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, 2014

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 ACQUIRED BY TIAA-CREF
 
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.
 
NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.
 

 
 

 
 
Table of Contents
 
   
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage
10
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Shareholder Meeting Report
20
   
Report of Independent Registered Public Accounting Firm
22
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
74
   
Statement of Operations
75
   
Statement of Changes in Net Assets
76
   
Statement of Cash Flows
77
   
Financial Highlights
78
   
Notes to Financial Statements
83
   
Additional Fund Information
94
   
Glossary of Terms Used in this Report
95
   
Reinvest Automatically, Easily and Conveniently
97
   
Board Members & Officers
98

Nuveen Investments
 
3

 
 

 

Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.
 
More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.
 
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
December 22, 2014
 
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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)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Paul L. Brennan, CFA, and Christopher L. Drahn, CFA, review U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these three national Funds. Paul has managed NPI and NPM since 2006 and Chris assumed portfolio management responsibility for NPT in 2011.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2014?
 
During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the outlook for the labor market since the inception of the current asset purchase program as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions, saying that it would likely maintain the current target range for the fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below the Fed’s 2% longer-run goal. However, if economic data shows faster progress toward the Fed’s employment and inflation objectives than currently anticipated, the Fed indicated that the first increase in the fed funds rate since 2006 could occur sooner than expected.
 
In the third quarter of 2014, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at a 3.9% annual rate, compared with -2.1% in the first quarter of 2014 and 4.6% in the second quarter. Third-quarter growth was attributed in part to expanded business investment in equipment and a major increase in military spending. The Consumer Price Index (CPI) rose 1.7% year-over-year as of October 2014, while the core CPI (which excludes food and energy) increased 1.8% during the same period, below the Fed’s unofficial longer term inflation objective of 2.0%. As of October 2014, the national unemployment rate was 5.8%, the lowest level since July 2008, down from the 7.2% reported in October 2013, marking the ninth consecutive month in which the economy saw the addition of more than 200,000 new jobs. The housing market continued to post gains, although price growth has
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Nuveen Investments
 
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Portfolio Managers’ Comments (continued)
 
shown signs of deceleration in recent months. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.9% for the twelve months ended September 2014 (most recent data available at the time this report was prepared), putting home prices at fall 2004 levels, although they continued to be down 15%-17% from their mid-2006 peaks.
 
During the first two months of this reporting period, the financial markets remained unsettled in the aftermath of widespread uncertainty about the future of the Fed’s quantitative easing program. Also contributing to investor concern was Congress’s failure to reach agreement on the Fiscal 2014 federal budget, which triggered sequestration, or automatic spending cuts and a 16-day federal government shutdown in October 2013. This sequence of events sparked increased volatility in the financial markets, with the Treasury market trading off, the municipal market following suit and spreads widening as investor concern grew, prompting selling by bondholders across the fixed income markets.
 
As we turned the page to calendar year 2014, the market environment stabilized, as the Fed’s policies continued to be accommodative and some degree of political consensus was reached. The Treasury market rallied and municipal bonds rebounded, with flows into municipal bond funds increasing, while supply continued to drop. This supply/demand dynamic served as a key driver of municipal market performance for the period. The resultant rally in municipal bonds generally produced positive total returns for the reporting period as a whole. Overall, municipal credit fundamentals continued to improve, as state governments made good progress in dealing with budget issues. Due to strong growth in personal income tax and sales tax collections, year-over-year totals for state tax revenues had increased for 16 consecutive quarters as of the second quarter of 2014, while on the expense side, many states made headway in cutting and controlling costs, with the majority implementing some type of pension reform. The current level of municipal issuance reflects the more conservative approach to state budgeting. For the twelve months ended October 31, 2014, municipal bond issuance nationwide totaled $319.7 billion, down 4.6% from the issuance for the twelve-month reporting period ended October 31, 2013.
 
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2014?
 
During this reporting period we saw the municipal market environment shift from the volatility of late 2013 to a rally driven by strong demand and tight supply and reinforced by an environment of improving fundamentals in 2014. For the reporting period as a whole, municipal bond prices generally rose, as interest rates declined and the yield curve flattened. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep the Funds fully invested.
 
Municipal supply nationally remained tight throughout this reporting period, although issuance improved during the second half of this twelve-month reporting period compared with the first half. However, much of this increase was attributable to refunding activity as bond issuers, prompted by low interest rates, sought to lower debt service costs by retiring older bonds from proceeds of lower cost new bond issues. During the third quarter of 2014, for example, we saw current refunding activity increase by more than 64% nationwide and estimates are that these refundings accounted for 35% of issuance during the first nine months of 2014. These refunding bonds mostly do not represent an actual net increase in issuance because they mostly replaced outstanding issues that were called soon thereafter. As a result, it remained challenging to source attractive bonds that would enhance the Funds’ holdings. Much of our investment activity focus during this reporting period was on reinvesting the cash generated by current calls into credit sensitive sectors and longer maturity bonds that could help us offset the decline in rates and maintain investment performance potential. These Funds were well positioned coming into the reporting period, so we could be selective in looking for opportunities to purchase bonds that added value.
 
NPI and NPM continued to find value in the transportation sector, especially in tollroad issues, where we saw increased activity after several years of low issuance and deferred maintenance. Among our additions in the transportation sector were bonds for the Downtown Crossing bridge across the Ohio River from Indiana to Louisville, Kentucky, credits issued for the Dulles Tollroad in Virginia and suburban Washington, D.C. and a new issue from the Foothill/Eastern Transportation Corridor Agency (F/ETCA) in
 
6
 
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California, which we purchased at attractive prices in December 2013. In one of the largest fixed rate municipal transactions of 2013, F/ETCA refinanced $2.3 billion in outstanding debt originally issued in 1999. Traffic and revenues on the tollroads in F/ETCA’s 36-mile network, which links major population centers in Southern California, have increased and the bonds have performed well for the Funds since purchase. In October 2014, we also participated in the tender offer and new issuance of toll-road bonds for the San Joaquin Hills Transportation Corridor Agency in Orange County, California, the largest tollroad network in the western U.S. The agency took advantage of the decline in interest rates to restructure its debt by making a tender offer for existing bonds at above-market prices and then issuing new bonds at lower interest rates, thereby reducing debt service costs, improving cash flow and increasing financial flexibility. In our view, the agency’s debt restructuring resulted in an improved credit outlook for these bonds and we added some of the new San Joaquin credits to our portfolios.
 
We also bought health care bonds, including NPI’s purchase of credits issued for Catholic Health Initiatives, a national nonprofit health system that operates hospitals and long term care facilities in 17 states, including Colorado and Tennessee. In addition, we added to our holdings in the higher education, water and sewer and utility sectors. In the utilities sector, we purchased Long Island Power Authority (LIPA) general revenue bonds.
 
NPT also found value in the transportation and health care sectors, purchasing the San Joaquin and Foothill/Eastern issues described above as well as bonds for the Catholic Health Initiatives facilities in Chattanooga, Tennessee and the Rogers Memorial Hospital system in Wisconsin. In higher education, the Fund added bonds issued for the Kansas City University of Medicine and Biosciences in Missouri. In the utilities sector, we added bonds for the South Carolina Public Service Authority (more commonly known as Santee Cooper). In late October 2014, NPT also purchased bonds for the 3 World Trade Center, an 80-story tower in New York City, issued through the Liberty Development Corporation.
 
Also during this reporting period, S&P upgraded its credit rating on National Public Finance Guarantee Corp. (NPFG), the insurance subsidiary of MBIA, to AA- from A, citing NPFG’s strong operating performance and competitive position in the financial guarantee market. As a result, the ratings on the Funds’ holdings of bonds backed by insurance from NPFG, and not already rated at least AA-due to a higher underlying borrower ratings, were similarly upgraded to AA- as of mid-March 2014. This action produced an increase in the percentage of our portfolios held in the AA credit quality category (and a corresponding decrease in the A category), improving the overall credit rating of the Funds. S&P also upgraded its rating on Assured Guaranty Municipal (AGM) as well as AGM’s municipal-only insurer Municipal Assurance Corp. to AA from AA-.
 
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, the decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve helped to make refunding deals more attractive. The increase in this activity provided ample cash for purchases and drove much of our trading.
 
As of October 31, 2014, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NPM also added a forward interest rate swap to reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
 
How did the Funds perform during the twelve-month reporting period ended October 31, 2014?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended October 31, 2014. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
 
For the twelve months ended October 31, 2014, the total returns on common share NAV for NPI, NPM and NPT outperformed the return for the national S&P Municipal Bond Index. For the same period, NPI and NPT exceeded the average return for the Lipper General and Insured Leveraged Municipal Debt Funds Classification Average, while NPM lagged this Lipper classification average.

Nuveen Investments
 
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Portfolio Managers’ Comments (continued)
 
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the Funds performance for this reporting period. Leverage is discussed in more detail later in the Fund Leverage section of this report.
 
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NPT and NPI, where greater sensitivity to changes in interest rates benefited their performance. As noted previously, in NPM we added a forward interest rate swap during the this reporting period to reduce the Fund’s duration, which had exceeded its target. As interest rates declined during the period, the swap resulted in NPM having the shortest duration among these Funds as of the end of this reporting period and this detracted from its performance. Overall, duration and yield curve positioning was the major driver of performance and differences in positioning accounted for much of the differences in performance.
 
During this reporting period, lower rated bonds, bonds rated A or lower, generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk in their search for yield in the current low rate environment. While their longer average durations provided an advantage for lower rated bonds, these bonds also generally had stronger duration-adjusted results. These Funds tended to have overweights in bonds rated A and BBB and underweights in the AAA and AA categories relative to their benchmark and credit exposure was generally positive for their performance, particularly in NPT, which had the largest allocation of bonds rated A and BBB. NPM, on the other hand, had slightly lighter exposures to the outperforming credit categories, which restrained its performance to some degree.
 
Among the municipal market sectors, health care, industrial development revenue (IDR) and transportation (especially tollroads) bonds generally were the top performers, with water and sewer, education and housing credits also outperforming the general municipal market. The outperformance of the health care sector can be attributed in part to the recent scarcity of these bonds, with issuance in this sector declining 31% during the first nine months of 2014, while the performance of tollroad bonds was boosted by improved traffic and revenue from increased rates. Each of these Funds had strong or targeted exposures to the health care and transportation sectors, which benefited their performance. During this reporting period, lower-rated tobacco credits backed by the 1998 master tobacco settlement agreement experienced some volatility, but finished the reporting period ahead of the national municipal market as a whole. The performance of these bonds was helped by their longer effective durations, lower credit quality and the broader demand for higher yields. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. All three of these Funds were overweighted in tobacco bonds.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. As of October 31, 2014, all of these Funds had holdings of pre-refunded bonds. In addition, general obligation (GO) credits generally trailed the revenue sectors as well as the municipal market as a whole, although by a substantially smaller margin than the pre-refunded category. Some of the GOs’ underperformance can be attributed to their higher quality.
 
We continued to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the City of Detroit’s bankruptcy case. In terms of Puerto Rico holdings, shareholders should note that NPI and NPM had limited exposure to Puerto Rico debt during this reporting period, generally totaling under 1%, while NPT sold the last of its Puerto Rico holdings in July 2014. These territorial bonds were originally added to our portfolios to keep assets fully invested and working for the Funds as well as to enhance diversity, duration and credit. The Puerto Rico
 
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credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico general obligation debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of October 2014, the Nuveen complex held $69.8 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.35% of assets under management as of October 31, 2014. As of October 31, 2014, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured (which we believe adds value), pre-refunded (and therefore backed by securities such as U.S. Treasuries) or unrelated to the government of Puerto Rico. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
 
The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached an agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy and on November 7, 2014 (subsequent to the close of this reporting period). The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services. All of these Funds had exposure to Detroit-related bonds, including Detroit water and sewer credits. In August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. (Not all of the Detroit water and sewer bonds were eligible for the tender offer.) Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue $1.8 billion in new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case. In general, Detroit water and sewer credits rallied following these positive developments.

Nuveen Investments
 
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Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
As of October 31, 2014, the Funds’ percentages of leverage are shown in the accompanying table.
 
 
NPI
NPM
NPT
 
Effective Leverage*
35.53%
36.38%
34.82%
 
Regulatory Leverage*
29.13%
30.67%
29.54%
 
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of October 31, 2014, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

     
VMTP Shares
   
VRDP Shares
       
     
Series
   
Shares
Issued at
Liquidation Value
   
Series
   
Shares
Issued at
Liquidation Value
   
Total
 
NPI
   
2015
 
$
407,000,000
   
   
 
$
407,000,000
 
NPM
   
   
   
1
 
$
489,500,000
 
$
489,500,000
 
NPT
   
   
   
1
 
$
262,200,000
 
$
262,200,000
 
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on VMTP and VRDP Shares.
 
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Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
 
The following information regarding the Funds’ distributions is current as of October 31, 2014. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
 
During the current reporting period, each Fund’s monthly distributions to common shareholders were as shown in the accompanying table.

     
Per Common Share Amounts
Ex-Dividend Date
   
NPI
   
NPM
   
NPT
 
November 2013
 
$
0.0720
 
$
0.0720
 
$
0.0680
 
December
   
0.0720
   
0.0720
   
0.0680
 
January
   
0.0720
   
0.0720
   
0.0680
 
February
   
0.0720
   
0.0720
   
0.0680
 
March
   
0.0720
   
0.0720
   
0.0680
 
April
   
0.0720
   
0.0720
   
0.0680
 
May
   
0.0720
   
0.0720
   
0.0680
 
June
   
0.0720
   
0.0720
   
0.0680
 
July
   
0.0720
   
0.0720
   
0.0680
 
August
   
0.0720
   
0.0720
   
0.0680
 
September
   
0.0685
   
0.0720
   
0.0680
 
October 2014
   
0.0685
   
0.0720
   
0.0680
 
                     
Ordinary Income Distribution**
 
$
0.0059
 
$
0.0011
 
$
0.0002
 
                     
Market Yield***
   
6.01
%
 
6.17
%
 
6.14
%
Taxable-Equivalent Yield***
   
8.35
%
 
8.57
%
 
8.53
%
 
**
Distribution paid in December 2013.
***
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
 
As of October 31, 2014, all the Funds in this report had positive UNII balances for both tax and financial reporting purposes.

Nuveen Investments
 
11

 
 

 

Common Share Information (continued)
 
All monthly dividends paid by the Funds during the fiscal year ended October 31, 2014 were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Funds’ shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 — Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.
 
COMMON SHARE REPURCHASES
 
During August 2014, the Funds’ Board of Directors reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
As of October 31, 2014, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.
 
     
NPI
   
NPM
   
NPT
 
Common Shares Cumulatively Repurchased and Retired
   
   
422,900
   
 
Common Shares Authorized for Repurchase
   
6,405,000
   
7,070,000
   
4,335,000
 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
 
OTHER COMMON SHARE INFORMATION
 
As of October 31, 2014, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
 
     
NPI
   
NPM
   
NPT
 
Common Share NAV
 
$
15.46
 
$
15.65
 
$
14.42
 
Common Share Price
 
$
13.68
 
$
14.00
 
$
13.30
 
Premium/(Discount) to NAV
   
(11.51
)%
 
(10.54
)%
 
(7.77
)%
12-Month Average Premium/(Discount) to NAV
   
(9.78
)%
 
(10.38
)%
 
(8.40
)%
 
12
 
Nuveen Investments

 
 

 

Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Derivatives Strategy Risk. Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.
 
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.

Nuveen Investments
 
13

 
 

 

NPI
 
 
Nuveen Premium Income Municipal Fund, Inc. (NPI)
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NPI at Common Share NAV
17.61%
8.94%
6.12%
NPI at Common Share Price
16.32%
8.14%
5.82%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
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. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
14
 
Nuveen Investments

 
 

 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
143.7%
Common Stocks
0.8%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
0.9%
Floating Rate Obligations
(6.5)%
VMTP Shares, at Liquidation Value
(41.1)%
Other Assets Less Liabilities
2.2%
   
Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
13.4%
AA
42.4%
A
24.7%
BBB
13.1%
BB or Lower
4.2%
N/R (not rated)
1.7%
N/A (not applicable)
0.5%
   
Portfolio Composition
 
(% of total investments)
 
Transportation
20.5%
Health Care
17.9%
Tax Obligation/Limited
15.2%
Tax Obligation/General
10.6%
Water and Sewer
9.2%
Education and Civic Organizations
6.9%
U.S. Guaranteed
6.6%
Utilities
5.0%
Other
8.1%
   
States and Territories
 
(% of total municipal bonds)
 
California
14.7%
Texas
11.4%
Illinois
8.7%
Florida
7.8%
New York
7.6%
Ohio
3.4%
Nevada
3.2%
Louisiana
3.2%
Massachusetts
2.9%
Pennsylvania
2.7%
New Jersey
2.5%
Alabama
2.5%
Washington
2.4%
South Carolina
1.8%
Oklahoma
1.7%
Kentucky
1.6%
Michigan
1.5%
Arizona
1.5%
Other
18.9%
 
Nuveen Investments
 
15

 
 

 

NPM
 
 
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NPM at Common Share NAV
15.60%
8.30%
6.03%
NPM at Common Share Price
15.87%
8.09%
5.94%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
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. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
16
 
Nuveen Investments

 
 

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
148.5%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
0.1%
Floating Rate Obligations
(5.6)%
VRDP Shares, at Liquidation Value
(44.2)%
Other Assets Less Liabilities
1.2%
   
Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
12.7%
AA
49.8%
A
23.9%
BBB
9.1%
BB or Lower
3.3%
N/R (not rated)
1.2%
   
Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
17.5%
Health Care
17.2%
Transportation
16.1%
Tax Obligation/General
14.8%
Water and Sewer
9.1%
Utilities
6.7%
Education and Civic Organizations
6.5%
U.S. Guaranteed
6.0%
Other
6.1%
   
States and Territories
 
(% of total municipal bonds)
 
Florida
12.3%
California
11.9%
Illinois
11.1%
Texas
7.7%
New York
6.7%
Ohio
4.5%
Louisiana
4.1%
Nevada
3.7%
Washington
3.6%
Michigan
3.6%
Indiana
3.1%
Colorado
3.0%
New Jersey
2.8%
Pennsylvania
2.6%
Oklahoma
1.9%
Massachusetts
1.7%
Other
15.7%
 
1
Excluding investments in derivatives.
 
Nuveen Investments
 
17

 
 

 

NPT
 
 
Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NPT at Common Share NAV
18.09%
9.39%
6.62%
NPT at Common Share Price
18.23%
9.45%
6.76%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
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. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
18
 
Nuveen Investments

 
 

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
145.7%
Common Stocks
0.6%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
0.4%
Floating Rate Obligations
(7.9)%
VRDP Shares, at Liquidation Value
(41.9)%
Other Assets Less Liabilities
3.1%
   
Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
14.6%
AA
31.0%
A
28.9%
BBB
17.5%
BB or Lower
3.6%
N/R (not rated)
4.0%
N/A (not applicable)
0.4%
   
Portfolio Composition
 
(% of total investments)
 
Health Care
22.2%
Tax Obligation/Limited
18.3%
Tax Obligation/General
11.0%
Transportation
9.5%
Water and Sewer
8.4%
U.S. Guaranteed
8.1%
Education and Civic Organizations
5.8%
Utilities
5.4%
Other
11.3%
   
States and Territories
 
(% of total municipal bonds)
 
California
14.3%
Texas
11.8%
Illinois
11.3%
Colorado
5.5%
Louisiana
5.4%
Florida
5.0%
New York
3.8%
Wisconsin
3.1%
Pennsylvania
3.0%
Ohio
2.9%
Alabama
2.6%
Michigan
2.5%
Arizona
2.4%
Missouri
2.0%
Indiana
1.9%
Georgia
1.7%
Rhode Island
1.6%
Other
19.2%
 
Nuveen Investments
 
19

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2014 for NPI, NPM and NPT; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement and to elect Board Members.
 
   
NPI
 
NPM
 
NPT
 
   
Common and
       
Common and
       
Common and
       
     
Preferred
         
Preferred
         
Preferred
       
     
shares voting
         
shares voting
         
shares voting
       
     
together
   
Preferred
   
together
   
Preferred
   
together
   
Preferred
 
     
as a class
   
Shares
   
as a class
   
Shares
   
as a class
   
Shares
 
To approve a new investment management agreement
                                     
For
   
30,676,273
   
   
34,453,518
   
   
19,598,614
   
 
Against
   
1,069,728
   
   
1,397,541
   
   
586,001
   
 
Abstain
   
1,005,058
   
   
937,500
   
   
758,269
   
 
Broker Non-Votes
   
9,216,559
   
   
11,436,493
   
   
5,209,749
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
To approve a new sub-advisory agreement
                                     
For
   
30,569,536
   
   
34,278,764
   
   
19,570,468
   
 
Against
   
1,154,016
   
   
1,529,552
   
   
608,893
   
 
Abstain
   
1,027,507
   
   
980,239
   
   
763,322
   
 
Broker Non-Votes
   
9,216,559
   
   
11,436,497
   
   
5,209,950
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Approval of the Board Members was reached as follows:
                                     
William Adams IV
                                     
For
   
40,461,866
   
   
46,717,222
   
   
25,167,259
   
 
Withhold
   
1,505,752
   
   
1,507,830
   
   
985,374
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Robert P. Bremner
                                     
For
   
40,442,435
   
   
46,679,411
   
   
25,155,851
   
 
Withhold
   
1,525,183
   
   
1,545,641
   
   
996,782
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Jack B. Evans
                                     
For
   
40,442,159
   
   
46,710,691
   
   
25,198,519
   
 
Withhold
   
1,525,459
   
   
1,514,361
   
   
954,114
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
William C. Hunter
                                     
For
   
   
4,070
   
   
3,025
   
   
1,700
 
Withhold
   
   
   
   
500
   
   
150
 
Total
   
   
4,070
   
   
3,525
   
   
1,850
 
David J. Kundert
                                     
For
   
40,459,708
   
   
46,705,995
   
   
25,173,086
   
 
Withhold
   
1,507,910
   
   
1,519,057
   
   
979,547
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
John K. Nelson
                                     
For
   
40,454,041
   
   
46,748,648
   
   
25,191,179
   
 
Withhold
   
1,513,577
   
   
1,476,404
   
   
961,454
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
William J. Schneider
                                     
For
   
   
4,070
   
   
3,025
   
   
1,700
 
Withhold
   
   
   
   
500
   
   
150
 
Total
   
   
4,070
   
   
3,525
   
   
1,850
 
 
20
 
Nuveen Investments

 
 

 

     
NPI
   
NPM
   
NPT
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
       
     
shares voting
         
shares voting
         
shares voting
       
     
together
   
Preferred
   
together
   
Preferred
   
together
   
Preferred
 
     
as a class
   
Shares
   
as a class
   
Shares
   
as a class
   
Shares
 
Approval of the Board Members was reached as follows:
                                     
Thomas S. Schreier, Jr.
                                     
For
   
40,456,031
   
   
46,736,572
   
   
25,198,550
   
 
Withhold
   
1,511,587
   
   
1,488,480
   
   
954,083
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Judith M. Stockdale
                                     
For
   
40,438,988
   
   
46,640,120
   
   
25,194,128
   
 
Withhold
   
1,528,630
   
   
1,584,932
   
   
958,505
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Carole E. Stone
                                     
For
   
40,474,638
   
   
46,651,618
   
   
25,210,703
   
 
Withhold
   
1,492,980
   
   
1,573,434
   
   
941,930
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Virginia L. Stringer
                                     
For
   
40,476,939
   
   
46,682,446
   
   
25,199,345
   
 
Withhold
   
1,490,679
   
   
1,542,606
   
   
953,288
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
Terence J. Toth
                                     
For
   
40,442,315
   
   
46,705,231
   
   
25,205,045
   
 
Withhold
   
1,525,303
   
   
1,519,821
   
   
947,588
   
 
Total
   
41,967,618
   
   
48,225,052
   
   
26,152,633
   
 
 
Nuveen Investments
 
21

 
 

 

Report of Independent Registered Public Accounting Firm
 
To the Board of Directors and Shareholders of
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, 2014, and the related statements of operations, changes in net assets, cash flows, and the financial highlights for the year 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. The statements of changes in net assets and the financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those statements and those financial highlights.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 position of the Funds as of October 31, 2014, the results of their operations, the changes in their net assets, their cash flows and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
 
/s/ KPMG LLP
Chicago, Illinois
December 26, 2014
 
22
 
Nuveen Investments

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 144.5% (99.4% of Total Investments)
           
     
MUNICIPAL BONDS – 143.7% (98.9% of Total Investments)
           
     
Alabama – 3.5% (2.4% of Total Investments)
           
     
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2:
           
$
1,435
 
5.000%, 11/15/36 (UB)
11/16 at 100.00
 
AA+
$
1,510,998
 
 
4,000
 
5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
4,206,920
 
 
6,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006D, 5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
6,310,380
 
     
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A:
           
 
6,000
 
5.250%, 11/15/20
11/15 at 100.00
 
Baa2
 
6,187,680
 
 
1,300
 
5.000%, 11/15/30
11/15 at 100.00
 
Baa2
 
1,310,439
 
 
11,790
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
1/17 at 100.00
 
AA+
 
12,485,256
 
 
2,890
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
6/15 at 100.00
 
BBB
 
2,929,824
 
 
33,415
 
Total Alabama
       
34,941,497
 
     
Alaska – 0.8% (0.6% of Total Investments)
           
 
10,500
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
No Opt. Call
 
B2
 
8,402,310
 
     
Arizona – 2.0% (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
 
A–
 
515,880
 
 
660
 
5.250%, 12/01/25
12/15 at 100.00
 
A–
 
680,308
 
 
9,740
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
10,420,047
 
 
7,115
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
8,064,568
 
 
18,015
 
Total Arizona
       
19,680,803
 
     
Arkansas – 0.4% (0.3% of Total Investments)
           
 
2,055
 
Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43
12/23 at 100.00
 
A1
 
2,245,581
 
 
2,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
2/15 at 100.00
 
Baa1
 
2,008,900
 
 
4,055
 
Total Arkansas
       
4,254,481
 
     
California – 20.5% (14.1% of Total Investments)
           
 
9,200
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
 
BBB+
 
8,012,188
 
 
10,000
 
Anaheim Public Financing Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
AA–
 
10,210,600
 
 
3,500
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
4/23 at 100.00
 
A+
 
3,949,330
 
 
5,400
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28
10/15 at 100.00
 
Aa1
 
5,590,944
 
 
Nuveen Investments
 
23

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,500
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30
11/15 at 100.00
 
A2
$
1,555,290
 
 
8,560
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27
11/15 at 100.00
 
A1
 
8,919,434
 
 
8,570
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
4/16 at 100.00
 
A+
 
8,834,127
 
 
4,250
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
4,936,673
 
 
530
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
601,900
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
790
 
9.295%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
966,612
 
 
2,140
 
9.303%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
2,618,846
 
 
825
 
9.303%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
1,009,602
 
 
3,015
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
3,227,588
 
 
2,530
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15
No Opt. Call
 
A1
 
2,586,976
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35
3/20 at 100.00
 
A1
 
1,193,820
 
     
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
 
B–
 
1,632,948
 
 
4,730
 
5.000%, 7/01/39
7/15 at 100.00
 
B–
 
4,730,000
 
 
5,000
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
5,672,000
 
 
7,130
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.545%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
10,059,503
 
 
3,575
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
6/16 at 100.00
 
A1
 
3,661,193
 
 
4,890
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured
No Opt. Call
 
AA+
 
3,356,154
 
 
5,000
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 5.000%, 8/01/37 – AGM Insured
8/17 at 100.00
 
AA
 
5,461,000
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
           
 
1,480
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,706,055
 
 
3,480
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
4,049,815
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
7,520
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
6,178,432
 
 
2,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
1,635,140
 
 
3,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
2,242,560
 
 
5,000
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
 
AA
 
3,755,850
 
 
15,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
 
AA
 
16,672,498
 
 
250
 
Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)
No Opt. Call
 
Aaa
 
268,985
 
 
3,635
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
 
AA
 
2,360,169
 
     
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
           
 
12,885
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)
No Opt. Call
 
Aaa
 
16,356,348
 
 
 
24
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
330
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
 
BBB–
$
375,421
 
     
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
           
 
400
 
5.000%, 9/01/21
9/15 at 102.00
 
Baa1
 
414,620
 
 
445
 
5.000%, 9/01/23
9/15 at 102.00
 
Baa1
 
459,454
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
9,990
 
5.000%, 1/15/44 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
10,759,030
 
 
30,840
 
5.000%, 1/15/50 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
32,476,060
 
     
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:
           
 
1,000
 
6.500%, 12/01/24
12/21 at 100.00
 
A
 
1,265,390
 
 
1,000
 
6.625%, 12/01/25
12/21 at 100.00
 
A
 
1,267,520
 
 
1,325
 
6.750%, 12/01/26
12/21 at 100.00
 
A
 
1,690,170
 
 
193,355
 
Total California
       
202,720,245
 
     
Colorado – 2.2% (1.5% of Total Investments)
           
 
2,500
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/21 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AA+ (4)
 
2,510,125
 
 
690
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured
9/15 at 100.00
 
A
 
710,652
 
 
2,125
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
6/16 at 100.00
 
A3
 
2,176,255
 
 
800
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
3/15 at 100.00
 
AA–
 
807,640
 
 
4,515
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
5,041,404
 
 
20,500
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
9,802,895
 
 
250
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
Baa3
 
280,683
 
 
31,380
 
Total Colorado
       
21,329,654
 
     
Connecticut – 0.8% (0.6% of Total Investments)
           
 
1,930
 
Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16
No Opt. Call
 
AA
 
2,136,221
 
 
2,310
 
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 11/15/30 (Pre-refunded 11/15/15) – NPFG Insured
11/15 at 100.00
 
AA- (4)
 
2,425,639
 
 
3,585
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39
4/22 at 100.00
 
AA
 
3,711,801
 
 
7,825
 
Total Connecticut
       
8,273,661
 
     
District of Columbia – 2.0% (1.4% of Total Investments)
           
 
2,065
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)
12/14 at 100.00
 
AA+
 
2,069,832
 
 
9,505
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured
No Opt. Call
 
AA
 
11,806,731
 
 
2,130
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.861%, 10/01/30 – BHAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
2,500,684
 
 
3,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1731, 11.857%, 4/01/16 – BHAC Insured (IF) (5)
No Opt. Call
 
AA+
 
3,915,190
 
 
17,035
 
Total District of Columbia
       
20,292,437
 
 
Nuveen Investments
 
25

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida – 11.3% (7.7% of Total Investments)
           
$
2,875
 
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24
4/16 at 100.00
 
A–
$
2,958,634
 
 
2,000
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax)
10/21 at 100.00
 
AA+
 
2,311,500
 
 
5,400
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
5,407,128
 
 
8,000
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39
4/20 at 100.00
 
AA
 
9,087,520
 
 
2,930
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42
No Opt. Call
 
A–
 
3,224,377
 
 
19,750
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 4.500%, 7/01/33 – AMBAC Insured
7/16 at 100.00
 
A–
 
20,599,643
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A:
           
 
1,000
 
5.000%, 10/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A
 
1,118,670
 
 
1,800
 
5.000%, 10/01/30 (Alternative Minimum Tax)
No Opt. Call
 
A
 
2,016,270
 
 
7,890
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41
10/20 at 100.00
 
A
 
8,576,667
 
 
4,865
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
5,399,372
 
 
6,210
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
6,829,137
 
 
5,325
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
5,913,785
 
 
115
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
 
N/R
 
130,719
 
 
4,635
 
Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B, 5.000%, 9/01/43
9/24 at 100.00
 
AA–
 
5,166,125
 
 
6,910
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Tender Option Bond Trust 2833, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
 
AA
 
7,306,219
 
 
1,785
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
 
AA
 
1,856,846
 
 
14,610
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
 
A
 
16,056,244
 
 
2,375
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/22 – AGM Insured
8/15 at 100.00
 
Aa3
 
2,457,151
 
 
5,000
 
Winter Haven, Florida, Utility System Revenue Bonds, Improvement & Refunding Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
 
AA
 
5,158,450
 
 
103,475
 
Total Florida
       
111,574,457
 
     
Georgia – 0.4% (0.3% of Total Investments)
           
 
3,935
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
No Opt. Call
 
Aa2
 
4,392,168
 
     
Guam – 0.1% (0.1% of Total Investments)
           
 
1,220
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
1,379,076
 
     
Hawaii – 1.2% (0.8% of Total Investments)
           
 
10,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A2
 
11,447,300
 
 
26
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Idaho – 0.3% (0.2% of Total Investments)
           
     
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
           
$
2,185
 
5.250%, 9/01/30
9/16 at 100.00
 
BB+
$
2,208,795
 
 
600
 
5.250%, 9/01/37
9/16 at 100.00
 
BB+
 
603,390
 
 
2,785
 
Total Idaho
       
2,812,185
 
     
Illinois – 12.5% (8.6% of Total Investments)
           
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
           
 
10,000
 
0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
8,118,100
 
 
10,130
 
0.000%, 12/01/24 – FGIC Insured
No Opt. Call
 
AA–
 
6,704,642
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
           
 
15,000
 
0.000%, 12/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
11,507,700
 
 
10,000
 
0.000%, 12/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
6,957,300
 
 
3,800
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
4,270,934
 
 
3,130
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AAA
 
3,316,204
 
 
13,310
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
14,731,907
 
 
2,785
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
3,083,719
 
 
1,380
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
 
Aa3
 
1,445,923
 
 
4,045
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
5,079,832
 
 
6,970
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
7,594,861
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
3,200
 
5.250%, 2/01/32
2/24 at 100.00
 
A–
 
3,510,432
 
 
2,000
 
5.250%, 2/01/33
2/24 at 100.00
 
A–
 
2,184,300
 
 
1,575
 
5.250%, 2/01/34
2/24 at 100.00
 
A–
 
1,716,325
 
 
2,000
 
5.000%, 2/01/39
2/24 at 100.00
 
A–
 
2,114,400
 
     
Illinois State, General Obligation Bonds, May Series 2014:
           
 
610
 
5.000%, 5/01/36
5/24 at 100.00
 
A–
 
650,614
 
 
1,950
 
5.000%, 5/01/39
5/24 at 100.00
 
A–
 
2,064,114
 
 
1,055
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
1,157,324
 
 
1,115
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.858%, 1/01/21 (IF) (5)
No Opt. Call
 
AA–
 
1,645,617
 
 
1,000
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/30
1/16 at 100.00
 
D
 
350,100
 
 
10,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
 
AAA
 
10,903,000
 
 
5,290
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/15 – FGIC Insured
No Opt. Call
 
AA–
 
5,267,094
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
           
 
3,590
 
0.000%, 6/15/15 – FGIC Insured (ETM)
No Opt. Call
 
AA– (4)
 
3,586,159
 
 
1,160
 
0.000%, 6/15/15 – FGIC Insured (ETM)
No Opt. Call
 
AA– (4)
 
1,158,759
 
 
3,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
No Opt. Call
 
AAA
 
4,041,060
 
     
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013:
           
 
7,625
 
6.250%, 10/01/38
10/23 at 100.00
 
A
 
8,975,921
 
 
1,525
 
6.000%, 10/01/42
10/23 at 100.00
 
A
 
1,756,739
 
 
127,245
 
Total Illinois
       
123,893,080
 
 
Nuveen Investments
 
27

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 1.9% (1.3% of Total Investments)
           
$
2,865
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
$
3,125,772
 
 
2,500
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
 
Aa2
 
2,760,725
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
1,000
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
1,098,610
 
 
9,865
 
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
10,556,438
 
 
1,115
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
 
N/R
 
1,278,158
 
 
17,345
 
Total Indiana
       
18,819,703
 
     
Iowa – 1.0% (0.7% of Total Investments)
           
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
10,000
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
8,458,500
 
 
2,000
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
1,693,600
 
 
12,000
 
Total Iowa
       
10,152,100
 
     
Kentucky – 2.3% (1.6% of Total Investments)
           
 
3,800
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
 
4,415,296
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
2,120
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
1,444,420
 
 
3,655
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
2,490,407
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
2,920
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
3,329,121
 
 
585
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
673,335
 
 
9,195
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30
6/21 at 100.00
 
Aa3
 
10,478,346
 
 
22,275
 
Total Kentucky
       
22,830,925
 
     
Louisiana – 4.6% (3.1% of Total Investments)
           
 
2,345
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
 
N/R
 
2,540,690
 
 
5,200
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44
2/24 at 100.00
 
AA–
 
5,770,336
 
 
2,000
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
8/15 at 100.00
 
A+
 
2,038,280
 
 
5,800
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
6,106,762
 
 
4,305
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
Baa1
 
5,127,427
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
 
1,200
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
 
Aa1 (4)
 
1,229,148
 
 
2,210
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
 
Aa1 (4)
 
2,263,681
 
 
2,500
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
 
Aa1 (4)
 
2,560,725
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
930
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
AA
 
975,300
 
 
10,105
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
10,541,435
 
 
5,350
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44
6/24 at 100.00
 
A
 
5,908,968
 
 
41,945
 
Total Louisiana
       
45,062,752
 
 
28
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Maine – 0.2% (0.1% of Total Investments)
           
$
2,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
 
A+
$
2,199,740
 
     
Maryland – 0.9% (0.6% of Total Investments)
           
 
2,200
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
 
BB+
 
2,269,058
 
 
450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25
7/21 at 100.00
 
BBB
 
523,184
 
 
2,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33
1/18 at 100.00
 
BBB
 
2,098,760
 
 
3,465
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
 
AA– (4)
 
3,717,806
 
 
8,115
 
Total Maryland
       
8,608,808
 
     
Massachusetts – 4.2% (2.9% of Total Investments)
           
 
545
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48
10/23 at 100.00
 
A1
 
601,784
 
 
2,300
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43
11/23 at 100.00
 
A+
 
2,537,291
 
 
2,025
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,239,245
 
 
700
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
767,739
 
 
2,355
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
2,445,361
 
 
13,000
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/36
8/16 at 100.00
 
AAA
 
13,316,550
 
 
370
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 (Pre-refunded 8/01/17)
8/17 at 100.00
 
Aa1 (4)
 
417,264
 
 
5,590
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25
8/17 at 100.00
 
AA+
 
6,241,123
 
 
5,535
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
5,692,471
 
 
6,700
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
A+
 
7,519,008
 
 
39,120
 
Total Massachusetts
       
41,777,836
 
     
Michigan – 2.2% (1.5% of Total Investments)
           
 
2,650
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
2,849,492
 
 
3,000
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/15 at 100.00
 
BB+
 
3,075,540
 
 
3,665
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41
7/21 at 100.00
 
AA–
 
4,306,412
 
 
1,000
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa3
 
1,132,990
 
 
5,200
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
 
Aa2
 
5,605,860
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
725
 
5.000%, 12 /01/31 (UB)
12/16 at 100.00
 
AA–
 
793,904
 
 
3,275
 
5.000%, 12 /01/31 (UB)
12/16 at 100.00
 
AA–
 
3,418,052
 
 
850
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
 
BBB
 
878,059
 
 
20,365
 
Total Michigan
       
22,060,309
 
 
Nuveen Investments
 
29

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Minnesota – 1.8% (1.3% of Total Investments)
           
$
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35
1/20 at 100.00
 
AA–
$
3,424,560
 
 
90
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured
No Opt. Call
 
AA–
 
90,199
 
 
1,545
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
11/15 at 100.00
 
BBB–
 
1,612,238
 
 
12,005
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 (Pre-refunded 11/01/15) – AGM Insured
11/15 at 103.00
 
AA (4)
 
13,120,745
 
 
16,640
 
Total Minnesota
       
18,247,742
 
     
Mississippi – 0.7% (0.5% of Total Investments)
           
 
6,875
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
No Opt. Call
 
A
 
6,901,538
 
     
Missouri – 0.6% (0.4% of Total Investments)
           
 
1,035
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
10/22 at 100.00
 
AA+
 
1,155,536
 
 
500
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
3/16 at 100.00
 
BBB+
 
509,175
 
     
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
           
 
1,440
 
6.000%, 6/01/20
No Opt. Call
 
A
 
1,597,133
 
 
1,660
 
5.000%, 6/01/35
6/15 at 100.00
 
A
 
1,693,034
 
 
1,260
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C2, 5.000%, 10/01/34
10/23 at 100.00
 
A
 
1,414,426
 
 
5,895
 
Total Missouri
       
6,369,304
 
     
Nebraska – 0.8% (0.5% of Total Investments)
           
 
4,775
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated Lien Series 2014CC, 4.000%, 2/01/38 (WI/DD, Settling 11/06/14)
2/24 at 100.00
 
AA–
 
4,918,250
 
 
1,620
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 11673, 20.108%, 8/01/40 – BHAC Insured (IF)
2/17 at 100.00
 
AA+
 
2,903,623
 
 
6,395
 
Total Nebraska
       
7,821,873
 
     
Nevada – 4.6% (3.1% of Total Investments)
           
 
5,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38
No Opt. Call
 
AAA
 
5,716,900
 
 
21,600
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
25,504,198
 
 
2,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB–
 
3,121,200
 
 
2,600
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
 
AA+
 
2,904,486
 
 
7,750
 
Nevada System of Higher Education, Universities Revenue Bonds, Series 2005B, 5.000%, 7/01/35 – AMBAC Insured
No Opt. Call
 
Aa2
 
8,048,143
 
 
39,650
 
Total Nevada
       
45,294,927
 
     
New Jersey – 3.6% (2.5% of Total Investments)
           
 
95
 
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15
No Opt. Call
 
Caa1
 
94,847
 
 
485
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
531,177
 
     
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
           
 
3,655
 
5.250%, 9/01/24 (Pre-refunded 9/01/15)
9/15 at 100.00
 
A2 (4)
 
3,810,630
 
 
2,000
 
5.250%, 9/01/26 (Pre-refunded 9/01/15)
9/15 at 100.00
 
A2 (4)
 
2,085,160
 
 
30
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (4)
$
386,463
 
 
800
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BB+
 
828,888
 
 
3,850
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A2
 
4,481,516
 
 
7,330
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31
6/21 at 100.00
 
A2
 
8,492,025
 
 
9,130
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 (Pre-refunded 1/01/15) – AGM Insured
1/15 at 100.00
 
AA (4)
 
9,204,410
 
 
1,315
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.258%, 1/01/43 (IF) (5)
7/22 at 100.00
 
A+
 
1,864,236
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,350
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
1,339,430
 
 
1,000
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
919,280
 
 
2,000
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
1,497,140
 
 
33,310
 
Total New Jersey
       
35,535,202
 
     
New Mexico – 0.7% (0.5% of Total Investments)
           
 
5,585
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured
No Opt. Call
 
AA
 
6,810,461
 
     
New York – 11.0% (7.6% of Total Investments)
           
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
2,000
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
2,248,080
 
 
5,000
 
0.000%, 7/15/44
No Opt. Call
 
BBB–
 
1,187,000
 
 
3,125
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
7/23 at 100.00
 
A–
 
3,454,219
 
 
4,800
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
 
AA–
 
5,343,408
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2012:
           
 
1,100
 
5.000%, 7/01/38
No Opt. Call
 
A1
 
1,222,958
 
 
1,500
 
5.000%, 7/01/42
No Opt. Call
 
A1
 
1,655,910
 
 
5,325
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
3/21 at 100.00
 
AAA
 
5,897,651
 
 
2,335
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured
3/15 at 100.00
 
AAA
 
2,377,450
 
 
6,760
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
7,072,853
 
 
10,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
10,630,700
 
 
10,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32
No Opt. Call
 
AA
 
5,330,800
 
 
3,900
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
 
AA–
 
4,041,102
 
 
5,780
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
11/15 at 100.00
 
AA–
 
5,989,120
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA–
 
834,225
 
 
3,400
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
3,988,234
 
 
Nuveen Investments
 
31

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
5,900
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46
6/23 at 100.00
 
AA+
$
6,611,835
 
 
1,890
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24
No Opt. Call
 
AA
 
1,927,176
 
 
6,070
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (Pre-refunded 4/01/15)
4/15 at 100.00
 
N/R (4)
 
6,193,221
 
 
11,515
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
 
AA+
 
11,943,473
 
 
670
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35
No Opt. Call
 
Baa1
 
669,926
 
 
5,070
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
5,113,703
 
 
6,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
 
7,107,900
 
 
1,310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax)
12/23 at 100.00
 
AA–
 
1,447,236
 
 
4,320
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38
12/23 at 100.00
 
AA–
 
4,952,448
 
 
1,325
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
BBB
 
1,539,690
 
 
109,845
 
Total New York
       
108,780,318
 
     
North Carolina – 2.1% (1.5% of Total Investments)
           
 
2,850
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 15.139%, 7/15/32 (IF) (5)
1/18 at 100.00
 
AA–
 
3,329,513
 
 
1,050
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
1/17 at 100.00
 
AA–
 
1,113,977
 
 
12,250
 
Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43
4/23 at 100.00
 
A–
 
13,455,768
 
 
1,000
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
8/15 at 100.00
 
N/R
 
1,002,490
 
 
2,060
 
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Pollution Control Revenue Refunding Bonds, Duke Energy Progress, Inc. Project, Series 2013, 4.000%, 6/01/41
6/23 at 100.00
 
Aa2
 
2,108,843
 
 
19,210
 
Total North Carolina
       
21,010,591
 
     
Ohio – 4.9% (3.4% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
2,200
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
1,842,544
 
 
2,850
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
2,344,296
 
 
6,345
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
5,022,892
 
 
6,285
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
4,996,009
 
 
4,795
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
6/23 at 100.00
 
Baa2
 
5,127,150
 
 
975
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157, 17.295%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
1,456,455
 
 
16,820
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
 
AA
 
18,896,429
 
 
1,000
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30
12/20 at 100.00
 
A
 
1,130,840
 
 
4,425
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
 
4,838,693
 
 
32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
3,710
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
 
A+
$
2,943,180
 
 
49,405
 
Total Ohio
       
48,598,488
 
     
Oklahoma – 2.4% (1.7% of Total Investments)
           
 
1,050
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
1,086,887
 
 
3,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
3,613,190
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
6,840
 
5.000%, 2/15/37
2/17 at 100.00
 
AA
 
7,237,472
 
 
1,335
 
5.000%, 2/15/42
2/17 at 100.00
 
AA
 
1,408,292
 
 
10,035
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
10,747,184
 
 
143
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, tender option Bond Trust 3500, 8.521%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
161,451
 
 
22,903
 
Total Oklahoma
       
24,254,476
 
     
Oregon – 0.1% (0.1% of Total Investments)
           
 
1,060
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/24 (Pre-refunded 5/01/15) – AGM Insured
5/15 at 100.00
 
AA (4)
 
1,085,747
 
     
Pennsylvania – 3.9% (2.7% of Total Investments)
           
 
4,530
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
 
AA–
 
5,338,696
 
 
980
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB–
 
983,205
 
     
Lehigh County Authority, Pennsylvania, Water and Sewer Capital Appreciation Revenue Bonds, City of Allentown Concession, Series 2013B:
           
 
5,400
 
0.000%, 12/01/33
No Opt. Call
 
A
 
2,271,348
 
 
11,000
 
0.000%, 12/01/38
No Opt. Call
 
A
 
3,593,260
 
 
5,375
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
5,983,181
 
 
1,665
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
 
AA
 
1,879,369
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
 
AA
 
1,033,790
 
 
5,250
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
12/20 at 100.00
 
AA–
 
5,527,410
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
2,797,778
 
     
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
           
 
4,505
 
5.000%, 9/01/21 – AGM Insured
No Opt. Call
 
AA
 
4,521,714
 
 
4,735
 
5.000%, 9/01/22 – AGM Insured
No Opt. Call
 
AA
 
4,752,141
 
 
47,065
 
Total Pennsylvania
       
38,681,892
 
     
Puerto Rico – 0.2% (0.1% of Total Investments)
           
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
300
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
 
AA–
 
44,121
 
 
75
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
10,485
 
 
325
 
0.000%, 8/01/46 – NPFG Insured
No Opt. Call
 
AA–
 
42,842
 
 
1,330
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
 
BBB
 
159,600
 
 
25,560
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
BBB
 
1,964,542
 
 
27,590
 
Total Puerto Rico
       
2,221,590
 
 
Nuveen Investments
 
33

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Rhode Island – 1.9% (1.3% of Total Investments)
           
$
7,230
 
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43
9/23 at 100.00
 
AA+
$
8,245,092
 
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
1,020
 
6.125%, 6/01/32
No Opt. Call
 
BBB+
 
1,025,131
 
 
9,770
 
6.250%, 6/01/42
No Opt. Call
 
BBB–
 
9,769,218
 
 
18,020
 
Total Rhode Island
       
19,039,441
 
     
South Carolina – 2.6% (1.8% of Total Investments)
           
 
8,610
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/24 (Pre-refunded 12/01/14)
12/14 at 100.00
 
AA– (4)
 
8,646,851
 
 
875
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
 
AA
 
1,025,798
 
 
11,880
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
 
AA–
 
13,196,898
 
 
2,880
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
3,209,731
 
 
24,245
 
Total South Carolina
       
26,079,278
 
     
Tennessee – 2.2% (1.5% of Total Investments)
           
 
3,600
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
4,071,276
 
 
2,565
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/42
9/22 at 100.00
 
AA
 
2,683,452
 
 
6,400
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
 
6,705,408
 
 
6,100
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40
1/17 at 31.68
 
A
 
1,634,983
 
 
5,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39
10/19 at 100.00
 
AA+
 
5,693,950
 
 
410
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
 
431,464
 
 
24,075
 
Total Tennessee
       
21,220,533
 
     
Texas – 16.4% (11.3% of Total Investments)
           
 
5,000
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43
5/23 at 100.00
 
AA
 
5,641,850
 
 
8,765
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36
2/17 at 100.00
 
AAA
 
8,980,882
 
 
2,150
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (6)
No Opt. Call
 
C
 
166,625
 
 
2,500
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
 
Baa1
 
2,887,500
 
 
765
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
 
BBB
 
824,716
 
 
3,380
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB
 
3,946,420
 
 
2,500
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
1/21 at 100.00
 
AA–
 
2,777,250
 
 
8,100
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
8,793,684
 
 
3,500
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42
11/20 at 100.00
 
A+
 
3,810,555
 
 
34
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
9,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
 
A+
$
9,672,660
 
 
4,105
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 18.003%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
5,512,071
 
 
4,000
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Junior Lien Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/14 at 100.00
 
AA–
 
4,002,640
 
 
380
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
7/24 at 100.00
 
B
 
402,686
 
 
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
4,517,200
 
 
13,975
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 (UB)
8/16 at 100.00
 
AAA
 
14,740,131
 
     
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
           
 
2,000
 
5.250%, 8/15/21
2/16 at 100.00
 
BBB
 
2,070,920
 
 
2,800
 
5.125%, 8/15/26
2/16 at 100.00
 
BBB
 
2,847,012
 
 
4,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
BBB
 
4,298,600
 
 
75
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2003, 5.250%, 5/15/24 – AMBAC Insured
No Opt. Call
 
A1
 
75,280
 
 
5,420
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012A, 5.000%, 5/15/39
No Opt. Call
 
A1
 
5,982,867
 
 
5,730
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
6,366,374
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
2,070
 
0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
1,815,307
 
 
8,470
 
0.000%, 9/01/45
9/31 at 100.00
 
AA+
 
8,168,129
 
 
11,000
 
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.551%, 8/15/26 (IF)
2/17 at 100.00
 
AAA
 
11,705,100
 
 
2,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (6)
11/15 at 100.00
 
C
 
155,000
 
 
12,130
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
12,871,143
 
 
1,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/31
No Opt. Call
 
A3
 
1,096,320
 
 
2,195
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
2,665,849
 
 
2,985
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.821%, 4/01/28 (IF)
4/17 at 100.00
 
AAA
 
4,704,659
 
 
25,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/24 – AMBAC Insured
No Opt. Call
 
A–
 
18,331,250
 
 
2,200
 
Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 (Pre-refunded 7/01/15)
7/15 at 100.00
 
Aaa
 
2,270,840
 
 
161,195
 
Total Texas
       
162,101,520
 
     
Utah – 0.9% (0.6% of Total Investments)
           
     
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A:
           
 
3,000
 
5.000%, 6/15/36 – AGM Insured
6/18 at 100.00
 
AAA
 
3,347,700
 
 
4,500
 
5.250%, 6/15/38
No Opt. Call
 
AAA
 
5,039,010
 
 
7,500
 
Total Utah
       
8,386,710
 
 
Nuveen Investments
 
35

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 2.1% (1.4% of Total Investments)
           
$
5,625
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
 
BBB+
$
5,891,681
 
 
5,000
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39
10/20 at 100.00
 
AA–
 
5,693,700
 
 
4,415
 
Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)
4/15 at 100.00
 
N/R
 
4,508,598
 
 
1,070
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
 
BBB–
 
1,119,070
 
 
3,020
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
3,289,142
 
 
19,130
 
Total Virginia
       
20,502,191
 
     
Washington – 3.5% (2.4% of Total Investments)
           
 
3,125
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/20 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
A1 (4)
 
3,138,750
 
 
10,000
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 5/01/43
6/23 at 100.00
 
A+
 
10,837,300
 
 
4,195
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
 
Baa3
 
5,009,417
 
 
6,480
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – NPFG Insured
No Opt. Call
 
AA+
 
5,182,574
 
 
11,050
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
 
AA+
 
10,239,372
 
 
34,850
 
Total Washington
       
34,407,413
 
     
Wisconsin – 1.0% (0.7% of Total Investments)
           
 
1,415
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
 
1,547,090
 
 
890
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
 
BBB
 
905,433
 
 
4,995
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
9/17 at 100.00
 
BBB+
 
5,136,708
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/34
8/16 at 100.00
 
A–
 
2,060,420
 
 
9,300
 
Total Wisconsin
       
9,649,651
 
     
Wyoming – 0.4% (0.2% of Total Investments)
           
 
3,400
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
12/15 at 100.00
 
A–
 
3,467,864
 
$
1,420,548
 
Total Municipal Bonds (cost $1,319,271,938)
       
1,423,374,277
 
                   
 
Shares
 
Description (1)
       
Value
 
     
COMMON STOCKS – 0.8% (0.5% of Total Investments)
           
     
Airlines – 0.8% (0.5% of Total Investments)
           
 
187,183
 
American Airlines Group Inc. (7)
     
$
7,740,017
 
     
Total Common Stocks (cost $5,816,230)
       
7,740,017
 
 
36
 
Nuveen Investments

 
 

 

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
283
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
5.500%
 
7/15/19
N/R
$
50,946
 
 
76
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
3.000%
 
7/15/55
N/R
 
10,206
 
$
359
 
Total Corporate Bonds (cost $28,673)
         
61,152
 
     
Total Long-Term Investments (cost $1,325,116,841)
         
1,431,175,446
 
                     
 
Principal
       
Optional Call
       
 
Amount (000)
 
Description (1)
   
Provisions (2)
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.9% (0.6% of Total Investments)
             
     
MUNICIPAL BONDS – 0.9% (0.6% of Total Investments)
             
     
Arizona – 0.2% (0.1% of Total Investments)
             
$
2,000
 
Arizona School Facilities Board, Certificates of Participation, Variable Rate Demand Obligations, Tender Option Bond Trust 3199X, 0.100%, 9/01/21 – AGC Insured (10)
 
No Opt. Call
A-1
$
2,000,000
 
     
California – 0.7% (0.5% of Total Investments)
             
 
5,090
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (8)
 
No Opt. Call
N/R
 
5,174,494
 
 
495
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (8)
 
No Opt. Call
N/R
 
503,217
 
 
755
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (8)
 
No Opt. Call
N/R
 
767,533
 
$
6,340
 
Total California
         
6,445,244
 
$
8,340
 
Total Short-Term Investments (cost $8,340,000)
         
8,445,244
 
     
Total Investments (cost $1,333,456,841) – 145.4%
         
1,439,620,690
 
     
Floating Rate Obligations – (6.5)%
         
(64,269,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.1)% (11)
       
(407,000,000
)
     
Other Assets Less Liabilities – 2.2%
         
21,777,063
 
     
Net Assets Applicable to Common Shares – 100%
       
$
990,128,753
 
 
Nuveen Investments
 
37

 
 

 

NPI
   
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
(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 Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
 (7)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock  which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(8)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(9)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(10)
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.
(11)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.3%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
38
 
Nuveen Investments

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 148.5% (99.9% of Total Investments)
           
     
MUNICIPAL BONDS – 148.5% (99.9% of Total Investments)
           
     
Alabama – 2.4% (1.6% of Total Investments)
           
$
6,995
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
$
7,356,851
 
     
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
 
3,609,480
 
 
1,000
 
5.000%, 11/15/30
11/15 at 100.00
 
Baa2
 
1,008,030
 
 
12,000
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB)
1/17 at 100.00
 
AA+
 
12,707,638
 
 
1,960
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
6/15 at 100.00
 
BBB
 
1,987,009
 
 
25,455
 
Total Alabama
       
26,669,008
 
     
Alaska – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
No Opt. Call
 
B2
 
800,220
 
     
Arizona – 1.7% (1.1% of Total Investments)
           
 
2,210
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44
1/24 at 100.00
 
AA–
 
2,459,686
 
     
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
 
A–
 
206,352
 
 
265
 
5.250%, 12/01/25
12/15 at 100.00
 
A–
 
273,154
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/40 – FGIC Insured
No Opt. Call
 
AA
 
6,507,600
 
 
800
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29
1/15 at 100.00
 
BBB+
 
805,216
 
 
7,550
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
8,557,623
 
 
16,025
 
Total Arizona
       
18,809,631
 
     
Arkansas – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25
2/15 at 100.00
 
Baa1
 
1,004,450
 
     
California – 17.6% (11.8% of Total Investments)
           
 
3,765
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
4/23 at 100.00
 
A+
 
4,248,351
 
 
10,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2014F-1, 5.000%, 4/01/54
4/24 at 100.00
 
AA
 
11,181,500
 
     
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A:
           
 
3,255
 
0.000%, 10/01/23 – NPFG Insured
No Opt. Call
 
A2
 
2,434,284
 
 
5,890
 
0.000%, 10/01/24 – NPFG Insured
No Opt. Call
 
A2
 
4,165,055
 
 
7,615
 
0.000%, 10/01/25 – NPFG Insured
No Opt. Call
 
A2
 
5,125,276
 
 
3,330
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40
11/21 at 100.00
 
AA
 
3,886,077
 
 
3,740
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27
11/15 at 100.00
 
A1
 
3,897,043
 
 
Nuveen Investments
 
39

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
15,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
 
AA
$
16,441,198
 
 
2,550
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
2,962,004
 
 
2,500
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
2,676,275
 
 
4,000
 
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21
7/19 at 100.00
 
AA
 
4,723,080
 
 
20,000
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
 
Aa3
 
24,389,998
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
7/15 at 100.00
 
B–
 
1,000,000
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.545%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
7,555,209
 
 
1,900
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
6/16 at 100.00
 
A1
 
1,945,809
 
 
1,665
 
Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
8/23 at 100.00
 
Aa1
 
1,905,060
 
 
2,500
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured
10/15 at 100.00
 
A
 
2,600,325
 
 
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM)
No Opt. Call
 
Aaa
 
27,459,598
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
           
 
1,840
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
2,121,042
 
 
3,840
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
4,468,762
 
 
1,385
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
9/15 at 100.00
 
A
 
1,411,190
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
6,350
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
5,965,381
 
 
1,345
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
1,105,052
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
817,570
 
 
3,850
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
7/21 at 100.00
 
Aa2
 
4,780,391
 
 
10,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
 
AA
 
11,115,000
 
 
3,775
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
 
AA
 
2,451,070
 
     
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
 
1,465,383
 
 
435
 
5.100%, 9/01/30
9/15 at 102.00
 
N/R
 
448,172
 
 
370
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
422,263
 
     
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
           
 
250
 
5.000%, 9/01/21
9/15 at 102.00
 
Baa1
 
259,138
 
 
275
 
5.000%, 9/01/23
9/15 at 102.00
 
Baa1
 
283,932
 
 
2,220
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured
No Opt. Call
 
AA–
 
2,228,236
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
4,020
 
5.000%, 1/15/44 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
4,329,460
 
 
12,415
 
5.000%, 1/15/50 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
13,073,614
 
 
 
40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
6,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
No Opt. Call
 
AA–
$
6,024,420
 
 
2,580
 
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
5/23 at 100.00
 
AA
 
2,946,283
 
 
187,435
 
Total California
       
194,312,501
 
     
Colorado – 4.4% (3.0% of Total Investments)
           
 
1,700
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AA+ (4)
 
1,706,885
 
 
1,250
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 5.375%, 12/01/33
12/23 at 100.00
 
BBB
 
1,427,850
 
 
115
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43
12/23 at 100.00
 
BB+
 
116,358
 
     
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
 
A3
 
1,813,980
 
 
475
 
5.000%, 6/01/29
6/16 at 100.00
 
A3
 
486,457
 
 
400
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
3/15 at 100.00
 
AA–
 
403,820
 
 
11,140
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37
11/22 at 100.00
 
A+
 
12,505,096
 
 
4,840
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
5,404,296
 
 
6,925
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
 
7,190,228
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
 
Aa3
 
701,921
 
 
400
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
Baa3
 
449,092
 
 
14,500
 
University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46
6/24 at 100.00
 
AA+
 
16,565,670
 
 
44,120
 
Total Colorado
       
48,771,653
 
     
Connecticut – 0.0% (0.0% of Total Investments)
           
 
195
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39
4/22 at 100.00
 
AA
 
201,897
 
     
Delaware – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured
10/20 at 100.00
 
AA
 
1,102,250
 
     
District of Columbia – 0.5% (0.4% of Total Investments)
           
 
5,000
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
 
A–
 
4,456,000
 
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.861%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
1,567,330
 
 
6,335
 
Total District of Columbia
       
6,023,330
 
     
Florida – 18.2% (12.3% of Total Investments)
           
 
490
 
Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM)
No Opt. Call
 
AA+ (4)
 
516,391
 
 
625
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
11/14 at 100.00
 
Aaa
 
626,313
 
 
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
No Opt. Call
 
A+
 
1,279,985
 
 
2,000
 
Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34
10/18 at 100.00
 
AA+
 
2,256,960
 
 
650
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%,
10/01/36 – AMBAC Insured
10/16 at 100.00
 
A1
 
692,081
 
 
Nuveen Investments
 
41

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
3,010
 
Cocoa, Florida, Water and Sewerage System Revenue Bonds, Refunding Series 2003, 5.500%, 10/01/23 – AMBAC Insured
No Opt. Call
 
AA
$
3,540,723
 
 
4,230
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
 
AA–
 
4,301,402
 
 
35
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
 
AA+
 
35,256
 
 
315
 
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 – NPFG Insured (Alternative Minimum Tax)
1/15 at 100.00
 
AA+
 
317,114
 
 
455
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax)
1/16 at 100.00
 
AA+
 
459,068
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
           
 
1,040
 
0.000%, 11/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
693,846
 
 
1,590
 
0.000%, 11/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
1,010,684
 
 
110
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured
No Opt. Call
 
AA–
 
110,259
 
 
14,985
 
Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – FGIC Insured (UB)
7/15 at 101.00
 
AA
 
15,508,876
 
 
5,980
 
Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
8/15 at 101.00
 
AA+
 
6,252,090
 
 
1,500
 
Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29
1/19 at 100.00
 
AAA
 
1,706,565
 
 
2,345
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 – AMBAC Insured
No Opt. Call
 
A1
 
2,353,395
 
     
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
           
 
1,720
 
5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
 
AA
 
1,872,031
 
 
6,645
 
5.375%, 6/01/46
6/16 at 100.00
 
BBB+
 
6,822,687
 
 
5,000
 
Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured
No Opt. Call
 
AA–
 
5,554,300
 
 
3,600
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
3,604,752
 
 
2,170
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
10/15 at 100.00
 
AA+
 
2,263,744
 
 
1,500
 
Hollywood, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2003, 5.000%, 10/01/20 – AGM Insured
No Opt. Call
 
Aa2
 
1,505,985
 
 
3,500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
 
AA–
 
3,670,695
 
 
2,345
 
Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22
No Opt. Call
 
A3
 
2,352,621
 
 
1,970
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – AMBAC Insured
11/16 at 100.00
 
A1 (4)
 
2,150,669
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41
10/19 at 100.00
 
A
 
5,716,550
 
 
4,000
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1, 5.625%, 7/01/38
7/18 at 100.00
 
AA
 
4,550,400
 
 
11,300
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
7/18 at 100.00
 
AA
 
12,477,910
 
 
575
 
Osceola County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%,
8/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
575,891
 
 
115
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
 
N/R
 
130,719
 
 
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – NPFG Insured
8/17 at 100.00
 
AA–
 
3,291,300
 
 
6,090
 
Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond Trust 2089, 13.092%, 8/01/14 – AGM Insured (IF)
No Opt. Call
 
AA
 
7,302,641
 
 
42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
4,490
 
Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park Project, Series 2005A, 5.000%, 6/01/25 (Pre-refunded 6/01/15) – AMBAC Insured
6/15 at 100.00
 
AA+ (4)
$
4,617,696
 
 
4,000
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 2009, 5.250%, 10/01/33
10/19 at 100.00
 
AAA
 
4,587,600
 
     
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A:
           
 
10,000
 
5.000%, 10/01/31 (Pre-refunded 10/01/16) (UB)
10/16 at 100.00
 
AAA
 
10,891,500
 
 
6,125
 
5.000%, 10/01/36 (Pre-refunded 10/01/16)
10/16 at 100.00
 
Aaa
 
6,671,044
 
 
10,375
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/36
10/16 at 100.00
 
AAA
 
11,093,054
 
 
2,000
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
AA–
 
2,161,520
 
 
650
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 (Pre-refunded 10/01/15) – AMBAC Insured
10/15 at 100.00
 
A1 (4)
 
678,834
 
 
1,635
 
Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured
5/18 at 100.00
 
BB
 
1,673,684
 
 
3,570
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
4,103,429
 
 
365
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
 
Aa2
 
380,381
 
 
625
 
Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36
5/15 at 100.00
 
N/R
 
633,919
 
     
South Florida Water Management District, Certificates of Participation, Series 2006:
           
 
5,000
 
5.000%, 10/01/36 – AMBAC Insured
10/16 at 100.00
 
AA
 
5,325,950
 
 
7,500
 
9.267%, 10/01/36 – AMBAC Insured (IF)
10/16 at 100.00
 
AA
 
8,477,850
 
 
2,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
 
AA
 
2,595,770
 
 
5,000
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured
6/16 at 100.00
 
A
 
5,267,850
 
 
620
 
Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured
10/15 at 100.00
 
AA+
 
646,784
 
 
5,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
 
AA
 
5,199,000
 
 
5,000
 
Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008, 5.000%, 10/01/34
10/18 at 100.00
 
AA+
 
5,591,350
 
     
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
 
AA–
 
1,378,375
 
 
2,785
 
5.750%, 10/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
3,221,410
 
     
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005:
           
 
7,285
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
 
Aaa
 
7,594,394
 
 
2,250
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
 
Aaa
 
2,345,558
 
 
1,000
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
A2 (4)
 
1,004,090
 
 
188,145
 
Total Florida
       
201,644,945
 
     
Georgia – 1.3% (0.9% of Total Investments)
           
 
7,230
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42
1/22 at 100.00
 
Aa3
 
8,059,715
 
 
2,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45 (6), (7)
12/20 at 100.00
 
N/R
 
962,038
 
 
2,910
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
 
Aa2
 
3,017,292
 
 
2,235
 
Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AMBAC Insured
12/14 at 100.00
 
A1 (4)
 
2,247,963
 
 
14,375
 
Total Georgia
       
14,287,008
 
 
Nuveen Investments
 
43

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Guam – 0.2% (0.2% of Total Investments)
           
$
395
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
$
455,155
 
 
2,030
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
2,294,692
 
 
2,425
 
Total Guam
       
2,749,847
 
     
Hawaii – 0.0% (0.0% of Total Investments)
           
 
150
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
7/23 at 100.00
 
BB+
 
169,094
 
     
Idaho – 0.4% (0.3% of Total Investments)
           
 
2,895
 
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37
3/16 at 101.00
 
A1
 
2,989,203
 
 
80
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax)
1/15 at 100.00
 
AAA
 
80,579
 
 
80
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
1/15 at 100.00
 
Aaa
 
80,210
 
     
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
           
 
1,000
 
5.250%, 9/01/30
9/16 at 100.00
 
BB+
 
1,010,890
 
 
470
 
5.250%, 9/01/37
9/16 at 100.00
 
BB+
 
472,656
 
 
4,525
 
Total Idaho
       
4,633,538
 
     
Illinois – 16.5% (11.1% of Total Investments)
           
 
5,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
4,059,050
 
 
5,785
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
6,501,935
 
 
22,670
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – FGIC Insured
No Opt. Call
 
AA–
 
14,945,878
 
 
5,000
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AAA
 
5,297,450
 
 
4,865
 
Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
Aa2
 
4,231,431
 
 
2,575
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured
No Opt. Call
 
A3
 
2,110,496
 
 
3,615
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM)
No Opt. Call
 
N/R (4)
 
3,296,012
 
 
3,500
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22
11/20 at 100.00
 
AA
 
4,053,945
 
     
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B:
           
 
7,000
 
5.000%, 1/01/38
1/24 at 100.00
 
AA–
 
7,884,240
 
 
4,500
 
5.000%, 1/01/39
1/24 at 100.00
 
AA–
 
5,060,880
 
 
3,215
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
3,559,841
 
 
7,500
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/39
9/24 at 100.00
 
BBB
 
7,954,050
 
 
1,100
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 4285, 17.936%, 8/15/20 (IF) (5)
No Opt. Call
 
AA+
 
1,522,752
 
 
1,200
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
 
Aa3
 
1,257,324
 
 
4,485
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
5,632,398
 
 
4,480
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
 
AA
 
5,204,147
 
 
6,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
6,537,900
 
 
3,540
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25
11/16 at 100.00
 
BBB+
 
3,687,229
 
 
44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
3,000
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18
No Opt. Call
 
Aa2
$
3,288,870
 
 
5,000
 
Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/39
2/24 at 100.00
 
A–
 
5,286,000
 
 
10,000
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured
1/20 at 100.00
 
AA
 
11,150,400
 
 
2,000
 
Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34
9/18 at 100.00
 
A–
 
2,077,160
 
 
495
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
543,010
 
 
1,115
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.858%, 1/01/21 (IF) (5)
No Opt. Call
 
AA–
 
1,645,617
 
 
11,050
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured
No Opt. Call
 
AA–
 
13,126,074
 
     
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B:
           
 
3,230
 
0.000%, 11/01/19 – AGM Insured
No Opt. Call
 
A2
 
2,899,506
 
 
1,740
 
0.000%, 11/01/21 – AGM Insured
No Opt. Call
 
A2
 
1,436,005
 
 
4,020
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB)
No Opt. Call
 
AAA
 
4,860,301
 
     
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
 
D
 
299,336
 
 
1,750
 
5.250%, 1/01/30
1/16 at 100.00
 
D
 
612,675
 
 
17,945
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured
No Opt. Call
 
A3
 
14,455,595
 
 
2,910
 
McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured
No Opt. Call
 
Aa2
 
2,521,079
 
 
15,585
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
 
AAA
 
16,992,326
 
 
8,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/26 – NPFG Insured
6/22 at 101.00
 
AAA
 
8,062,800
 
 
184,725
 
Total Illinois
       
182,053,712
 
     
Indiana – 4.6% (3.1% of Total Investments)
           
 
3,880
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
4,306,334
 
 
6,000
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44
10/24 at 100.00
 
A2
 
6,703,140
 
 
2,500
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
 
Aa2
 
2,760,725
 
 
3,075
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
 
AA
 
3,394,800
 
 
13,215
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
14,787,056
 
 
7,350
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2004A, 5.000%, 1/01/32 – FGIC Insured
1/15 at 100.00
 
AA–
 
7,395,129
 
 
5,325
 
Saint Joseph County Hospital Authority, Indiana, Revenue Bonds, Beacon Health System Obligated Group, Series 2013C, 4.000%, 8/15/44
8/23 at 100.00
 
AA–
 
5,283,465
 
 
4,300
 
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36
3/18 at 100.00
 
Aaa
 
4,762,164
 
 
1,550
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/23 (6)
2/15 at 100.00
 
N/R
 
127,720
 
 
1,595
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
 
N/R
 
1,828,396
 
 
48,790
 
Total Indiana
       
51,348,929
 
 
Nuveen Investments
 
45

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa – 0.9% (0.6% of Total Investments)
           
$
1,210
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
 
BB–
$
1,306,982
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
1,625
 
5.375%, 6/01/38
6/15 at 100.00
 
B+
 
1,355,705
 
 
8,365
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
7,075,535
 
 
90
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
76,212
 
 
11,290
 
Total Iowa
       
9,814,434
 
     
Kansas – 0.0% (0.0% of Total Investments)
           
 
65
 
Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax)
No Opt. Call
 
Aaa
 
65,882
 
     
Kentucky – 1.7% (1.1% of Total Investments)
           
 
4,300
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
 
4,996,256
 
 
2,000
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42
8/21 at 100.00
 
A+
 
2,138,620
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
2,425
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
1,652,225
 
 
4,180
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
2,848,127
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
1,055
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
1,202,816
 
 
210
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
241,710
 
 
4,630
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31
6/21 at 100.00
 
Aa3
 
5,260,143
 
 
18,800
 
Total Kentucky
       
18,339,897
 
     
Louisiana – 6.1% (4.1% of Total Investments)
           
 
3,520
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
 
N/R
 
3,813,744
 
 
4,350
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/22 – AMBAC Insured
6/16 at 100.00
 
A–
 
4,622,919
 
 
4,000
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
8/15 at 100.00
 
A+
 
4,076,560
 
 
2,700
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
2,842,803
 
 
5,750
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
Baa1
 
6,848,480
 
 
11,720
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
13,037,797
 
 
3,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
5/20 at 100.00
 
AA
 
3,364,500
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
14,550
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
Aa1
 
15,258,731
 
 
5,920
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
AA
 
6,175,684
 
 
6,280
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44
6/24 at 100.00
 
A
 
6,936,134
 
 
61,790
 
Total Louisiana
       
66,977,352
 
     
Maryland – 0.4% (0.3% of Total Investments)
           
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
 
BB+
 
1,926,899
 
 
1,205
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
6/16 at 100.00
 
AA
 
1,260,864
 
 
46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Maryland (continued)
           
$
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.250%, 7/01/31
7/21 at 100.00
 
BBB
$
1,151,930
 
 
4,070
 
Total Maryland
       
4,339,693
 
     
Massachusetts – 2.6% (1.7% of Total Investments)
           
 
8,125
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
1/20 at 100.00
 
A+
 
8,919,544
 
 
455
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48
10/23 at 100.00
 
A1
 
502,406
 
 
2,700
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43
11/23 at 100.00
 
A+
 
2,978,559
 
 
1,800
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
7/20 at 100.00
 
BBB–
 
1,931,832
 
 
900
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
987,093
 
 
3,795
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
3,902,968
 
 
8,050
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
A+
 
9,034,032
 
 
25,825
 
Total Massachusetts
       
28,256,434
 
     
Michigan – 5.3% (3.6% of Total Investments)
           
 
3,055
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
3,284,980
 
 
7,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.250%, 11/01/35
11/20 at 100.00
 
AA
 
7,499,310
 
     
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001:
           
 
7,660
 
0.000%, 12/01/21
No Opt. Call
 
AAA
 
6,589,745
 
 
7,955
 
0.000%, 12/01/22
No Opt. Call
 
AAA
 
6,637,095
 
 
8,260
 
0.000%, 12/01/23
No Opt. Call
 
AAA
 
6,647,648
 
 
8,575
 
0.000%, 12/01/24
No Opt. Call
 
AAA
 
6,638,251
 
 
1,200
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/15 at 100.00
 
BB+
 
1,230,216
 
 
10,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
Aa2
 
10,963,100
 
 
6,345
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
 
A–
 
7,054,879
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
275
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
 
N/R (4)
 
301,136
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
AA–
 
1,278,508
 
 
340
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
 
BBB
 
351,223
 
 
61,890
 
Total Michigan
       
58,476,091
 
     
Minnesota – 0.1% (0.1% of Total Investments)
           
 
1,000
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
11/15 at 100.00
 
BBB–
 
1,043,520
 
     
Mississippi – 0.3% (0.2% of Total Investments)
           
 
3,675
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
No Opt. Call
 
A
 
3,689,186
 
 
Nuveen Investments
 
47

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri – 1.1% (0.7% of Total Investments)
           
$
200
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
3/16 at 100.00
 
BBB+
$
203,670
 
 
2,885
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24
2/15 at 102.00
 
BBB+
 
2,963,530
 
     
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
           
 
715
 
6.000%, 6/01/20
No Opt. Call
 
A
 
793,021
 
 
1,525
 
5.000%, 6/01/35
6/15 at 100.00
 
A
 
1,555,348
 
 
5,820
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
 
BBB+
 
6,397,635
 
 
11,145
 
Total Missouri
       
11,913,204
 
     
Nebraska – 2.1% (1.4% of Total Investments)
           
 
4,000
 
Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37
9/22 at 100.00
 
AA
 
4,547,160
 
 
5,130
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
2/17 at 100.00
 
AA
 
5,507,209
 
 
10,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42
2/22 at 100.00
 
AA
 
11,276,700
 
 
1,050
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 11673, 20.108%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
 
AA+
 
1,881,978
 
 
20,180
 
Total Nebraska
       
23,213,047
 
     
Nevada – 5.5% (3.7% of Total Investments)
           
 
12,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
14,169,000
 
     
Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009:
           
 
3,520
 
5.000%, 6/01/27
6/19 at 100.00
 
Aa1
 
4,008,822
 
 
3,695
 
5.000%, 6/01/28
6/19 at 100.00
 
Aa1
 
4,186,250
 
 
3,880
 
5.000%, 6/01/29
6/19 at 100.00
 
Aa1
 
4,399,493
 
     
Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B:
           
 
4,915
 
5.000%, 7/01/25
1/20 at 100.00
 
Aa1
 
5,488,040
 
 
4,160
 
5.000%, 7/01/26
1/20 at 100.00
 
Aa1
 
4,622,675
 
 
10,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
6/21 at 100.00
 
AA+
 
11,088,800
 
 
3,150
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
 
AA+
 
3,518,897
 
 
8,540
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32
7/21 at 100.00
 
AA
 
9,627,996
 
 
53,860
 
Total Nevada
       
61,109,973
 
     
New Jersey – 4.1% (2.8% of Total Investments)
           
 
515
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
564,033
 
     
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
           
 
1,325
 
5.250%, 9/01/24 (Pre-refunded 9/01/15)
9/15 at 100.00
 
A2 (4)
 
1,381,419
 
 
1,000
 
5.250%, 9/01/26 (Pre-refunded 9/01/15)
9/15 at 100.00
 
A2 (4)
 
1,042,580
 
 
520
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BB+
 
538,777
 
 
17,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
 
A2
 
7,156,145
 
 
3,425
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A2
 
3,986,803
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
 
A2
 
5,766,600
 
 
48
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
3,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 (Pre-refunded 1/01/15) – AGM Insured
1/15 at 100.00
 
AA (4)
$
3,024,450
 
 
5,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36
1/19 at 100.00
 
A+
 
5,536,450
 
 
985
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.258%, 1/01/43 (IF) (5)
7/22 at 100.00
 
A+
 
1,396,405
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
12,495
 
5.000%, 6/01/29
6/17 at 100.00
 
B
 
10,738,953
 
 
6,125
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
4,584,991
 
 
56,690
 
Total New Jersey
       
45,717,606
 
     
New York – 9.9% (6.7% of Total Investments)
           
 
5,000
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/28 – FGIC Insured
2/15 at 100.00
 
AA–
 
5,049,650
 
 
4,000
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2013A, 5.000%, 7/01/43
7/23 at 100.00
 
AA–
 
4,494,320
 
 
1,250
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/30 (Pre-refunded 10/01/15)
10/15 at 100.00
 
A (4)
 
1,305,625
 
 
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
2,421,153
 
 
4,960
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
5,189,549
 
 
5,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
5,315,350
 
 
15,100
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
 
A–
 
16,482,556
 
 
5,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/42
No Opt. Call
 
AA–
 
5,541,850
 
 
1,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2013A, 5.000%, 7/01/43
7/23 at 100.00
 
AA–
 
1,120,380
 
 
2,100
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
2,463,321
 
 
7,225
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46
6/23 at 100.00
 
AA+
 
8,096,696
 
 
10
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26
No Opt. Call
 
AA
 
10,043
 
 
785
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
3/15 at 100.00
 
AA
 
797,317
 
 
1,365
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 (Pre-refunded 3/01/15)
3/15 at 100.00
 
Aa2 (4)
 
1,387,181
 
 
1,185
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24
No Opt. Call
 
AA
 
1,208,309
 
 
3,815
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (Pre-refunded 4/01/15)
4/15 at 100.00
 
N/R (4)
 
3,892,445
 
 
7,425
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
 
AA+
 
7,701,284
 
 
5,785
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
5,834,867
 
 
1,440
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax)
12/23 at 100.00
 
AA–
 
1,590,854
 
 
3,925
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38
12/23 at 100.00
 
AA–
 
4,499,620
 
 
1,060
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
BBB
 
1,231,752
 
 
Nuveen Investments
 
49

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
6,250
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
 
AA–
$
6,479,875
 
 
9,950
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2012-10W, 7.333%, 11/15/21 (IF) (5)
No Opt. Call
 
AA–
 
12,747,741
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
1,055
 
5.000%, 11/15/28
No Opt. Call
 
A+
 
1,243,001
 
 
5,180
 
0.000%, 11/15/31
No Opt. Call
 
A+
 
2,800,981
 
 
1,280
 
0.000%, 11/15/32
No Opt. Call
 
A+
 
659,328
 
 
103,245
 
Total New York
       
109,565,048
 
     
North Carolina – 0.8% (0.5% of Total Investments)
           
 
1,775
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 15.139%, 7/15/32 (IF) (5)
1/18 at 100.00
 
AA–
 
2,073,644
 
 
1,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
1/21 at 100.00
 
AA–
 
1,100,610
 
 
2,230
 
University of North Carolina, Charlotte, General Revenue Bonds, Series 2013A, 3.625%, 4/01/43
4/23 at 100.00
 
AA–
 
2,177,595
 
 
2,940
 
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Pollution Control Revenue Refunding Bonds, Duke Energy Progress, Inc. Project, Series 2013, 4.000%, 6/01/41
6/23 at 100.00
 
Aa2
 
3,009,707
 
 
7,945
 
Total North Carolina
       
8,361,556
 
     
Ohio – 6.7% (4.5% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
1,700
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
1,423,784
 
 
900
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
740,304
 
 
12,590
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
9,966,622
 
 
2,245
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
1,784,573
 
 
11,335
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
 
AA
 
12,292,014
 
 
3,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
AA (4)
 
3,012,870
 
 
6,345
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA+
 
6,944,476
 
 
10,000
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Nretwork Series 2009, 5.500%, 4/01/39
4/19 at 100.00
 
A
 
11,081,200
 
 
14,850
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
 
AA
 
16,683,233
 
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
           
 
1,050
 
17.295%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
1,568,490
 
 
875
 
17.295%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
1,307,075
 
 
4,240
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
 
4,636,398
 
 
3,590
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
 
A+
 
2,847,983
 
 
72,720
 
Total Ohio
       
74,289,022
 
     
Oklahoma – 2.9% (1.9% of Total Investments)
           
 
3,990
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2014A, 5.000%, 6/01/39
6/24 at 100.00
 
A+
 
4,583,951
 
 
750
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
776,348
 
 
50
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Oklahoma (continued)
           
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
$
2,690
 
5.000%, 2/15/37
2/17 at 100.00
 
AA
$
2,846,316
 
 
1,020
 
5.000%, 2/15/42
2/17 at 100.00
 
AA
 
1,075,998
 
 
9,435
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
 
AA–
 
9,575,110
 
     
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A:
           
 
3,150
 
5.625%, 6/01/38 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
 
AA
 
3,515,022
 
 
3,000
 
5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
 
AA
 
3,326,970
 
 
5,460
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
5,847,496
 
 
99
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 3500, 8.521%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
111,774
 
 
29,594
 
Total Oklahoma
       
31,658,985
 
     
Oregon – 0.9% (0.6% of Total Investments)
           
 
8,890
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38
11/23 at 100.00
 
AAA
 
10,338,092
 
     
Pennsylvania – 3.9% (2.6% of Total Investments)
           
 
3,500
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
 
3,671,535
 
 
75
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 – AGM Insured
3/15 at 100.00
 
A1
 
76,315
 
     
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005:
           
 
1,230
 
6.000%, 3/01/28 (Pre-refunded 3/01/15) – AGM Insured
3/15 at 100.00
 
A1 (4)
 
1,254,083
 
 
195
 
6.000%, 3/01/28 (Pre-refunded 3/01/15) – AGM Insured
3/15 at 100.00
 
A1 (4)
 
198,818
 
 
500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB–
 
501,635
 
 
1,050
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured
No Opt. Call
 
A2
 
1,293,170
 
     
Lehigh County Authority, Pennsylvania, Water and Sewer Capital Appreciation Revenue Bonds, City of Allentown Concession, Series 2013B:
           
 
4,480
 
0.000%, 12/01/31
No Opt. Call
 
A
 
2,091,174
 
 
5,180
 
0.000%, 12/01/32
No Opt. Call
 
A
 
2,296,139
 
 
4,935
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
5,493,395
 
 
50
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
No Opt. Call
 
A3
 
53,361
 
 
1,700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/32
11/22 at 100.00
 
Baa3
 
1,663,671
 
 
5,850
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
5,963,432
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
 
AA
 
1,033,790
 
 
15,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
 
A–
 
16,080,148
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
1,119,111
 
 
45,795
 
Total Pennsylvania
       
42,789,777
 
     
Puerto Rico – 0.2% (0.1% of Total Investments)
           
 
25,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
BBB
 
1,921,500
 
 
Nuveen Investments
 
51

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Rhode Island – 1.5% (1.0% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
$
720
 
6.000%, 6/01/23
No Opt. Call
 
A2
$
724,320
 
 
6,425
 
6.125%, 6/01/32
No Opt. Call
 
BBB+
 
6,457,318
 
 
9,730
 
6.250%, 6/01/42
No Opt. Call
 
BBB–
 
9,729,222
 
 
16,875
 
Total Rhode Island
       
16,910,860
 
     
South Carolina – 1.4% (0.9% of Total Investments)
           
 
3,315
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
3,694,534
 
 
10,330
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
11,787,150
 
 
13,645
 
Total South Carolina
       
15,481,684
 
     
South Dakota – 0.2% (0.1% of Total Investments)
           
 
1,510
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
11/24 at 100.00
 
A+
 
1,678,169
 
     
Tennessee – 0.6% (0.4% of Total Investments)
           
     
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A:
           
 
1,645
 
4.000%, 9/01/40
9/22 at 100.00
 
AA
 
1,726,757
 
 
1,690
 
4.000%, 9/01/42
9/22 at 100.00
 
AA
 
1,768,044
 
 
3,200
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
 
3,352,704
 
 
6,535
 
Total Tennessee
       
6,847,505
 
     
Texas – 11.4% (7.7% of Total Investments)
           
 
5,835
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36
2/17 at 100.00
 
AAA
 
5,978,716
 
 
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
1/15 at 100.00
 
C
 
408,800
 
 
1,000
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
7/17 at 100.00
 
A+
 
1,087,310
 
 
965
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
 
BBB
 
1,040,328
 
 
5,240
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB
 
6,118,119
 
 
4,650
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
5,048,226
 
 
6,340
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
 
A+
 
6,903,309
 
 
11,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
11,822,139
 
 
3,875
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 18.033%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
5,203,234
 
     
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A:
           
 
1,000
 
5.000%, 12/01/20 (Pre-refunded 12/01/14)
12/14 at 100.00
 
A+ (4)
 
1,004,070
 
 
1,000
 
5.000%, 12/01/21 (Pre-refunded 12/01/14)
12/14 at 100.00
 
A+ (4)
 
1,004,070
 
 
2,500
 
5.125%, 12/01/22 (Pre-refunded 12/01/14)
12/14 at 100.00
 
A+ (4)
 
2,510,425
 
 
2,925
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
2,926,784
 
 
435
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
7/24 at 100.00
 
B
 
460,970
 
 
52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
6,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
$
6,775,800
 
 
10,850
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured
No Opt. Call
 
A2
 
7,188,342
 
     
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
           
 
800
 
5.250%, 8/15/21
2/16 at 100.00
 
BBB
 
828,368
 
 
1,250
 
5.125%, 8/15/26
2/16 at 100.00
 
BBB
 
1,270,988
 
 
3,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
BBB
 
3,223,950
 
 
4,715
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012A, 5.000%, 5/15/39
No Opt. Call
 
A1
 
5,204,653
 
 
6,025
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
8/22 at 100.00
 
Aa2
 
6,778,185
 
 
3,820
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
4,244,249
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
1,880
 
0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
1,648,685
 
 
7,990
 
0.000%, 9/01/45
9/31 at 100.00
 
AA+
 
7,705,236
 
 
1,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (6)
11/15 at 100.00
 
C
 
77,500
 
 
3,145
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
10/20 at 100.00
 
AA–
 
3,602,786
 
 
4,000
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43
8/23 at 100.00
 
Aa3
 
4,437,600
 
 
7,100
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
7,533,810
 
 
1,100
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
No Opt. Call
 
A3
 
1,210,836
 
 
1,465
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
1,779,257
 
 
3,755
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.821%, 4/01/28 (IF)
4/17 at 100.00
 
AAA
 
5,918,256
 
 
5,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
 
A–
 
5,399,200
 
 
124,770
 
Total Texas
       
126,344,201
 
     
Utah – 1.5% (1.0% of Total Investments)
           
 
6,335
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
 
AA+
 
6,959,758
 
 
9,045
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A1
 
9,853,894
 
 
15,380
 
Total Utah
       
16,813,652
 
     
Virginia – 0.5% (0.4% of Total Investments)
           
 
4,370
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
 
BBB+
 
4,577,182
 
 
1,250
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
 
BBB–
 
1,307,325
 
 
5,620
 
Total Virginia
       
5,884,507
 
 
Nuveen Investments
 
53

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington – 5.4% (3.6% of Total Investments)
           
$
10,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
 
AA+
$
11,041,998
 
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
 
AA+
 
2,821,600
 
 
4,160
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
8/22 at 100.00
 
A+
 
4,816,989
 
 
1,250
 
Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44
12/23 at 100.00
 
AA
 
1,353,788
 
 
2,820
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/19 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
A1 (4)
 
2,832,408
 
 
12,515
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 12/01/38
6/23 at 100.00
 
A+
 
13,648,857
 
 
3,410
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
 
3,743,157
 
 
4,415
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
 
Baa3
 
5,272,128
 
 
1,885
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
 
AA
 
2,145,300
 
 
4,940
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
AA
 
5,453,760
 
 
5,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
5,741,150
 
 
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
12/17 at 100.00
 
N/R
 
1,037,350
 
 
53,895
 
Total Washington
       
59,908,485
 
     
Wisconsin – 2.2% (1.4% of Total Investments)
           
 
1,240
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39
4/20 at 100.00
 
A
 
1,378,917
 
 
6,775
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
7/21 at 100.00
 
A
 
7,571,469
 
 
365
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
 
BBB
 
371,329
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24
No Opt. Call
 
BBB
 
1,003,970
 
 
2,955
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
2/22 at 100.00
 
A–
 
3,170,951
 
 
4,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/34
8/16 at 100.00
 
A–
 
4,666,851
 
 
5,300
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 (Pre-refunded 5/01/16) – FGIC Insured
5/16 at 100.00
 
AA (4)
 
5,653,987
 
 
22,165
 
Total Wisconsin
       
23,817,474
 
     
Wyoming – 0.2% (0.1% of Total Investments)
           
 
2,250
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
12/15 at 100.00
 
A–
 
2,294,910
 
$
1,611,814
 
Total Municipal Bonds (cost $1,513,797,702)
       
1,642,443,759
 
 
54
 
Nuveen Investments

 
 

 

 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
               
     
Transportation – 0.0% (0.0% of Total Investments)
               
$
22
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
 
7/15/19
 
N/R
$
4,011
 
 
6
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
 
7/15/55
 
N/R
 
804
 
$
28
 
Total Corporate Bonds (cost $2,256)
           
4,815
 
     
Total Long-Term Investments (cost $1,513,799,958)
           
1,642,448,574
 
                       
 
Principal
       
Optional Call
         
 
Amount (000)
 
Description (1)
   
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments)
               
     
MUNICIPAL BONDS – 0.1% (0.1% of Total Investments)
               
     
California – 0.1% (0.1% of Total Investments)
               
$
1,215
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
$
1,235,169
 
 
120
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
121,992
 
 
180
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
182,988
 
$
1,515
 
Total California
           
1,540,149
 
     
Total Short-Term Investments (cost $1,515,000)
           
1,540,149
 
     
Total Investments (cost $1,515,314,958) – 148.6%
           
1,643,988,723
 
     
Floating Rate Obligations – (5.6)%
           
(61,954,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.2)% (9)
       
(489,500,000
)
     
Other Assets Less Liabilities – 1.2% (10)
           
13,920,412
 
     
Net Assets Applicable to Common Shares – 100%
         
$
1,106,455,135
 
 
Nuveen Investments
 
55

 
 

 

NPM
   
 
Nuveen Premium Income Municipal Fund 2, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
Investments in Derivatives as of October 31, 2014
Interest Rate Swaps outstanding:

Counterparty
   
Notional
Amount
   
Fund
Pay/Receive
Floating Rate
   
Floating Rate
Index
   
Fixed Rate
(Annualized)
   
Fixed Rate
Payment
Frequency
   
Effective
Date (11)
   
Termination
Date
 
Unrealized
Appreciation (Depreciation) (10)
 
Barclays Bank PLC
 
$
74,300,000
   
Receive
   
Weekly USD-SIFMA
   
3.258
%
 
Quarterly
   
2/20/15
   
2/20/30
 
$
(8,091,438
)
 
(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 Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.8%.
(10)
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
(11)
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association.
 
See accompanying notes to financial statements.
 
56
 
Nuveen Investments

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 146.3% (99.8% of Total Investments)
           
     
MUNICIPAL BONDS – 145.7% (99.4% of Total Investments)
           
     
Alabama – 3.7% (2.6% of Total Investments)
           
$
11,895
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, Series 1995, 5.000%, 11/01/25 (ETM)
1/15 at 100.00
 
Aaa
$
11,942,935
 
 
5,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
5,258,650
 
 
1,000
 
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30
11/15 at 100.00
 
Baa2
 
1,008,030
 
 
1,000
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
6/15 at 100.00
 
BBB
 
1,013,780
 
 
1,500
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
No Opt. Call
 
AA
 
1,501,305
 
 
2,375
 
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2010A, 5.800%, 5/01/34
5/20 at 100.00
 
BBB
 
2,676,625
 
 
22,770
 
Total Alabama
       
23,401,325
 
     
Alaska – 0.3% (0.2% of Total Investments)
           
 
1,665
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
 
AA+ (4)
 
1,671,760
 
     
Arizona – 3.5% (2.4% of Total Investments)
           
 
1,300
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
3/22 at 100.00
 
BBB+
 
1,386,333
 
 
10,450
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/30
7/22 at 100.00
 
A1
 
11,433,032
 
     
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:
           
 
400
 
5.000%, 7/01/27 (Alternative Minimum Tax)
7/22 at 100.00
 
AA+
 
456,328
 
 
950
 
5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
AA+
 
1,054,833
 
 
3,710
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41
7/21 at 100.00
 
A
 
4,133,719
 
 
3,000
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
3,400,380
 
 
19,810
 
Total Arizona
       
21,864,625
 
     
California – 20.8% (14.2% of Total Investments)
           
 
1,500
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30
5/20 at 100.00
 
A
 
1,778,925
 
 
8,000
 
Anaheim Public Financing Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
AA–
 
8,168,480
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
4/16 at 100.00
 
A+
 
5,154,100
 
 
710
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
806,319
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
3,104,479
 
 
1,360
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
1,531,945
 
 
Nuveen Investments
 
57

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
2,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/38
3/23 at 100.00
 
A1
$
2,232,740
 
 
1,220
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A1
 
1,508,225
 
 
1,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
3/20 at 100.00
 
A1
 
1,752,960
 
 
4,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31
10/21 at 100.00
 
A1
 
5,210,325
 
 
19,095
 
California State, General Obligation Bonds, Various Purpose Series 2005, 5.000%, 6/01/33 (Pre-refunded 6/01/15) – CIFG Insured
6/15 at 100.00
 
Aa3 (4)
 
19,636,914
 
 
1,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
Aa3
 
1,156,730
 
 
1,050
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40
1/19 at 100.00
 
BB
 
1,078,791
 
 
1,030
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39
10/19 at 100.00
 
BBB+
 
1,174,355
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
7/15 at 100.00
 
B–
 
1,000,000
 
 
1,685
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.545%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
2,377,316
 
 
3,000
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/38
8/23 at 100.00
 
AA
 
3,425,130
 
 
3,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 0.000%, 1/15/26
No Opt. Call
 
BBB–
 
1,957,740
 
 
1,000
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
8/21 at 100.00
 
Aa2
 
1,183,280
 
 
2,000
 
Glendale Redevelopment Agency, California, Tax Allocation Bonds, Central Glendale Redevelopment Project, Series 2010, 5.500%, 12/01/24
12/16 at 100.00
 
A
 
2,113,980
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
2,000
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
1,878,860
 
 
3,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
2,452,710
 
 
610
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
455,987
 
 
3,190
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27
No Opt. Call
 
AAA
 
2,115,385
 
 
540
 
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
A+
 
608,747
 
 
2,000
 
Marinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31
8/24 at 100.00
 
AA
 
2,561,800
 
 
1,000
 
Mendocino-Lake Community College District, California, General Obligation Bonds, Election 2006, Series 2011B, 0.000%, 8/01/31 – AGM Insured
8/26 at 100.00
 
AA
 
1,129,550
 
 
1,030
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28
2/28 at 100.00
 
AA
 
820,848
 
 
2,700
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 7.000%, 11/01/34
No Opt. Call
 
A
 
3,780,054
 
 
3,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Ba1
 
3,293,850
 
 
1,250
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
11/20 at 100.00
 
Ba1
 
1,330,563
 
 
2,500
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
5/21 at 100.00
 
AA–
 
2,902,625
 
 
2,000
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
 
A–
 
2,330,260
 
 
58
 
Nuveen Investments
 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
11,310
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2006A, 4.250%, 7/01/31 – AGM Insured (UB)
7/16 at 100.00
 
AA+
$
11,557,236
 
 
670
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
8/19 at 100.00
 
A–
 
784,932
 
 
2,700
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BB+
 
2,877,741
 
 
5,605
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/44 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
6,036,473
 
 
4,000
 
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 18.075%, 9/01/38 – NPFG Insured (IF)
9/17 at 100.00
 
AA+
 
5,546,040
 
 
690
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
12/19 at 100.00
 
AA–
 
784,675
 
     
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B:
           
 
4,005
 
0.000%, 8/01/36 – AGM Insured
8/31 at 100.00
 
AA
 
2,866,298
 
 
3,900
 
5.625%, 5/01/41 – AGM Insured
8/21 at 100.00
 
AA
 
4,471,116
 
 
3,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
3,339,930
 
 
123,250
 
Total California
       
130,278,414
 
     
Colorado – 8.1% (5.5% of Total Investments)
           
 
1,250
 
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35
12/20 at 100.00
 
Aa2
 
1,502,150
 
 
700
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23
7/18 at 100.00
 
N/R
 
719,733
 
 
4,735
 
Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2012, 5.000%, 12/01/20
No Opt. Call
 
A1
 
5,602,215
 
 
625
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 6.000%, 12/01/38
12/23 at 100.00
 
BBB
 
743,788
 
 
1,240
 
Colorado City Metropolitan District, Oueblo County, Colorado, Water and Wastewater Enterprise Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34
No Opt. Call
 
A–
 
1,257,682
 
 
1,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29
12/19 at 100.00
 
BBB
 
1,051,420
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36
12/23 at 100.00
 
A+
 
2,198,960
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42
No Opt. Call
 
A–
 
2,015,080
 
 
585
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A3
 
660,266
 
 
2,250
 
Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds, Series 2013B-1, 5.000%, 11/15/38
11/23 at 100.00
 
AA
 
2,581,853
 
 
945
 
Colorado Springs, Colorado, Utility System Revenue Bonds, Improvement Series 2008C, 5.500%, 11/15/48
11/18 at 100.00
 
AA
 
1,074,096
 
 
25
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A, 5.000%, 3/01/34
3/19 at 100.00
 
Aa2
 
27,953
 
 
1,175
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A, 5.000%, 3/01/34 (Pre-refunded 3/01/19)
3/19 at 100.00
 
N/R (4)
 
1,372,330
 
 
1,210
 
Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, City of Fountain, Electric, Water & Wastewater Utility Enterprise Project, Series 2013A, 5.000%, 9/01/38 – AGM Insured
9/22 at 100.00
 
AA
 
1,335,538
 
 
Nuveen Investments
 
59

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
     
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013:
           
$
1,070
 
5.000%, 12/01/29 – AGM Insured
12/22 at 100.00
 
AA
$
1,243,907
 
 
1,685
 
5.000%, 12/01/30 – AGM Insured
12/22 at 100.00
 
AA
 
1,947,506
 
 
1,000
 
5.000%, 12/01/31 – AGM Insured
12/22 at 100.00
 
AA
 
1,146,220
 
 
1,000
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40
12/20 at 100.00
 
BBB
 
1,080,570
 
 
2,200
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
11/22 at 100.00
 
A+
 
2,535,104
 
 
3,000
 
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012, 5.000%, 12/01/42
No Opt. Call
 
A+
 
3,326,610
 
     
Foothills Metropolitan District In the City of Fort Collins, Colorado, Special Revenue Bonds, Series 2014:
           
 
1,125
 
5.750%, 12/01/30
12/24 at 100.00
 
N/R
 
1,132,560
 
 
500
 
6.000%, 12/01/38
12/24 at 100.00
 
N/R
 
503,320
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
 
AA (4)
 
759,485
 
 
1,000
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
A
 
1,073,560
 
 
3,015
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
 
AA
 
3,424,829
 
 
2,090
 
Parker Water and Sanitation District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2012, 4.500%, 8/01/37
No Opt. Call
 
AA–
 
2,284,851
 
     
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
 
1,404,646
 
 
2,365
 
6.000%, 1/15/41
7/20 at 100.00
 
Baa3
 
2,655,256
 
 
2,100
 
Salida Hospital District, Colorado, Revenue Bonds, Series 2006, 5.250%, 10/01/36
10/16 at 100.00
 
N/R
 
2,115,099
 
 
1,465
 
SBC Metropolitan District, Colorado, General Obligation Bonds, Series 2012, 4.000%, 12/01/37
No Opt. Call
 
BBB+
 
1,429,415
 
 
100
 
Stonegate Village Metropolitan District, Colorado, Wastewater Enterprise Revenue Bonds, Series 2014, 3.250%, 12/01/26 – BAM Insured
12/22 at 100.00
 
AA
 
101,439
 
 
45,455
 
Total Colorado
       
50,307,441
 
     
Florida – 7.3% (5.0% of Total Investments)
           
 
1,250
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40
9/20 at 100.00
 
BBB–
 
1,331,975
 
     
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:
           
 
1,005
 
5.000%, 9/01/43
9/23 at 100.00
 
BBB–
 
1,018,547
 
 
865
 
5.000%, 9/01/45
9/23 at 100.00
 
BBB–
 
876,037
 
 
2,115
 
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39
4/19 at 100.00
 
A–
 
2,463,404
 
 
1,480
 
Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (Alternative Minimum Tax)
4/23 at 100.00
 
AA
 
1,607,413
 
 
2,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA
 
2,178,340
 
 
1,100
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
4/21 at 100.00
 
Baa1
 
1,306,371
 
 
1,795
 
Jacksonville, Florida, Transportation Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/24
10/22 at 100.00
 
AA–
 
2,154,700
 
 
2,050
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
10/15 at 100.00
 
A
 
2,101,250
 
 
1,170
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
1,286,649
 
 
60
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
7,045
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
$
7,823,966
 
 
1,000
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41
8/17 at 100.00
 
N/R
 
1,023,140
 
 
1,845
 
Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35
5/15 at 101.00
 
N/R
 
1,874,852
 
 
5,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
 
AA
 
5,767,790
 
 
1,000
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34
1/24 at 100.00
 
A3
 
1,100,080
 
 
11,000
 
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured
10/18 at 100.00
 
AA–
 
11,783,860
 
 
42,175
 
Total Florida
       
45,698,374
 
     
Georgia – 2.5% (1.7% of Total Investments)
           
 
4,400
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
 
AA–
 
5,215,364
 
 
1,500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
11/19 at 100.00
 
AA
 
1,709,505
 
 
2,500
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30
2/20 at 100.00
 
A
 
2,690,750
 
 
5,250
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
 
A1 (4)
 
6,142,133
 
 
13,650
 
Total Georgia
       
15,757,752
 
     
Guam – 0.7% (0.5% of Total Investments)
           
 
4,000
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30
7/20 at 100.00
 
A–
 
4,430,520
 
     
Hawaii – 0.9% (0.6% of Total Investments)
           
 
1,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40
7/20 at 100.00
 
A2
 
1,107,360
 
 
3,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A2
 
3,434,190
 
 
1,175
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33
7/23 at 100.00
 
BB+
 
1,315,095
 
 
5,175
 
Total Hawaii
       
5,856,645
 
     
Idaho – 0.5% (0.4% of Total Investments)
           
 
160
 
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26
7/19 at 100.00
 
A1
 
168,419
 
 
595
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32
9/22 at 100.00
 
Baa1
 
643,998
 
 
2,230
 
Twin Falls County School District 411, Idaho, General Obligation Bonds, Series 2014A, 4.500%, 9/15/32
No Opt. Call
 
Aa1
 
2,535,354
 
 
2,985
 
Total Idaho
       
3,347,771
 
     
Illinois – 16.4% (11.2% of Total Investments)
           
 
1,115
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
A+
 
1,117,921
 
 
1,090
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
 
AA–
 
1,100,704
 
 
415
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
1/16 at 100.00
 
AA–
 
434,870
 
 
Nuveen Investments
 
61

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
1,250
 
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured
6/22 at 100.00
 
AA
$
1,374,888
 
 
1,685
 
Cook County School District 99, Cicero, Illinois, General Obligation School Bonds, Series 1997, 8.500%, 12/01/15 – FGIC Insured
No Opt. Call
 
A3
 
1,827,450
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30
5/20 at 100.00
 
N/R
 
523,000
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 75 Series 2010D-1, 7.000%, 5/15/18
No Opt. Call
 
N/R
 
500,685
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
1,108,890
 
 
5,220
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27
4/21 at 100.00
 
A
 
6,083,545
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
 
Baa2
 
3,254,520
 
 
5,015
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
 
Baa1
 
5,245,489
 
 
3,160
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
 
3,598,924
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
627,915
 
     
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
           
 
415
 
5.500%, 7/01/28
7/23 at 100.00
 
A–
 
480,935
 
 
905
 
6.000%, 7/01/43
7/23 at 100.00
 
A–
 
1,058,081
 
 
1,665
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39
5/19 at 100.00
 
A+
 
1,932,133
 
 
5,565
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
 
A
 
6,068,633
 
     
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+
 
2,316,120
 
 
2,000
 
7.000%, 8/15/44
8/19 at 100.00
 
BBB+
 
2,317,500
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
 
AA
 
564,640
 
 
3,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25
5/19 at 100.00
 
BBB+
 
3,435,330
 
 
995
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
 
BBB+
 
1,029,357
 
 
2,615
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
 
A–
 
2,856,077
 
 
910
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
998,261
 
 
5,295
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
 
5,924,523
 
 
9,795
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/19 – AGM Insured (UB)
No Opt. Call
 
AAA
 
11,671,526
 
 
1,245
 
Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B, 6.250%, 2/01/21 – AGM Insured
2/20 at 100.00
 
A2
 
1,503,188
 
     
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:
           
 
825
 
6.000%, 2/01/24 – AGM Insured
2/20 at 100.00
 
A2
 
961,265
 
 
1,030
 
6.000%, 2/01/25 – AGM Insured
2/20 at 100.00
 
A2
 
1,193,646
 
 
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
6/22 at 100.00
 
AAA
 
2,670,150
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
9,500
 
0.000%, 6/15/24 – NPFG Insured
6/22 at 101.00
 
AAA
 
9,681,830
 
 
36,040
 
0.000%, 6/15/40 – NPFG Insured
No Opt. Call
 
AAA
 
10,878,672
 
 
62
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:
           
$
445
 
5.000%, 10/01/25
10/22 at 100.00
 
Baa1
$
490,875
 
 
400
 
5.000%, 10/01/26
10/22 at 100.00
 
Baa1
 
438,048
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
780
 
5.250%, 6/01/21
No Opt. Call
 
A
 
922,748
 
 
2,000
 
6.250%, 6/01/24
6/16 at 100.00
 
A–
 
2,174,540
 
 
1,945
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
No Opt. Call
 
AA
 
2,250,637
 
 
1,580
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32
10/23 at 100.00
 
A
 
1,864,337
 
 
118,400
 
Total Illinois
       
102,481,853
 
     
Indiana – 2.8% (1.9% of Total Investments)
           
     
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:
           
 
1,950
 
0.000%, 2/01/24
No Opt. Call
 
AA+
 
1,504,425
 
 
2,705
 
0.000%, 2/01/25
No Opt. Call
 
AA+
 
2,004,919
 
 
3,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 (Pre-refunded 8/01/16)
8/16 at 100.00
 
N/R (4)
 
3,255,840
 
 
680
 
Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Butler University Project, Series 2012B, 5.000%, 2/01/29
2/22 at 100.00
 
BBB+
 
765,870
 
 
1,050
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
10/19 at 100.00
 
BB–
 
1,080,807
 
 
1,500
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30
3/20 at 100.00
 
BBB
 
1,616,070
 
 
5,380
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
5,685,638
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
605
 
5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
671,145
 
 
255
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
280,146
 
 
520
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
No Opt. Call
 
AA
 
540,888
 
 
17,645
 
Total Indiana
       
17,405,748
 
     
Iowa – 0.8% (0.6% of Total Investments)
           
 
1,000
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20
7/16 at 100.00
 
BB+
 
1,034,630
 
 
1,630
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31
10/21 at 100.00
 
BBB–
 
1,764,817
 
 
2,000
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25
12/19 at 100.00
 
A1
 
2,216,140
 
 
4,630
 
Total Iowa
       
5,015,587
 
     
Kansas – 1.2% (0.8% of Total Investments)
           
     
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:
           
 
2,000
 
5.000%, 9/01/26
9/21 at 100.00
 
Aa3
 
2,359,960
 
 
1,400
 
5.000%, 9/01/27
9/21 at 100.00
 
Aa3
 
1,640,128
 
 
1,485
 
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31
12/20 at 100.00
 
Baa1
 
1,584,673
 
 
600
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32
4/20 at 100.00
 
BBB
 
661,296
 
 
Nuveen Investments
 
63

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kansas (continued)
           
$
1,585
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
$
1,114,984
 
 
7,070
 
Total Kansas
       
7,361,041
 
     
Kentucky – 1.8% (1.2% of Total Investments)
           
 
1,000
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
 
BBB+
 
1,155,920
 
 
5,000
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31
3/21 at 100.00
 
A3
 
5,741,050
 
 
4,000
 
Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/28
4/23 at 100.00
 
A
 
4,549,600
 
 
10,000
 
Total Kentucky
       
11,446,570
 
     
Louisiana – 7.9% (5.4% of Total Investments)
           
 
1,715
 
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37
6/36 at 101.00
 
Ba3
 
1,783,686
 
 
7,445
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax)
7/23 at 100.00
 
N/R
 
8,314,650
 
 
5,150
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
8/15 at 100.00
 
A+
 
5,246,511
 
 
3,800
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
4,000,982
 
     
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
           
 
5,390
 
5.000%, 7/01/30
7/23 at 100.00
 
A
 
6,204,914
 
 
4,580
 
5.000%, 7/01/31
7/23 at 100.00
 
A
 
5,234,848
 
 
300
 
5.000%, 7/01/36
7/23 at 100.00
 
A
 
333,732
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
1,480
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
Aa1
 
1,552,091
 
 
15,820
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
AA
 
16,503,264
 
 
170
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 661, 16.135%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
 
AA
 
199,357
 
 
45,850
 
Total Louisiana
       
49,374,035
 
     
Maine – 0.7% (0.5% of Total Investments)
           
 
540
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
 
Baa1
 
572,292
 
 
2,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/36
7/21 at 100.00
 
BBB–
 
2,260,240
 
 
1,250
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
AA
 
1,350,563
 
 
3,790
 
Total Maine
       
4,183,095
 
     
Maryland – 0.1% (0.0% of Total Investments)
           
 
320
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16
1/15 at 100.00
 
Aa2
 
321,062
 
 
50
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
No Opt. Call
 
A2
 
50,216
 
 
370
 
Total Maryland
       
371,278
 
     
Massachusetts – 1.5% (1.0% of Total Investments)
           
 
2,805
 
Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, 3/01/35 – ACA Insured
3/15 at 100.00
 
BBB
 
2,815,603
 
 
64
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
1,000
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
4/15 at 101.00
 
N/R
$
1,010,610
 
 
1,900
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,101,020
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
3,563,579
 
 
9,170
 
Total Massachusetts
       
9,490,812
 
     
Michigan – 3.7% (2.5% of Total Investments)
           
 
355
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
381,724
 
 
625
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
11/20 at 100.00
 
AA
 
668,881
 
 
6,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
6,000,960
 
 
5,400
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured
7/16 at 100.00
 
AA–
 
5,372,082
 
 
2,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
 
BBB+
 
2,127,460
 
 
1,500
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 – AGM Insured
6/20 at 100.00
 
AA
 
1,655,565
 
 
3,220
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
 
A–
 
3,580,254
 
 
1,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15)
5/15 at 100.00
 
AA+ (4)
 
1,026,230
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
365
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
 
N/R (4)
 
399,690
 
 
1,635
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
AA–
 
1,706,417
 
 
22,100
 
Total Michigan
       
22,919,263
 
     
Minnesota – 1.5% (1.0% of Total Investments)
           
 
1,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40
11/20 at 100.00
 
BBB–
 
1,065,610
 
 
2,310
 
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/29
2/24 at 100.00
 
Aa2
 
2,521,642
 
 
2,175
 
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/15
No Opt. Call
 
AA+
 
2,196,206
 
 
500
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A, 5.000%, 1/01/30
1/24 at 100.00
 
A
 
584,190
 
 
2,875
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36
8/16 at 100.00
 
N/R
 
2,900,185
 
 
255
 
University of Minnesota, General Obligation Bonds, Series 2014B, 4.000%, 1/01/32
1/24 at 100.00
 
Aa1
 
275,191
 
 
9,115
 
Total Minnesota
       
9,543,024
 
     
Mississippi – 1.8% (1.2% of Total Investments)
           
 
1,000
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/15 at 100.00
 
BBB
 
1,000,910
 
 
2,975
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
No Opt. Call
 
A
 
2,986,484
 
 
5,215
 
Mississippi, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18
No Opt. Call
 
AA+
 
6,161,470
 
 
1,000
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32
9/18 at 100.00
 
BBB
 
1,141,960
 
 
10,190
 
Total Mississippi
       
11,290,824
 
 
Nuveen Investments
 
65

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri – 2.9% (1.9% of Total Investments)
           
$
1,380
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
10/22 at 100.00
 
AA+
$
1,540,715
 
 
1,600
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A, 3.375%, 6/01/28
6/22 at 100.00
 
AA–
 
1,602,624
 
 
2,000
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
6/17 at 100.00
 
BBB–
 
2,035,280
 
 
1,000
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
10/19 at 100.00
 
A–
 
1,095,040
 
 
1,000
 
Liberty Public School District 53,Clay County, Missouri, Lease Participation Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31
4/22 at 100.00
 
AA–
 
1,120,430
 
     
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A:
           
 
1,590
 
5.000%, 6/01/30
6/23 at 100.00
 
A1
 
1,771,069
 
 
2,700
 
5.000%, 6/01/33
6/23 at 100.00
 
A1
 
2,973,753
 
 
665
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
5/23 at 100.00
 
BBB+
 
732,710
 
 
505
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C2, 5.000%, 10/01/34
10/23 at 100.00
 
A
 
566,893
 
     
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:
           
 
1,080
 
5.000%, 1/01/22
1/21 at 100.00
 
A2
 
1,262,628
 
 
1,110
 
5.000%, 1/01/23
1/21 at 100.00
 
A2
 
1,280,318
 
 
1,250
 
5.000%, 1/01/25
1/21 at 100.00
 
A2
 
1,421,013
 
 
430
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
472,673
 
 
16,310
 
Total Missouri
       
17,875,146
 
     
Nebraska – 1.4% (0.9% of Total Investments)
           
     
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:
           
 
1,930
 
5.000%, 5/15/27
5/24 at 100.00
 
BBB+
 
2,163,048
 
 
2,000
 
5.000%, 5/15/36
5/24 at 100.00
 
BBB+
 
2,197,220
 
 
2,000
 
Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34
7/21 at 100.00
 
AA–
 
2,285,920
 
 
500
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
No Opt. Call
 
A–
 
537,530
 
 
1,000
 
Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Series 2014, 5.000%, 12/01/25
6/24 at 100.00
 
Aa2
 
1,228,190
 
 
7,430
 
Total Nebraska
       
8,411,908
 
     
Nevada – 1.1% (0.7% of Total Investments)
           
 
4,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
4,723,000
 
 
1,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB–
 
1,965,200
 
 
5,700
 
Total Nevada
       
6,688,200
 
     
New Jersey – 1.6% (1.1% of Total Investments)
           
 
615
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
No Opt. Call
 
BBB–
 
689,956
 
     
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
 
924,821
 
 
3,000
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
3,317,550
 
 
1,120
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/33
7/23 at 100.00
 
A
 
1,255,722
 
 
66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
575
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
 
AA–
$
615,710
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
305
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
327,210
 
 
300
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
321,846
 
 
815
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
829,800
 
 
2,710
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B2
 
2,028,625
 
 
10,275
 
Total New Jersey
       
10,311,240
 
     
New Mexico – 0.3% (0.2% of Total Investments)
           
 
1,500
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 6.125%, 7/01/40
7/20 at 100.00
 
BBB–
 
1,621,785
 
     
New York – 5.5% (3.8% of Total Investments)
           
 
855
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
4/17 at 100.00
 
BB+
 
857,856
 
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
1,945
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
2,186,258
 
 
3,065
 
6.250%, 7/15/40
1/20 at 100.00
 
BBB–
 
3,480,706
 
 
4,070
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
4,258,360
 
 
1,070
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
 
AA
 
1,210,930
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38
5/23 at 100.00
 
AA–
 
2,779,575
 
 
1,250
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
1,466,263
 
 
3,750
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44
6/24 at 100.00
 
AA+
 
3,814,388
 
 
5,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
5,043,100
 
 
1,870
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
 
2,076,261
 
 
795
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
BBB
 
923,814
 
 
6,250
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
 
AA–
 
6,479,875
 
 
32,420
 
Total New York
       
34,577,386
 
     
North Carolina – 0.1% (0.1% of Total Investments)
           
 
750
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
1/17 at 100.00
 
AA–
 
795,698
 
     
North Dakota – 0.8% (0.5% of Total Investments)
           
 
1,000
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35
7/21 at 100.00
 
BBB+
 
1,081,660
 
 
2,190
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
A+
 
2,625,679
 
 
1,125
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32
12/21 at 100.00
 
A–
 
1,216,823
 
 
4,315
 
Total North Dakota
       
4,924,162
 
 
Nuveen Investments
 
67

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 4.3% (2.9% of Total Investments)
           
$
9,900
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24
6/17 at 100.00
 
B–
$
8,291,448
 
     
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
           
 
2,000
 
5.250%, 11/01/29
11/20 at 100.00
 
A–
 
2,234,940
 
 
3,000
 
5.750%, 11/01/40
11/20 at 100.00
 
A–
 
3,369,360
 
 
3,040
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
7/21 at 100.00
 
BBB–
 
3,314,664
 
 
700
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
 
BB–
 
775,908
 
 
4,615
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
 
5,518,294
 
 
800
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
907,232
 
 
2,000
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/33
2/23 at 100.00
 
A+
 
2,319,220
 
 
26,055
 
Total Ohio
       
26,731,066
 
     
Oklahoma – 1.3% (0.9% of Total Investments)
           
 
2,000
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.375%, 6/01/33 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
 
AA
 
2,260,060
 
 
5,615
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
6,013,497
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, tender option Bond Trust 3500, 8.521%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
99,355
 
 
7,703
 
Total Oklahoma
       
8,372,912
 
     
Oregon – 0.4% (0.3% of Total Investments)
           
 
1,270
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40
5/22 at 100.00
 
BBB
 
1,401,318
 
 
1,000
 
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/28
6/22 at 100.00
 
A1
 
1,121,940
 
 
2,270
 
Total Oregon
       
2,523,258
 
     
Pennsylvania – 4.4% (3.0% of Total Investments)
           
 
1,000
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB–
 
1,003,270
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
 
BBB+
 
1,114,030
 
 
660
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Refunding Series 2010A, 0.370%, 4/01/19 (Mandatory put 1/02/15) (Alternative Minimum Tax)
No Opt. Call
 
BBB+
 
660,040
 
 
600
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
7/20 at 100.00
 
Baa3
 
655,596
 
 
5,490
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
5,596,451
 
 
5,490
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/38
12/22 at 100.00
 
AA–
 
6,079,516
 
 
1,595
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)
5/20 at 100.00
 
AA (4)
 
1,902,309
 
     
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:
           
 
5,445
 
6.000%, 8/01/36
8/20 at 100.00
 
A+
 
6,256,577
 
 
1,425
 
6.500%, 8/01/41
8/20 at 100.00
 
A+
 
1,693,570
 
 
68
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
670
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2014A, 5.000%, 6/01/44 (WI/DD, Settling 11/10/14)
6/24 at 100.00
 
AA–
$
740,571
 
 
1,670
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.250%, 8/01/19
No Opt. Call
 
BBB+
 
1,846,269
 
 
25,045
 
Total Pennsylvania
       
27,548,199
 
     
Rhode Island – 2.4% (1.6% of Total Investments)
           
 
15,000
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
No Opt. Call
 
BBB–
 
14,998,800
 
     
South Carolina – 1.9% (1.3% of Total Investments)
           
 
5,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.250%, 1/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
6,267,300
 
 
4,965
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/39
12/24 at 100.00
 
AA–
 
5,568,744
 
 
9,965
 
Total South Carolina
       
11,836,044
 
     
Tennessee – 1.0% (0.7% of Total Investments)
           
 
3,825
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
4,325,731
 
 
5,075
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41
1/17 at 30.07
 
A
 
1,289,913
 
 
680
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
 
715,598
 
 
9,580
 
Total Tennessee
       
6,331,242
 
     
Texas – 17.2% (11.8% of Total Investments)
           
 
5,480
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36
2/17 at 100.00
 
AAA
 
5,614,972
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB
 
1,163,420
 
 
4,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
4,350,040
 
 
2,600
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
 
A+
 
2,831,010
 
 
6,000
 
Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax)
12/14 at 100.00
 
N/R
 
6,006,360
 
 
2,335
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
10/23 at 100.00
 
BBB+
 
2,504,054
 
 
1,500
 
Harris County Cultural Education Facilities Finance Corporation, Texas Medical Facilities Revenue Refunding Bonds, Baylor College of Medicine, Series 2012A, 5.000%, 11/15/37
No Opt. Call
 
A–
 
1,630,695
 
 
28,305
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/28 – AMBAC Insured
No Opt. Call
 
A2
 
15,992,606
 
 
7,500
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
No Opt. Call
 
AA (4)
 
10,775,775
 
 
3,855
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
A
 
4,255,689
 
 
1,100
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – AGC Insured
1/18 at 100.00
 
AA
 
1,233,309
 
 
2,500
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
2,777,650
 
 
1,960
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
1,718,842
 
 
Nuveen Investments
 
69

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
1,100
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
1/19 at 100.00
 
A2
$
1,280,455
 
 
1,570
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34
2/24 at 100.00
 
Baa2
 
1,667,827
 
 
250
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 17.711%, 2/15/30 (IF) (5)
2/17 at 100.00
 
AA
 
311,100
 
 
2,945
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
 
Aa3
 
3,332,591
 
 
5,200
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
5,517,720
 
 
1,980
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
 
A–
 
2,443,261
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,500
 
5.000%, 12/15/27
No Opt. Call
 
A3
 
2,779,850
 
 
4,810
 
5.000%, 12/15/28
No Opt. Call
 
A3
 
5,330,442
 
 
1,620
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
 
Baa2
 
1,922,308
 
     
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
 
2,435,480
 
 
500
 
7.000%, 6/30/40
6/20 at 100.00
 
Baa3
 
604,500
 
 
2,000
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
2,487,340
 
 
1,000
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
 
BBB (4)
 
1,121,810
 
 
3,395
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.821%, 4/01/28 (IF)
4/17 at 100.00
 
AAA
 
5,350,860
 
 
1,320
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/21 – AMBAC Insured
No Opt. Call
 
A–
 
1,133,563
 
 
8,500
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)
1/15 at 100.00
 
Aaa
 
9,105,625
 
 
108,825
 
Total Texas
       
107,679,154
 
     
Utah – 0.5% (0.3% of Total Investments)
           
 
300
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax)
1/15 at 100.00
 
AA
 
302,898
 
     
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:
           
 
225
 
5.500%, 1/01/18 (Alternative Minimum Tax)
1/15 at 100.00
 
AA–
 
225,558
 
 
110
 
5.650%, 1/01/21 (Alternative Minimum Tax)
1/15 at 100.00
 
Aaa
 
110,230
 
 
810
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40
7/20 at 100.00
 
BBB–
 
879,879
 
 
1,555
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40
7/20 at 100.00
 
BB–
 
1,561,282
 
 
3,000
 
Total Utah
       
3,079,847
 
     
Virgin Islands – 0.5% (0.4% of Total Investments)
           
 
250
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39
10/19 at 100.00
 
Baa3
 
279,375
 
 
2,480
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
Baa3
 
2,858,746
 
 
2,730
 
Total Virgin Islands
       
3,138,121
 
 
70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 1.4% (1.0% of Total Investments)
           
$
3,045
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/38
No Opt. Call
 
BBB–
$
939,687
 
 
1,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
 
686,870
 
 
1,765
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
 
BBB–
 
1,845,943
 
 
4,640
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
5,285,006
 
 
10,450
 
Total Virginia
       
8,757,506
 
     
Washington – 2.3% (1.6% of Total Investments)
           
     
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A:
           
 
220
 
5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
221,793
 
 
5,780
 
5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA (4)
 
5,827,049
 
 
2,185
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
AA
 
2,412,240
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
2,296,460
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
12/17 at 100.00
 
N/R
 
2,074,700
 
 
1,595
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured
8/17 at 100.00
 
BBB
 
1,732,617
 
 
13,780
 
Total Washington
       
14,564,859
 
     
West Virginia – 1.3% (0.9% of Total Investments)
           
 
1,950
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
9/19 at 100.00
 
A3
 
2,143,616
 
 
5,160
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
5,911,038
 
 
7,110
 
Total West Virginia
       
8,054,654
 
     
Wisconsin – 4.6% (3.1% of Total Investments)
           
 
815
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
 
891,080
 
 
4,200
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36
7/23 at 100.00
 
A–
 
4,611,264
 
 
1,400
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
 
A–
 
1,496,348
 
 
2,105
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
6/22 at 100.00
 
A2
 
2,365,810
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A:
           
 
1,415
 
5.000%, 7/01/27
7/24 at 100.00
 
BBB+
 
1,605,119
 
 
1,310
 
5.000%, 7/01/29
7/24 at 100.00
 
BBB+
 
1,474,497
 
 
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44
7/24 at 100.00
 
BBB+
 
3,281,190
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
           
 
5,000
 
5.250%, 8/15/21
8/16 at 100.00
 
A–
 
5,323,200
 
 
1,000
 
5.250%, 8/15/34
8/16 at 100.00
 
A–
 
1,030,210
 
 
1,120
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.250%, 10/01/39
10/22 at 102.00
 
N/R
 
1,128,131
 
 
Nuveen Investments
 
71

 
 

 

NPT
   
 
Nuveen Premium Income Municipal Fund 4, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
                   
 
Amount (000)
 
Description (1)
   
Maturity
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
               
$
5,000
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 (Pre-refunded 5/01/16) – FGIC Insured (UB) (5)
5/16 at 100.00
 
AA (4)
$
5,333,950
 
 
26,365
 
Total Wisconsin
           
28,540,799
 
$
885,843
 
Total Municipal Bonds (cost $829,188,094)
           
910,859,743
 
                       
 
Shares
 
Description (1)
           
Value
 
     
COMMON STOCKS – 0.6% (0.4% of Total Investments)
               
     
Airlines – 0.6% (0.4% of Total Investments)
               
 
87,308
 
American Airlines Group Inc., (6)
         
$
3,610,186
 
     
Total Common Stocks (cost $2,640,137)
           
3,610,186
 
                       
 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
               
     
Transportation – 0.0% (0.0% of Total Investments)
               
$
50
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
 
7/15/19
 
N/R
$
9,031
 
 
14
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
 
7/15/55
 
N/R
 
1,810
 
$
64
 
Total Corporate Bonds (cost $5,081)
           
10,841
 
     
Total Long-Term Investments (cost $831,833,312)
           
914,480,770
 
                       
 
Principal
       
Optional Call
         
 
Amount (000)
 
Description (1)
   
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.4% (0.2% of Total Investments)
               
     
MUNICIPAL BONDS – 0.4% (0.2% of Total Investments)
               
$
1,800
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
$
1,829,880
 
 
175
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
177,905
 
 
265
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (7)
No Opt. Call
 
N/R
 
269,399
 
$
2,240
 
Total California
           
2,277,184
 
     
Total Short-Term Investments (cost $2,240,000)
           
2,277,184
 
     
Total Investments (cost $834,073,312) – 146.7%
           
916,757,954
 
     
Floating Rate Obligations – (7.9)%
           
(49,099,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.9)% (9)
       
(262,200,000
)
     
Other Assets Less Liabilities – 3.1%
           
19,665,816
 
     
Net Assets Applicable to Common Shares – 100%
         
$
625,124,770
 
 
72
 
Nuveen Investments

 
 

 
 
(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 Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.6%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
73

 
 

 

   
Statement of Assets and Liabilities
October 31, 2014

     
Premium
Income
(NPI
)  
Premium
Income 2
(NPM
)  
Premium
Income 4
(NPT
)
Assets
                   
Long-term investments, at value (cost $1,325,116,841, $1,513,799,958 and $831,833,312, respectively)
 
$
1,431,175,446
 
$
1,642,448,574
 
$
914,480,770
 
Short-term investments, at value (cost $8,340,000, $1,515,000and $2,240,000)
   
8,445,244
   
1,540,149
   
2,277,184
 
Cash
   
13,666,016
   
5,438,239
   
 
Receivable for:
                   
Dividends
   
18,718
   
   
8,731
 
Interest
   
19,287,694
   
22,394,362
   
13,740,878
 
Investments sold
   
47,126,884
   
20,607,664
   
24,201,597
 
Deferred offering costs
   
54,508
   
2,134,845
   
1,904,571
 
Other assets
   
173,104
   
587,453
   
325,059
 
Total assets
   
1,519,947,614
   
1,695,151,286
   
956,938,790
 
Liabilities
                   
Cash overdraft
   
   
   
2,435,214
 
Floating rate obligations
   
64,269,000
   
61,954,000
   
49,099,000
 
Unrealized depreciation on interest rate swaps
   
   
8,091,438
   
 
Payable for:
                   
Common share dividends
   
3,925,133
   
4,761,721
   
2,739,181
 
Interest
   
410,792
   
   
 
Investments purchased
   
52,947,615
   
23,037,863
   
14,565,454
 
Offering costs
   
67,052
   
   
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
407,000,000
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
489,500,000
   
262,200,000
 
Accrued expenses:
                   
Management fees
   
754,408
   
835,313
   
471,909
 
Directors fees
   
177,233
   
210,727
   
110,890
 
Other
   
267,628
   
305,089
   
192,372
 
Total liabilities
   
529,818,861
   
588,696,151
   
331,814,020
 
Net assets applicable to common shares
 
$
990,128,753
 
$
1,106,455,135
 
$
625,124,770
 
Common shares outstanding
   
64,060,043
   
70,692,851
   
43,338,451
 
Net asset value (“NAV”) per common share outstanding
 
$
15.46
 
$
15.65
 
$
14.42
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
640,600
 
$
706,929
 
$
433,385
 
Paid-in surplus
   
901,099,004
   
998,590,817
   
544,416,048
 
Undistributed (Over-distribution of) net investment income
   
5,713,452
   
8,517,721
   
5,711,811
 
Accumulated net realized gain (loss)
   
(23,488,152
)
 
(21,942,659
)
 
(8,121,116
)
Net unrealized appreciation (depreciation)
   
106,163,849
   
120,582,327
   
82,684,642
 
Net assets applicable to common shares
 
$
990,128,753
 
$
1,106,455,135
 
$
625,124,770
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.
 
74
 
Nuveen Investments
 
 
 

 

   
Statement of Operations
Year Ended October 31, 2014

     
Premium
Income
(NPI
)  
Premium
Income 2
(NPM
)  
Premium
Income 4
(NPT
)
Investment Income
 
$
67,432,544
 
$
76,946,849
 
$
43,819,947
 
Expenses
                   
Management fees
   
8,624,529
   
9,570,199
   
5,374,302
 
Shareholder servicing agent fees and expenses
   
112,141
   
50,760
   
46,130
 
Interest expense and amortization of offering costs
   
5,338,443
   
1,206,299
   
666,977
 
Liquidity fees
   
   
4,549,322
   
2,771,021
 
Remarketing fees
   
   
496,298
   
265,840
 
Custodian fees and expenses
   
197,928
   
233,124
   
135,802
 
Directors fees and expenses
   
41,243
   
47,471
   
26,267
 
Professional fees
   
68,368
   
94,662
   
93,093
 
Shareholder reporting expenses
   
128,056
   
112,323
   
84,797
 
Stock exchange listing fees
   
21,006
   
23,103
   
14,233
 
Investor relations expenses
   
154,124
   
172,175
   
98,530
 
Other expenses
   
82,717
   
129,886
   
78,605
 
Total expenses
   
14,768,555
   
16,685,622
   
9,655,597
 
Net investment income (loss)
   
52,663,989
   
60,261,227
   
34,164,350
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
12,153,110
   
4,756,398
   
1,436,318
 
Change in net unrealized appreciation (depreciation) of:
                   
Investments
   
87,624,749
   
97,198,172
   
62,876,981
 
Swaps
   
   
(8,091,438
)
 
 
Net realized and unrealized gain (loss)
   
99,777,859
   
93,863,132
   
64,313,299
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
152,441,848
 
$
154,124,359
 
$
98,477,649
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
75

 
 

 

 
Statement of Changes in Net Assets

     
Premium Income (NPI)
   
Premium Income 2 (NPM)
   
Premium Income 4 (NPT)
 
     
Year
Ended
10/31/14
   
Year
Ended
10/31/13
   
Year
Ended
10/31/14
   
Year
Ended
10/31/13
   
Year
Ended
10/31/14
   
Year
Ended
10/31/13
 
Operations
                                     
Net investment income (loss)
 
$
52,663,989
 
$
52,674,396
 
$
60,261,227
 
$
59,228,334
 
$
34,164,350
 
$
35,189,008
 
Net realized gain (loss) from investments
   
12,153,110
   
4,052,392
   
4,756,398
   
1,217,595
   
1,436,318
   
(184,264
)
Change in net unrealized appreciation (depreciation) of:                                       
Investments
   
87,624,749
   
(96,494,167
)
 
97,198,172
   
(116,270,582
)
 
62,876,981
   
(66,215,960
)
Swaps
   
   
   
(8,091,438
)
 
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
152,441,848
   
(39,767,379
)
 
154,124,359
   
(55,824,653
)
 
98,477,649
   
(31,211,216
)
Distributions to Common Shareholders
                                     
From net investment income
   
(55,277,415
)
 
(55,634,480
)
 
(61,156,385
)
 
(61,318,980
)
 
(35,372,843
)
 
(35,490,332
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(55,277,415
)
 
(55,634,480
)
 
(61,156,385
)
 
(61,318,980
)
 
(35,372,843
)
 
(35,490,332
)
Capital Share Transactions
                                     
Net proceeds from common shares issued to shareholders due to reinvestment of distributions
   
   
702,545
   
   
   
   
354,182
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
702,545
   
   
   
   
354,182
 
Net increase (decrease) in net assets applicable to common shares
   
97,164,433
   
(94,699,314
)
 
92,967,974
   
(117,143,633
)
 
63,104,806
   
(66,347,366
)
Net assets applicable to common shares at the beginning of period
   
892,964,320
   
987,663,634
   
1,013,487,161
   
1,130,630,794
   
562,019,964
   
628,367,330
 
Net assets applicable to common shares at the end of period
 
$
990,128,753
 
$
892,964,320
 
$
1,106,455,135
 
$
1,013,487,161
 
$
625,124,770
 
$
562,019,964
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
5,713,452
 
$
8,514,031
 
$
8,517,721
 
$
9,394,002
 
$
5,711,811
 
$
6,890,747
 
 
See accompanying notes to financial statements.
 
76
 
Nuveen Investments

 
 

 

   
Statement of Cash Flows
Year Ended October 31, 2014

     
Premium
Income
(NPI
)  
Premium
Income 2
(NPM
)  
Premium
Income 4
(NPT
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
152,441,848
 
$
154,124,359
 
$
98,477,649
 
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
   
(241,067,220
)
 
(239,958,633
)
 
(119,477,436
)
Proceeds from sales of and maturities of investments
   
265,150,161
   
249,032,126
   
128,775,149
 
Proceeds from (Purchases of) short-term investments, net
   
(8,340,000
)
 
11,845,000
   
(2,240,000
)
Amortization (Accretion) of premiums and discount, net
   
(3,968,194
)
 
(4,226,291
)
 
(1,922,681
)
Amortization of deferred offering costs
   
50,246
   
80,149
   
74,934
 
(Increase) Decrease in:
                   
Receivable for dividends
   
(18,718
)
 
   
(8,731
)
Receivable for interest
   
945,347
   
649,631
   
(39,393
)
Receivable for investments sold
   
(25,049,265
)
 
(6,429,708
)
 
(8,173,334
)
Other assets
   
4,968
   
4,227
   
44,365
 
Increase (Decrease) in:
                   
Payable for interest
   
(14,161
)
 
   
 
Payable for investments purchased
   
47,006,537
   
18,760,451
   
9,737,676
 
Accrued management fees
   
43,163
   
44,916
   
30,220
 
Accrued Directors fees
   
(5,373
)
 
(8,618
)
 
(2,449
)
Accrued other expenses
   
(30,930
)
 
84,237
   
68,438
 
Net realized (gain) loss from investments
   
(12,153,110
)
 
(4,756,398
)
 
(1,436,318
)
Change in net unrealized (appreciation) depreciation of:
                   
Investments
   
(87,624,749
)
 
(97,198,172
)
 
(62,876,981
)
Swaps
   
   
8,091,438
   
 
Taxes paid on undistributed capital gains
   
(5,190
)
 
(172
)
 
(88
)
Net cash provided by (used in) operating activities
   
87,365,360
   
90,138,542
   
41,031,020
 
Cash Flows from Financing Activities:
                   
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
2,435,214
 
Floating rate obligations
   
(26,005,000
)
 
(26,735,000
)
 
(9,754,000
)
Payable for offering costs
   
(60
)
 
   
 
Cash distributions paid to common shareholders
   
(55,436,221
)
 
(61,134,432
)
 
(35,362,998
)
Net cash provided by (used in) financing activities
   
(81,441,281
)
 
(87,869,432
)
 
(42,681,784
)
Net Increase (Decrease) in Cash
   
5,924,079
   
2,269,110
   
(1,650,764
)
Cash at the beginning of period
   
7,741,937
   
3,169,129
   
1,650,764
 
Cash at the end of period
 
$
13,666,016
 
$
5,438,239
 
$
 
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
Supplemental Disclosure of Cash Flow Information
   
(NPI
)
 
(NPM
)
 
(NPT
)
Cash paid for interest (excluding amortization of offering costs)
 
$
5,302,358
 
$
1,125,800
 
$
591,853
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
77

 
 

 

 
Financial Highlights
 
Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accumu-
lated Net
Realized
Gains to
Auction Rate
Preferred
Share-holders
(a)  
Total
   
From
Net
Investment
Income to
Common
Share-
holders
   
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
Premium Income (NPI)
                                                                   
Year Ended 10/31:
                                                                         
2014
 
$
13.94
 
$
0.82
 
$
1.56
 
$
 
$
 
$
2.38
 
$
(0.86
)
$
 
$
(0.86
)
$
 
$
15.46
 
$
13.68
 
2013
   
15.43
   
0.82
   
(1.44
)
 
   
   
(0.62
)
 
(0.87
)
 
   
(0.87
)
 
   
13.94
   
12.55
 
2012
   
14.09
   
0.84
   
1.42
   
   
   
2.26
   
(0.92
)
 
   
(0.92
)
 
   
15.43
   
15.56
 
2011
   
14.47
   
0.90
   
(0.35
)
 
(.01
)
 
   
0.54
   
(0.92
)
 
   
(0.92
)
 
   
14.09
   
13.56
 
2010
   
13.72
   
0.99
   
0.67
   
(.03
)
 
   
1.63
   
(0.88
)
 
   
(0.88
)
 
   
14.47
   
14.34
 
                                                                           
Premium Income 2 (NPM)
                                                                   
Year Ended 10/31:
                                                                         
2014
   
14.34
   
0.85
   
1.33
   
   
   
2.18
   
(0.87
)
 
   
(0.87
)
 
   
15.65
   
14.00
 
2013
   
15.99
   
0.84
   
(1.62
)
 
   
   
(0.78
)
 
(0.87
)
 
   
(0.87
)
 
   
14.34
   
12.88
 
2012
   
14.71
   
0.88
   
1.34
   
   
   
2.22
   
(0.94
)
 
   
(0.94
)
 
   
15.99
   
15.56
 
2011
   
14.98
   
0.95
   
(0.28
)
 
(.02
)
 
   
0.65
   
(0.92
)
 
   
(0.92
)
 
   
14.71
   
14.27
 
2010
   
14.17
   
1.01
   
0.71
   
(.03
)
 
   
1.69
   
(0.88
)
 
   
(0.88
)
 
 
14.98
   
14.54
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
78
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                 
Based
on
Common
Share NAV
(b)  
Based
on
Market
Value
(b)  
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(d)  
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate
(e)
                                 
                                 
17.61
 
16.32
%
$
990,129
   
1.58
%
 
5.63
%
 
17
%
(4.19
 
(14.16
)
 
892,964
   
1.71
   
5.55
   
18
 
16.41
   
22.06
   
987,664
   
1.71
   
5.65
   
8
 
4.18
   
1.37
   
900,461
   
1.66
   
6.60
   
9
 
12.26
   
19.68
   
924,129
   
1.21
   
7.05
   
6
 
                                 
                                 
15.60
   
15.87
   
1,106,455
   
1.58
   
5.71
   
15
 
(5.06
 
(11.99
)
 
1,013,487
   
1.69
   
5.49
   
16
 
15.48
   
15.97
   
1,130,611
   
1.70
   
5.65
   
15
 
4.74
   
4.95
   
1,039,723
   
1.48
   
6.74
   
8
 
12.25
   
18.89
   
1,058,891
   
1.16
   
6.89
   
7
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Premium Income (NPI)
       
Year Ended 10/31:
       
2014
   
0.57
%
2013
   
0.72
 
2012
   
0.71
 
2011
   
0.58
 
2010
   
0.09
 
         
Premium Income 2 (NPM)
       
Year Ended 10/31:
       
2014
   
0.59
%
2013
   
0.72
 
2012
   
0.69
 
2011
   
0.42
 
2010
   
0.07
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
 
See accompanying notes to financial statements.

Nuveen Investments
 
79

 
 

 
 
Financial Highlights (continued)
 
Selected data for a common share outstanding throughout each period:
 
         
Investment Operations
 
Less Distributions
                   
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accumu-
lated Net
Realized
Gains to
Auction
Rate
Preferred
Share-
holders
(a)  
Total
   
From
Net
Investment
Income to
Common
Share-
holders
   
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
Premium Income 4 (NPT)
                                                             
Year Ended 10/31:
                                                                   
2014
 
$
12.97
 
$
0.79
 
$
1.48
 
$
 
$
 
$
2.27
 
$
(0.82
)
$
 
$
(0.82
)
$
 
$
14.42
 
$
13.30
 
2013
   
14.51
   
0.81
   
(1.53
)
 
   
   
(0.72
)
 
(0.82
)
 
   
(0.82
)
 
   
12.97
   
12.00
 
2012
   
13.07
   
0.83
   
1.46
   
   
   
2.29
   
(0.85
)
 
   
(0.85
)
 
   
14.51
   
14.48
 
2011
   
13.31
   
0.82
   
(0.21
)
 
   
   
0.61
   
(0.85
)
 
   
(0.85
)
 
   
13.07
   
12.76
 
2010
   
12.58
   
0.87
   
0.70
   
(0.01
)
 
   
1.56
   
(0.83
)
 
   
(0.83
)
 
   
13.31
   
13.34
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
80
 
Nuveen Investments

 
 

 
 
           
Ratios/Supplemental Data
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                 
Based
on
Common
Share
NAV
(b)  
Based
on
Market
Value
(b)  
Ending
Net
Assets
Applicable
to Common
Shares (000
)  
Expenses
(d)  
Net
Investment
Income (Loss
)  
Portfolio
Turnover
Rate
(e)
                                 
                                 
18.09
 
18.23
%
$
625,125
   
1.64
%
 
5.80
%
 
13
%
(5.16
 
(11.86
)
 
562,020
   
1.69
   
5.85
   
17
 
17.96
   
20.63
   
628,367
   
1.75
   
5.93
   
9
 
5.13
   
2.63
   
565,529
   
1.99
   
6.71
   
11
 
12.77
 
21.76
   
575,949
   
1.67
   
6.76
   
16
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Premium Income 4 (NPT)
       
Year Ended 10/31:
       
2014
   
0.63
%
2013
   
0.70
 
2012
   
0.75
 
2011
   
0.94
 
2010
   
0.59
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
During the fiscal year ended October 31, 2010, Premium Income 4 (NPT) received payments from the Adviser of $240 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return Based on Common Share NAV.
 
See accompanying notes to financial statements.

Nuveen Investments
 
81

 
 

 
 
Financial Highlights (continued)

     
ARPS at the End of Period
   
VMTP Shares at the End of Period
   
VRDP Shares at the End of Period
 
     
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
Premium Income (NPI)
                                     
Year Ended 10/31:
                                     
2014
 
$
 
$
 
$
407,000
 
$
343,275
 
$
 
$
 
2013
   
   
   
407,000
   
319,402
   
   
 
2012
   
   
   
402,400
   
345,443
   
   
 
2011
   
   
   
402,400
   
323,773
   
   
 
2010
   
400,650
   
82,664
   
   
   
   
 
                                       
Premium Income 2 (NPM)
                                     
Year Ended 10/31:
                                     
2014
   
   
   
   
   
489,500
   
326,038
 
2013
   
   
   
   
   
489,500
   
307,045
 
2012
   
   
   
   
   
489,500
   
330,977
 
2011
   
   
   
   
   
489,500
   
312,405
 
2010
   
487,525
   
79,299
   
   
   
   
 
                                       
Premium Income 4 (NPT)
                                     
Year Ended 10/31:
                                     
2014
   
   
   
   
   
262,200
   
338,415
 
2013
   
   
   
   
   
262,200
   
314,348
 
2012
   
   
   
   
   
262,200
   
339,652
 
2011
   
   
   
   
   
262,200
   
315,686
 
2010
   
   
   
   
   
262,200
   
319,660
 
 
82
 
Nuveen Investments

 
 

 
 
Notes to Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively,
the “Funds”):

 
Nuveen Premium Income Municipal Fund, Inc. (NPI) (“Premium Income (NPI)”)
 
Nuveen Premium Income Municipal Fund 2, Inc. (NPM) (“Premium Income 2 (NPM)”)
 
Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (“Premium Income 4 (NPT)”)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Premium Income (NPI), Premium Income 2 (NPM) and Premium Income 4 (NPT) were incorporated under the state laws of Minnesota on April 15, 1988, November 4, 1991 and January 13, 1993, respectively.

Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Purchase and Sale Agreement
On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s Sub-Adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.

Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” 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 Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
 
Nuveen Investments
 
83

 
 

 

Notes to Financial Statements (continued)
 
As of October 31, 2014, the Funds’ outstanding when issued/delayed delivery purchase commitments were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
52,947,615
 
$
23,037,863
 
$
14,565,454
 
 
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publically available.
 
As of October 31, 2014, VMTP Shares outstanding, at liquidation value, for the Fund was as follows:

Fund
   
Series
   
Shares
Outstanding
   
Shares Outstanding
at $100,000
Per Share
Liquidation Value
 
Premium Income (NPI)
   
2015
   
4,070
 
$
407,000,000
 
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of the Fund (“Optional Redemption Date”), subject to payment of premium for one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund’s VMTP Shares are as follows:
 
   
Term
Optional
Premium
 
Fund
Series
Redemption Date
Redemption Date
Expiration Date
 
Premium Income (NPI)
2015
December 1, 2015
December 1, 2013
November 30, 2013
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for the Fund during the fiscal year ended October 31, 2014, were as follows:
 
         
     
Premium
 
     
Income
 
     
(NPI
)
Average liquidation value of VMTP Shares outstanding
 
$
407,000,000
 
Annualized dividend rate
   
1.20
%
 
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VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Fund in connection with its offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publically available.
 
As of October 31, 2014, the details of each Fund’s VRDP Shares outstanding are as follows:
 
Fund
   
Series
   
Shares
Outstanding
   
Shares
Outstanding at
$100,000 Per
Share
Liquidation Value
   
Maturity
 
Premium Income 2 (NPM)
   
1
   
4,895
 
$
489,500,000
   
May 1, 2041
 
Premium Income 4 (NPT)
   
1
   
2,622
 
$
262,200,000
   
March 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended October 31, 2014, were as follows:
 
     
Premium
   
Premium
 
     
Income 2
   
Income 4
 
     
(NPM
)
 
(NPT
)
Average liquidation value of VRDP Shares outstanding
 
$
489,500,000
 
$
262,200,000
 
Annualized dividend rate
   
0.15
%
 
0.13
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.

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85

 
 

 
 
Notes to Financial Statements (continued)
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
 
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
 
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. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
 
Investment Valuation
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors (the “Board”). 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. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.
 
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
 
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 Board or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (“NAV”) (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 Board or its appointee.
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the
 
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assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
 Level 1 – 
 Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 Level 3 – 
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
Premium Income (NPI)
   
Level 1
   
Level 2
   
Level 3***
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,423,374,277
 
$
 
$
1,423,374,277
 
Common Stocks
   
7,740,017
   
   
   
7,740,017
 
Corporate Bonds
   
   
   
61,152
   
61,152
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
2,000,000
   
6,445,244
   
8,445,244
 
Total
 
$
7,740,017
 
$
1,425,374,277
 
$
6,506,396
 
$
1,439,620,690
 
Premium Income 2 (NPM)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,641,481,721
 
$
962,038
 
$
1,642,443,759
 
Corporate Bonds
   
   
   
4,815
   
4,815
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
   
1,540,149
   
1,540,149
 
Investments in Derivatives:
                         
Interest Rate Swaps**
   
   
(8,091,438
)
 
   
(8,091,438
)
Total
 
$
 
$
1,633,390,283
 
$
2,507,002
 
$
1,635,897,285
 
Premium Income 4 (NPT)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
910,859,743
 
$
 
$
910,859,743
 
Common Stocks
   
3,610,186
   
   
   
3,610,186
 
Corporate Bonds
   
   
   
10,841
   
10,841
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
   
2,277,184
   
2,277,184
 
Total
 
$
3,610,186
 
$
910,859,743
 
$
2,288,025
 
$
916,757,954
 
 
*
Refer to the Fund’s Portfolio of Investments for state and industry classifications.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
***
Refer to the Fund’s Portfolio of Investments for breakdown of these securities classified as Level 3.
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
Nuveen Investments
 
87

 
 

 
 
Notes to Financial Statements (continued)
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
 
3 . Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
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.
 
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.
 
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”).
 
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
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, 2014, were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Average floating rate obligations outstanding
 
$
78,590,808
 
$
74,878,877
 
$
53,178,688
 
Average annual interest rate and fees
   
0.49
%
 
0.54
%
 
0.45
%
 
As of October 31, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Floating rate obligations: self-deposited inverse floaters
 
$
64,269,000
 
$
61,954,000
 
$
49,099,000
 
Floating rate obligations: externally-deposited inverse floaters
   
74,417,000
   
81,321,000
   
22,717,000
 
Total
 
$
138,686,000
 
$
143,275,000
 
$
71,816,000
 
 
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Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of October 31, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Maximum exposure to Recourse Trusts
 
$
26,285,000
 
$
36,955,000
 
$
12,000,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.
 
Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay or receive, in the future, a fixed or variable rate payment in exchange for the counterparty receiving or 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). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that a Fund is to receive. Swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. 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 interest rate swaps (,net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.” Income received or paid by a Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of a swap contract and are equal to the difference between a Fund’s basis in the swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.
 
During the current fiscal period, Premium Income 2 (NPM) as part of its duration management strategies, invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
 
The average notional amount of interest rate swap contracts outstanding during the fiscal year ended October 31, 2014, was as follows:
 
     
Premium
 
     
Income 2
 
     
(NPM
)
Average notional amount of interest rate swap contracts outstanding*
 
$
59,440,000
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
Nuveen Investments
 
89

 
 

 
 
Notes to Financial Statements (continued)
 
The following table presents the fair value of all swap contracts held by Premium Income 2 (NPM) as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

   
Location on the Statement of Assets and Liabilities
 
Underlying Derivative
Asset Derivatives
 
(Liability) Derivatives
 
Risk Exposure
Instrument
Location
   
Value
 
Location
   
Value
 
             
Unrealized depreciation on
       
Interest rate
Swaps
 
$
 
interest rate swaps
 
$
(8,091,438
)
 
The following table presents the swap contracts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts as of October 31, 2014.

                                   
Gross Amounts Not Offset
on the Statement of
Assets and Liabilities
       
Fund
  Counterparty    
Gross
Unrealized
Appreciation
on Interest
Rate Swaps
**  
Gross
Unrealized
(Depreciation)
on Interest
Rate Swaps
**  
Amounts
Netted on
Statement of
Assets and
Liabilities
   
Net Unrealized
Appreciation
(Depreciation)
on Interest
Rate Swaps
   
Financial
Instruments
***  
Collateral
Pledged
to (from)
Counterparty
   
Net
Exposure
 
Premium Income 2 (NPM)
  Barclays Bank PLC  
$
 
$
(8,091,438
)
$
 
$
(8,091,438
)
$
8,091,438
 
$
 
$
 
 
**
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.
***
Represents inverse floating rate securities.
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
 
                 
Net Realized
   
Change in Net Unrealized
 
     
Underlying
   
Derivative
   
Gain (Loss) from
 
 
Appreciation (Depreciation) of
 
Fund
   
Risk Exposure
   
Instrument
   
Swaps
   
Swaps
 
Premium Income 2 (NPM)
   
Interest rate
   
Swaps
 
$
 
$
(8,091,438
)
 
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.
 
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.
 
4. Fund Shares
 
Common Shares
Transactions in common shares for the fiscal years ended October 31, 2014 and October 31, 2013 are as follows:

 
Premium
Income (NPI)
 
Premium
Income 2 (NPM)
 
Premium
Income 4 (NPT)
 
 
Year Ended
10/31/14
Year Ended
10/31/13
 
Year Ended
10/31/14
Year Ended
10/31/13
 
Year Ended
10/31/14
Year Ended
10/31/13
 
Common shares issued to shareholders due to reinvestment of distributions
45,020
 
 
24,314
 
 
Preferred Shares
Transactions in preferred shares for the Funds during the fiscal years ended October 31, 2014 and October 31, 2013, where applicable, are noted in the following table.
 
90
 
Nuveen Investments

 
 

 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
October 31, 2013
 
Premium Income (NPI)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2015
   
4,070
 
$
407,000,000
 
VMTP Shares exchanged
   
2014
   
(4,024
)
 
(402,400,000
)
Net increase (decrease)
   
 
 
 
46
 
$
4,600,000
 
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the fiscal year ended October 31, 2014, were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Purchases
 
$
241,067,220
 
$
239,958,633
 
$
119,477,436
 
Sales and maturities
   
265,150,161
   
249,032,126
   
128,775,149
 
 
6 . Income Tax Information
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 taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
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 NAVs of the Funds.
 
As of October 31, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), 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
 
$
1,269,568,164
 
$
1,452,136,388
 
$
785,352,406
 
Gross unrealized:
                   
Appreciation
 
$
122,043,577
 
$
146,118,960
 
$
86,125,026
 
Depreciation
   
(16,268,503
)
 
(16,212,570
)
 
(3,821,435
)
Net unrealized appreciation (depreciation) of investments
 
$
105,775,074
 
$
129,906,390
 
$
82,303,591
 
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs and taxable market discount resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2014, the Funds’ tax year end, as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Paid-in-surplus
 
$
(1,143,929
)
$
(805,023
)
$
(75,077
)
Undistributed (Over-distribution of) net investment income
   
(187,153
)
 
18,877
   
29,557
 
Accumulated net realized gain (loss)
   
1,331,082
   
786,146
   
45,520
 
 
Nuveen Investments
 
91

 
 

 
 
Notes to Financial Statements (continued)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2014, the Funds’ tax year end, were as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Undistributed net tax-exempt income1
 
$
7,834,180
 
$
11,500,605
 
$
7,712,368
 
Undistributed net ordinary income2
   
653,290
   
94,677
   
162,835
 
Undistributed net long-term capital gains
   
   
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2014, paid on November 3, 2014.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2014 and October 31, 2013, was designated for purposes of the dividends paid deduction as follows:
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
2014
   
(NPI
)
 
(NPM
)
 
(NPT
)
Distributions from net tax-exempt income3
 
$
60,036,674
 
$
61,798,236
 
$
35,713,024
 
Distributions from net ordinary income2
   
380,731
   
78,585
   
10,592
 
Distributions from net long-term capital gains
   
   
   
 
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
2013
   
(NPI
)
 
(NPM
)
 
(NPT
)
Distributions from net tax-exempt income
 
$
61,108,693
 
$
62,461,851
 
$
36,093,594
 
Distributions from net ordinary income2
   
   
63,624
   
 
Distributions from net long-term capital gains
   
   
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2014, as Exempt Interest Dividends.
 
As of October 31, 2014, 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 shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Expiration:
                   
October 31, 2015
 
$
 
$
64,177
 
$
 
October 31, 2016
   
7,270,556
   
18,051,540
   
5,808,277
 
October 31, 2017
   
11,817,772
   
488,931
   
 
Not subject to expiration
   
   
   
 
Total
 
$
19,088,328
 
$
18,604,648
 
$
5,808,277
 
 
During the Funds’ tax year ended October 31, 2014, the Funds utilized capital loss carryforwards as follows:
 
                     
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income 2
   
Income 4
 
     
(NPI
)
 
(NPM
)
 
(NPT
)
Utilized capital loss carryforwards
 
$
12,438,048
 
$
4,844,687
 
$
2,111,182
 
 
92
 
Nuveen Investments

 
 

 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
0.4500
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For the next $3 billion
0.3875
 
For managed assets over $5 billion
0.3750
 
 
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
0.2000
$56 billion
0.1996
 
$57 billion
0.1989
 
$60 billion
0.1961
 
$63 billion
0.1931
 
$66 billion
0.1900
 
$71 billion
0.1851
 
$76 billion
0.1806
 
$80 billion
0.1773
 
$91 billion
0.1691
 
$125 billion
0.1599
 
$200 billion
0.1505
 
$250 billion
0.1469
 
$300 billion
0.1445
 
 
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2014, the complex-level fee rate for each of these Funds was 0.1643%.
 
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 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.
 
Nuveen Investments
 
93

 
 

 

Additional Fund Information
 
Board of Directors
                   
William Adams IV*
 
Robert P. Bremner**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
William J. Schneider
 
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer
 
Terence J. Toth
 
*   Interested Board Member.
** Retired from the Funds’ Board of Directors effective December 31, 2014. 

Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm***
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60601
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
 
***
During the fiscal period ended October 31, 2014, the Board of Directors of the Funds, upon recommendation of the Audit Committee, engaged KPMG LLP (“KPMG”) as the independent registered public accounting firm to the Funds replacing Ernst & Young LLP (“Ernst & Young”), which resigned as the independent registered public accounting firm effective August 11, 2014, as a result of the pending acquisition of Nuveen Investments, Inc. by TIAA-CREF.
   
 
Ernst & Young’s report on the Funds for the two most recent fiscal periods ended October 31, 2013 and October 31, 2012, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the fiscal periods ended October 31, 2013 and October 31, 2012 for the Funds and for the period November 1, 2013 through August 11, 2014, there were no disagreements with Ernst & Young on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.
 

 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

 
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
 
NPI
NPM
NPT
 
Common shares repurchased
 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
 
94
 
Nuveen Investments

 
 

 
 
Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
.
Nuveen Investments
 
95

 
 

 
 
Glossary of Terms Used in this Report (continued)

Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
96
 
Nuveen Investments

 
 

 
 
Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set 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 imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
 
97

 
 

 
 
Board Members & Officers
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees 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
 
Year of Birth
 
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:
           
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chairman and
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
 
 
 
200
                   
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
 
 
200
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; 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.
 
 
 
200
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
200
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, 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; member of the Board of Directors (Milwaukee), College Possible.
 
 
 
200
 
98
 
Nuveen Investments

 
 

 

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
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 (continued):
           
                   
JOHN K. NELSON
1962
333 West Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
 
200
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Board Member, Land Trust Alliance (since June 2013) and U.S. Endowment for Forestry and Communities (since November 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
200
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 
 
 
200
                   
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
200
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
200
 
Nuveen Investments
 
99

 
 

 
 
Board Members & Officers (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
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
Interested Board Members:
           
                 
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago.
 
 
 
200
                   
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class III
 
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
 
 
 
200
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
Officers of the Funds:
           
                 
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
201
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
 
94
                   
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
201

100
 
Nuveen Investments

 
 

 
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund
                 
Overseen
                 
by Officer
Officers of the Funds (continued):
           
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
 
 
 
201
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014), and Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Senior Vice President (2010-2011), Formerly Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Certified Public Accountant.
 
 
201
                   
SCOTT S. GRACE
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
201
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Compliance
Officer and
Vice President
 
 
2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 
 
201
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
 
 
2002
 
Senior Vice President of Nuveen Investment Holdings, Inc.
 
 
201
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
201

Nuveen Investments
 
101

 
 

 
 
Board Members & Officers (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
Officers of the Funds (continued):
           
                 
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 
 
Vice President and
Assistant Secretary
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
201
                   
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
2013
 
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
201
 
(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)
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
102
 
Nuveen Investments

 
 

 
 
Notes

Nuveen Investments
 
103

 
 

 
 
 
Nuveen Investments:
  Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
EAN-E-1014D 4920-INV-Y12/15

 
 

 
 
 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
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 billed to the Fund during the Fund’s last two fiscal years by KPMG LLP, the Fund’s current auditor (engaged on August 7, 2014), and Ernst & Young LLP, the Fund’s former auditor. The audit fees billed to the Fund for the fiscal year 2014 are the only fees that have been billed to the Fund by KPMG LLP. All other fees listed in the tables below were billed to the Fund by Ernst & Young LLP. For engagements with KPMG LLP and Ernst & Young LLP, the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP and 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, 2014
  $ 22,500     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2013
  $ 22,250     $ 1,500     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 

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 KPMG LLP and Ernst & Young LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (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 KPMG LLP and 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.

 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2013
 $                               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 KPMG LLP and 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 KPMG LLP and 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 KPMG LLP and Ernst & Young LLP about any non-audit services that KPMG LLP and 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 KPMG LLP and Ernst & Young LLP’s independence.

   
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
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2014
 $                               0
 $                                     0
 $                                   0
 $                           0
October 31, 2013
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are John K. Nelson, Terence J. Toth, Jack B. Evans, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC 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
17
$18.21 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
4
$370 million
*
Assets are as of October 31, 2014.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
 
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
 
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
 
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
 
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
 
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
 
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
 
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of October 31, 2014, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset Management’s municipal investment team
Paul Brennan
Nuveen Premium Income Municipal Fund, Inc.
$50,001-$100,000
Over $1,000,000

PORTFOLIO MANAGER BIO:

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on 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 8, 2015

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 8, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 8, 2015