 
10/31/09 
10/31/10 
10/31/09 
Common shares: 
           
Issued in the Reorganization 
30,022,090*
Issued to shareholders due to reinvestment of distributions 
98,680
27,038
Repurchased and retired 
(122,900)
(2,500)
Weighted average Common share: 
           
Price per share repurchased and retired 
$12.90
$11.32
Discount per share repurchased and retired 
8.42%
13.90%
 
 
* Common shares issued in the Reorganization of Florida Investment Quality (NQF) and Florida Quality Income (NUF).
 
 
Preferred Shares
Transactions in ARPS were as follows:
 
                 
  Premium Premium 
  Income (NPI) Income 2 (NPM) 
 
Year Ended 
Year Ended 
Year Ended 
Year Ended
 
10/31/10 
10/31/09 
10/31/10 
10/31/09 
 
Shares 
Amount 
Shares 
Amount 
Shares 
Amount 
Shares 
Amount 
ARPS issued in the Reorganization*: 
               
Series M2 
$ —
$                 —
$ —
1,379 
 $ 34,475,000 
Series T2 
2,683 
67,075,000 
Series TH2 
1,379 
34,475,000 
Series F3 
1,915 
47,875,000 
Series F4 
1,038 
25,950,000 
 
8,394 
209,850,000 
ARPS redeemed: 
               
Series M 
(107)
(2,675,000)
(34)
(850,000)
Series M2 
(56)
(1,400,000)
Series T 
(107)
(2,675,000)
(50)
(1,250,000)
Series W 
(107)
(2,675,000)
(34)
(850,000)
Series TH 
(107)
(2,675,000)
(51)
(1,275,000)
Series F 
(108)
(2,700,000)
(34)
(850,000)
Series F2 
(32)
(800,000)
 
(592)
(14,800,000)
(235)
(5,875,000)
Total 
$ —
(592)
$(14,800,000)
$ —
8,159 
 $203,975,000 
* ARPS issued in the Reorganization of Florida Investment Quality (NQF) and Florida Quality Income (NUF).
 
 
74 Nuveen Investments
 
 
 

 
 

         
  Premium 
  Income 4 (NPT) 
 
Year Ended 
Year Ended 
 
10/31/10 
10/31/09 
 
Shares 
Amount 
Shares 
Amount 
ARPS redeemed: 
       
Series M 
(1,680) 
$ (42,000,000) 
(285) 
$ (7,125,000) 
Series T 
(1,528) 
(38,200,000) 
(259) 
(6,475,000) 
Series T2 
(1,014) 
(25,350,000) 
(172) 
(4,300,000) 
Series W 
(1,283) 
(32,075,000) 
(218) 
(5,450,000) 
Series W2 
(423) 
(10,575,000) 
(41) 
(1,025,000) 
Series TH 
(2,047) 
(51,175,000) 
(346) 
(8,650,000) 
Series F 
(1,374) 
(34,350,000) 
(233) 
(5,825,000) 
Series F2 
(1,013) 
(25,325,000) 
(172) 
(4,300,000) 
Total 
(10,362) 
$(259,050,000) 
(1,726) 
$(43,150,000) 
 
 
Transactions in VRDP Shares were as follows:
 
         
  Premium 
  Income 4 (NPT) 
 
Year Ended 
Year Ended 
    10/31/10    10/31/09 
 
Shares 
Amount 
Shares 
Amount 
VRDP Shares issued: 
       
Series 1 
2,622 
$262,200,000 
$ — 
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments) during the fiscal year ended October 31, 2010, were as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
Purchases 
$89,233,273 
$153,098,769 
$140,919,075 
Sales and maturities 
97,209,367 
113,618,619 
138,178,782 
 
 
6. Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
 
At October 31, 2010, 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 
  $ 1,254,581,328 
$ 1,445,636,825 
$782,192,524 
Gross unrealized: 
     
Appreciation 
$     81,726,322 
$    97,834,390  
$ 46,190,214 
Depreciation 
(42,229,803) 
(19,138,709) 
(11,555,750) 
Net unrealized appreciation (depreciation) of investments 
$     39,496,519 
$     78,695,681 
$ 34,634,464 
 
 
Nuveen Investments 75
 
 
 

 
 

 
Notes to 
Financial Statements (continued) 
 
 
Permanent differences, primarily due to expired capital loss carryforwards, federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2010, the Funds’ tax year end, as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
Paid-in-surplus 
$ 24,053 
$ 85 
$(15,957,234) 
Undistributed (Over-distribution of) net investment income 
(37,016) 
(16,667) 
(31,962) 
Accumulated net realized gain (loss) 
12,963 
16,582 
15,989,196 
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ tax year end, were as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
Undistributed net tax-exempt income * 
$19,238,476 
$19,108,370 
$11,521,724 
Undistributed net ordinary income ** 
2,118 
359,388 
44,633 
Undistributed net long-term capital gains 
— 
— 
— 
*     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2010, paid on November 1, 2010.
**     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2010 and October 31, 2009, was designated for purposes of the dividends paid deduction as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
2010 
(NPI) 
(NPM) 
(NPT) 
Distributions from net tax-exempt income*** 
$57,621,620 
$66,446,729 
$36,749,122 
Distributions from net ordinary income ** 
— 
— 
— 
Distributions from net long-term capital gains 
— 
— 
— 
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
2009 
(NPI) 
(NPM) 
(NPT) 
Distributions from net tax-exempt income 
$52,231,046 
$28,872,682 
$31,929,950 
Distributions from net ordinary income ** 
— 
— 
— 
Distributions from net long-term capital gains 
— 
— 
— 
**     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
***     
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2010, as Exempt Interest Dividends.
 
At October 31, 2010, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
       
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM)* 
(NPT) 
Expiration: 
     
October 31, 2011 
$ 5,185,084 
$ 1,170,237 
$24,792,603 
October 31, 2013 
— 
— 
6,161,830 
October 31, 2014 
4,614,516 
197,103 
806,337 
October 31, 2015 
— 
10,749,624 
— 
October 31, 2016 
11,536,998 
18,051,540 
7,113,122 
October 31, 2017 
11,817,772 
488,931 
— 
Total 
$33,154,370 
$30,657,435 
$38,873,892 
* A portion of Premium Income 2’s (NPM) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. 
 
 
76 Nuveen Investments
 
 
 

 
 

       
During tax year ended October 31, 2010, the Funds utilized capital loss carryforwards as follows: 
   
 
Premium 
Premium 
Premium 
 
Income 
Income 2 
Income 4 
 
(NPI) 
(NPM) 
(NPT) 
Utilized capital loss carryforwards 
$93,828 
$279,541 
$2,841,317 
At October 31, 2010, $15,194,092 of Premium Income 4’s (NPT) capital loss carryforward expired. 
 
 
7. Management Fees and Other Transactions with Affiliates
 
Each Fund’s management fee is separated into two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund’s 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, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. As of October 31, 2010, the complex-level fee rate was .1809%.
 
 
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. 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.
 
 
As a result of certain trading errors that occurred during the fiscal year ended October 31, 2010, Premium Income 4 (NPT) was reimbursed $240 by the Adviser to offset losses realized on the disposal of investments in violation of investment guidelines.
 
 
Nuveen Investments 77
 
 
 

 
 

 
Notes to 
Financial Statements (continued) 
 
 
8. New Accounting Standards
 
Fair Value Measurements
On January 21, 2010, the Financial Accounting Standards Board issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose Level 3 activity for purchases, sales, issuances and settlements in the Level 3 roll-forward on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the footnote disclosures, if any.
 
 
78 Nuveen Investments
 
 
 
 

 
 

 
Financial
 
 
Highlights
 
 
Nuveen Investments 79
 
 
 
 

 

 
Financial 
Highlights 
 
 
Selected data for a Common share outstanding throughout each period:
 
                                                         
           
Investment Operations
 
Less Distributions
               
               
Distributions
   
Distributions
                                 
               
from Net
   
from
                                 
               
Investment
   
Capital
     
Net
             
 
         
   
 
         
Income to
   
Gains to
     
Investment
 
Capital
         
Discount
 
Ending
     
   
Beginning
     
Net
 
Auction
   
Auction
     
Income
 
Gains
         
from
 
Common
     
   
Common
     
Realized/
  Rate     Rate        to   to          
Common
 
Share
     
   
Share
 
Net
 
Unrealized
 
Preferred
   
Preferred
     
Common
 
Common
         
Shares
 
Net
 
Ending
 
   
Net Asset
 
Investment
 
Gain
 
Share–
   
Share–
     
Share–
 
Share–
          Repurchased  
 Asset
 
Market
 
   
Value
 
Income
 
 (Loss)
 
holders
(a)   holders (a)
Total
 
holders
 
holders
    Total    
and Retired
 
Value
 
Value
 
Premium Income (NPI) 
                                                       
Year Ended 10/31: 
                                                       
2010 
  $ 13.72   $ .99   $ .67   $ (.03 )    $   $ 1.63   $ (.88 )  $     $ (.88 )    $   $ 14.47   $ 14.34  
2009 
    11.86     .99     1.70     (.05 )          2.64     (.78 )          (.78 )          13.72     12.77  
2008 
    14.76     .97     (2.88 )    (.28 )          (2.19 )    (.71 )          (.71 )          11.86     10.93  
2007 
    15.33     .98     (.55 )    (.29 )          .14     (.71 )          (.71 )          14.76     13.30  
2006 
    14.85     1.00     .49     (.26 )          1.23     (.75 )          (.75 )          15.33     14.13  
Premium Income 2 (NPM)
                                                                         
Year Ended 10/31: 
                                                                               
2010 
    14.17     1.01     .71     (.03 )          1.69     (.88 )          (.88 )      *    14.98     14.54  
2009 
    11.71     .95     2.34     (.05 )          3.24     (.78 )          (.78 )      *    14.17     13.02  
2008 
    14.85     .97     (3.10 )    (.29 )      (.01 )    (2.43 )    (.69 )    (.02 )      (.71 )      *    11.71     10.28  
2007 
    15.45     .97     (.56 )    (.30 )      (.01 )    .10     (.69 )    (.02 )      (.71 )      .01     14.85     13.25  
2006 
    15.07     .97     .49     (.25 )      (.01 )    1.20     (.76 )    (.06 )      (.82 )          15.45     14.05  
 
       
 
Auction Rate Preferred Shares 
    at End of Period 
 
Aggregate 
   
 
Amount 
Liquidation 
Asset 
 
Outstanding 
Value 
Coverage 
 
(000) 
Per Share 
Per Share 
Premium Income (NPI) 
   
Year Ended 10/31: 
     
2010 
$400,650 
$25,000 
$82,664 
2009 
400,650 
25,000 
79,620 
2008 
415,450 
25,000 
70,540 
2007 
525,000 
25,000 
69,820 
2006 
525,000 
25,000 
71,552 
Premium Income 2 (NPM) 
   
Year Ended 10/31: 
     
2010 
487,525 
25,000 
79,299 
2009 
487,525 
25,000 
76,452 
2008 
283,550 
25,000 
67,109 
2007 
347,000 
25,000 
68,647 
2006 
347,000 
25,000 
70,748 
 
 
80 Nuveen Investments
 
 
 

 
 

                                       
            Ratios/Supplemental Data  
                 
Ratios to Average Net Assets
       
Total Returns
         
Applicable to Common Shares(c)(d)
       
     
Based
   
Ending
                         
     
on
   
Net
                         
Based
   
Common
   
Assets
                         
on
   
Share Net
   
Applicable
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
to Common
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(b)
   
Value
(b)  
Shares (000)
   
Interest
(e)  
Interest
   
Income
   
Rate
 
  19.68 %      12.26 %    $ 924,129       1.21 %      1.12 %      7.05 %      6 % 
  24.61       22.89       875,341       1.31       1.17       7.79       4  
  (13.10 )      (15.39 )      756,782       1.49       1.18       6.95       11  
  (1.02 )      .93       941,220       1.56       1.17       6.52       14  
  7.52       8.53       977,601       1.19       1.19       6.64       15  
  18.89       12.25       1,058,891       1.16       1.09       6.89       7  
  35.00       28.38       1,003,366       1.36       1.20       7.71       9  
  (17.95 )      (16.96 )      477,603       1.56       1.22       6.93       8  
  (.81 )      .71       605,817       1.62       1.19       6.44       12  
  6.71       8.24       634,981       1.20       1.20       6.42       15  
 
(a)     
The amounts shown are based on Common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares.
(d)     
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)     
The expense ratios reflect, among other things, 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, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
*     
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 81
 
 
 
 

 

 
Financial 
Highlights (continued) 
 
 
Selected data for a Common share outstanding throughout each period:
 
                                                                       
               
Investment Operations
       
Less Distributions
                         
                     
Distributions
   
Distributions
                                         
                     
from Net
   
from
                                         
                     
Investment
   
Capital
       
Net
               
Discount
             
   
 
               
Income to
   
Gains to
       
Investment
   
Capital
         
from
   
 
       
   
Beginning
         
Net
   
Auction
   
Auction
       
Income
   
Gains
         
Common
   
Ending
       
   
Common
         
Realized/
     Rate     Rate         to     to          
Shares
   
Common
       
   
Share
   
Net
   
Unrealized
   
Preferred
   
Preferred
       
Common
   
Common
         
Repurchased
        
Share
   
Ending
 
   
Net Asset
   
Investment
   
Gain
   
Share-
   
Share-
       
Share-
   
Share-
                         and
Net Asset
    
Market
 
   
Value
   
Income
   
(Loss)
   
holders(a)
        holder(a)  
 Total
   
holders
   
holders
                Total 
 Retired
   
Value
   
Value
 
Premium Income 4 (NPT)
                                                                 
Year Ended 10/31: 
                                                                     
2010 
  $ 12.58     $ .87     $ .70     $ (.01 )    $   $ 1.56     $ (.83 )    $     $ (.83 )    $       $ 13.31     $ 13.34  
2009 
    10.59       .91       1.83       (.05 )          2.69       (.70 )            (.70 )              12.58       11.69  
2008 
    13.22       .91       (2.67 )      (.28 )          (2.04 )      (.59 )            (.59 )              10.59       9.24  
2007 
    13.69       .90       (.45 )      (.28 )          .17       (.64 )            (.64 )              13.22       11.77  
2006 
    13.38       .90       .35       (.25 )          1.00       (.69 )            (.69 )              13.69       12.80  
 
                 
   
Auction Rate Preferred Shares 
 
Variable Rate Demand Preferred Shares 
      at End of Period      at End of Period 
 
Aggregate 
     
Aggregate 
   
   
Amount 
Liquidation 
Asset 
 
Amount 
Liquidation 
Asset 
 
Outstanding 
Value 
Coverage 
 
Outstanding 
Value 
Coverage 
   
(000) 
Per Share 
Per Share 
 
(000) 
Per Share 
Per Share 
Premium Income 4 (NPT) 
             
Year Ended 10/31: 
               
2010 
$ — 
$ — 
$ — 
 
$262,200
$100,000
$319,660
2009 
 
259,050 
25,000 
77,481 
 
2008 
 
302,200 
25,000 
62,878 
 
2007 
 
338,400 
25,000 
67,215 
 
2006 
 
338,400 
25,000 
68,731 
 
 
 
82 Nuveen Investments
 
 
 
 

 
 

                                       
           Ratios/Supplemental Data
                 
Ratios to Average Net Assets
       
Total Returns
               
Applicable to Common Shares(c)(d)
       
     
Based
   
Ending
                         
     
on
   
Net
                         
Based
   
Common
   
Assets
                         
on
   
Share Net
   
Applicable
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
to Common
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(b)
   
Value(b)
   
Shares (000)
   
Interest(e)
   
Interest
   
Income
   
Rate
 
  21.76 %      12.77 %*    $ 575,949       1.67 %      1.48 %      6.76 %      16 % 
  35.01       26.11       543,812       1.33       1.23       7.89       6  
  (17.19 )      (15.97 )      457,866       1.62       1.25       7.19       10  
  (3.30 )      1.25       571,427       1.69       1.23       6.68       14  
  9.89       7.72       591,941       1.25       1.25       6.70       9  
 
(a)     
The amounts shown are based on Common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or Variable Rate Demand Preferred shares, where applicable.
(d)     
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)     
The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
*     
During the fiscal year ended October 31, 2010, Premium Income 4 (NPT) received payments from the Adviser of $240 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on Common Share Net Asset Value.
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 83
 
 
 
 

 

 
Board Members & Officers(Unaudited) 
 
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
 
         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
Independent Board Members: 
     
ROBERT P. BREMNER(2) 
   
Private Investor and Management Consultant; Treasurer and Director, 
 
8/22/40
Chairman of
 
Humanities Council of Washington, D.C. 
 
333 W. Wacker Drive
the Board
1996
 
206
Chicago, IL 60606
and Board Member
     
         
JACK B. EVANS 
   
President, The Hall-Perrine Foundation, a private philanthropic 
 
10/22/48
   
corporation (since 1996); Director and Chairman, United Fire 
 
333 W. Wacker Drive
Board Member
1999
Group, a publicly held company; President Pro Tem of the Board of 
206
Chicago, IL 60606
   
Regents for the State of Iowa University System; Director, Gazette 
 
     
Companies; Life Trustee of Coe College and the Iowa College Foundation; 
 
     
formerly, Director, Alliant Energy; formerly, Director, Federal 
 
     
Reserve Bank of Chicago; formerly, President and Chief Operating 
 
     
Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
         
WILLIAM C. HUNTER 
   
Dean, Tippie College of Business, University of Iowa (since 
 
3/6/48
   
2006); Director (since 2004) of Xerox Corporation; Director 
 
333 W. Wacker Drive
Board Member
2004
(since 2005), Beta Gamma Sigma International Honor Society; 
206
Chicago, IL 60606
   
formerly, Dean and Distinguished Professor of Finance, School of 
 
     
Business at the University of Connecticut (2003-2006); previously, 
 
     
Senior Vice President and Director of Research at the Federal 
 
     
Reserve Bank of Chicago (1995-2003); formerly, Director 
 
     
(1997-2007), Credit Research Center at Georgetown University. 
 
         
DAVID J. KUNDERT(2) 
   
Director, Northwestern Mutual Wealth Management 
 
10/28/42
   
Company; retired (since 2004) as Chairman, JPMorgan 
 
333 W. Wacker Drive
Board Member
2005
Fleming Asset Management, President and CEO, Banc One 
206
Chicago, IL 60606
   
Investment Advisors Corporation, and President, One Group 
 
     
Mutual Funds; prior thereto, Executive Vice President, Banc One 
 
     
Corporation and Chairman and CEO, Banc One Investment 
 
     
Management Group; Member, Board of Regents, Luther College; 
 
     
member of the Wisconsin Bar Association; member of Board of 
 
     
Directors, Friends of Boerner Botanical Gardens; member of Board 
 
     
of Directors and chair of Investment Committee, Greater 
 
     
Milwaukee Foundation. 
 
         
WILLIAM J. SCHNEIDER(2) 
 
Chairman of Miller-Valentine Partners Ltd., a real estate investment 
 
9/24/44
   
company; formerly, Senior Partner and Chief Operating Officer 
 
333 W. Wacker Drive
Board Member
1997
(retired, 2004) of Miller-Valentine Group; member, University of 
206
Chicago, IL 60606
   
Dayton Business School Advisory Council;member, Mid-America 
 
     
Health System board; formerly, member and chair, Dayton Philharmonic 
 
     
Orchestra Association; formerly, member, Business Advisory Council, 
 
     
Cleveland Federal Reserve Bank. 
 
 
 
84 Nuveen Investments
 
 
 
 

 
 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
Independent Board Members: 
     
JUDITH M. STOCKDALE 
   
Executive Director, Gaylord and Dorothy Donnelley 
 
12/29/47
   
Foundation (since 1994); prior thereto, Executive Director, 
 
333 W. Wacker Drive
Board Member
1997
Great Lakes Protection Fund (1990-1994). 
206
Chicago, IL 60606
 
     
         
CAROLE E. STONE(2) 
   
Director, Chicago Board Options Exchange (since 2006); Director, 
 
6/28/47
   
C2 Options Exchange, Incorporated (since 2009); formerly, 
 
333 W. Wacker Drive
Board Member
2007
Commissioner, New York State Commission on Public Authority 
206
Chicago, IL 60606
   
Reform (2010); formerly, Chair, New York Racing Association 
 
     
Oversight Board (2005-2007). 
 
TERENCE J. TOTH(2) 
       
9/29/59
   
Director, Legal & General Investment Management America, Inc. 
 
333 W. Wacker Drive
Board Member
2008
(since 2008); Managing Partner, Promus Capital (since 2008); 
206
Chicago, IL 60606
   
formerly, CEO and President, Northern Trust Global Investments 
 
     
(2004-2007); Executive Vice President, Quantitative Management 
 
     
& Securities Lending (2000-2004); prior thereto, various positions 
 
     
with Northern Trust Company (since 1994); member: Goodman 
 
     
Theatre Board (since 2004), Chicago Fellowship Boards (since 
 
     
2005), University of Illinois Leadership Council Board (since 2007) 
 
     
and Catalyst Schools of Chicago Board (since 2008); formerly, 
 
     
member: Northern Trust Mutual Funds Board (2005-2007), 
 
     
Northern Trust Global Investments Board (2004-2007), Northern 
 
     
Trust Japan Board (2004-2007), Northern Trust Securities Inc. 
 
     
Board (2003-2007) and Northern Trust Hong Kong Board 
 
     
(1997-2004). 
 
Interested Board Member: 
     
JOHN P. AMBOIAN(3) 
   
Chief Executive Officer (since July 2007), Director (since 1999) 
 
6/14/61
   
and Chairman (since 2007) of Nuveen Investments, Inc.; Chief 
 
333 W. Wacker Drive
Board Member
2008
Executive Officer (since 2007) of Nuveen Asset Management, 
206
Chicago, IL 60606
   
Nuveen Investments Advisors, Inc. 
 
         
Officers of the Funds: 
       
GIFFORD R. ZIMMERMAN 
 
Managing Director (since 2002), Assistant Secretary and 
 
9/9/56
Chief
 
Associate General Counsel of Nuveen Investments, LLC; Managing 
 
333 W. Wacker Drive
Administrative
1988
Director (since 2004) and Assistant Secretary (since 1994) of Nuveen 
206
Chicago, IL 60606
Officer
 
Investments, Inc.; Managing Director, Associate General Counsel and 
 
     
Assistant Secretary, of Nuveen Asset Management (since 2002) and of 
 
     
Symphony Asset Management LLC, (since 2003); Vice President and 
 
     
Assistant Secretary of NWQ Investment Management Company, LLC. 
 
     
(since 2002), Nuveen Investments Advisers Inc. (since 2002), 
 
     
Tradewinds Global Investors, LLC, and Santa Barbara Asset 
 
     
Management, LLC (since 2006), Nuveen HydePark Group LLC and 
 
     
Nuveen Investment Solutions, Inc. (since 2007) and of Winslow 
 
     
Capital Management, Inc. (since 2010); Chief Administrative 
 
     
Officer and Chief Compliance Officer (since 2010) of Nuveen 
 
     
Commodities Asset Management, LLC; Chartered Financial Analyst. 
 
 
 
Nuveen Investments 85
 
 
 
 

 

 
Board Members & Officers (Unaudited) (continued)
 
         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
Officers of the Funds: 
       
WILLIAM ADAMS IV 
   
Executive Vice President of Nuveen Investments, Inc.; Executive 
 
6/9/55
   
Vice President, U.S. Structured Products of Nuveen Investments, 
 
333 W. Wacker Drive
Vice President
2007
LLC, (since 1999), ; Managing Director (since 2010) of Nuveen 
131
Chicago, IL 60606
   
Commodities Asset Management, LLC. 
 
         
MARGO L. COOK 
   
Executive Vice President (since 2008) of Nuveen 
 
4/11/64
   
Investments, Inc.; previously, Head of Institutional Asset 
 
333 W. Wacker Drive
Vice President
2009
Management (2007-2008) of Bear Stearns Asset Management; 
206
Chicago, IL 60606
   
Head of Institutional Asset Management (1986-2007) of Bank 
 
     
of NY Mellon; Chartered Financial Analyst. 
 
LORNA C. FERGUSON 
       
10/24/45
       
333 W. Wacker Drive
Vice President
1998
Managing Director (since 2004) of Nuveen Investments, LLC and 
206
Chicago, IL 60606
 
  Managing Director (since 2005) of Nuveen Asset Management.   
         
STEPHEN D. FOY 
   
Senior Vice President (since 2010), formerly, Vice President (1993- 
 
5/31/54
Vice President
 
2010) and Funds Controller (since 1998) of Nuveen Investments, 
 
333 W. Wacker Drive
and Controller
1998
LLC; Senior Vice President (since 2010), formerly, Vice President 
206
Chicago, IL 60606
   
(2005-2010) of Nuveen Asset Management; Certified Public Accountant. 
 
         
SCOTT S. GRACE 
   
Managing Director, Corporate Finance & Development, Treasurer 
 
8/20/70
Vice President
 
(since 2009) of Nuveen Investments, LLC; Managing Director and 
 
333 W. Wacker Drive
and Treasurer
2009
Treasurer of Nuveen Asset Management (since 2009); Nuveen 
206
Chicago, IL 60606
   
Investment Solutions, Inc., Nuveen Investments Advisers, Inc., and 
 
     
Nuveen Investments Holdings, Inc.; Vice President and Treasurer of
 
     
NWQ Investment Management Company, LLC, Tradewinds Global
 
     
Investors, LLC, Symphony Asset Management LLC and Winslow
 
     
Capital Management, Inc.; Vice President of Santa Barbara Asset
 
     
Management, LLC; formerly Treasurer (2006-2009), Senior Vice
 
     
President (2008-2009), previously, Vice President (2006-2008) of
 
     
Janus Capital Group, Inc.; formerly, Senior Associate in Morgan
 
     
Stanley’s Global Financial Services Group (2000- 2003);
 
      Chartered Accountant Designation.   
         
WALTER M. KELLY 
   
Senior Vice President (since 2008), Vice President (2006-2008) 
 
2/24/70
Chief Compliance
 
formerly, Assistant Vice President and Assistant General Counsel 
 
333 W. Wacker Drive
Officer and
2003
(2003-2006) of Nuveen Investments, LLC; Senior Vice President 
206
Chicago, IL 60606
Vice President
 
(since 2008), formerly, Vice President (2006-2008) and Assistant 
 
     
Secretary (since 2008) of Nuveen Asset Management. 
 
         
TINA M. LAZAR 
   
Senior Vice President (since 2009), formerly, Vice President of Nuveen 
 
8/27/61
   
Investments, LLC (1999-2009); Senior Vice President (since 2010), 
 
333 W. Wacker Drive
Vice President
2002
formerly, Vice President (2005-2010) of Nuveen Asset Management. 
206
Chicago, IL 60606
 
     
 
 
86 Nuveen Investments
 
 
 
 

 
 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
Officers of the Funds: 
       
■  KEVIN J. MCCARTHY 
   
Managing Director (since 2008), formerly, Vice President 
 
3/26/66
Vice President
 
(2007-2008), Nuveen Investments, LLC; Managing Director 
 
333 W. Wacker Drive
and Secretary
2007
(since 2008), formerly, Vice President, and Assistant Secretary, 
206
Chicago, IL 60606
   
Nuveen Asset Management, and Nuveen Investments Holdings, Inc.; 
 
     
Vice President (since 2007) and Assistant Secretary, Nuveen 
 
     
Investment Advisers Inc., NWQ Investment Management Company, 
 
     
LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, 
 
     
Symphony Asset Management LLC, Santa Barbara Asset 
 
     
Management LLC, Nuveen HydePark Group, LLC and Nuveen 
 
     
Investment Solutions, Inc. (since 2007) and of Winslow Capital 
 
     
Management, Inc. (since 2010); Vice President and Secretary
 
     
(since 2010) of Nuveen Commodities Asset Management, LLC;
 
     
prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). 
 
 
(1)     
Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)     
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of Nuveen Asset Management.
(3)     
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
Nuveen Investments 87
 
 
 
 

 

 
Annual Investment Management Agreement Approval Process(Unaudited)
 
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”) for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
 
 
In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and the Adviser, including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
 
88 Nuveen Investments
 
 
 

 
 

 
A. Nature, Extent and Quality of Services
 
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Adviser’s organization and business; the types of services that the Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen’s efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that the Adviser or its affiliates provide to closed-end funds, including, in particular, Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.
 
 
As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.
 
 
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by the Adviser and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members also considered the Adviser’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
 
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory.
 
 
B. The Investment Performance of the Funds and the Adviser
 
The Board considered the performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data provided by an independent
 
 
Nuveen Investments 89
 
 
 
 

 

 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2009 and for the same periods ending March 31, 2010. In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2009 and for the same periods ending March 31, 2010. Moreover, the Board reviewed the peer ranking of the Nuveen municipal funds advised by the Adviser in the aggregate. The Independent Board Members also reviewed historic premium and discount levels. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund’s performance with that of its Performance Peer Group.
 
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory. In this regard, the Independent Board Members noted that although the Nuveen Premium Income Municipal Fund 2, Inc. and the Nuveen Premium Income Municipal Fund 4, Inc. lagged their peers somewhat in the short-term one-year period, they demonstrated more favorable performance in the longer three- and five-year periods. In addition, the Independent Board Members noted that although the Nuveen Premium Income Municipal Fund, Inc. lagged its peers over various periods, it outperformed its benchmark in the one-year period.
 
 
C.   Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
 
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting the ability to make a meaningful comparison with peers.
 
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen
 
 
90 Nuveen Investments
 
 
 

 
 

 
(applicable, in particular, for certain closed-end funds launched since 1999). The Independent Board Members recognized that each Fund had net advisory fees above the peer average but net expense ratios below, at or near the peer expense ratio average.
 
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
 
 
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Adviser to other clients, including municipal separately managed accounts and passively managed municipal bond exchange traded funds (ETFs) that are sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
 
 
3. Profitability of Nuveen
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.
 
 
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors
 
 
Nuveen Investments 91
 
 
 
 

 

 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to the Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
 
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
 
 
92 Nuveen Investments
 
 
 
 

 

 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
 
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as agent at Nuveen’s trading desk and as co-manager in initial public offerings of new closed-end funds.
 
 
In addition to the above, the Independent Board Members considered whether the Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Adviser in managing the assets of the Funds and other clients. The Independent Board Members noted that the Adviser does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” the Adviser intends to comply with the applicable safe harbor provisions.
 
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreements are fair and reasonable, that the Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
 
Nuveen Investments 93
 
 
 
 

 

 
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 Dividend Reinvestment Plan
 
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains 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 tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or 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 dividends and 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. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price
 
 
94 Nuveen Investments
 
 
 
 

 

 
per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or 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 dividends and/or 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.
 
 
Nuveen Investments 95
 
 
 
 

 

 
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 invest- ment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
 
 
·  
Average Effective Maturity: The market-value-weighted average of the effective matu- rity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
 
 
·  
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typi- cally 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.
 
 
96 Nuveen Investments
 
 
 

 
 

 
·  
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
 
 
·  
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
 
 
·  
Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
 
 
·  
Pre-refunding: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
 
 
·  
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
 
 
·  
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
 
Nuveen Investments 97
 
 
 
 

 

 
Notes
 
 
98 Nuveen Investments
 
 
 
 

 

 
Notes
 
 
Nuveen Investments 99
 
 
 

 

 
Notes
 
 
100 Nuveen Investments
 
 
 
 

 

 
Other Useful Information
 
 
Board of Directors
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
 
 
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
 
 
Custodian
State Street Bank & Trust
Company
Boston, MA
 
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
 
Common and Preferred Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
 
     
   
Auction Rate 
 
Common Shares 
Preferred Shares 
Fund 
Repurchased 
Redeemed 
NPI 
NPM 
122,900
NPT 
10,362
 
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
 
Nuveen Investments 101
 
 
 
 

 

 
Nuveen Investments:
Serving Investors for Generations
 
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
 
Focused on meeting investor needs.
 
 
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed more than $160 billion of assets on September 30, 2010.
 
 
Find out how we can help you.
 
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
 

Nuveen makes things e-simple.
 
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Investments Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
Free e-Reports right to your e-mail!
 
www.investordelivery.com
 
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
OR
 
www.nuveen.com/accountaccess
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.

 
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
 
EAN-E-1010D


 
 

 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees ("Board") determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. As of December 30, 2010, the registrant's audit committee financial expert is Jack B. Evans, who is "independent" for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Premium Income Municipal Fund, Inc.

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND


   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2010
  $ 50,154     $ 0     $ 0     $ 3,400  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2009
  $ 49,354     $ 0     $ 0     $ 3,400  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services
 
provided in connection with statutory and regulatory filings or engagements.
                 
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the
 
audit or review of financial statements and are not reported under "Audit Fees".
                 
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
 


SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, Inc. (formerly Nuveen Asset Management) (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.


Fiscal Year Ended
 
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
   
Billed to Adviser
   
Adviser and
   
Billed to Adviser
 
   
and Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
   
Service Providers
   
Service Providers
   
Service Providers
 
October 31, 2010
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
October 31, 2009
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       


NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.


Fiscal Year Ended
 
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
 
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2010
 $                      3,400
 $                                  0
 $                                0
 $           3,400
October 31, 2009
 $                      3,400
 $                                  0
 $                                0
 $           3,400
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
amounts from the previous table.
       


Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of December 30, 2010, the members of the audit committee are Robert P. Bremner, Jack B. Evans, Terence J. Toth, William J. Schneider and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

The registrant invests its assets primarily in municipal bonds and cash management securities.  The registrant also may invest in shares of investment companies that in turn invest primarily in municipal bonds.

The registrant has adopted the proxy voting policies and procedures of Nuveen Asset Management to govern the voting of proxies with respect to that fund.  In the event that a municipal issuer were to issue a proxy or that the registrant were to receive a proxy issued by the issuer of a cash management security or municipal bond-oriented investment company, Nuveen Asset Management (as defined below) has approved and adopted the proxy voting policies of an independent third party, Institutional Shareholder Services, Inc. (“ISS”) to determine how the proxy should be voted.  It has also engaged ISS to apprise Nuveen Asset Management of shareholder meeting dates, to provide research on proxy proposals and voting recommendations and to cast the actual proxy votes.  In addition, ISS also serves as Nuveen Asset Management’s proxy voting record keeper.  Nuveen Asset Management’s Investment Policy Committee (“IPC”), comprised of the firm’s most senior investment professionals, is charged with the overall oversight of proxy voting policies and procedures, including the activities of the firm’s Proxy Voting Committee (“PVC”), which is responsible for providing an administrative framework to facilitate and monitor proxy voting, including oversight of the firm’s relationship with ISS.

From time to time, a portfolio manager may initiate action to override an ISS recommendation for a particular vote.  Such override will be reviewed by Nuveen Asset Management’s legal department for material conflicts and if it is determined that no material conflicts exist, the approval of one investment professional on the IPC or Nuveen Asset Management’s Head of Equity Research shall authorize the override.

Nuveen Asset Management recognizes that there are circumstances where it may have a perceived or real conflict of interest in voting proxies and will vote proxies in the best interest of its clients regardless of any such real or perceived conflicts of interest.  By adopting ISS policies, Nuveen Asset Management believes the risk related to conflicts will be minimized.  To further minimize this risk, the IPC will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest the proxy voting service may face.

In the event ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote after receiving voting direction from the Head of Research, who will seek voting direction from the appropriate investment personnel, after confirming that Nuveen Asset Management faces no material conflicts of its own with respect to the specific proxy vote.  If the PVC concludes that a material conflict does exist, it will recommend to the IPC a course of action designed to address the conflict. Such actions could include, but are not limited to: (1) obtaining instructions from the affected client(s) on how to vote the proxy; (2) disclosing the conflict to the affected client(s) and seeking their consent to permit Nuveen Asset Management to vote the proxy; (3) voting in proportion to the other shareholders; (4) recusing an IPC member from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or (5) following the recommendation of a different independent third party.

In addition to all of the above-mentioned and other conflicts, members of the IPC and the PVC must notify Nuveen Asset Management’s Chief Compliance Officer of any direct, indirect or perceived improper influence exerted by any employee, officer or director within Nuveen Asset Management, its affiliates or the Fund complex with regard to how Nuveen Asset Management should vote proxies. The Chief Compliance Officer will investigate the allegations and will report the findings to Nuveen Asset Management’s President and the General Counsel. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, the IPC shall not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.

On rare occasions the registrant may acquire, directly or through a special purpose vehicle, equity securities of a municipal bond issuer whose bonds the registrant already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality.  The purpose of acquiring such equity securities generally will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer’s credit problem.  In the course of exercising control of a distressed municipal issuer, Nuveen Asset Management may pursue the registrant’s interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. Neither the registrant nor Nuveen Asset Management considers such control activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but nevertheless provides reports to the registrant’s Board on any such control activities on a quarterly basis.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
 
Nuveen Fund Advisors, Inc. is the registrant's investment adviser (also referred to as the "Adviser").  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
PAUL BRENNAN
Nuveen Premium Income Municipal Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets
 Paul Brennan
 Registered Investment Company
22
$13.85 billion
 
 Other Pooled Investment Vehicles
0
$0
 
 Other Accounts
2
$1.38 million
*
Assets are as of December 31, 2010.  None of the assets in these accounts are subject to an advisory fee based on performance.

Compensation. Each portfolio manager’s compensation consists of three basic elements—base salary, cash bonus and long-term incentive compensation. The compensation strategy is to annually compare overall compensation, including these three elements, to the market in order to create a compensation structure that is competitive and consistent with similar financial services companies. As discussed below, several factors are considered in determining each portfolio manager’s total compensation. In any year these factors may include, among others, the effectiveness of the investment strategies recommended by the portfolio manager’s investment team, the investment performance of the accounts managed by the portfolio manager, and the overall performance of Nuveen Investments, Inc. (the parent company of Nuveen Asset Management). Although investment performance is a factor in determining the portfolio manager’s compensation, it is not necessarily a decisive factor. The portfolio manager’s performance is evaluated in part by comparing manager’s performance against a specified investment benchmark.  This fund-specific benchmark is a customized subset (limited to bonds in each Fund’s specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million.  As of October 31, 2010, the S&P/Investortools Municipal Bond index was comprised of 56,510 securities with an aggregate current market value of $1,248 billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level determined by Nuveen Asset Management in accordance with its overall compensation strategy discussed above. Nuveen Asset Management is not under any current contractual obligation to increase a portfolio manager’s base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by each portfolio manager’s supervisors, along with reviews submitted by his peers. These reviews and evaluations often take into account a number of factors, including the effectiveness of the investment strategies recommended to the Nuveen Asset Management’s investment team, the performance of the accounts for which he serves as portfolio manager relative to any benchmarks established for those accounts, his effectiveness in communicating investment performance to stockholders and their representatives, and his contribution to the Nuveen Asset Management’s investment process and to the execution of investment strategies. The cash bonus component is also impacted by the overall performance of Nuveen Investments, Inc. in achieving its business objectives.

Long-term incentive compensation.    In connection with the acquisition of Nuveen Investments, Inc., by a group of investors lead by Madison Dearborn Partners in November 2007, certain employees, including portfolio managers, received profit interests in Nuveen’s parent.  These profit interests entitle the holders to participate in the appreciation in the value of Nuveen beyond the issue date and vest over five to seven years, or earlier in the case of a liquidity event.  In addition, in July 2009, Nuveen Investments created and funded a trust, as part of a newly-established incentive program, which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain employees, including portfolio managers.

Material Conflicts of Interest. Each portfolio manager’s simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. Nuveen Asset Management, however, believes that such potential conflicts are mitigated by the fact that the Nuveen Asset Management has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager, although the allocation procedures may provide allocation preferences to funds with special characteristics (such as favoring state funds versus national funds for allocations of in-state bonds). In addition, Nuveen Asset Management has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of December 31, 2010, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the
remainder of Nuveen funds
managed by Nuveen Asset
Management’s municipal
investment team
Paul Brennan
Nuveen Premium Income Municipal Fund, Inc
$50,001-$100,000
$100,001-$500,000

PORTFOLIO MANAGER BIO:

Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds.  Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994.  He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year.   He earned his B.S. in Accountancy and Finance from Wright State University.  He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

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

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

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


 
 

 

SIGNATURES


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

(Registrant) Nuveen Premium Income Municipal Fund, Inc.

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

Date: January 7, 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: January 7, 2011
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2011