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)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: October 31
------------------
Date of reporting period: April 30, 2005
------------------
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.
--------------------------------
Semiannual Report April 30, 2005
--------------------------------
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN PREMIUM
INCOME MUNICIPAL
FUND, INC.
NPI [GRAPHIC OMITTED]
NUVEEN PREMIUM
INCOME MUNICIPAL
FUND 2, INC.
NPM
NUVEEN PREMIUM
INCOME MUNICIPAL
FUND 4, INC.
NPT
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
[LOGO]
NUVEEN
Investments
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(Be sure to have the address sheet that accompanied this report handy. You'll
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[LOGO]
NUVEEN
Investments
[PHOTO OMITTED]
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
Letter to Shareholders
Once again, I am pleased to report that over the six-month period covered
by this semiannual report your Fund continued to provide you with monthly
tax-free income and an attractive total return. For more details about the
management strategy and performance of your Fund, please see the Portfolio
Managers' Comments and Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial
advisers and investors suggest that many of you may be wondering whether
longer-term interest rates will soon begin to rise substantially,
mirroring the rise that has taken place over the past year in shorter-term
rates. If longer-term rates do begin to rise significantly, some of you
also may be wondering if that makes this a good time to adjust your
holdings of fixed-income investments. We can't answer these questions for
you - no one knows what the future will bring.
"In fact, a well-diversified portfolio may actually help to reduce your overall
investment risk."
From our experience, we do know that a well-balanced portfolio, structured
and carefully monitored with the help of a trusted investment
professional, can be an important component in helping you achieve your
long-term financial goals. In fact, a well-diversified portfolio may
actually help to reduce your overall investment risk. That is one reason
why we believe that a municipal bond investment like your Nuveen Fund can
be an important building block in a comprehensive investment program
designed to perform well in a variety of market conditions.
As in past reports, I urge you to consider receiving future Fund reports
and other Fund information by e-mail and the Internet. Not only will you
be able to receive the information faster, but this also may help lower
your Fund's expenses. Sign up is quick and easy - see the inside front
cover of this report for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent
of your Fund's investment adviser) completed a public offering of a
substantial portion of its equity stake in Nuveen. At the same time, St.
Paul Travelers also entered into agreements to sell the balance of its
shares in Nuveen to us or to others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to
be an "assignment" of your Fund's investment management agreement. This
means that you and your fellow Fund shareholders soon will be asked to
formally approve the continuation of your Fund's management contract with
Nuveen. We will be sending you more information about this process in the
coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can
help you to secure your financial objectives. We are grateful that you
have chosen us as a partner as you pursue your financial goals, and we
look forward to continuing to earn your trust in the months and years
ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 15, 2005
Nuveen Investments Municipal Closed-End Exchange-Traded Funds
NPI, NPM, NPT
Portfolio Managers'
Comments
Portfolio managers Dan Solender and Tom Spalding review key investment
strategies and the semiannual performance of these three Funds. With thirteen
years of investment experience, including nine at Nuveen, Dan assumed portfolio
management responsibility for NPI and NPM in 2003. A 30-year veteran of Nuveen,
Tom has managed NPT since 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
APRIL 30, 2005?
Between November 2004 and April 2005, the Federal Reserve introduced four
quarter-point increases in the fed funds rate, raising this short-term rate
benchmark from 1.75% to 2.75%. (On May 3, 2005, following the end of this
reporting period, the Fed announced another 0.25% hike, bringing the fed funds
rate to 3.00%.) Given these short-term rate increases, many market participants
expected to see steadily higher interest rates across most of the municipal
market yield curve as we moved through the reporting period. This did not occur,
as longer-term yields (as measured by the widely-followed Bond Buyer 25 Revenue
Municipal Bond Index) declined by 14 basis points during the six-month period.
As a result, the municipal yield curve flattened.
In this environment, our focus for each of these Funds remained on a strategy we
have employed for the past few years - finding and holding bonds that, in our
judgment, would add immediate value to the Funds' portfolios and that could also
perform well under a variety of future market scenarios.
In general, our purchase activity during this period concentrated on bonds in
the long-intermediate part of the yield curve, that is, bonds that mature in
about 20 years. In our opinion, this part of the municipal market yield curve
often offered more attractive opportunities and better values than bonds with
longer or shorter maturities. In addition, buying bonds in this segment of the
curve helped improve the overall effective maturity positioning of NPI and NPM
by replacing or counterbalancing these Funds' relatively large holdings of bonds
with effective maturities of less than 10 years. Since many of these shorter
effective maturity bonds were priced to early call dates, this purchase strategy
also helped us to diversify the call exposure of the Funds.
We also sought to keep the Funds fully invested. This was helped by the strong
supply of municipal bonds during this reporting period. For the six months ended
April 2005, municipal issuance nationwide totaled approximately $187.7 billion,
up 8.6% from the six months ended April 2004. One of the major drivers of the
increased supply during this current period was a significant growth in the
number of refundings, as issuers sought to take advantage of relatively low
current interest rates.
Overall, the percentage of insured and higher credit quality securities that
came to market during this period was greater than typically seen. As a result,
many of our new purchases over this six-month period were bonds that were rated
AAA or AA. Although the market provided fewer opportunities in the lower-rated
investment-grade categories, we did seek to maintain or augment the Fund's
holdings at this end of the quality
2
spectrum when attractive occasions arose. This generally benefited all the
Funds, as lower-rated bonds often were among the best performers during this
reporting period. Many of these portfolio additions were made with the proceeds
from sales of pre-refunded bonds, which tended to underperform in the interest
rate environment of the past six months.
In looking for new additions to the portfolios of NPI and NPM, we sought bonds
with premium prices - that is, bonds trading above their par value because they
have coupons greater than current coupon levels. Historically, these bonds have
tended to hold their value better than current coupon bonds when interest rates
rise. When possible, we purchased bonds issued within states like New York,
California, Michigan and Florida where investors typically show strong,
consistent demand for municipal bonds. We believe this historically strong
demand, regardless of the economic or interest rate environment, may provide
more price support over time for the bonds in the Funds' portfolios, and also
provide for enhanced liquidity if opportunities arise to sell the securities at
attractive prices.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for a comparative index and
average, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 4/30/05
6-Month 1-Year 5-Year 10-Year
--------------------------------------------------------------------------------
NPI 3.37% 10.63% 8.74% 6.73%
--------------------------------------------------------------------------------
NPM 3.19% 11.31% 8.33% 7.59%
--------------------------------------------------------------------------------
NPT 4.14% 12.20% 6.87% 6.61%
--------------------------------------------------------------------------------
Lehman Brothers
Municipal Bond Index(1) 1.93% 6.82% 7.04% 6.48%
--------------------------------------------------------------------------------
Lipper General
Leveraged Municipal
Debt Funds Average(2) 3.83% 10.67% 8.98% 7.17%
--------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended April 30, 2005, the cumulative returns on net asset
value (NAV) for all three of the Funds covered in this report outperformed the
return on the Lehman Brothers Municipal Bond Index. NPT also outperformed the
average return for the Lipper peer group, while NPI and NPM trailed this
measure.
One of the primary factors benefiting the six-month performance of these Funds
relative to that of the unmanaged, unleveraged Lehman Brothers index was the
Funds' use of financial leverage. While leveraging can add volatility to the
Funds' NAVs and share prices, especially during periods of rising interest
rates, this strategy can also provide
(1) The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds. Results for the Lehman index do not reflect any expenses.
(2) The Lipper General Leveraged Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in
this category for each period as follows: 6 months, 67 funds; 1 year, 67
funds; 5 years, 51 funds; and 10 years, 46 funds. Fund and Lipper returns
assume reinvestment of dividends.
3
opportunities for additional income and total returns for common shareholders
when short-term interest rates remain relatively low and long-term rates fall or
remain fairly constant, as they did during this reporting period.
As noted earlier, the municipal market yield curve flattened over the course of
the reporting period. As a result, the prices of bonds with longer maturities
generally tended to perform better than those of securities with shorter
maturities. This benefited the performance of NPT, which had more exposure to
the longer end of the yield curve than NPI or NPM. The relative exposures to
longer and shorter effective maturity bonds among these Funds accounted for much
of the performance differential between them over these six-months.
The flattening of the yield curve during this period also reflected an
environment in which many issuers found refundings more economically feasible.
This led to an increase in escrowed and pre-refunded holdings, especially in NPI
and NPM. The performance of the Funds was boosted by the price appreciation and
enhanced credit quality accompanying these advance refundings. At the same time,
however, the Funds' holdings of older pre-refunded bonds tended to underperform
the general municipal market during this period due primarily to their shorter
effective maturities.
All of the Funds also benefited from their allocations of lower quality bonds
during this period, with bonds rated BBB generally outperforming other credit
quality sectors as the demand for these bonds increased. Among the lower-rated
holdings making positive contributions to the Funds' cumulative six-month
returns were hospital bonds, as the healthcare sector ranked second in terms of
performance among the Lehman municipal revenue sectors for the period. In
addition, bonds backed by the 1998 master tobacco settlement agreement also
produced solid performance during this period, as the litigation environment
improved and increased demand drove tobacco bond prices higher. As of April 30,
2005, NPT held approximately 5% of its portfolio in tobacco bonds, while NPI and
NPM held just over 2% of their portfolios in these types of bonds.
Zero coupon bonds as a group outperformed the general municipal market during
this six-month period, and the performance of NPM was helped by its holdings in
this category.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
APRIL 30, 2005?
Even though lower quality bonds performed well over this period, we continued to
believe that in the current geopolitical and economic climate it was important
to maintain strong credit quality. As of April 30, 2005, all three of these
Funds continued to offer excellent credit quality, with allocations of bonds
rated AAA/U.S. guaranteed and AA ranging from 75% in NPM to 77% in NPI and 81%
in NPT.
At the end of April 2005, potential call exposure for the period May 2005
through the end of 2006 ranged from 9% in NPI to 11% in NPM and 12% in NPT. The
number of actual bond calls in all of these Funds depends largely on future
market interest rates.
4
Dividend and Share Price
INFORMATION
All three Funds in this report use leverage to enhance opportunities for
additional income for common shareholders. The extent of this benefit is tied in
part to the short-term rates the Funds pay their MuniPreferred(R) shareholders.
During periods of low short-term rates, leveraged Funds generally pay lower
dividends to MuniPreferred shareholders, which can leave more earnings to
support common share dividends. However, when short-term interest rates rise, as
they did during this reporting period, the Funds' borrowing costs also rise.
While leveraging can still provide benefits for common shareholders as
short-term rates rise, the extent of the benefit may be less. In addition, any
reinvested proceeds from bonds called or retired during this period were
reinvested in a low interest rate environment, which also tended to reduce the
income generated by the Funds. The combination of these two factors led to a
dividend reduction in NPI, NPM and NPT over the six-month period ended April 30,
2005.
Due to capital gains generated by normal portfolio activity, common shareholders
of NPM received a long-term capital gain distribution of $0.0971 per share and a
net ordinary income distribution of $0.0029 per share at the end of December
2004.
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's net asset value (NAV). Conversely, if a Fund has cumulatively
paid dividends in excess of its earnings, the excess constitutes negative UNII
that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all
of its net investment income as dividends to shareholders.
As of April 30, 2005, all of the Funds in this report had positive UNII balances
for both financial statement and tax purposes.
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
4/30/05 6-MONTH AVERAGE
DISCOUNT DISCOUNT
--------------------------------------------------------------------------------
NPI -6.50% -7.41%
--------------------------------------------------------------------------------
NPM -8.94% -8.07%
--------------------------------------------------------------------------------
NPT -10.10% -9.11%
--------------------------------------------------------------------------------
5
Nuveen Premium Income Municipal Fund, Inc.
NPI
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total invstments)
-------------------------------------------------
AAA/U.S. Guaranted 66%
-------------------------------------------------
AA 11%
-------------------------------------------------
A 15% [PIE CHART]
-------------------------------------------------
BBB 5%
-------------------------------------------------
BB or Lower 1%
-------------------------------------------------
NR 2%
-------------------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May 0.08
Jun 0.08
Jul 0.08
Aug 0.08
Sep 0.08
Oct 0.08
Nov 0.08
Dec 0.08
Jan 0.08
Feb 0.08
Mar 0.077
Apr 0.077
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.58
13.58
13.58
13.68
13.62
13.69
13.78
13.84
13.84
13.84
13.88
13.87
13.85
14.03
14.01
14
14
13.96
14
13.99
14
14.05
14.05
14.03
14.03
14.02
14.03
14.08
14.2
14.22
14.21
14.28
14.22
14.13
14.22
14.25
14.22
14.34
14.24
14.26
14.22
14.29
14.34
14.31
14.33
14.31
14.37
14.35
14.37
14.45
14.38
14.22
14.15
14.13
14.23
14.23
14.23
14.33
14.34
14.3
14.23
14.24
14.22
14.19
14.26
14.24
14.26
14.25
14.26
14.25
14.25
14.26
14.3
14.33
14.43
14.44
14.39
14.02
13.75
13.97
13.81
13.87
14.05
14.05
14.13
14.14
14.07
14.03
14.07
14.1
14.03
14.02
13.94
13.85
13.88
13.82
13.94
13.92
13.9
14
14.01
13.99
13.91
13.83
13.87
13.7
13.69
13.68
13.68
13.65
13.64
13.61
13.65
13.7
13.84
13.89
13.93
13.91
13.97
14.03
14.19
14.15
14.05
13.9
13.91
13.84
13.87
13.86
13.89
13.91
13.94
13.89
13.94
13.98
14.07
14.1
14.2
14.3
14.39
14.4
14.45
14.45
14.48
14.52
14.43
14.44
14.4
14.36
14.5
14.26
14.06
14.14
14.24
14.25
14.2
14.24
14.26
14.25
14.28
14.31
14.26
14.1
14.1
13.88
13.87
13.85
13.77
13.79
13.77
13.95
13.88
13.68
13.86
13.73
13.73
13.88
13.93
14.04
13.99
13.9
14.05
14.07
14
14.09
14.05
14.04
14
13.98
14.11
14.05
14.09
14.1
14.07
14.13
14.12
14.13
14.14
14.24
4/30/05 14.24
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $ 14.24
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.23
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.50%
--------------------------------------------------------------------------------
Market Yield 6.49%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.01%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $971,746
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 16.69
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.73
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 7/18/88)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 2.97% 3.37%
--------------------------------------------------------------------------------
1-Year 15.44% 10.63%
--------------------------------------------------------------------------------
5-Year 11.29% 8.74%
--------------------------------------------------------------------------------
10-Year 6.39% 6.73%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
California 11.3%
--------------------------------------------------------------------------------
New York 10.5%
--------------------------------------------------------------------------------
Texas 8.1%
--------------------------------------------------------------------------------
Illinois 6.1%
--------------------------------------------------------------------------------
Nevada 6.0%
--------------------------------------------------------------------------------
Massachusetts 5.8%
--------------------------------------------------------------------------------
Washington 5.5%
--------------------------------------------------------------------------------
New Jersey 4.6%
--------------------------------------------------------------------------------
South Carolina 4.2%
--------------------------------------------------------------------------------
Minnesota 3.6%
--------------------------------------------------------------------------------
Colorado 3.0%
--------------------------------------------------------------------------------
District of Columbia 3.0%
--------------------------------------------------------------------------------
Michigan 3.0%
--------------------------------------------------------------------------------
Pennsylvania 2.8%
--------------------------------------------------------------------------------
Wisconsin 1.9%
--------------------------------------------------------------------------------
Florida 1.8%
--------------------------------------------------------------------------------
Indiana 1.8%
--------------------------------------------------------------------------------
Other 17.0%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 19.4%
--------------------------------------------------------------------------------
Tax Obligation/General 14.4%
--------------------------------------------------------------------------------
U.S. Guaranteed 14.0%
--------------------------------------------------------------------------------
Healthcare 11.6%
--------------------------------------------------------------------------------
Utilities 10.0%
--------------------------------------------------------------------------------
Transportation 9.6%
--------------------------------------------------------------------------------
Education and Civic Organizations 8.3%
--------------------------------------------------------------------------------
Other 12.7%
--------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
6
Nuveen Premium Income Municipal Fund 2, Inc.
NPM
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total invstments)
-------------------------------------------------
AAA/U.S. Guaranted 66%
-------------------------------------------------
AA 9%
-------------------------------------------------
A 14% [PIE CHART]
-------------------------------------------------
BBB 7%
-------------------------------------------------
NR 4%
-------------------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.0815
Jun 0.0815
Jul 0.0815
Aug 0.0815
Sep 0.0815
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0785
Apr 0.0785
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.46
13.53
13.45
13.23
12.95
12.97
13.24
13.1
12.89
13.12
13.13
13.06
13.1
13.13
13.22
13.21
13.26
13.38
13.5
13.45
13.45
13.45
13.39
13.42
13.5
13.42
13.45
13.46
13.42
13.22
13.2
13.15
13.08
13.09
13.2
13.13
13.2
13.34
13.3
13.31
13.29
13.41
13.5
13.67
13.74
13.74
13.78
13.81
13.83
13.79
13.83
13.8
13.87
13.88
13.76
13.67
13.64
13.62
13.7
13.62
13.67
13.75
13.79
13.79
13.85
13.9
13.97
13.98
14.11
14.08
14.08
14.02
14.06
14.19
14.1
14.16
14.22
14.27
14.28
14.26
14.3
14.31
14.28
14.44
14.44
14.5
14.55
14.4
14.37
14.5
14.51
14.61
14.63
14.6
14.58
14.56
14.57
14.67
14.61
14.55
14.62
14.6
14.49
14.54
14.52
14.49
14.41
14.33
14.35
14.38
14.41
14.37
14.45
14.43
14.47
14.4
14.42
14.46
14.42
14.5
14.51
14.45
14.5
14.49
14.49
14.46
14.49
14.57
14.61
14.65
14.58
14.62
14.35
14.07
14.2
14.11
14.12
14.2
14.24
14.19
14.24
14.25
14.14
14.16
14.15
14.14
14.21
14.12
14.03
14.02
13.94
14.09
14.08
14.12
14.11
14.12
14.2
14.04
14.06
14.1
13.96
13.94
13.95
14
13.96
14.01
13.97
13.91
13.97
14.03
14.08
14.14
14.28
14.22
14.34
14.43
14.26
14.29
14.11
14.15
14.04
14.05
14.02
14.05
14.06
14.13
14.19
14.17
14.22
14.27
14.26
14.34
14.36
14.39
14.49
14.54
14.52
14.61
14.65
14.58
14.51
14.52
14.52
14.55
14.42
14.19
14.28
14.37
14.47
14.45
14.45
14.39
14.41
14.45
14.5
14.49
14.22
14.29
14.16
14
13.99
13.86
13.96
13.9
13.77
13.6
13.41
13.61
13.6
13.8
13.77
13.85
13.89
13.8
13.71
13.84
13.74
13.71
13.84
13.84
13.74
13.75
13.77
13.82
13.8
13.79
13.73
13.76
13.8
13.75
13.89
13.98
14.05
4/30/05 14.05
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $ 14.05
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.43
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.94%
--------------------------------------------------------------------------------
Market Yield 6.70%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.31%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $634,120
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 16.25
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.78
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 7/23/92)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 0.47% 3.19%
--------------------------------------------------------------------------------
1-Year 12.50% 11.31%
--------------------------------------------------------------------------------
5-Year 8.26% 8.33%
--------------------------------------------------------------------------------
10-Year 8.09% 7.59%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
New York 12.8%
--------------------------------------------------------------------------------
Illinois 11.4%
--------------------------------------------------------------------------------
Texas 8.3%
--------------------------------------------------------------------------------
California 7.3%
--------------------------------------------------------------------------------
South Carolina 6.3%
--------------------------------------------------------------------------------
Washington 6.1%
--------------------------------------------------------------------------------
Missouri 4.4%
--------------------------------------------------------------------------------
Massachusetts 4.0%
--------------------------------------------------------------------------------
Nevada 3.6%
--------------------------------------------------------------------------------
Ohio 3.6%
--------------------------------------------------------------------------------
Minnesota 3.3%
--------------------------------------------------------------------------------
New Jersey 2.8%
--------------------------------------------------------------------------------
Indiana 2.3%
--------------------------------------------------------------------------------
Florida 2.2%
--------------------------------------------------------------------------------
Michigan 2.1%
--------------------------------------------------------------------------------
Rhode Island 1.8%
--------------------------------------------------------------------------------
Other 17.7%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/General 21.0%
--------------------------------------------------------------------------------
Tax Obligation/Limited 15.2%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.7%
--------------------------------------------------------------------------------
Utilities 12.9%
--------------------------------------------------------------------------------
Healthcare 11.8%
--------------------------------------------------------------------------------
Education and Civic Organizations 6.7%
--------------------------------------------------------------------------------
Transportation 5.8%
--------------------------------------------------------------------------------
Other 12.9%
--------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
(2) The Fund also paid shareholders capital gains and net ordinaryincome
distributions in December 2004 of $0.1000 per share.
7
Nuveen Premium Income Municipal Fund 4, Inc.
NPT
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total invstments)
-------------------------------------------------
AAA/U.S. Guaranted 72%
-------------------------------------------------
AA 9%
-------------------------------------------------
A 9% [PIE CHART]
-------------------------------------------------
BBB 6%
-------------------------------------------------
BB or Lower 2%
-------------------------------------------------
NR 2%
-------------------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May 0.071
Jun 0.071
Jul 0.071
Aug 0.071
Sep 0.071
Oct 0.071
Nov 0.071
Dec 0.071
Jan 0.071
Feb 0.071
Mar 0.068
Apr 0.068
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 11.83
11.69
11.59
11.55
11.31
11.19
11.41
11.31
11.25
11.36
11.33
11.27
11.27
11.32
11.42
11.47
11.58
11.62
11.76
11.89
11.89
11.83
11.82
11.82
11.78
11.73
11.73
11.73
11.64
11.47
11.53
11.5
11.5
11.49
11.58
11.53
11.57
11.59
11.58
11.55
11.55
11.61
11.75
11.97
11.98
12.06
12.11
12.15
12.21
12.07
12.08
12.08
12.19
12.21
12.08
12.02
12.07
12.1
12.08
11.98
11.95
12.07
12.12
12.12
12.13
12.19
12.19
12.21
12.32
12.35
12.36
12.31
12.31
12.36
12.39
12.45
12.46
12.4
12.41
12.44
12.4
12.39
12.47
12.53
12.56
12.57
12.54
12.54
12.55
12.55
12.58
12.6
12.67
12.65
12.66
12.6
12.63
12.67
12.59
12.61
12.68
12.72
12.78
12.78
12.71
12.63
12.59
12.5
12.59
12.61
12.61
12.58
12.69
12.65
12.66
12.63
12.57
12.59
12.66
12.66
12.69
12.65
12.64
12.72
12.7
12.74
12.74
12.74
12.76
12.87
12.8
12.86
12.53
12.26
12.38
12.33
12.3
12.34
12.39
12.4
12.45
12.43
12.35
12.37
12.4
12.37
12.38
12.24
12.19
12.26
12.07
12.21
12.32
12.35
12.41
12.41
12.5
12.31
12.2
12.21
12.05
11.95
11.85
11.84
11.83
11.84
11.85
11.85
11.99
12.06
12.2
12.24
12.3
12.27
12.36
12.44
12.34
12.31
12.22
12.13
12.13
12.2
12.19
12.25
12.22
12.27
12.28
12.29
12.32
12.36
12.38
12.47
12.5
12.53
12.55
12.62
12.59
12.63
12.8
12.67
12.61
12.67
12.65
12.53
12.45
12.35
12.45
12.54
12.58
12.56
12.57
12.55
12.52
12.56
12.56
12.54
12.34
12.35
12.24
12.12
12.09
12.04
12.06
11.93
11.95
11.89
11.69
11.85
11.72
11.69
11.9
12.04
12.12
12.14
12.15
12.2
12.16
12.15
12.2
12.25
12.11
12.05
12.03
12.11
12.2
12.16
12.08
12.13
12.16
12.17
12.25
12.26
12.29
4/30/05 12.29
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $ 12.29
--------------------------------------------------------------------------------
Common Share
Net Asset Value $ 13.67
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.10%
--------------------------------------------------------------------------------
Market Yield 6.64%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.22%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $591,129
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 17.69
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.12
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 2/19/93)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) -0.20% 4.14%
--------------------------------------------------------------------------------
1-Year 11.52% 12.20%
--------------------------------------------------------------------------------
5-Year 7.69% 6.87%
--------------------------------------------------------------------------------
10-Year 7.02% 6.61%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
Texas 11.7%
--------------------------------------------------------------------------------
Illinois 9.1%
--------------------------------------------------------------------------------
Washington 6.6%
--------------------------------------------------------------------------------
New York 5.9%
--------------------------------------------------------------------------------
Indiana 5.8%
--------------------------------------------------------------------------------
California 5.2%
--------------------------------------------------------------------------------
Florida 4.6%
--------------------------------------------------------------------------------
Michigan 4.1%
--------------------------------------------------------------------------------
Colorado 4.0%
--------------------------------------------------------------------------------
Utah 4.0%
--------------------------------------------------------------------------------
District of Columbia 3.5%
--------------------------------------------------------------------------------
Nevada 3.1%
--------------------------------------------------------------------------------
South Carolina 2.7%
--------------------------------------------------------------------------------
New Jersey 2.5%
--------------------------------------------------------------------------------
Rhode Island 2.2%
--------------------------------------------------------------------------------
Alabama 2.2%
--------------------------------------------------------------------------------
Puerto Rico 2.1%
--------------------------------------------------------------------------------
North Carolina 2.1%
--------------------------------------------------------------------------------
Other 18.6%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.4%
--------------------------------------------------------------------------------
Healthcare 13.8%
--------------------------------------------------------------------------------
Tax Obligation/General 13.7%
--------------------------------------------------------------------------------
Utilities 13.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 12.2%
--------------------------------------------------------------------------------
Transportation 6.8%
--------------------------------------------------------------------------------
Water and Sewer 5.5%
--------------------------------------------------------------------------------
Consumer Staples 5.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 5.1%
--------------------------------------------------------------------------------
Other 7.4%
--------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
8
Nuveen Premium Income Municipal Fund, Inc. (NPI)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 1.5% (1.0% of Total Investments)
$ 4,050 Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds,
Series 2000, 6.125%, 12/01/16 6/10 at 102.00 A- $ 4,365,576
5,020 DCH Health Care Authority, Alabama, Healthcare Facilities Revenue
Bonds, Series 2002, 5.250%, 6/01/18 6/12 at 101.00 A+ 5,267,486
1,000 Montgomery BMC Special Care Facilities Financing Authority,
Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C,
5.250%, 11/15/29 11/14 at 100.00 Baa1 1,007,890
3,330 University of South Alabama, Student Tuition Revenue Bonds,
Series 2004, 5.000%, 3/15/23 - FGIC Insured 3/14 at 100.00 Aaa 3,539,024
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 1.0% (0.6% of Total Investments)
Anchorage, Alaska, General Obligation Refunding Bonds, Series 2003A:
2,000 5.250%, 9/01/17 - FGIC Insured 9/13 at 100.00 AAA 2,205,500
2,035 5.250%, 9/01/18 - FGIC Insured 9/13 at 100.00 AAA 2,244,096
5,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco
Settlement Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31 6/10 at 100.00 BBB 5,120,000
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.7% (1.1% of Total Investments)
5,000 Arizona School Facilities Board, Certificates of Participation,
Series 2003B, 5.250%, 9/01/18 (Pre-refunded to 9/01/13) - FGIC
Insured 9/13 at 100.00 AAA 5,628,600
5,700 Pima County Industrial Development Authority, Arizona, Lease
Obligation Revenue Refunding Bonds, Tucson Electric Power
Company, Series 1988A, 7.250%, 7/15/10 - FSA Insured 7/05 at 101.50 AAA 5,966,760
4,130 University of Arizona, Certificates of Participation, Series
2002B, 5.125%, 6/01/18 - AMBAC Insured 6/12 at 100.00 AAA 4,463,126
-----------------------------------------------------------------------------------------------------------------------------------
Arkansas - 0.7% (0.5% of Total Investments)
480 Paragould, Arkansas, Water, Sewer and Electric Revenue Bonds,
Series 2000, 5.650%, 12/01/25 -AMBAC Insured 12/10 at 100.00 AAA 528,374
1,000 Sebastian County Community Junior College District, Arkansas,
General Obligation Improvement Bonds, Series 1999, 5.950%,
4/01/29 (Pre-refunded to 4/01/09) - AMBAC Insured 4/09 at 100.00 AAA 1,110,520
5,245 University of Arkansas, Fayetteville, Athletic Facilities Revenue
Bonds, Razorback Stadium, Series 1999, 5.050%, 9/15/20 - AMBAC
Insured 9/09 at 100.00 Aaa 5,552,462
-----------------------------------------------------------------------------------------------------------------------------------
California - 17.4% (11.3% of Total Investments)
9,200 Alameda Corridor Transportation Authority, California, Subordinate
Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 - AMBAC
Insured No Opt. Call AAA 4,521,156
2,000 California Educational Facilities Authority, Revenue Bonds,
Occidental College, Series 2005A, 5.000%, 10/01/30 - MBIA
Insured 10/15 at 100.00 Aaa 2,119,120
California Health Facilities Financing Authority, Health
Facility Revenue Bonds, Adventist Health
System/West, Series 2003A:
3,700 5.000%, 3/01/28 3/13 at 100.00 A 3,746,435
7,000 5.000%, 3/01/33 3/13 at 100.00 A 7,065,100
5,500 California Health Facilities Financing Authority, Health Facility
Revenue Bonds, Catholic Healthcare West, Series 2004I, 4.950%,
7/01/26 (Mandatory put 7/01/14) No Opt. Call A- 5,778,960
California, General Obligation Bonds, Series 2004:
5,000 5.000%, 4/01/10 No Opt. Call A 5,404,400
2,000 5.125%, 2/01/25 2/14 at 100.00 A 2,115,460
10,000 5.125%, 2/01/26 2/14 at 100.00 A 10,532,600
9
Nuveen Premium Income Municipal Fund, Inc. (NPI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
California (continued)
$ 4,000 California Department of Water Resources, Power Supply Revenue
Bonds, Series 2002A, 6.000%, 5/01/15 5/12 at 101.00 A2 $ 4,608,840
4,000 California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%,
7/01/14 No Opt. Call AA- 4,499,840
23,725 California State Public Works Board, Lease Revenue Refunding
Bonds, Various University of California Projects, Series 1993A,
5.500%, 6/01/21 6/05 at 100.00 Aa2 23,754,419
11,395 California State Public Works Board, Lease Revenue Bonds,
Department of Corrections, Series 1993E, 5.500%, 6/01/15 No Opt. Call A- 12,456,444
1,640 California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A, 5.250%,
7/01/30 7/15 at 100.00 BBB+ 1,709,470
3,575 Chula Vista, California, Industrial Development Revenue Bonds,
San Diego Gas and Electric Company, Series 1996A, 5.300%,
7/01/21 6/14 at 102.00 A2 3,842,803
5,120 Los Angeles Community College District, Los Angeles County,
California, General Obligation Bonds, Series 2005A, 5.000%,
8/01/24 - FSA Insured 8/15 at 100.00 AAA 5,491,251
1,145 Martinez, California, Home Mortgage Revenue Bonds, Series 1983A,
10.750%, 2/01/16 No Opt. Call AAA 1,600,435
4,750 North Orange County Community College District, California,
General Obligation Bonds, Series 2003B, 5.000%, 8/01/20
(Pre-refunded to 8/01/14) - FGIC Insured 8/14 at 100.00 AAA 5,304,135
20,000 Pomona, California, GNMA/FNMA Collateralized Securities Program
Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%,
5/01/23 No Opt. Call AAA 26,668,200
5,000 Rancho Mirage Joint Powers Financing Authority, California,
Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%,
7/01/26 7/14 at 100.00 A3 5,388,850
2,000 Redwood City School District, San Mateo County, California,
General Obligation Bonds, Series 2002, 5.000%, 7/15/27 - FGIC
Insured 7/12 at 100.00 AAA 2,092,840
3,700 Sacramento Municipal Utility District, California, Electric
Revenue Bonds, Series 2003R, 5.000%, 8/15/22 - MBIA Insured 8/13 at 100.00 AAA 3,967,436
San Bernardino Joint Powers Financing Authority,
California, Tax Allocation Refunding Bonds, Multiple
Projects, Series 1995A:
6,675 5.750%, 10/01/15 - FSA Insured 10/05 at 102.00 AAA 6,890,669
10,000 5.750%, 10/01/25 - FSA Insured 10/05 at 102.00 AAA 10,305,100
3,500 San Diego Unified Port District, California, Revenue Bonds,
Series 2004B, 5.000%, 9/01/29 - MBIA Insured 9/14 at 100.00 AAA 3,687,985
San Joaquin Hills Transportation Corridor Agency, Orange County,
California, Toll Road Revenue
Refunding Bonds, Series 1997A:
10,000 0.000%, 1/15/31 - MBIA Insured No Opt. Call AAA 2,760,100
9,025 0.000%, 1/15/36 - MBIA Insured No Opt. Call AAA 1,921,423
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 4.6% (3.0% of Total Investments)
2,500 Centennial Water and Sanitation District, Colorado, Water and
Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/21 - FGIC
Insured 12/14 at 100.00 AAA 2,690,175
960 Colorado Housing Finance Authority, Single Family Program Senior
Bonds, Series 2000B-2, 7.250%, 10/01/31 (Alternative Minimum
Tax) 4/10 at 105.00 AA 994,829
615 Colorado Housing Finance Authority, Single Family Program Senior
Bonds, Series 1997B-2, 7.000%, 5/01/26 (Alternative Minimum Tax) 5/07 at 105.00 Aa2 626,088
425 Colorado Housing Finance Authority, Single Family Program Senior
Bonds, Series 1997C-2, 6.875%, 11/01/28 (Alternative Minimum
Tax) 11/07 at 105.00 Aa2 432,234
9,450 Denver City and County, Colorado, Airport System Revenue Bonds,
Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) No Opt. Call A 11,154,497
19,810 Denver, Colorado, Excise Tax Revenue Bonds, Convention Center,
Series 2001A, 5.500%, 9/01/18 - FSA Insured 3/11 at 100.00 AAA 21,850,826
8,315 Denver City and County, Colorado, Special Facilities Airport
Revenue Bonds, United Air Lines Corporation, Series 1992A,
6.875%, 10/01/32 (Alternative Minimum Tax)# 10/05 at 100.00 N/R 6,854,304
142 El Paso County, Colorado, FNMA Mortgage-Backed Single Family
Revenue Refunding Bonds, Series 1992A-2, 8.750%, 6/01/11 No Opt. Call Aaa 143,105
10
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.2% (0.2% of Total Investments)
$ 1,930 Connecticut, General Obligation Bonds, Series 2001C, 5.500%,
12/15/16 No Opt. Call AA $ 2,240,904
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 4.6% (3.0% of Total Investments)
9,505 District of Columbia, General Obligation Bonds, Series 1998B,
6.000%, 6/01/20 - MBIA Insured No Opt. Call AAA 11,588,021
10,395 District of Columbia Housing Finance Agency, GNMA Collateralized
Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%,
6/01/26 (Alternative Minimum Tax) 6/05 at 103.00 AAA 10,717,037
10,350 District of Columbia, Revenue Bonds, Association of American
Medical Colleges, Series 1997A, 5.375%, 2/15/27 - AMBAC Insured 8/07 at 102.00 AAA 10,959,926
District of Columbia, Revenue Bonds, Georgetown University,
Series 2001A:
14,105 0.000%, 4/01/24 - MBIA Insured 4/11 at 47.66 AAA 5,019,405
7,625 0.000%, 4/01/25 - MBIA Insured 4/11 at 44.82 AAA 2,543,776
16,665 0.000%, 4/01/32 - MBIA Insured 4/11 at 29.23 AAA 3,587,808
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 2.8% (1.8% of Total Investments)
8,000 Hillsborough County Aviation Authority, Florida, Revenue Bonds,
Tampa International Airport, Series 2003A, 5.375%, 10/01/16
(Alternative Minimum Tax) - MBIA Insured 10/13 at 100.00 AAA 8,746,240
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) 4/10 at 101.00 N/R 6,075,486
5,000 Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Adventist Health System/Sunbelt Obligated Group,
Series 2000, 6.500%, 11/15/30 11/10 at 101.00 A 5,503,100
4,000 Orange County School Board, Florida, Certificates of
Participation, Series 2004A, 5.000%, 8/01/29 -AMBAC Insured 8/14 at 100.00 Aaa 4,200,760
2,375 Volusia County School Board, Florida, Certificates of
Participation, Series 2005B, 5.000%, 8/01/22 -FSA Insured 8/15 at 100.00 Aaa 2,532,866
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.9% (1.2% of Total Investments)
2,625 Fulton County Development Authority, Georgia, Revenue Bonds,
Georgia Tech Molecular Science Building, Series 2004, 5.250%,
5/01/24 - MBIA Insured 5/14 at 100.00 AAA 2,846,708
6,025 Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding
Certificates, Series 2003, 5.250%, 1/01/20 - FSA Insured 1/14 at 100.00 AAA 6,555,863
4,845 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax
Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 - AMBAC
Insured No Opt. Call AAA 5,888,371
2,750 Savannah Housing Authority, Georgia, GNMA Collateralized Mortgage
Revenue Refunding Bonds, Plantation Oak Project, Series 2000,
6.350%, 11/20/39 5/08 at 103.00 Aaa 2,918,685
-----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 1.1% (0.7% of Total Investments)
10,000 Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21
- MBIA Insured 9/13 at 100.00 AAA 11,012,500
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.6% (0.4% of Total Investments)
5,000 Boise City, Idaho, Airport Revenue Certificates of Participation,
Series 2000, 5.500%, 9/01/25 (Alternative Minimum Tax) - FGIC
Insured 9/10 at 100.00 Aaa 5,373,200
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 9.3% (6.1% of Total Investments)
9,220 Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1997A, 5.250%,
12/01/27 - AMBAC Insured 12/07 at 102.00 AAA 9,775,782
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
8,890 0.000%, 12/01/16 - FGIC Insured No Opt. Call AAA 5,350,269
10,000 0.000%, 12/01/20 - FGIC Insured No Opt. Call AAA 4,847,100
9,900 0.000%, 12/01/24 - FGIC Insured No Opt. Call AAA 3,831,597
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 AAA 6,884,550
10,000 0.000%, 12/01/23 - FGIC Insured No Opt. Call AAA 4,103,300
11
Nuveen Premium Income Municipal Fund, Inc. (NPI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
$ 9,000 Chicago, Illinois, Special Facility Revenue Bonds, O'Hare
International Airport, United Air Lines Inc. Project, Series
2001A, 6.375%, 11/01/35 (Alternative Minimum Tax) (Mandatory
put 5/01/13)# No Opt. Call N/R $ 3,723,840
290 Chicago, Illinois, FNMA/GNMA Collateralized Single Family
Mortgage Revenue Bonds, Series 1996A, 7.000%, 9/01/27
(Alternative Minimum Tax) 3/06 at 105.00 Aaa 291,177
655 Chicago, Illinois, FNMA/GNMA Collateralized Single Family
Mortgage Revenue Bonds, Series 1997B, 6.950%, 9/01/28
(Alternative Minimum Tax) 9/07 at 105.00 Aaa 662,853
8,740 Illinois Development Finance Authority, Pollution Control Revenue
Refunding Bonds, Illinois Power Company, Series 1994A, 5.700%,
2/01/24 - MBIA Insured 8/05 at 101.00 AAA 8,890,852
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System,
Series 2004:
1,000 5.250%, 11/15/22 5/14 at 100.00 A 1,048,010
3,000 5.250%, 11/15/23 5/14 at 100.00 A 3,132,720
9,820 Illinois Health Facilities Authority, Revenue Bonds, Sherman
Health Systems, Series 1997, 5.250%, 8/01/27 - AMBAC Insured 8/07 at 101.00 AAA 10,264,846
3,905 Kane County School District 131 - Aurora East, Illinois, General
Obligation Bonds, Series 2005A, 5.000%, 6/01/24 - FGIC Insured 6/15 at 100.00 AAA 4,151,679
10,040 Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1992A, 0.000%,
6/15/15 - FGIC Insured No Opt. Call AAA 6,544,775
9,200 Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1999A, 5.500%,
12/15/24 - FGIC Insured 12/09 at 101.00 AAA 10,061,948
3,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Hospitality Facility, Series 1996A,
7.000%, 7/01/26 No Opt. Call AAA 3,988,020
3,000 Upper Illinois River Valley Development Authority, Healthcare
Facilities Revenue Bonds, Morris Hospital, Series 2001, 6.625%,
12/01/31 12/11 at 101.00 BBB+ 3,195,990
----------------------------------------------------------------------------------------------------------------------------------
Indiana - 2.7% (1.8% of Total Investments)
5,000 Center Grove 2000 Building Corporation, Indiana, First Mortgage
Bonds, Series 2001, 5.500%, 1/15/26 (Pre-refunded to 7/15/11)
- AMBAC Insured 7/11 at 100.00 AAA 5,618,900
Hamilton County Public Building Corporation, Indiana, First
Mortgage Bonds, Series 2004:
1,910 5.000%, 8/01/21 - FSA Insured 8/14 at 100.00 AAA 2,034,207
2,005 5.000%, 8/01/22 - FSA Insured 8/14 at 100.00 AAA 2,129,049
7,070 Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series 2003A, 5.250%, 6/01/18 (Pre-refunded to 6/01/13) - FSA
Insured 6/13 at 100.00 AAA 7,946,468
7,965 Wawasee Community School Corporation, Indiana, First Mortgage
Bonds, New Elementary and Remodeling Building Corporation,
Series 2000, 5.750%, 1/15/20 1/12 at 101.00 AA- 8,858,753
----------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.4% (0.9% of Total Investments)
Des Moines, Iowa, General Obligation Bonds, Series 2000D:
1,215 5.750%, 6/01/17 - MBIA Insured 6/08 at 100.00 AAA 1,307,923
1,410 5.800%, 6/01/18 - MBIA Insured 6/08 at 100.00 AAA 1,519,035
3,000 Iowa Financing Authority, Private College Revenue Refunding
Bonds, Drake University Project, Series 1996, 5.400%, 12/01/16
- MBIA Insured 12/05 at 102.00 AAA 3,102,840
4,585 Iowa Finance Authority, Industrial Remarketed Revenue Refunding
Bonds, Urbandale Hotel Corporation, Series 1989A, 8.500%,
8/01/16 (Alternative Minimum Tax) No Opt. Call AAA 5,869,534
2,000 Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical
Center, Series 2000, 6.250%, 7/01/25 7/10 at 100.00 A1 2,165,980
----------------------------------------------------------------------------------------------------------------------------------
Kansas - 1.2% (0.8% of Total Investments)
6,000 Kansas Department of Transportation, Highway Revenue Bonds,
Series 2004A, 5.000%, 3/01/21 3/14 at 100.00 AA+ 6,440,400
4,685 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed
Securities Program Single Family Revenue Bonds, Series 1998A-1,
6.500%, 12/01/22 (Alternative Minimum Tax) 6/08 at 105.00 Aaa 4,857,642
12
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.8% (0.5% of Total Investments)
$ 3,770 Kentucky Turnpike Authority, Economic Development Road Revenue
Bonds, Revitalization Project, Series 2005B, 5.000%, 7/01/24
- AMBAC Insured 7/15 at 100.00 AAA $ 4,023,796
Marshall County School District Finance Corporation, Kentucky,
School Building Revenue Bonds, Series 2004:
1,210 5.000%, 6/01/19 - AMBAC Insured 6/14 at 100.00 Aaa 1,302,928
1,270 5.000%, 6/01/20 - AMBAC Insured 6/14 at 100.00 Aaa 1,362,532
1,335 5.000%, 6/01/21 - AMBAC Insured 6/14 at 100.00 Aaa 1,428,076
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.0% (1.3% of Total Investments)
2,915 Jefferson Sales Tax District, Jefferson Parish, Louisiana,
Special Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%,
12/01/19 - AMBAC Insured 12/12 at 100.00 AAA 3,206,413
775 Louisiana Housing Finance Agency, Single Family Mortgage Revenue
Bonds, Series 2000A, 7.450%, 12/01/31 (Alternative Minimum Tax) 9/09 at 101.00 Aaa 778,565
7,195 Louisiana Public Facilities Authority, Extended Care Facilities
Revenue Bonds, Comm-Care Corporation Project, Series 1994,
11.000%, 2/01/14 No Opt. Call BBB 9,094,408
Louisiana, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
1,200 5.000%, 5/01/25 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 1,274,844
2,210 5.000%, 5/01/26 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,337,473
2,500 5.000%, 5/01/27 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,644,200
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.4% (0.3% of Total Investments)
3,600 Montgomery County Housing Opportunities Commission, Maryland,
Multifamily Housing Development Bonds, Series 2000B, 6.200%,
7/01/30 (Alternative Minimum Tax) 7/10 at 100.00 Aaa 3,796,632
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 8.9% (5.8% of Total Investments)
Massachusetts Bay Transportation Authority, Assessment Bonds,
Series 2000A:
7,900 5.250%, 7/01/30 (Pre-refunded to 7/01/10) 7/10 at 100.00 AAA 8,703,588
2,100 5.250%, 7/01/30 7/10 at 100.00 AAA 2,245,719
13,000 Massachusetts, General Obligation Bonds, Consolidated Loan,
Series 2000B, 6.000%, 6/01/16 (Pre-refunded to 6/01/10) 6/10 at 100.00 AAA 14,782,170
4,000 Massachusetts, General Obligation Bonds, Series 2003D, 5.250%,
10/01/22 (Pre-refunded to 10/01/13) 10/13 at 100.00 AA*** 4,464,960
Massachusetts, General Obligation Bonds, Consolidated Loan,
Series 2002E:
11,400 5.250%, 1/01/21 (Pre-refunded to 1/01/13) - FSA Insured 1/13 at 100.00 AAA 12,686,946
1,850 5.250%, 1/01/21 (Pre-refunded to 1/01/13) - FSA Insured 1/13 at 100.00 AAA 2,058,847
2,825 Massachusetts Industrial Finance Agency, Resource Recovery
Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A,
5.450%, 12/01/12 (Alternative Minimum Tax) 12/08 at 102.00 BBB 2,893,083
14,750 Massachusetts Industrial Finance Agency, General Obligation Bonds,
Suffolk University, Series 1997, 5.250%, 7/01/27 - AMBAC
Insured 7/07 at 102.00 AAA 15,585,440
8,750 Massachusetts Housing Finance Agency, Rental Housing Mortgage
Revenue Bonds, Series 2001A, 5.850%, 7/01/35 (Alternative
Minimum Tax) - AMBAC Insured 1/11 at 100.00 AAA 9,168,513
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,
Series 2004:
7,000 5.250%, 1/01/22 - FGIC Insured 1/14 at 100.00 AAA 7,616,770
3,820 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 4,144,929
1,500 Massachusetts Water Resources Authority, General Revenue Bonds,
Series 2005A, 5.250%, 8/01/25 -MBIA Insured 8/17 at 100.00 AAA 1,657,770
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 4.5% (3.0% of Total Investments)
Detroit, Michigan, General Obligation Bonds, Series 2003A:
3,565 5.250%, 4/01/22 - XLCA Insured 4/13 at 100.00 AAA 3,811,698
1,275 5.250%, 4/01/23 - XLCA Insured 4/13 at 100.00 AAA 1,362,172
10,510 Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan,
Unlimited Tax General Obligation School Building and Site
Refunding Bonds, Series 1997, 5.150%, 5/01/22 - FGIC Insured 5/08 at 100.00 AAA 11,012,904
3,000 Kent Hospital Finance Authority, Michigan, Revenue Bonds,
Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 7/15 at 100.00 BBB 3,212,220
13
Nuveen Premium Income Municipal Fund, Inc. (NPI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Michigan (continued)
$ 10,000 Michigan State Building Authority, Revenue Refunding Bonds,
Facilities Program, Series 2003II, 5.000%, 10/15/23 - MBIA
Insured 10/13 at 100.00 AAA $ 10,715,400
6,600 Michigan Housing Development Authority, Limited Obligation
Multifamily Mortgage Revenue Refunding Bonds, Forest Hills
Regency Square Project, Series 1999A, 5.750%, 7/01/29 7/07 at 102.00 AAA 6,791,334
6,390 Wayne County, Michigan, Airport Revenue Bonds, Detroit
Metropolitan Airport, Series 2002D, 5.500%, 12/01/19
(Alternative Minimum Tax) - FGIC Insured 12/12 at 100.00 AAA 6,907,526
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 5.5% (3.6% of Total Investments)
13,650 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete
Inc., Series 2004, 4.950%, 7/01/22 7/14 at 100.00 A 13,971,594
2,000 Duluth Economic Development Authority, Minnesota, Healthcare
Facilities Revenue Bonds, Benedictine Health System - St.
Mary's Duluth Clinic, Series 2004, 5.375%, 2/15/22 2/14 at 100.00 A- 2,098,380
Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing
Revenue Bonds, Rolling Hills Project, Series 2001A:
1,000 6.150%, 8/20/31 8/11 at 105.00 A1 1,089,810
2,000 6.200%, 2/20/43 8/11 at 105.00 A1 2,171,480
315 Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA
Mortgage-Backed Securities Program Single Family Mortgage
Revenue Bonds, Series 1994, 7.500%, 11/01/27 (Alternative
Minimum Tax) 5/05 at 102.00 AAA 317,101
3,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota,
Airport Revenue Bonds, Series 1998A, 5.000%, 1/01/22 - AMBAC
Insured 1/08 at 101.00 AAA 3,141,840
1,500 Minnesota Municipal Power Agency, Electric Revenue Bonds, Series
2004A, 5.250%, 10/01/24 10/14 at 100.00 A3 1,608,195
5,000 Minnesota Agricultural and Economic Development Board, Healthcare
System Revenue Bonds, Fairview Hospital and Healthcare Services,
Series 1997A, 5.750%, 11/15/26 - MBIA Insured 11/07 at 102.00 AAA 5,372,700
18,990 St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax
Revenue Refunding Bonds, Civic Center Project, Series 1996,
7.100%, 11/01/23 - FSA Insured 11/15 at 103.00 AAA 23,980,382
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.5% (0.3% of Total Investments)
4,275 Mississippi Hospital Equipment and Facilities Authority, Revenue
Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%,
9/01/24 9/14 at 100.00 N/R 4,421,419
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 2.5% (1.7% of Total Investments)
2,000 Cole County Industrial Development Authority, Missouri, Revenue
Bonds, Lutheran Senior Services - Heisinger Project, Series
2004, 5.250%, 2/01/24 2/14 at 100.00 N/R 2,065,740
1,185 Missouri Housing Development Commission, GNMA/FNMA Single Family
Mortgage Revenue Bonds, Homeownership Loan Program, Series
1996C, 7.450%, 9/01/27 (Alternative Minimum Tax) 3/07 at 105.00 AAA 1,199,658
Missouri Health and Educational Facilities Authority,
Revenue Bonds, SSM Healthcare System, Series 2001A:
3,000 5.250%, 6/01/21 - AMBAC Insured 6/11 at 101.00 AAA 3,193,530
4,150 5.250%, 6/01/28 - AMBAC Insured 6/11 at 101.00 AAA 4,385,181
4,445 Missouri Housing Development Commission, Single Family Mortgage
Revenue Bonds, Homeownership Loan Program, Series 1999B-1,
6.700%, 9/01/30 (Alternative Minimum Tax) 3/09 at 103.00 AAA 4,536,611
8,500 St. Charles County Francis Howell School District, Missouri,
General Obligation Refunding Bonds, Series 1994A, 7.800%,
3/01/08 - FGIC Insured No Opt. Call AAA 9,237,035
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.4% (0.3% of Total Investments)
4,060 Lincoln, Nebraska, Electric System Revenue Bonds, Series 2002,
5.000%, 9/01/23 9/12 at 100.00 AA 4,311,558
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 9.2% (6.0% of Total Investments)
15,000 Clark County, Nevada, General Obligation Bank Bonds, Southern
Nevada Water Authority Loan, Series 2001, 5.250%, 6/01/26 -
FGIC Insured 6/11 at 100.00 AAA 16,045,650
14,810 Clark County School District, Nevada, General Obligation Bonds,
Series 2001F, 5.500%, 6/15/18 (Pre-refunded to 12/15/11) -
FSA Insured 12/11 at 100.00 AAA 16,713,233
10,410 Clark County School District, Nevada, General Obligation Bonds,
Series 2002C, 5.500%, 6/15/18 (Pre-refunded to 6/15/12) - MBIA
Insured 6/12 at 100.00 AAA 11,811,186
14
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Nevada (continued)
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier,
Series 2000:
$ 6,425 0.000%, 1/01/29 - AMBAC Insured No Opt. Call AAA $ 1,940,543
12,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 12,722,400
29,410 Nevada, Limited Tax General Obligation Bonds, Colorado River
Commission, Series 1994, 5.500%, 7/01/27 (Pre-refunded to
7/01/05) 7/05 at 100.50 AA*** 29,706,159
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.3% (0.2% of Total Investments)
2,245 New Hampshire Housing Finance Agency, Single Family Residential
Mortgage Bonds, Series 1993B, 6.050%, 7/01/25 7/05 at 100.00 Aa2 2,298,521
630 New Hampshire Housing Finance Agency, Single Family Mortgage
Acquisition Revenue Bonds, Series 1996B, 6.400%, 1/01/27
(Alternative Minimum Tax) 7/06 at 102.00 Aa2 650,028
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 7.1% (4.6% of Total Investments)
10,150 Delaware River Port Authority, Pennsylvania and New Jersey,
Revenue Bonds, Port District Project, Series 1999B, 5.625%,
1/01/26 - FSA Insured 1/10 at 100.00 AAA 11,026,148
10,000 Essex County Improvement Authority, New Jersey, General Obligation
Guaranteed Lease Revenue Bonds, County Correctional Facility
Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded to 10/01/10)
- FGIC Insured 10/10 at 100.00 Aaa 11,412,800
500 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 Baa3 508,910
1,500 New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2005A, 5.000%, 7/01/30 7/15 at 100.00 AAA 1,595,235
5,315 New Jersey Housing and Mortgage Finance Agency, Home Buyer Program
Revenue Bonds, Series 1997U, 5.850%, 4/01/29 (Alternative
Minimum Tax) - MBIA Insured 10/07 at 101.50 AAA 5,507,935
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2003C:
5,000 5.500%, 6/15/19 (Pre-refunded to 6/15/13) 6/13 at 100.00 AAA 5,720,500
5,410 5.500%, 6/15/20 (Pre-refunded to 6/15/13) 6/13 at 100.00 AAA 6,189,581
9,250 5.500%, 6/15/23 (Pre-refunded to 6/15/13) 6/13 at 100.00 AAA 10,582,925
2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A,
5.000%, 1/01/19 - FGIC Insured 7/13 at 100.00 AAA 2,691,100
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:
3,915 6.000%, 1/01/14 - MBIA Insured No Opt. Call AAA 4,639,823
7,585 6.000%, 1/01/14 - MBIA Insured No Opt. Call AAA 8,939,529
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.8% (0.6% of Total Investments)
1,190 New Mexico Mortgage Finance Authority, Single Family Mortgage
Program Bonds, Series 2000D-2, 6.850%, 9/01/31 (Alternative
Minimum Tax) 3/10 at 102.50 AAA 1,260,353
5,585 Santa Fe County, New Mexico, Correctional System Gross Receipts
Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 - FSA Insured No Opt. Call AAA 6,967,734
-----------------------------------------------------------------------------------------------------------------------------------
New York - 16.2% (10.5% of Total Investments)
14,580 Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A, 5.250%, 12/01/26 6/08 at 101.00 A- 15,392,106
3,000 Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 - FGIC
Insured 11/12 at 100.00 AAA 3,238,140
2,000 New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through
Bonds, Series 2000, 6.500%, 6/01/35 6/10 at 101.00 BBB 2,098,480
8,270 New York City, New York, General Obligation Bonds, Fiscal Series
2004G, 5.000%, 8/01/14 No Opt. Call A1 8,992,054
5,000 New York City, New York, General Obligation Bonds, Fiscal Series
2003J, 5.500%, 6/01/23 6/13 at 100.00 A1 5,425,600
5,395 New York City, New York, General Obligation Bonds, Fiscal Series
1996G, 5.750%, 2/01/07 2/06 at 101.50 A1 5,588,734
12,500 New York City, New York, General Obligation Bonds, Fiscal Series
2003D, 5.250%, 10/15/22 10/13 at 100.00 A1 13,366,625
6,000 New York City, New York, General Obligation Bonds, Fiscal Series
2004C, 5.250%, 8/15/20 8/14 at 100.00 A1 6,482,700
7,960 New York City, New York, General Obligation Bonds, Fiscal Series
2005M, 5.000%, 4/01/24 4/15 at 100.00 A1 8,363,254
15
Nuveen Premium Income Municipal Fund, Inc. (NPI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New York (continued)
$ 1,250 New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%,
6/15/25 - MBIA Insured 6/15 at 100.00 AAA $ 1,328,037
10,370 New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 1996B, 5.750%,
6/15/26 - MBIA Insured 6/06 at 101.00 AAA 10,824,828
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, United Jewish Appeal - Federation of
Jewish Philanthropies of New York Inc., Series 2004A:
2,185 5.250%, 7/01/20 7/14 at 100.00 Aa2 2,400,070
2,050 5.250%, 7/01/21 7/14 at 100.00 Aa2 2,248,317
2,420 5.250%, 7/01/22 4/14 at 100.00 Aa2 2,635,670
1,370 5.250%, 7/01/24 4/14 at 100.00 Aa2 1,484,450
1,145 Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/24 - AMBAC Insured 2/15 at 100.00 AAA 1,217,387
3,500 Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D,
5.000%, 2/15/23 - FGIC Insured 2/15 at 100.00 AAA 3,735,760
Dormitory Authority of the State of New York, Revenue
Bonds, University of Rochester, Series 2004A:
1,025 5.250%, 7/01/20 7/14 at 100.00 A+ 1,116,348
1,000 5.250%, 7/01/22 7/14 at 100.00 A+ 1,084,340
500 5.250%, 7/01/24 7/14 at 100.00 A+ 539,395
840 Dormitory Authority of the State of New York, Revenue Bonds,
Department of Health, Series 1996, 5.500%, 7/01/25 (Pre-
refunded to 7/01/06) - MBIA Insured 7/06 at 102.00 AAA 883,252
1,995 Dormitory Authority of the State of New York, State and Local
Appropriation Lease Bonds, Upstate Community Colleges, Series
2004B, 5.250%, 7/01/20 7/14 at 100.00 AA- 2,158,510
2,905 New York State Medical Care Facilities Finance Agency, FHA-
Insured Hospital and Nursing Home Mortgage Revenue Bonds,
Series 1993B, 5.500%, 2/15/22 8/05 at 101.00 AAA 2,953,397
6,460 New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/26 -
FGIC Insured 3/14 at 100.00 AAA 6,827,122
14,000 New York State Urban Development Corporation, Service Contract
Revenue Bonds, Correctional and Youth Facilities, Series 2002A,
5.500%, 1/01/17 (Mandatory put 1/01/11) No Opt. Call AA- 15,409,520
5,000 Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Thirty-Fifth Series 2004, 5.000%, 9/15/28 -
XLCA Insured 3/14 at 101.00 AAA 5,284,350
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
4,825 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 5,160,675
1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,779,485
7,400 New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1, 5.500%, 6/01/16 6/10 at 100.00 AA- 8,071,550
9,515 Triborough Bridge and Tunnel Authority, New York, General Purpose
Revenue Refunding Bonds, Series 2002B, 5.000%, 11/15/22 11/12 at 100.00 Aa2 10,024,623
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.0% (0.7% of Total Investments)
Charlotte, North Carolina, Certificates of Participation,
Governmental Facilities Projects,
Series 2003G:
5,785 5.250%, 6/01/22 6/13 at 100.00 AA+ 6,212,512
3,475 5.250%, 6/01/23 6/13 at 100.00 AA+ 3,728,328
-----------------------------------------------------------------------------------------------------------------------------------
North Dakota - 1.2% (0.8% of Total Investments)
9,650 Dickinson, North Dakota, Health Care Facilities Revenue Bonds,
BHS Long Term Care Inc., Series 1990, 7.625%, 2/15/20 - RAAI
Insured 2/10 at 102.00 AA 11,379,280
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 1.8% (1.2% of Total Investments)
4,265 Franklin County, Ohio, Hospital Revenue and Improvement Bonds,
Children's Hospital Project, Series 2001, 5.500%, 5/01/28 -
AMBAC Insured 5/11 at 101.00 Aaa 4,661,048
2,720 Ohio State University, General Receipts Bonds, Series 2003B,
5.250%, 6/01/20 6/13 at 100.00 AA 2,992,354
2,000 Richland County, Ohio, Hospital Facilities Revenue Refunding
Bonds, MedCentral Health System Obligated Group, Series 2000A,
6.125%, 11/15/16 11/10 at 101.00 A- 2,186,660
16
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Ohio (continued)
$ 7,000 Steubenville, Ohio, Hospital Facilities Revenue Refunding and
Improvement Bonds, Trinity Health System, Series 2000, 6.500%,
10/01/30 10/10 at 100.00 A3 $ 7,769,580
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 0.7% (0.5% of Total Investments)
2,500 Oregon State Department of Transportation, Highway User Tax
Revenue Bonds, Series 2004A, 5.000%, 11/15/21 11/14 at 100.00 AA+ 2,695,650
4,220 Oregon Department of Administrative Services, Certificates of
Participation, Series 2005A, 5.000%, 5/01/30 (WI, settling
5/03/05) - FSA Insured 5/15 at 100.00 AAA 4,434,292
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.3% (2.8% of Total Investments)
Chester County, Pennsylvania, General Obligation Bonds, Series
2005:
1,000 5.000%, 11/15/23 5/15 at 100.00 Aa1 1,071,770
2,440 5.000%, 11/15/24 5/15 at 100.00 Aa1 2,606,628
Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds,
Franklin and Marshall College, Series 2003C:
1,340 5.250%, 4/15/15 4/13 at 100.00 A+ 1,467,461
1,960 5.250%, 4/15/17 4/13 at 100.00 A+ 2,131,167
1,000 Pennsylvania State University, General Revenue Bonds, Series 2005,
5.000%, 9/01/29 9/15 at 100.00 AA 1,054,880
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General
Ordinance, Fifth Series 2004A-1:
4,505 5.000%, 9/01/21 - FSA Insured 9/14 at 100.00 AAA 4,776,516
4,735 5.000%, 9/01/22 - FSA Insured 9/14 at 100.00 AAA 5,005,368
8,405 Philadelphia Redevelopment Authority, Pennsylvania, Multifamily
Housing Mortgage Revenue Bonds, Cricket Court Apartments,
Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax) 4/08 at 103.00 N/R 8,361,714
14,000 State Public School Building Authority, Pennsylvania, Lease
Revenue Bonds, Philadelphia School District Project, Series
2003, 5.250%, 6/01/24 - FSA Insured 6/13 at 100.00 AAA 15,336,440
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.2% (0.1% of Total Investments)
1,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series
2005RR, 5.000%, 7/01/30 - XLCA Insured 7/15 at 100.00 AAA 1,592,685
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 0.2% (0.1% of Total Investments)
1,380 Providence Redevelopment Agency, Rhode Island, Revenue Bonds,
Public Safety and Municipal Building Projects, Series 1999A,
5.625%, 4/01/15 (Pre-refunded to 4/01/10) - AMBAC Insured 4/10 at 101.00 Aaa 1,551,451
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 6.4% (4.2% of Total Investments)
8,610 Dorchester County School District 2, South Carolina, Installment
Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/24 12/14 at 100.00 A 9,135,641
Greenville County School District, South Carolina, Installment
Purchase Revenue Bonds, Series 2003:
5,090 5.250%, 12/01/18 12/13 at 100.00 AA- 5,502,341
3,595 5.250%, 12/01/20 12/13 at 100.00 AA- 3,872,750
1,865 5.250%, 12/01/21 12/13 at 100.00 AA- 2,004,912
Lexington County Health Service District, South Carolina, Hospital
Revenue Bonds, Series 2004:
1,805 6.000%, 5/01/19 5/14 at 100.00 A 2,012,431
2,400 5.500%, 5/01/24 5/14 at 100.00 A 2,536,944
15,000 South Carolina JOBS Economic Development Authority, Hospital
Refunding and Improvement Revenue 8/13 at 100.00 BBB+ 16,468,950
Bonds, Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34
Tobacco Settlement Revenue Management Authority, South Carolina,
Tobacco Settlement Asset-Backed Bonds, Series 2001B:
8,915 6.000%, 5/15/22 5/11 at 101.00 BBB 9,060,315
7,500 6.375%, 5/15/28 5/11 at 101.00 BBB 7,713,525
4,150 6.375%, 5/15/30 No Opt. Call BBB 4,364,057
17
Nuveen Premium Income Municipal Fund, Inc. (NPI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
South Dakota - 0.2% (0.1% of Total Investments)
$ 2,045 South Dakota State University, Revenue Bonds, Housing and
Auxiliary Facilities, Series 2004, 5.000%, 4/01/20 - MBIA
Insured 4/14 at 100.00 AAA $ 2,187,148
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.4% (0.3% of Total Investments)
3,860 Tennessee Housing Development Agency, Homeownership Program Bonds,
Series 2004, 5.000%, 7/01/34 (Alternative Minimum Tax) 7/13 at 100.00 AA 4,000,929
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 12.4% (8.1% of Total Investments)
10,205 Alliance Airport Authority, Texas, Special Facilities Revenue
Bonds, American Airlines Inc., Series 1990, 7.500%, 12/01/29
(Alternative Minimum Tax) 6/05 at 100.00 CCC 8,008,680
3,289 Austin Housing Finance Corporation, Texas, GNMA Collateralized
Multifamily Housing Revenue Bonds, Fairway Village Project,
Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 12/10 at 105.00 Aaa 3,672,728
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)(a) 10/13 at 101.00 BBB 2,361,775
175 Clear Creek Independent School District, Galveston and Harris
Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds,
Series 2000, 6.000%, 2/15/16 2/10 at 100.00 AAA 195,374
795 Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single
Family Mortgage Revenue Bonds, Series 2000A, 6.700%, 9/01/33
(Alternative Minimum Tax) 9/10 at 105.00 AAA 827,881
4,000 Harris County-Houston Sports Authority, Texas, Junior Lien
Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 - MBIA
Insured 11/11 at 100.00 AAA 4,162,600
Harris County Hospital District, Texas, Revenue Refunding Bonds,
Series 1990:
2,335 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 2,532,564
5,145 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 5,739,299
19,125 Harris County Hospital District, Texas, Revenue Refunding Bonds,
Series 2000, 6.000%, 2/15/15 - MBIA Insured 8/10 at 100.00 AAA 21,367,406
6,000 Houston, Texas, General Obligation Public Improvement Bonds,
Series 2001B, 5.500%, 3/01/15 - FSA Insured 3/11 at 100.00 AAA 6,621,480
9,250 Houston, Texas, Subordinate Lien Airport System Revenue Bonds,
Series 2000B, 5.500%, 7/01/30 - FSA Insured 7/10 at 100.00 AAA 9,977,050
5,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds,
Series 2004A, 5.250%, 5/15/25 - MBIA Insured 5/14 at 100.00 AAA 5,373,250
3,400 Lower Colorado River Authority, Texas, Revenue Refunding and
Improvement Bonds, Series 2003, 5.250%, 5/15/24 - AMBAC Insured 5/13 at 100.00 AAA 3,715,010
1,505 Lower Colorado River Authority, Texas, Contract Revenue Refunding
Bonds, Transmission Services Corporation, Series 2003C, 5.250%,
5/15/23 - AMBAC Insured 5/13 at 100.00 AAA 1,635,875
4,000 Tarrant County Health Facilities Development Corporation, Texas,
Hospital Revenue Bonds, Adventist Health System - Sunbelt
Obligated Group, Series 2000, 6.700%, 11/15/30 11/10 at 101.00 A 4,384,920
12,020 Tarrant County Health Facilities Development Corporation, Texas,
GNMA Collateralized Mortgage Loan Revenue Bonds, Eastview
Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing
Center, Lynnhaven Nursing Center and Mission Oaks Manor,
Series 2000A-1, 7.625%, 12/20/32 12/10 at 105.00 Aaa 13,711,334
5,000 Tarrant Regional Water District, Texas, Water Revenue Refunding
and Improvement Bonds, Series 1999, 5.250%, 3/01/17 - FSA
Insured 3/13 at 100.00 AAA 5,469,500
10,000 Texas A&M University, Financing System Revenue Bonds, Series 1999,
5.550%, 5/15/29 - MBIA Insured 5/09 at 100.00 AAA 10,692,700
25,000 Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas
Turnpike System, Series 2002A, 0.000%, 8/15/24 - AMBAC Insured No Opt. Call AAA 9,842,750
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 0.2% (0.1% of Total Investments)
1,945 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series
1997F, 5.750%, 7/01/28 (Alternative Minimum Tax) 7/07 at 101.50 AAA 2,006,618
-----------------------------------------------------------------------------------------------------------------------------------
Vermont - 0.0% (0.0% of Total Investments)
435 Vermont Housing Finance Agency, Single Family Housing Bonds,
Series 1997-9, 5.900%, 5/01/29 (Alternative Minimum Tax) - MBIA
Insured 6/07 at 101.50 AAA 449,964
18
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.5% (0.4% of Total Investments)
$ 4,870 Virginia Beach Development Authority, Virginia, Multifamily
Residential Rental Housing Revenue Bonds, Mayfair Apartments
I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum
Tax) 10/14 at 100.00 N/R $ 5,147,298
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 8.4% (5.5% of Total Investments)
Public Utility District 1, Chelan County, Washington, Revenue
Bonds, Chelan Hydro Consolidated System, Series 1997A:
11,820 5.650%, 7/01/32 (Alternative Minimum Tax) (Optional put 7/01/09)
(Mandatory put 7/01/24) 7/07 at 102.00 AA 12,284,053
8,000 5.650%, 7/01/32 (Alternative Minimum Tax) (Optional put 7/01/09)
(Mandatory put 7/01/27) 7/07 at 102.00 AA 8,295,040
2,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds,
Columbia Generating Station, Nuclear Project 2, Series 2002C,
5.750%, 7/01/17 - MBIA Insured 7/12 at 100.00 AAA 2,817,600
3,125 Skagit County Public Hospital District 1, Washington, General
Obligation Bonds, Series 2004A, 5.375%, 12/01/20 - MBIA Insured 6/14 at 100.00 Aaa 3,459,312
5,000 Snohomish County, Washington, Limited Tax General Obligation
Bonds, Series 2001, 5.250%, 12/01/26 - MBIA Insured 12/11 at 100.00 AAA 5,346,750
11,000 Washington, General Obligation Bonds, Series 2000S-5, 0.000%,
1/01/20 - FGIC Insured No Opt. Call AAA 5,587,780
4,750 Washington State Healthcare Facilities Authority, Revenue Bonds,
Swedish Health Services, Series 1998, 5.125%, 11/15/22 - AMBAC
Insured 11/08 at 101.00 Aaa 5,027,543
14,500 Washington Public Power Supply System, Revenue Refunding Bonds,
Nuclear Project 2, Series 1998A, 5.000%, 7/01/12 7/08 at 102.00 Aaa 15,499,630
Washington Public Power Supply System, Revenue Refunding Bonds,
Nuclear Project 3, Series 1997A:
5,220 5.250%, 7/01/14 - FSA Insured 7/07 at 102.00 AAA 5,551,992
9,350 5.250%, 7/01/15 7/07 at 102.00 Aaa 9,936,523
7,775 Washington Public Power Supply System, Revenue Refunding Bonds,
Nuclear Project 3, Series 1998A, 5.125%, 7/01/18 7/08 at 102.00 Aaa 8,165,072
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.1% (0.1% of Total Investments)
1,255 West Virginia University, Unlimited Student Fees General Revenue
Bonds, West Virginia University Project, Series 2004C, 5.000%,
10/01/25 - FGIC Insured 10/14 at 100.00 AAA 1,332,622
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 2.8% (1.9% of Total Investments)
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds,
Public Schools, Series 2003A:
1,000 5.125%, 8/01/22 - AMBAC Insured 8/13 at 100.00 AAA 1,066,420
1,345 5.125%, 8/01/23 - AMBAC Insured 8/13 at 100.00 AAA 1,431,914
Wisconsin, General Obligation Bonds, Series 2004-3:
1,720 5.250%, 5/01/19 - FGIC Insured 5/14 at 100.00 AAA 1,885,464
1,265 5.250%, 5/01/21 - FGIC Insured 5/14 at 100.00 AAA 1,378,698
1,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Agnesian Healthcare Inc., Series 2001, 6.000%, 7/01/21 7/11 at 100.00 A- 1,067,770
19
Nuveen Premium Income Municipal Fund, Inc. (NPI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin (continued)
$ 2,175 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Carroll College Inc., Series 2001, 6.125%, 10/01/16 10/11 at 100.00 BBB $ 2,285,360
2,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.250%,
8/15/25 8/13 at 100.00 A 2,077,340
9,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33 4/13 at 100.00 BBB+ 9,916,380
6,025 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Franciscan Sisters of Christian Charity Healthcare
Ministry, Series 2003A, 6.000%, 9/01/22 9/13 at 100.00 A- 6,527,361
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,484,381 Total Long-Term Investments (cost $1,402,650,035) - 152.6% 1,482,821,187
-----------------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 13,925,190
------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.0)% (525,000,000)
------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 971,746,377
=================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the timely
payment of principal and interest. Such securities are normally considered
to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
# On December 9, 2002, UAL Corporation, the holding company of United Air
Lines, Inc., filed for federal bankruptcy protection. The Adviser
determined that it was likely United would not remain current on their
interest payment obligations with respect to these bonds and thus has
stopped accruing interest.
(a) The issuer has received a preliminary adverse determination from the
Internal Revenue Service (the "IRS") regarding the tax-exempt status of
the bonds' coupon payments. The Fund will continue to treat coupon
payments as tax-exempt income until such time that it is formally
determined that the interest on the bonds should be treated as taxable.
See accompanying notes to financial statements.
20
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 1.6% (1.1% of Total Investments)
$ 1,690 Montgomery BMC Special Care Facilities Financing Authority,
Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C,
5.250%, 11/15/29 11/14 at 100.00 Baa1 $ 1,703,334
8,255 University of South Alabama, Student Tuition Revenue Bonds,
Series 2004, 5.000%, 3/15/24 - FGIC Insured 3/14 at 100.00 Aaa 8,742,953
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 0.9% (0.6% of Total Investments)
2,850 Maricopa County Industrial Development Authority, Arizona,
Multifamily Housing Revenue Bonds, Place Five and The Greenery
Apartments, Series 1996A, 6.625%, 1/01/27 1/07 at 102.00 AAA 3,123,572
2,480 Pima County Industrial Development Authority, Arizona, Lease
Obligation Revenue Refunding Bonds, Tucson Electric Power
Company, Series 1988A, 7.250%, 7/15/10 - FSA Insured 7/05 at 101.50 AAA 2,596,064
-----------------------------------------------------------------------------------------------------------------------------------
California - 11.2% (7.3% of Total Investments)
California Educational Facilities Authority, Revenue Refunding
Bonds, Loyola Marymount University, Series 2001A:
3,255 0.000%, 10/01/23 - MBIA Insured No Opt. Call Aaa 1,353,592
5,890 0.000%, 10/01/24 - MBIA Insured No Opt. Call Aaa 2,313,415
7,615 0.000%, 10/01/25 - MBIA Insured No Opt. Call Aaa 2,822,195
California, General Obligation Bonds, Series 2004:
5,000 5.000%, 4/01/10 No Opt. Call A 5,404,400
8,000 5.125%, 2/01/25 2/14 at 100.00 A 8,461,840
5,690 California Department of Veterans Affairs, Home Purchase Revenue
Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC Insured 6/12 at 101.00 AAA 6,061,842
California Department of Water Resources, Power Supply Revenue
Bonds, Series 2002A:
4,000 6.000%, 5/01/15 5/12 at 101.00 A2 4,608,840
5,500 5.375%, 5/01/21 5/12 at 101.00 A2 5,994,450
2,500 California, Economic Recovery Revenue Bonds, Series 2004A,
5.250%, 7/01/14 No Opt. Call AA- 2,812,400
1,900 Chula Vista, California, Industrial Development Revenue Bonds,
San Diego Gas and Electric Company, Series 1996A, 5.300%,
7/01/21 6/14 at 102.00 A2 2,042,329
30,000 Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 No Opt. Call AAA 15,027,600
2,220 San Diego Redevelopment Agency, California, Subordinate Lien Tax
Allocation Bonds, Centre City Project, Series 2004A, 5.000%,
9/01/20 - XLCA Insured 9/14 at 100.00 AAA 2,360,326
1,655 San Diego County, California, Certificates of Participation,
Edgemoor Facility Project and Regional System, Series 2005,
5.000%, 2/01/23 - AMBAC Insured 2/15 at 100.00 AAA 1,767,490
960 San Francisco Redevelopment Agency, California, Hotel Tax Revenue
Bonds, Series 1994, 6.750%, 7/01/25 - FSA Insured 7/05 at 101.00 AAA 982,186
6,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds,
Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19
- MBIA Insured 8/14 at 100.00 AAA 6,592,080
2,000 Sonoma County Junior College District, California, General
Obligation Bonds, Series 2003A, 5.000%, 8/01/27 - FSA Insured 8/13 at 100.00 AAA 2,104,100
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 0.7% (0.4% of Total Investments)
1,700 Centennial Water and Sanitation District, Colorado, Water and
Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/22 - FGIC
Insured 12/14 at 100.00 AAA 1,823,726
280 Colorado Housing Finance Authority, Single Family Program Senior
Bonds, Series 1995D, 7.375%, 6/01/26 (Alternative Minimum Tax) 12/05 at 105.00 Aa2 281,338
21
Nuveen Premium Income Municipal Fund 2, Inc. (NPM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado (continued)
$ 400 Denver City and County, Colorado, Airport System Revenue Bonds,
Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) No Opt. Call A $ 472,148
1,700 Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds,
Boston Lofts Project, Series 1997A, 5.750%, 10/01/27
(Alternative Minimum Tax) 10/07 at 102.00 BB 1,701,547
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 2.4% (1.6% of Total Investments)
3,170 Connecticut Housing Finance Authority, Housing Mortgage Finance
Program Bonds, Series 1996C-2, 6.250%, 11/15/18 5/06 at 102.00 AAA 3,288,748
Facility Revenue Refunding Bond
Connecticut, Special Tax Obligation Transportation Infrastructure
Purpose Bonds, Series 2003B:
8,310 5.000%, 1/01/21 - FGIC Insured 1/14 at 100.00 AAA 8,903,999
3,000 5.000%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 3,191,820
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 1.8% (1.2% of Total Investments)
District of Columbia, Revenue Bonds, Georgetown University,
Series 2001A:
11,720 0.000%, 4/01/27 - MBIA Insured 4/11 at 39.61 AAA 3,447,907
13,780 0.000%, 4/01/28 - MBIA Insured 4/11 at 37.21 AAA 3,795,425
15,855 0.000%, 4/01/29 - MBIA Insured 4/11 at 35.07 AAA 4,105,969
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 3.4% (2.2% of Total Investments)
1,700 Miami-Dade County, Florida, Beacon Tradeport Community Development
District, Special Assessment Bonds, Commercial Project, Series
2002A, 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,850,841
5,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A,
5.750%, 10/01/18 (Alternative Minimum Tax) - MBIA Insured 10/06 at 102.00 AAA 5,258,750
2,500 Escambia County Health Facilities Authority, Florida, Health
Facility Revenue Refunding Bonds, Baptist Hospital and Baptist
Manor, Series 1998, 5.125%, 10/01/19 10/08 at 101.00 A3 2,570,275
830 Florida Housing Finance Corporation, Homeowner Mortgage Revenue
Bonds, Series 2000-11, 5.850%, 1/01/22 (Alternative Minimum Tax)
- FSA Insured 1/10 at 100.00 AAA 870,379
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) 4/10 at 101.00 N/R 4,050,324
1,645 Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Series 2004A, 5.000%,
4/01/25 - AMBAC Insured 4/14 at 100.00 AAA 1,743,914
Volusia County, Florida, Tax Revenue Bonds, Tourist Development,
Series 2004:
2,445 5.000%, 12/01/22 - FSA Insured 12/14 at 100.00 Aaa 2,622,947
2,650 5.000%, 12/01/23 - FSA Insured 12/14 at 100.00 Aaa 2,834,175
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.9% (1.3% of Total Investments)
500 Chatham County Hospital Authority, Savannah, Georgia, Hospital
Revenue Bonds, Memorial Health University Medical Center Inc.,
Series 2004A, 5.375%, 1/01/26 1/14 at 100.00 A- 524,505
1,745 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005,
5.000%, 5/01/24 - MBIA Insured 5/14 at 100.00 AAA 1,857,535
150 Fulton County Housing Authority, Georgia, GNMA Mortgage-Backed
Securities Program Single Family Mortgage Revenue Refunding
Bonds, Series 1996A, 6.200%, 9/01/27 (Alternative Minimum Tax) 9/06 at 102.00 AAA 155,283
Municipal Electric Authority of Georgia, Combustion Turbine
Revenue Bonds, Series 2003A:
10 5.250%, 11/01/15 (Pre-refunded to 11/01/13) - MBIA Insured 11/13 at 100.00 AAA 11,279
3,405 5.250%, 11/01/15 - MBIA Insured 11/13 at 100.00 AAA 3,795,009
3,365 5.000%, 11/01/18 - MBIA Insured 11/13 at 100.00 AAA 3,641,906
2,235 Richmond County Development Authority, Georgia, Revenue Bonds,
Medical College of Georgia, Cancer Research Center Project,
Series 2004A, 5.000%, 12/15/24 - AMBAC Insured 12/14 at 100.00 AAA 2,375,827
22
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 1.5% (1.0% of Total Investments)
$ 505 Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds,
Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax) 7/05 at 102.00 Aaa $ 507,237
3,200 Idaho Housing Agency, FHA-Insured Mortgage Revenue Bonds, Park
Place Project, Series 1995A, 6.500%, 12/01/36 (Alternative
Minimum Tax) 6/05 at 102.00 Aa2 3,266,720
3,160 Idaho Housing and Finance Association, GNMA Housing Revenue
Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1,
7.250%, 3/20/37 3/12 at 105.00 Aaa 3,585,273
515 Idaho Housing and Finance Association, Single Family Mortgage
Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax) 7/06 at 102.00 Aaa 524,224
750 Idaho Housing and Finance Association, Single Family Mortgage
Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax) 1/10 at 100.00 Aa2 792,563
790 Idaho Housing and Finance Association, Single Family Mortgage
Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax) 7/10 at 100.00 Aaa 793,302
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 17.4% (11.4% of Total Investments)
11,200 Chicago, Illinois, General Obligation Bonds, Series 1995A-1,
5.125%, 1/01/25 - AMBAC Insured 1/06 at 102.00 AAA 11,547,312
1,000 Chicago, Illinois, General Obligation Refunding Bonds, Series
1998, 5.250%, 1/01/20 - FGIC Insured 7/08 at 102.00 AAA 1,071,230
22,670 Chicago, Illinois, General Obligation Bonds, City Colleges of
Chicago Capital Improvement Project, Series 1999, 0.000%,
1/01/25 - FGIC Insured No Opt. Call AAA 8,696,892
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 AAA 2,423,550
1,175 Chicago, Illinois, GNMA Collateralized Multifamily Housing
Revenue Bonds, Bryn Mawr-Belle Shores Project, Series 1997,
5.800%, 6/01/23 (Alternative Minimum Tax) 6/09 at 102.00 Aaa 1,232,234
3,465 Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning
Redevelopment Project, Series 1996B, 7.250%, 1/01/14 1/07 at 102.00 N/R 3,581,285
3,530 Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary
Drainage and Ship Canal Redevelopment Project, Series 1997A,
7.750%, 1/01/14 1/07 at 102.00 N/R 3,671,482
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 Aaa 2,354,514
6,190 Cook County Community High School District 219, Niles Township,
Illinois, General Obligation Capital Appreciation Bonds, Series
2001, 0.000%, 12/01/20 - MBIA Insured No Opt. Call Aaa 2,995,774
2,665 DuPage County Forest Preserve District, Illinois, General
Obligation Bonds, Series 2003, 5.250%, 10/01/15 No Opt. Call AAA 2,988,824
2,815 East Saint Louis, Illinois, FHA-Insured Section 8 Assisted
Mortgage Revenue Refunding Bonds, Dawson Manor Apartments,
Series 1994A, 6.500%, 7/01/24 - MBIA Insured 7/05 at 100.00 AAA 2,822,432
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System,
Series 2004:
2,000 5.250%, 11/15/14 5/14 at 100.00 A 2,153,520
4,420 5.250%, 11/15/15 5/14 at 100.00 A 4,738,328
Illinois Finance Authority, Revenue Bonds, University of Chicago,
Series 2004A:
1,000 5.000%, 7/01/24 7/14 at 100.00 Aa1 1,053,310
1,000 5.000%, 7/01/25 7/14 at 100.00 Aa1 1,050,220
3,000 Illinois Health Facilities Authority, Revenue Refunding Bonds,
Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 No Opt. Call A+ 3,457,920
3,000 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest
Hospital, Series 2003, 6.000%, 7/01/33 7/13 at 100.00 A- 3,225,030
Illinois Housing Development Authority, Housing Finance Bonds,
Series 2000A:
790 5.750%, 9/01/10 (Alternative Minimum Tax) 3/10 at 100.00 AA 813,866
1,245 6.200%, 9/01/20 (Alternative Minimum Tax) 3/10 at 100.00 AA 1,291,040
11,000 Illinois, General Obligation Bonds, Illinois FIRST Program,
Series 2001, 6.000%, 11/01/26 - FGIC Insured No Opt. Call AAA 13,722,830
Illinois, General Obligation Bonds, Illinois FIRST Program,
Series 2002:
8,000 5.250%, 8/01/12 - MBIA Insured No Opt. Call AAA 8,893,600
2,000 5.500%, 2/01/18 - FGIC Insured 2/12 at 100.00 AAA 2,208,920
23
Nuveen Premium Income Municipal Fund 2, Inc. (NPM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
$ 4,020 Lake, Cook, Kane and McHenry Counties Community Unit School
District 220, Barrington, Illinois, School Refunding Bonds,
Series 2002, 5.250%, 12/01/20 - FSA Insured No Opt. Call AAA $ 4,575,926
Lake County Community Unit School District 60, Waukegan, Illinois,
General Obligation Refunding Bonds, Series 2001B:
3,230 0.000%, 11/01/19 - FSA Insured No Opt. Call Aaa 1,655,795
1,740 0.000%, 11/01/21 - FSA Insured No Opt. Call Aaa 800,452
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 Aaa 8,124,419
4,505 McHenry County Community Consolidated School District 47, Crystal
Lake, Illinois, General Obligation Refunding Bonds, Series 1999,
5.750%, 2/01/19 - FSA Insured 2/09 at 100.00 Aaa 4,875,356
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 Aaa 1,392,202
2,540 Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%,
12/15/28 - MBIA Insured 6/12 at 101.00 AAA 2,650,820
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 3.5% (2.3% of Total Investments)
1,000 Ball State University, Indiana, Student Fee Revenue Bonds, Series
2002K, 5.750%, 7/01/20 - FGIC Insured 1/12 at 100.00 AAA 1,113,290
6,031 Greenfield, Indiana, GNMA Multifamily Housing Revenue Bonds,
Pedcor Investments Project, Series 1996A, 6.200%, 12/01/28
(Alternative Minimum Tax) 12/05 at 105.00 Aaa 6,273,446
3,500 Indiana Bond Bank, Special Program Bonds, East Chicago Facilities
Building Corporation, Series 2000A, 6.125%, 2/01/25 - AMBAC
Insured 2/10 at 101.00 AAA 3,925,460
Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series 2000:
805 5.375%, 12/01/25 (Pre-refunded to 12/01/10) 12/10 at 100.00 Aa2*** 894,580
4,195 5.375%, 12/01/25 12/10 at 100.00 Aa2 4,537,899
Indiana University, Student Fee Revenue Bonds, Series 2004P:
2,750 5.000%, 8/01/22 - AMBAC Insured 8/14 at 100.00 AAA 2,924,488
1,600 5.000%, 8/01/24 - AMBAC Insured 8/14 at 100.00 AAA 1,692,688
1,000 Shelbyville Elementary School Building Corporation, Shelby County,
Indiana, First Mortgage Bonds, Series 2001, 5.000%, 7/05/18 -
FSA Insured 7/11 at 100.00 AAA 1,063,990
-----------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.9% (1.3% of Total Investments)
8,000 Iowa Finance Authority, Hospital Facilities Revenue Bonds, Iowa
Health System, Series 1998A, 5.125%, 1/01/28 - MBIA Insured 7/08 at 102.00 AAA 8,261,440
2,000 Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical
Center, Series 2000, 6.250%, 7/01/25 7/10 at 100.00 A1 2,165,980
2,000 Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25 6/11 at 101.00 BBB 1,899,200
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.2% (0.1% of Total Investments)
1,000 Johnson County Unified School District 232, Kansas, General
Obligation Bonds, Series 2005, 5.000%, 3/01/23 - MBIA Insured 3/15 at 100.00 Aaa 1,073,470
210 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 211,271
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.3% (1.5% of Total Investments)
805 Bossier Public Trust Financing Authority, Louisiana, Single
Family Mortgage Revenue Refunding Bonds, Series 1995B, 6.125%,
8/01/28 8/05 at 102.00 AAA 823,451
3,510 East Baton Rouge Parish Mortgage Finance Authority, Louisiana,
GNMA/FNMA Mortgage-Backed Securities Program Single Family
Mortgage Revenue Bonds, Series 1994C, 6.350%, 10/01/28
(Alternative Minimum Tax) 10/05 at 102.00 Aaa 3,598,698
3,230 Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special
Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 12/01/21
- AMBAC Insured 12/12 at 100.00 AAA 3,520,603
2,880 New Orleans Home Mortgage Authority, Louisiana, GNMA/FNMA Single
Family Mortgage Revenue Bonds, Series 1995A, 6.300%, 6/01/28
(Alternative Minimum Tax) 6/05 at 102.00 Aaa 2,940,106
24
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana (continued)
$ 3,460 Orleans Levee District, Louisiana, Levee District General
Obligation Bonds, Series 1986, 5.950%, 11/01/15 - FSA Insured 12/05 at 103.00 AAA $ 3,624,523
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.2% (0.2% of Total Investments)
1,390 Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, LifeBridge Health System, Series 2004A, 5.250%,
7/01/19 7/14 at 100.00 A 1,492,943
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 6.1% (4.0% of Total Investments)
Massachusetts, General Obligation Bonds, Consolidated Loan,
Series 2002E:
11,400 5.250%, 1/01/21 (Pre-refunded to 1/01/13) - FSA Insured 1/13 at 100.00 AAA 12,686,946
1,850 5.250%, 1/01/21 (Pre-refunded to 1/01/13) - FSA Insured 1/13 at 100.00 AAA 2,058,847
1,000 Massachusetts Development Finance Authority, Revenue Bonds,
Hampshire College, Series 2004, 5.700%, 10/01/34 10/14 at 100.00 BBB 1,052,730
2,925 Massachusetts Development Finance Agency, Pioneer Valley Resource
Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A,
8.375%, 7/01/14 (Alternative Minimum Tax) No Opt. Call N/R 3,217,939
2,750 Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, New England Medical Center Hospitals, Series 2002H,
5.000%, 5/15/25 - FGIC Insured 5/12 at 100.00 AAA 2,874,383
9,175 Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Berkshire Health System, Series 2001E, 5.700%,
10/01/25 - RAAI Insured 10/11 at 101.00 AA 9,974,785
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,
Series 2004:
2,250 5.250%, 1/01/21 - FGIC Insured 1/14 at 100.00 AAA 2,456,843
4,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 4,340,240
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 3.3% (2.1% of Total Investments)
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 3,578,982
7,955 0.000%, 12/01/22 No Opt. Call AAA 3,519,769
8,260 0.000%, 12/01/23 No Opt. Call AAA 3,463,914
8,575 0.000%, 12/01/24 No Opt. Call AAA 3,399,130
1,200 Kent Hospital Finance Authority, Michigan, Revenue Bonds,
Metropolian Hospital, Series 2005A, 6.000%, 7/01/35 7/15 at 100.00 BBB 1,284,888
2,000 Michigan State Hospital Finance Authority, Revenue Refunding
Bonds, Detroit Medical Center Obligated Group, Series 1993A,
6.375%, 8/15/09 8/05 at 100.00 Ba3 2,000,540
3,270 Romulus Community Schools, Wayne County, Michigan, General
Obligation Bonds, Series 2003, 5.000%, 5/01/22 5/13 at 100.00 AA 3,511,817
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 5.1% (3.3% of Total Investments)
6,995 Champlin, Minnesota, GNMA Guaranteed Senior Housing Revenue Bonds,
Champlin Shores Senior Living Center, Series 2002A, 3.000%,
12/20/43 6/12 at 105.00 Aaa 7,036,480
8,165 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc.,
Series 2004, 4.950%, 7/01/22 7/14 at 100.00 A 8,357,367
Minneapolis-St. Paul Housing and Redevelopment Authority,
Minnesota, Revenue Bonds, HealthPartners Inc., Series
2003:
1,000 6.000%, 12/01/18 12/13 at 100.00 BBB+ 1,101,790
1,050 5.875%, 12/01/29 12/13 at 100.00 BBB+ 1,119,962
3,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota,
Subordinate Airport Revenue Bonds, Series 2001C, 5.250%,
1/01/26 - FGIC Insured 1/11 at 100.00 AAA 3,188,460
2,400 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota,
Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/25 - FGIC
Insured 1/11 at 100.00 AAA 2,550,768
1,000 Minnesota Municipal Power Agency, Electric Revenue Bonds, Series
2004A, 5.250%, 10/01/19 10/14 at 100.00 A3 1,088,280
1,210 Minnesota Housing Finance Agency, Single Family Mortgage Revenue
Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) 7/09 at 100.00 AA+ 1,215,348
380 Minnesota Housing Finance Agency, Rental Housing Bonds, Series
1995D, 5.950%, 2/01/18 - MBIA Insured 8/05 at 102.00 AAA 387,969
25
Nuveen Premium Income Municipal Fund 2, Inc. (NPM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota (continued)
$ 940 Minnesota Housing Finance Agency, Single Family Mortgage Bonds,
Series 1996G, 6.250%, 7/01/26 (Alternative Minimum Tax) 1/06 at 102.00 AA+ $ 966,254
1,655 Minnesota Housing Finance Agency, Single Family Remarketed
Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative
Minimum Tax) 1/11 at 101.00 AA+ 1,705,858
1,620 St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health
Services, Series 2003B, 5.500%, 7/01/25 7/14 at 100.00 A- 1,714,316
2,000 Southern Minnesota Municipal Power Agency, Power Supply System
Revenue Bonds, Series 1992B, 5.750%, 1/01/11 7/05 at 100.00 AAA 2,000,340
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.4% (0.3% of Total Investments)
2,475 Mississippi Hospital Equipment and Facilities Authority, Revenue
Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%,
9/01/24 9/14 at 100.00 N/R 2,559,769
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 6.8% (4.4% of Total Investments)
2,000 Cole County Industrial Development Authority, Missouri, Revenue
Bonds, Lutheran Senior Services - Heisinger Project, Series
2004, 5.250%, 2/01/24 2/14 at 100.00 N/R 2,065,740
2,885 Joplin Industrial Development Authority, Missouri, Health
Facilities Revenue Bonds, Freeman Health System, Series 2004,
5.500%, 2/15/24 2/15 at 102.00 BBB+ 3,021,316
9,000 Kansas City, Missouri, Airport Revenue Bonds, General Improvement
Projects, Series 2003B, 5.250%, 9/01/17 - FGIC Insured 9/12 at 100.00 AAA 9,825,480
6,445 Missouri, Water Pollution Control Revenue Refunding Bonds, Series
2002B, 5.000%, 10/01/18 10/12 at 100.00 AAA 6,982,126
4,095 Missouri, General Obligation Refunding Bonds, Fourth State
Building, Series 2002A, 5.000%, 10/01/18 10/12 at 100.00 AAA 4,436,277
Missouri Health and Educational Facilities Authority,
Revenue Bonds, SSM Healthcare System, Series 2001A:
2,500 5.250%, 6/01/21 - AMBAC Insured 6/11 at 101.00 AAA 2,661,275
2,000 5.250%, 6/01/28 - AMBAC Insured 6/11 at 101.00 AAA 2,113,340
2,500 Missouri Health and Educational Facilities Authority, Revenue
Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24 5/13 at 100.00 AA 2,638,950
1,200 Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lake Regional Health System, Series 2003, 5.125%,
2/15/18 2/14 at 100.00 BBB+ 1,234,908
5,500 St. Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Kiel Center Multipurpose Arena, Series 1992,
7.625%, 12/01/09 (Alternative Minimum Tax) 6/05 at 100.00 N/R 5,527,445
2,200 St. Louis, Missouri, Airport Revenue Bonds, Airport Development
Program, Series 2001A, 5.125%, 7/01/22 - MBIA Insured 7/11 at 100.00 AAA 2,309,626
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.3% (0.2% of Total Investments)
1,470 Municipal Energy Agency of Nebraska, Power Supply System Revenue
Bonds, Series 2003A, 5.250%, 4/01/23 - FSA Insured 4/13 at 100.00 AAA 1,612,487
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 5.5% (3.6% of Total Investments)
4,000 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds,
Series 2004A-2, 5.125%, 7/01/25 - FGIC Insured 7/14 at 100.00 AAA 4,242,120
5,795 Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement
Revenue Bonds, Series 2003, 5.000%, 7/01/23 - AMBAC Insured 7/13 at 100.00 AAA 6,189,871
4,000 Clark County, Nevada, Industrial Development Revenue Bonds,
Nevada Power Company, Series 1992A, 6.700%, 6/01/22
(Alternative Minimum Tax) - FGIC Insured 6/05 at 100.00 AAA 4,039,840
10,410 Clark County School District, Nevada, General Obligation Bonds,
Series 2002C, 5.500%, 6/15/18 (Pre-refunded to 6/15/12) -
MBIA Insured 6/12 at 100.00 AAA 11,811,186
7,315 Washoe County School District, Nevada, General Obligation
Refunding Bonds, Series 2002B, 5.500%, 6/01/17 - FGIC Insured No Opt. Call AAA 8,468,795
26
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 4.3% (2.8% of Total Investments)
$ 5,615 Essex County Improvement Authority, New Jersey, Lease Revenue
Bonds, Series 2003, 5.125%, 12/15/20 - FSA Insured 12/13 at 100.00 Aaa $ 6,146,460
4,310 New Jersey Housing and Mortgage Finance Agency, Multifamily
Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40
(Alternative Minimum Tax) - AMBAC Insured 11/07 at 101.50 AAA 4,573,126
3,400 New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded to
6/15/13) 6/13 at 100.00 AAA 3,889,940
3,000 New Jersey Turnpike Authority, Revenue Bonds, Series 1991C,
6.500%, 1/01/09 No Opt. Call A*** 3,369,600
4,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A,
5.000%, 1/01/19 - FGIC Insured 7/13 at 100.00 AAA 4,305,760
1,000 Toms River Board of Education, Ocean County, New Jersey, General
Obligation Bonds, Series 1997, 5.750%, 7/15/21 (Pre-refunded
to 7/15/07) - FGIC Insured 7/07 at 100.00 AAA 1,061,270
3,490 Union County Utilities Authority, New Jersey, Solid Waste
Facility Subordinate Lease Revenue Bonds, Ogden Martin Systems
of Union Inc., Series 1998A, 5.350%, 6/01/23 (Alternative
Minimum Tax) - AMBAC Insured 6/08 at 101.00 AAA 3,685,789
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.2% (0.1% of Total Investments)
1,250 New Mexico Mortgage Finance Authority, Single Family Mortgage
Program Bonds, Series 1995E-2, 6.300%, 7/01/17 (Alternative
Minimum Tax) 7/05 at 102.00 AAA 1,277,063
-----------------------------------------------------------------------------------------------------------------------------------
New York - 19.4% (12.8% of Total Investments)
2,375 Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 2,512,631
New York City, New York, General Obligation Bonds, Fiscal Series
1997I:
11,155 6.250%, 4/15/27 (Pre-refunded to 4/15/07) 4/07 at 101.00 Aaa 11,985,936
865 6.250%, 4/15/27 4/07 at 101.00 A1 921,087
New York City, New York, General Obligation Bonds, Fiscal Series
1996J:
8,790 5.875%, 2/15/19 (Pre-refunded to 2/15/06) 2/06 at 101.50 A1*** 9,143,710
210 5.875%, 2/15/19 2/06 at 101.50 A1 217,340
1,680 5.500%, 2/15/26 No Opt. Call A1*** 1,742,681
2,140 5.500%, 2/15/26 No Opt. Call A1 2,233,753
New York City, New York, General Obligation Bonds, Fiscal Series
1996F:
6,145 7.000%, 2/01/06 No Opt. Call A1*** 6,345,880
7,220 7.000%, 2/01/06 No Opt. Call A1 7,443,748
New York City, New York, General Obligation Bonds, Fiscal Series
1996I:
11,035 5.875%, 3/15/18 (Pre-refunded to 3/15/06) 3/06 at 101.50 A1*** 11,507,188
95 5.875%, 3/15/18 3/06 at 101.50 A1 98,518
4,000 New York City, New York, General Obligation Bonds, Fiscal Series
2004C, 5.250%, 8/15/20 8/14 at 100.00 A1 4,321,800
5,000 New York City, New York, General Obligation Bonds, Fiscal Series
2005M, 5.000%, 4/01/24 4/15 at 100.00 A1 5,253,300
1,370 New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 1997B, 5.500%,
6/15/27 (Pre-refunded to 6/15/07) - MBIA Insured 6/07 at 101.00 AAA 1,457,844
4,000 New York City Trust for Cultural Resources, New York, Revenue
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/27 - MBIA Insured 4/07 at 101.00 AAA 4,208,080
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2004B:
6,875 5.000%, 8/01/23 8/13 at 100.00 AAA 7,267,219
7,260 5.000%, 8/01/24 8/13 at 100.00 AAA 7,648,265
2,500 New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 2/14 at 100.00 AAA 2,657,350
1,500 Dormitory Authority of the State of New York, State and Local
Appropriation Lease Bonds, Upstate Community Colleges, Series
2004B, 5.250%, 7/01/19 7/14 at 100.00 AA- 1,626,510
Dormitory Authority of the State of New York, Revenue Bonds,
Marymount Manhattan College, Series 1999:
1,975 6.375%, 7/01/16 - RAAI Insured 7/09 at 101.00 AA 2,202,876
2,080 6.375%, 7/01/17 - RAAI Insured 7/09 at 101.00 AA 2,319,990
27
Nuveen Premium Income Municipal Fund 2, Inc. (NPM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New York (continued)
New York State Municipal Bond Bank Agency, Special School
Purpose Revenue Bonds, Series 2003C:
$ 6,000 5.250%, 6/01/20 6/13 at 100.00 A+ $ 6,483,600
5,100 5.250%, 6/01/21 6/13 at 100.00 A+ 5,496,474
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 (Alternative Minimum Tax) - MBIA Insured No Opt. Call AAA 7,258,563
5,000 New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A, 5.000%, 10/15/22 - MBIA Insured 10/14 at 100.00 AAA 5,384,450
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
3,400 5.500%, 6/01/16 6/10 at 100.00 AA- 3,708,550
2,000 5.500%, 6/01/19 6/13 at 100.00 AA- 2,229,640
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.6% (1.0% of Total Investments)
2,550 Cumberland County, North Carolina, Hospital Facility Revenue
Bonds, Cumberland County Hospital System Inc., Cape Fear
Valley Health System, Series 1999, 5.250%, 10/01/19 10/09 at 101.00 A- 2,641,367
2,480 Durham Urban Redevelopment Authority, North Carolina, FHA-
Insured Mortgage Loan Revenue Bonds, Durham Hosiery Mill,
Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax) 8/07 at 105.00 AAA 2,654,865
725 North Carolina Housing Finance Agency, Single Family Revenue
Bonds, Series 1996JJ, 6.450%, 9/01/27 (Alternative Minimum Tax) 3/06 at 102.00 AA 750,817
North Carolina Infrastructure Finance Corporation, Certificates
of Participation, Correctional Facilities, Series 2004A:
1,250 5.000%, 2/01/21 2/14 at 100.00 AA+ 1,321,525
2,445 5.000%, 2/01/22 2/14 at 100.00 AA+ 2,577,568
-----------------------------------------------------------------------------------------------------------------------------------
North Dakota - 0.3% (0.2% of Total Investments)
2,070 North Dakota Housing Finance Agency, Home Mortgage Finance
Program Bonds, Series 2000C, 6.150%, 7/01/31 (Alternative
Minimum Tax) 7/10 at 100.00 Aa3 2,090,369
30 North Dakota Housing Finance Agency, Home Mortgage Finance
Program Bonds, Series 1996B, 6.400%, 1/01/28 (Alternative
Minimum Tax) 1/07 at 102.00 Aa2 30,145
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 5.5% (3.6% of Total Investments)
3,000 Columbus City School District, Franklin County, Ohio, General
Obligation Bonds, Series 2004, 5.250%, 12/01/24 - FSA Insured 12/14 at 100.00 AAA 3,282,360
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth
Corporation, Series 2003C:
2,330 5.250%, 5/15/17 - MBIA Insured 5/13 at 100.00 AAA 2,543,684
4,105 5.250%, 5/15/18 - MBIA Insured 5/13 at 100.00 AAA 4,463,736
2,000 Ohio Housing Finance Agency, FHA-Insured Multifamily Housing
Mortgage Revenue Bonds, Courtyards of Kettering, Series
1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax) 1/08 at 102.00 Aa2 2,048,940
3,595 Ohio Municipal Electric Generation Agency, Beneficial Interest
Certificates, Joint Venture 5, American Municipal Power Ohio
Inc., Belleville Hydroelectric Project, Series 2004, 5.000%,
2/15/20 - AMBAC Insured 2/14 at 100.00 AAA 3,834,679
5,000 Ohio Water Development Authority, Collateralized Water Revenue
Refunding Bonds, Dayton Power and Light Company, Series 1992A,
6.400%, 8/15/27 8/05 at 100.00 Baa2 5,105,500
6,450 Ohio Water Development Authority, Solid Waste Disposal Revenue
Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20
(Alternative Minimum Tax) 9/08 at 102.00 N/R 6,491,022
6,700 Ohio Water Development Authority, Solid Waste Disposal Revenue
Bonds, Bay Shore Power, Series 1998B, 6.625%, 9/01/20
(Alternative Minimum Tax) 9/09 at 102.00 N/R 6,945,689
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 0.8% (0.5% of Total Investments)
5,000 Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds,
Series 2001A-1, 5.625%, 6/01/31 (Alternative Minimum Tax) 6/11 at 102.00 AAA 5,263,350
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 2.1% (1.4% of Total Investments)
7,860 Multnomah County Hospital Facilities Authority, Oregon, Revenue
Bonds, Sisters of Providence Health System, Series 2004,
5.500%, 10/01/21 10/14 at 100.00 AA 8,719,098
28
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Oregon (continued)
$ 1,065 Oregon, General Obligation Veterans Welfare Bonds, Series 75,
6.000%, 4/01/27 10/05 at 102.00 Aa3 $ 1,091,337
2,000 Oregon Department of Administrative Services, State Lottery
Revenue Bonds, Series 2004A, 5.000%, 4/01/14 - FSA Insured No Opt. Call AAA 2,216,020
1,150 Portland, Oregon, Limited Tax General Obligation and Improvement
Bonds, Series 1996A, 5.550%, 6/01/16 6/06 at 100.00 Aa2 1,183,339
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.0% (0.6% of Total Investments)
2,400 Beaver County Industrial Development Authority, Pennsylvania,
Collateralized Pollution Control Revenue Refunding Bonds,
Cleveland Electric Illuminating Company - Beaver Valley
Project, Series 1995A, 7.750%, 7/15/25 - ACA Insured (a) 7/05 at 102.00 A 2,469,264
1,355 Chester County, Pennsylvania, General Obligation Bonds, Series
2005, 5.000%, 11/15/23 5/15 at 100.00 Aa1 1,452,248
1,050 Delaware Valley Regional Finance Authority, Pennsylvania, Local
Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 - AMBAC
Insured No Opt. Call AAA 1,221,476
1,000 Pennsylvania State University, General Revenue Bonds, Series
2005, 5.000%, 9/01/29 9/15 at 100.00 AA 1,054,880
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 2.7% (1.8% of Total Investments)
1,055 Rhode Island Health and Educational Building Corporation,
Revenue Refunding Bonds, Salve Regina University, Series 2002,
5.000%, 3/15/19 - RAAI Insured 3/12 at 101.00 AA 1,105,102
Rhode Island Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2002A:
10,000 6.000%, 6/01/23 6/12 at 100.00 BBB 10,094,100
6,000 6.125%, 6/01/32 6/12 at 100.00 BBB 6,051,000
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 9.7% (6.3% of Total Investments)
14,000 Berkeley County School District, South Carolina, Installment
Purchase Revenue Bonds, Securing Assets for Education, Series
2003, 5.250%, 12/01/24 12/13 at 100.00 A- 14,730,380
15,445 Greenville County School District, South Carolina, Installment
Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/17 (Pre-
refunded to 12/01/12) 12/12 at 101.00 AA-*** 18,115,595
2,500 Greenville, South Carolina, Hospital Facilities Revenue Refunding
Bonds, Series 2003A, 5.000%, 5/01/25 - AMBAC Insured 5/13 at 100.00 AAA 2,636,700
7,600 Piedmont Municipal Power Agency, South Carolina, Electric Revenue
Bonds, Series 1991, 4.000%, 1/01/23 - MBIA Insured 7/05 at 100.00 AAA 7,224,408
6,000 South Carolina JOBS Economic Development Authority, Economic
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002A, 5.625%, 11/15/30 11/12 at 100.00 A- 6,312,420
South Carolina JOBS Economic Development Authority, Hospital
Refunding and Improvement Revenue Bonds, Palmetto Health
Alliance, Series 2003C:
1,500 6.875%, 8/01/27 8/13 at 100.00 BBB+ 1,700,550
5,000 6.375%, 8/01/34 8/13 at 100.00 BBB+ 5,489,650
5,000 Tobacco Settlement Revenue Management Authority, South Carolina,
Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%,
5/15/22 5/11 at 101.00 BBB 5,081,500
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.3% (0.2% of Total Investments)
1,500 Memphis-Shelby County Airport Authority, Tennessee, Airport
Revenue Bonds, Series 1999D, 6.000%, 3/01/19 (Alternative
Minimum Tax) - AMBAC Insured 3/10 at 101.00 AAA 1,655,970
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 12.7% (8.3% of Total Investments)
4,000 Austin, Texas, Airport System Prior Lien Revenue Bonds, Series
2003, 5.250%, 11/15/16 - MBIA Insured 11/13 at 100.00 AAA 4,366,960
2,290 Austin, Texas, Revenue Bonds, Town Lake Park Community Events
Center, Series 1999, 6.000%, 11/15/25 - FGIC Insured 11/09 at 100.00 AAA 2,524,519
5,000 Brazos River Authority, Texas, Pollution Control Revenue
Refunding Bonds, Texas Utilities Electric Company, Series
1998A, 5.550%, 5/01/33 (Alternative Minimum Tax) (Pre-refunded
to 5/01/08) - AMBAC Insured(a) 5/08 at 102.00 AAA 5,421,750
5,000 Brazos River Authority, Texas, Pollution Control Revenue Bonds,
Texas Utilities Electric Company, Series 1995C, 5.550%, 6/01/30
(Alternative Minimum Tax) (Pre-refunded to 4/01/08) - MBIA
Insured(a) 4/08 at 102.00 AAA 5,414,100
29
Nuveen Premium Income Municipal Fund 2, Inc. (NPM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 5,110 Brazos River Authority, Texas, Pollution Control Revenue
Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%,
3/01/32 (Alternative Minimum Tax)(a) 4/13 at 101.00 BBB $ 6,095,055
10,000 Brazos River Harbor Navigation District, Brazoria County, Texas,
Environmental Facilities Revenue Bonds, Dow Chemical Company
Project, Series 2002A-6, 6.250%, 5/15/33 (Alternative Minimum
Tax) (Mandatory put 5/15/17) 5/12 at 101.00 A- 10,920,000
3,345 Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2001,
5.625%, 2/15/19 (Pre-refunded to 2/15/12) 2/12 at 100.00 AA*** 3,801,659
5,000 Gulf Coast Industrial Development Authority, Texas, Waste
Disposal Revenue Bonds, Valero Refining and Marketing Company
Project, Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax) 6/08 at 102.00 BBB- 5,055,900
2,800 Harris County-Houston Sports Authority, Texas, Senior Lien
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured 11/11 at 100.00 AAA 2,951,900
Harris County Health Facilities Development Corporation, Texas,
Hospital Revenue Bonds, Memorial Hermann Healthcare System,
Series 2004A:
1,000 5.000%, 12/01/20 12/14 at 100.00 A 1,023,290
1,000 5.000%, 12/01/21 12/14 at 100.00 A 1,019,500
2,500 5.125%, 12/01/22 12/14 at 100.00 A 2,572,400
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 AAA 4,013,415
4,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds,
Series 2004A, 5.250%, 5/15/24 - FGIC Insured 5/14 at 100.00 AAA 4,307,960
6,185 Keller Independent School District, Tarrant County, Texas,
Unlimited Tax General Obligation Refunding Bonds, Series 2001,
5.250%, 8/15/26 8/11 at 100.00 AAA 6,513,300
1,760 Laredo, Texas, Sports Venue Sales Tax Revenue Bonds, Series 2001,
5.750%, 3/15/16 (Pre-refunded to 3/15/09) - FGIC Insured 3/09 at 100.00 AAA 1,916,147
2,000 Pearland Independent School District, Brazoria County, Texas,
Unlimited Tax Schoolhouse Bonds, Series 2001A, 5.250%, 2/15/22 2/11 at 100.00 AAA 2,146,220
3,935 Spring Branch Independent School District, Harris County, Texas,
Limited Tax Schoolhouse and Refunding Bonds, Series 2001,
5.125%, 2/01/26 2/11 at 100.00 AAA 4,084,884
3,900 Texas, General Obligation Bonds, Veterans Housing Assistance
Program Fund II, Series 2001C-1, 5.200%, 12/01/21 (Alternative
Minimum Tax) 12/11 at 101.00 Aa1 4,065,555
6,945 Weatherford Independent School District, Parker County, Texas,
Unlimited Tax School Building and Refunding Bonds, Series 2001,
0.000%, 2/15/25 2/11 at 44.73 AAA 2,334,701
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 0.2% (0.1% of Total Investments)
255 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series
1994B, 6.450%, 7/01/14 7/05 at 101.00 AAA 256,010
270 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series
1997E-2, 5.875%, 1/01/19 7/07 at 101.50 AAA 273,556
(Alternative Minimum Tax)
470 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series
1997C, 5.600%, 7/01/18 (Alternative Minimum Tax) 1/09 at 101.50 AAA 490,722
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.5% (0.3% of Total Investments)
3,000 Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Series 2004A, 5.000%, 10/01/21 - MBIA Insured 10/14 at 100.00 AAA 3,200,220
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 9.4% (6.1% of Total Investments)
15,000 Chelan County Public Utility District 1, Washington, Hydro
Consolidated System Revenue Bonds, Series 2002A, 5.450%,
7/01/37 (Alternative Minimum Tax) - AMBAC Insured 7/12 at 100.00 AAA 15,853,950
7,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds,
Columbia Generating Station, Nuclear Project 2, Series 2002C,
5.750%, 7/01/17 - MBIA Insured 7/12 at 100.00 AAA 8,452,800
5,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds,
Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 7/13 at 100.00 Aaa 5,545,700
10,080 King County School District 401, Highline, Washington, General
Obligation Bonds, Series 2002, 5.500%, 12/01/16 - FGIC Insured 6/12 at 100.00 AAA 11,231,842
6,965 Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.250%,
9/01/22 - FGIC Insured 9/12 at 100.00 AAA 7,513,563
30
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Washington (continued)
$ 2,820 Skagit County Public Hospital District 1, Washington, General
Obligation Bonds, Series 2004A, 5.375%, 12/01/19 - MBIA Insured 12/14 at 100.00 Aaa $ 3,126,421
2,500 Snohomish County, Washington, Limited Tax General Obligation
Bonds, Series 2001, 5.125%, 12/01/22 - MBIA Insured 12/11 at 100.00 AAA 2,685,375
4,905 Washington, Various Purpose General Obligation Bonds, Series
1999B, 5.000%, 1/01/19 1/09 at 100.00 Aa1 5,155,400
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 2.5% (1.6% of Total Investments)
7,000 Harrison County Commission, West Virginia, Solid Waste Disposal
Revenue Bonds, Potomac Edison Company - Harrison Station,
Series 1993B, 6.250%, 5/01/23 (Alternative Minimum Tax) - AMBAC
Insured 5/05 at 100.00 AAA 7,018,200
5,000 Mason County, West Virginia, Pollution Control Revenue Bonds,
Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 10/11 at 100.00 BBB 5,128,750
1,000 Pleasants County, West Virginia, Pollution Control Revenue Bonds,
West Penn Power Company Pleasants Station Project, Series 1999E,
5.500%, 4/01/29 (Alternative Minimum Tax) - AMBAC Insured 4/09 at 101.00 AAA 1,055,800
2,355 West Virginia University, Unlimited Student Fees General Revenue
Bonds, West Virginia University Project, Series 2004C, 5.000%,
10/01/24 - FGIC Insured 10/14 at 100.00 AAA 2,508,402
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.3% (0.9% of Total Investments)
3,215 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Marshfield Clinic, Series 1997, 5.625%, 2/15/17 - MBIA
Insured 2/07 at 102.00 AAA 3,406,871
4,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29 2/09 at 101.00 BBB+ 4,092,320
1,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 5/14 at 100.00 BBB+ 1,054,220
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,032,086 Total Long-Term Investments (cost $912,169,063) - 152.9% 969,457,989
-----------------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 11,661,567
------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.7)% (347,000,000)
------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 634,119,556
==================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the timely
payment of principal and interest. Such securities are normally considered
to be equivalent to AAA rated securities.
N/R Investment is not rated.
(a) The issuer has received a preliminary adverse determination from the
Internal Revenue Service (the "IRS") regarding the tax-exempt status of
the bonds' coupon payments. The Fund will continue to treat coupon
payments as tax-exempt income until such time that it is formally
determined that the interest on the bonds should be treated as taxable.
See accompanying notes to financial statements.
31
Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 3.4% (2.2% of Total Investments)
$ 2,395 Alabama Housing Finance Authority, FNMA Multifamily Housing
Revenue Bonds, South Bay Apartments, Series 2000K, 5.950%,
2/01/33 (Alternative Minimum Tax) 2/11 at 102.00 AAA $ 2,526,821
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 11/05 at 101.00 Aaa 12,102,211
5,150 Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds,
Series 2001, 5.750%, 12/01/16 12/11 at 101.00 A- 5,471,514
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.9% (0.6% of Total Investments)
3,065 Alaska Municipal Bond Bank Authority, General Obligation Bonds,
Series 2003E, 5.250%, 12/01/26 - MBIA Insured 12/13 at 100.00 AAA 3,299,503
1,665 Alaska Housing Finance Corporation, General Housing Purpose Bonds,
Series 2005A, 5.000%, 12/01/30 - FGIC Insured 12/14 at 100.00 AAA 1,742,805
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.6% (1.1% of Total Investments)
5,000 Arizona Tourism and Sports Authority, Tax Revenue Bonds,
Multipurpose Stadium Facility Project, Series 2003A, 5.000%,
7/01/31 - MBIA Insured 7/13 at 100.00 Aaa 5,233,450
4,100 Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2003, 5.000%,
12/01/18 - MBIA Insured 12/13 at 100.00 AAA 4,408,074
-----------------------------------------------------------------------------------------------------------------------------------
Arkansas - 0.1% (0.0% of Total Investments)
95 Arkansas Development Finance Authority, FHA-Insured or VA
Guaranteed Single Single Family Mortgage Revenue Refunding
Bonds, Series 1991A, 8.000%, 8/15/11 8/05 at 100.00 AA 95,265
91 Jacksonville Residential Housing Facilities Board, Arkansas,
FNMA Mortgage-Backed Securities Program Single Family Mortgage
Revenue Refunding Bonds, Series 1993A-2, 7.900%, 1/01/11 7/05 at 101.00 Aaa 92,037
142 Lonoke County Residential Housing Facilities Board, Arkansas,
FNMA Mortgage-Backed Securities Program Single Family Mortgage
Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11 10/05 at 103.00 Aaa 145,553
-----------------------------------------------------------------------------------------------------------------------------------
California - 8.0% (5.2% of Total Investments)
17,000 California Health Facilities Financing Authority, Health Facility
Revenue Bonds, Adventist Health System/West, Series 2003A,
5.000%, 3/01/33 3/13 at 100.00 A 17,158,100
2,000 California Infrastructure Economic Development Bank, Revenue
Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%,
8/01/31 8/11 at 102.00 A+ 2,130,840
10,000 California, General Obligation Bonds, Series 2003, 5.250%,
2/01/22 8/13 at 100.00 A 10,803,700
4,500 California, General Obligation Bonds, Series 2004, 5.100%,
2/01/34 2/09 at 100.00 A 4,604,985
1,800 California Department of Water Resources, Power Supply Revenue
Bonds, Series 2002A, 5.500%, 5/01/14 - AMBAC Insured 5/12 at 101.00 AAA 2,050,740
4,780 Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Series 1995A, 0.000%, 1/01/14 No Opt. Call AAA 3,448,674
1,000 Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%,
6/01/39 6/13 at 100.00 BBB 1,062,240
3,000 Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2001A-3, 5.375%, 7/01/20 7/06 at 100.00 AA- 3,053,490
795 Santa Clara Valley Water District, California, Water Utility
System Revenue Bonds, Series 2000A, 5.000%, 6/01/18 6/10 at 100.00 AA 848,519
1,945 South Gate Public Financing Authority, California, Water Revenue
Refunding Bonds, Series 1996A, 6.000%, 10/01/12 - FGIC Insured No Opt. Call AAA 2,276,992
32
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 6.2% (4.0% of Total Investments)
$ 6,500 Adams 12 Five Star Schools, Adams County, Colorado, General
Obligation Bonds, Series 2005, 4.750%, 12/15/23 - FSA Insured 12/15 at 100.00 AAA $ 6,782,685
2,000 Colorado Health Facilities Authority, Revenue Refunding Bonds,
Catholic Health Initiatives, Series 2001, 5.250%, 9/01/21 9/11 at 100.00 AA 2,107,160
805 Colorado Housing Finance Authority, Single Family Program Senior
Bonds, Series 1999C-3, 6.750%, 10/01/21 10/09 at 105.00 Aa2 830,953
3,040 Denver City and County, Colorado, Airport System Revenue Bonds,
Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) No Opt. Call A 3,588,325
Denver Convention Center Hotel Authority, Colorado, Senior
Revenue Bonds, Convention Center Hotel, Series 2003A:
2,940 5.000%, 12/01/20 - XLCA Insured 12/13 at 100.00 AAA 3,121,310
10,000 5.000%, 12/01/33 - XLCA Insured 12/13 at 100.00 AAA 10,420,600
4,345 El Paso County School District 20, Academy, Colorado, General
Obligation Bonds, Series 2002, 5.250%, 12/15/17 - FGIC Insured 12/12 at 100.00 Aaa 4,787,321
755 Jefferson County School District R1, Colorado, General Obligation
Bonds, Series 2004, 5.000%, 12/15/22 - FSA Insured 12/14 at 100.00 AAA 811,995
4,125 Municipal Subdistrict Northern Colorado Water District, Revenue
Bonds, Series 1997G, 5.250%, 12/01/15 - AMBAC Insured 12/07 at 101.00 AAA 4,384,091
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.5% (0.3% of Total Investments)
3,000 Connecticut Housing Finance Authority, Housing Mortgage Finance
Program Bonds, Series 1996C-2, 6.250%, 11/15/18 5/06 at 102.00 AAA 3,112,380
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 5.5% (3.5% of Total Investments)
6,000 District of Columbia, General Obligation Bonds, Series 1993B-2,
5.500%, 6/01/10 - FSA Insured No Opt. Call AAA 6,610,860
4,250 District of Columbia, Hospital Revenue Refunding Bonds, Medlantic
Healthcare Group, Series 1993A, 5.750%, 8/15/14 - MBIA Insured 8/06 at 102.00 AAA 4,473,975
5 District of Columbia, General Obligation Bonds, Series 1993E,
6.000%, 6/01/09 - CAPMAC Insured 6/05 at 100.00 AAA 5,014
District of Columbia, General Obligation Refunding Bonds, Series
1993A:
1,585 6.000%, 6/01/07 - MBIA Insured No Opt. Call AAA 1,643,994
7,215 6.000%, 6/01/07 - MBIA Insured No Opt. Call AAA 7,476,183
District of Columbia, Revenue Bonds, Georgetown University,
Series 2001A:
9,670 0.000%, 4/01/26 - MBIA Insured 4/11 at 42.15 AAA 3,032,222
15,235 0.000%, 4/01/30 - MBIA Insured 4/11 at 32.93 AAA 3,703,019
5,000 Washington Convention Center Authority, District of Columbia,
Senior Lien Dedicated Tax Revenue Bonds, Series 1998, 5.250%,
10/01/12 - AMBAC Insured 10/08 at 101.00 AAA 5,360,150
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 6.6% (4.3% of Total Investments)
5,000 Broward County School Board, Florida, Certificates of
Participation, Series 2003, 5.000%, 7/01/28 - MBIA Insured 7/13 at 100.00 AAA 5,237,000
2,500 Florida State Board of Education, Full Faith and Credit Public
Education Capital Outlay Bonds, Series 1996A, 5.250%, 6/01/22
(Pre-refunded to 6/01/06) 6/06 at 101.00 AAA 2,592,575
5,000 Hillsborough County Aviation Authority, Florida, Revenue Bonds,
Tampa International Airport, Series 2003A, 5.250%, 10/01/18
(Alternative Minimum Tax) - MBIA Insured 10/13 at 100.00 AAA 5,381,900
9,000 JEA, Florida, Water and Sewerage System Revenue Bonds, Series
2001A, 5.200%, 10/01/20 (Pre-refunded to 10/01/05) 10/05 at 100.00A A-*** 9,099,810
5,000 Martin County Industrial Development Authority, Florida,
Industrial Development Revenue Bonds, Indiantown Cogeneration
LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 6/05 at 102.00 BB+ 5,089,100
1,380 Miami-Dade County Housing Finance Authority, Florida, Multifamily
Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A,
5.850%, 7/01/20 (Alternative Minimum Tax) - FSA Insured 1/11 at 102.00 AAA 1,468,058
9,500 Sunrise, Florida, Utility System Revenue Refunding Bonds, Series
1998, 5.000%, 10/01/28 - AMBAC Insured 10/18 at 100.00 AAA 10,187,515
33
Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 2.6% (1.6% of Total Investments)
$ 4,400 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series
1999A, 5.500%, 11/01/22 - FGIC Insured No Opt. Call AAA $ 5,167,140
2,880 Georgia Municipal Electric Authority, General Power Revenue
Bonds, Series 1992B, 8.250%, 1/01/11 No Opt. Call A+ 3,583,584
5,500 Georgia Municipal Electric Authority, General Power Revenue
Bonds, Series 1993B, 5.700%, 1/01/19 - FGIC Insured No Opt. Call AAA 6,357,395
-----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 1.0% (0.6% of Total Investments)
Honolulu City and County, Hawaii, General Obligation Refunding
and Improvement Bonds, Series 1993B:
1,580 5.000%, 10/01/13 No Opt. Call Aaa 1,753,373
3,720 5.000%, 10/01/13 No Opt. Call Aa2 4,085,453
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 14.2% (9.1% of Total Investments)
4,000 Chicago Board of Education, Illinois, General Obligation Lease
Certificates, Series 1992A, 6.250%, 1/01/15 - MBIA Insured No Opt. Call AAA 4,702,040
5,550 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A,
5.125%, 1/01/26 (Alternative Minimum Tax) - FSA Insured 1/11 at 101.00 AAA 5,738,922
5,000 Chicago, Illinois, Sales Tax Revenue Bonds, Series 1998, 5.250%,
1/01/28 - FGIC Insured 7/08 at 102.00 AAA 5,311,450
Cook County School District 99, Cicero, Illinois, General
Obligation School Bonds, Series 1997:
1,455 8.500%, 12/01/13 - FGIC Insured No Opt. Call Aaa 1,965,690
1,685 8.500%, 12/01/15 - FGIC Insured No Opt. Call Aaa 2,373,103
6,140 Illinois Development Finance Authority, GNMA Collateralized
Mortgage Revenue Bonds, Greek American Nursing Home Committee,
Series 2000A, 7.600%, 4/20/40 4/11 at 105.00 Aaa 6,575,817
450 Illinois Educational Facilities Authority, Revenue Bonds, Chicago
College of Osteopathic Medicine, Series 1975A, 8.750%, 7/01/05 No Opt. Call AAA 454,734
Illinois Health Facilities Authority, Revenue Refunding Bonds,
Lutheran General Health System, Series 1993C:
4,420 7.000%, 4/01/08 No Opt. Call A+ 4,725,466
4,075 7.000%, 4/01/14 No Opt. Call A+ 4,994,891
4,000 Illinois Health Facilities Authority, Revenue Bonds, Condell
Medical Center, Series 2002, 5.500%, 5/15/32 5/12 at 100.00 Baa2 4,097,160
4,000 Illinois Health Facilities Authority, FHA-Insured Mortgage
Revenue Refunding Bonds, Sinai Health System, Series 2003,
5.150%, 2/15/37 8/13 at 100.00 AAA 4,122,720
2,225 Illinois Housing Development Authority, Multifamily Program
Bonds, Series 1994-5, 6.650%, 9/01/14 9/05 at 101.00 A+ 2,271,280
3,410 Illinois Housing Development Authority, Section 8 Elderly
Housing Revenue Bonds, Skyline Towers Apartments, Series
1992B, 6.875%, 11/01/17 5/05 at 100.00 A- 3,525,088
9,795 Lake, Cook, Kane and McHenry Counties Community Unit School
District 220, Barrington, Illinois, School Refunding Bonds,
Series 2002, 5.250%, 12/01/19 - FSA Insured No Opt. Call AAA 11,132,115
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A:
9,500 0.000%, 6/15/24 - MBIA Insured 6/22 at 101.00 AAA 5,744,935
4,540 5.000%, 12/15/28 - MBIA Insured 6/12 at 101.00 AAA 4,738,080
34,440 0.000%, 6/15/40 - MBIA Insured No Opt. Call AAA 6,014,257
3,050 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 AAA 3,917,908
1,362 Wood River Township, Madison County, Illinois, General Obligation
Bonds, Series 1993, 6.625%, 2/01/14 8/05 at 101.00 N/R 1,293,783
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 9.1% (5.8% of Total Investments)
22,000 Indiana Health Facility Financing Authority, Hospital Revenue
Bonds, Clarian Health Obligated Group, Series 2000A, 5.500%,
2/15/30 - MBIA Insured 8/10 at 101.50 AAA 24,035,220
3,000 Indiana Health Facility Financing Authority, Hospital Revenue
Refunding Bonds, Columbus Regional Hospital, Series 1993,
7.000%, 8/15/15 - FSA Insured No Opt. Call AAA 3,661,920
34
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Indiana (continued)
$ 2,800 Indiana Health Facility Financing Authority, Revenue Bonds,
Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35
(WI, settling 5/04/05) - AMBAC Insured 5/15 at 100.00 AAA $ 2,902,648
3,965 Indiana Educational Facilities Authority, Revenue Bonds, Butler
University, Series 2001, 5.500%, 2/01/26 - MBIA Insured 2/11 at 100.00 AAA 4,299,606
1,500 Indiana Educational Facilities Authority, Revenue Bonds,
University of Indianapolis, Series 1999, 5.750%, 10/01/19 -
FSA Insured 10/09 at 101.00 AAA 1,654,845
Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series 2003A:
4,000 5.000%, 6/01/23 - FSA Insured 6/13 at 100.00 AAA 4,276,840
6,000 5.000%, 6/01/24 - FSA Insured 6/13 at 100.00 AAA 6,397,740
710 Kokomo Hospital Authority, Indiana, Hospital Revenue Refunding
Bonds, St. Joseph Hospital and Health Center, Series 1993,
6.250%, 8/15/05 8/05 at 100.00 N/R*** 717,079
5,000 Metropolitan School District Warren Township Vision 2005 School
Building Corporation, Marion County, Indiana, First Mortgage
Bonds, Series 2000, 5.500%, 7/15/20 (Pre-refunded to 1/15/11) -
FGIC Insured 1/11 at 100.00 AAA 5,592,900
-----------------------------------------------------------------------------------------------------------------------------------
Iowa - 0.0% (0.0% of Total Investments)
40 Davenport, Iowa, Home Ownership Mortgage Revenue Refunding Bonds,
Series 1994, 7.900%, 3/01/10 9/05 at 101.00 Aa2 40,320
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 1.8% (1.2% of Total Investments)
2,000 Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical
Center, Series 2000A, 5.500%, 9/01/25 - AMBAC Insured 9/10 at 100.00 AAA 2,164,800
6,825 Sedgwick County Unified School District 259, Wichita, Kansas,
General Obligation Bonds, Series 2000, 3.500%, 9/01/16 9/10 at 100.00 AA 6,567,425
1,750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and
Electric Company, Series 2004, 5.300%, 6/01/31 - MBIA Insured 6/14 at 100.00 AAA 1,882,213
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.8% (1.1% of Total Investments)
3,070 Jefferson Sales Tax District, Jefferson Parish, Louisiana,
Special Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%,
12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 3,346,208
1,750 Louisiana Local Government Environmental Facilities and Community
Development Authority, GNMA Collateralized Mortgage Revenue
Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%,
6/20/37 6/12 at 105.00 Aaa 1,942,535
4,915 Orleans Levee District, Louisiana, Levee District General
Obligation Bonds, Series 1986, 5.950%, 11/01/14 - FSA Insured 12/05 at 103.00 AAA 5,152,444
-----------------------------------------------------------------------------------------------------------------------------------
Maine - 2.5% (1.6% of Total Investments)
7,520 Maine Educational Loan Marketing Corporation, Student Loan
Revenue Bonds, Subordinate Series 1994B-2, 6.250%, 11/01/06
(Alternative Minimum Tax) No Opt. Call A2 7,710,933
6,635 Maine State Housing Authority, Mortgage Purchase Bonds, Series
2000C-1, 6.050%, 11/15/31 (Alternative Minimum Tax) 5/10 at 100.00 AA+ 6,944,125
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 2.7% (1.7% of Total Investments)
3,215 Maryland Community Development Administration, Housing Revenue
Bonds, Series 1996A, 5.875%, 7/01/16 1/07 at 102.00 Aa2 3,335,916
2,900 Maryland Community Development Administration, Housing Revenue
Bonds, Series 1997A, 6.000%, 7/01/39 (Alternative Minimum Tax) 7/07 at 102.00 Aa2 3,016,232
6,800 Montgomery County Housing Opportunities Commission, Maryland,
GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series
1996B, 6.400%, 7/01/28 (Alternative Minimum Tax) 7/06 at 102.00 Aa2 7,028,752
2,315 Montgomery County Housing Opportunities Commission, Maryland,
Multifamily Housing Development Bonds, Series 2000B, 6.125%,
7/01/20 (Alternative Minimum Tax) 7/10 at 100.00 Aaa 2,453,298
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 0.0% (0.0% of Total Investments)
35 Massachusetts Housing Finance Agency, Housing Project Revenue
Refunding Bonds, Series 1993A, 6.300%, 10/01/13 (Pre-refunded
to 6/01/05) 6/05 at 100.00 A1 35,046
35
Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 6.4% (4.1% of Total Investments)
$ 6,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue
Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured 7/15 at 100.00 AAA $ 6,304,860
10,450 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds,
Series 1997A, 5.000%, 7/01/27 - MBIA Insured 7/07 at 101.00 AAA 10,844,383
Hancock Hospital Finance Authority, Michigan, FHA-Insured
Mortgage Hospital Revenue Bonds, Portage Health System Inc.,
Series 1998:
1,350 4.625%, 8/01/18 - MBIA Insured 8/08 at 100.00 AAA 1,365,282
4,400 5.450%, 8/01/47 - MBIA Insured 8/08 at 100.00 AAA 4,644,948
5,000 Michigan State Building Authority, Revenue Refunding Bonds,
Facilities Program, Series 2003II, 5.000%, 10/15/29 - MBIA
Insured 10/13 at 100.00 AAA 5,245,600
10,500 Michigan State Hospital Finance Authority, Hospital Revenue
Bonds, Detroit Medical Center Obligated Group, Series 1998A,
5.250%, 8/15/23 8/08 at 101.00 Ba3 9,384,900
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 0.9% (0.6% of Total Investments)
1,395 Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA
Mortgage-Backed Securities Program Single Family Mortgage
Revenue Bonds, Series 1997, 5.800%, 11/01/30 (Alternative
Minimum Tax) 11/07 at 102.00 AAA 1,441,286
3,500 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota,
Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/25 - FGIC
Insured 1/11 at 100.00 AAA 3,719,870
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 1.9% (1.2% of Total Investments)
1,285 Jones County, Mississippi, Hospital Revenue Refunding Bonds,
South Central Regional Medical Center Project, Series 1997,
5.350%, 12/01/10 12/07 at 100.00 BBB+ 1,312,396
2,000 Mississippi Higher Education Assistance Corporation, Student
Loan Revenue Bonds, Senior Series 1993B, 5.800%, 9/01/06
(Alternative Minimum Tax) 9/05 at 100.00 Aaa 2,004,140
1,875 Mississippi Hospital Equipment and Facilities Authority, Revenue
Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%,
9/01/24 9/14 at 100.00 N/R 1,939,219
5,180 Mississippi, General Obligation Refunding Bonds, Series 2002A,
5.500%, 12/01/18 No Opt. Call AA 6,050,603
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.4% (0.2% of Total Investments)
2,000 St. Louis, Missouri, Airport Revenue Bonds, Airport Development
Program, Series 2001A, 5.000%, 7/01/26 - MBIA Insured 7/11 at 100.00 AAA 2,074,520
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 1.6% (1.0% of Total Investments)
9,000 NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan
Program, Series 1993A-5A, 6.250%, 6/01/18 (Alternative Minimum
Tax) - MBIA Insured No Opt. Call AAA 9,341,370
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 4.6% (3.0% of Total Investments)
7,000 Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement
Revenue Bonds, Series 2003, 5.000%, 7/01/23 - AMBAC Insured 7/13 at 100.00 AAA 7,476,980
10,420 Clark County School District, Nevada, General Obligation Bonds,
Series 2002C, 5.500%, 6/15/18 (Pre-refunded to 6/15/12) - MBIA
Insured 6/12 at 100.00 AAA 11,822,532
4,500 Clark County School District, Nevada, General Obligation School
Improvement Bonds, Series 1991A, 7.000%, 6/01/10 - MBIA Insured No Opt. Call AAA 5,276,250
5,425 Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
2000, 0.000%, 1/01/25 - AMBAC Insured No Opt. Call AAA 2,055,750
525 Nevada Housing Division, Single Family Mortgage Bonds, Senior
Series 1992B-1, 6.200%, 10/01/15 10/05 at 101.00 A1 530,954
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 3.9% (2.5% of Total Investments)
1,100 New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%,
7/01/30 7/10 at 101.00 BBB- 1,236,389
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
2,345 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 2,820,378
1,180 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 1,430,585
36
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
$ 14,560 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 6/12 at 100.00 BBB $ 14,549,226
3,125 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 6/13 at 100.00 BBB 3,309,156
-----------------------------------------------------------------------------------------------------------------------------------
New York - 9.1% (5.9% of Total Investments)
1,200 Hempstead Industrial Development Agency, New York, Resource
Recovery Revenue Refunding Bonds, American Ref-Fuel Company of
Hempstead, Series 2001, 5.000%, 12/01/10 (Mandatory put 6/01/10) No Opt. Call BBB 1,266,588
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 1998C:
1,350 5.000%, 5/01/26 (Pre-refunded to 5/01/08) 5/08 at 101.00 AAA 1,445,756
35 5.000%, 5/01/26 (Pre-refunded to 5/01/08) 5/08 at 101.00 AAA 37,483
15,530 5.000%, 5/01/26 5/08 at 101.00 AAA 15,985,495
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2000C:
3,630 5.875%, 11/01/16 (Pre-refunded to 5/01/10) 5/10 at 101.00 AAA 4,146,440
5,000 5.500%, 11/01/24 5/10 at 101.00 AAA 5,483,050
220 New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2000A, 5.875%, 11/01/16 (Pre-
refunded to 5/01/10) 5/10 at 101.00 AAA 251,079
1,780 New York State Medical Care Facilities Finance Agency, FHA-
Insured Mortgage Revenue Bonds, Hospital and Nursing Home
Projects, Series 1992B, 6.200%, 8/15/22 8/05 at 100.00 AAA 1,795,717
4,200 New York State Medical Care Facilities Finance Agency, FHA-
Insured Mortgage Revenue Bonds, Kenmore Mercy Hospital, Series
1995B, 6.150%, 2/15/35 8/05 at 102.00 AA 4,293,492
3,365 New York State Medical Care Facilities Finance Agency, FHA-
Insured Hospital and Nursing Home Mortgage Revenue Bonds,
Series 1994A, 6.200%, 2/15/21 8/05 at 101.00 AA 3,406,861
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 (Alternative Minimum Tax) - MBIA Insured No Opt. Call AAA 7,258,563
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
5,400 5.500%, 6/01/16 6/10 at 100.00 AA- 5,890,050
2,500 5.500%, 6/01/18 6/12 at 100.00 AA- 2,780,725
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 3.2% (2.1% of Total Investments)
2,675 Charlotte, North Carolina, Water and Sewerage System Revenue
Bonds, Series 2001, 5.500%, 6/01/13 6/11 at 101.00 AAA 3,019,380
2,000 North Carolina Municipal Power Agency 1, Catawba Electric Revenue
Bonds, Series 1992, 6.000%, 1/01/11 - MBIA Insured No Opt. Call AAA 2,275,500
10,000 North Carolina Municipal Power Agency 1, Catawba Electric Revenue
Bonds, Series 2003A, 5.250%, 1/01/18 - MBIA Insured 1/13 at 100.00 AAA 10,914,900
2,445 North Carolina Infrastructure Finance Corporation, Certificates
of Participation, Correctional Facilities, Series 2004A,
5.000%, 2/01/21 2/14 at 100.00 AA+ 2,584,903
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.3% (1.5% of Total Investments)
9,000 Cleveland, Ohio, Airport System Revenue Bonds, Series 2000A,
5.000%, 1/01/31 - FSA Insured 1/10 at 101.00 AAA 9,274,770
3,000 Franklin County, Ohio, Development Revenue Bonds, American
Chemical Society, Series 1999, 5.800%, 10/01/14 10/09 at 101.00 A 3,247,680
1,000 Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage
Revenue Bonds, Hamilton Creek Apartments Project, Series 1994A,
5.550%, 7/01/24 (Alternative Minimum Tax) 7/05 at 103.00 Aa 1,018,050
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 0.7% (0.5% of Total Investments)
400 Oklahoma Housing Finance Agency, Single Family Mortgage Revenue
Bonds, Homeownership Loan Program, Series 2000C-2, 6.200%,
9/01/28 (Alternative Minimum Tax) 3/10 at 101.00 Aaa 424,284
3,340 Tulsa Industrial Authority, Oklahoma, Hospital Revenue Refunding
Bonds, Hillcrest Medical Center, Series 1996, 6.500%, 6/01/09 -
CONNIE LEE/AMBAC Insured No Opt. Call AAA 3,769,825
37
Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.6% (1.0% of Total Investments)
$ 1,530 Beaver Area School District, Beaver County, Pennsylvania, General
Obligation Bonds, Series 2001, 5.000%, 1/15/20 - FGIC Insured 7/06 at 100.00 AAA $ 1,563,859
5,000 Pennsylvania Economic Development Financing Authority, Senior
Lien Resource Recovery Revenue Bonds, Northampton Generating
Project, Series 1994A, 6.400%, 1/01/09 (Alternative Minimum Tax) 7/05 at 101.00 BBB- 5,057,250
2,600 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series
2004A, 5.500%, 12/01/31 - AMBAC Insured 12/14 at 100.00 AAA 2,888,938
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 3.2% (2.1% of Total Investments)
12,390 Puerto Rico, General Obligation and Public Improvement Refunding
Bonds, Series 1997, 6.500%, 7/01/13 - MBIA Insured No Opt. Call AAA 15,104,773
3,470 University of Puerto Rico, University System Revenue Bonds,
Series 2000O, 5.750%, 6/01/18 - MBIA Insured 6/10 at 100.00 AAA 3,865,996
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 3.4% (2.2% of Total Investments)
20,000 Rhode Island Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 6/12 at 100.00 BBB 20,163,400
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 4.2% (2.7% of Total Investments)
4,120 Medical University Hospital Authority, South Carolina, FHA-
Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/23
- MBIA Insured 8/14 at 100.00 AAA 4,456,398
3,000 Myrtle Beach, South Carolina, Hospitality and Accommodation Fee
Revenue Bonds, Series 2004A, 5.000%, 6/01/36 - FGIC Insured 6/14 at 100.00 AAA 3,132,840
Piedmont Municipal Power Agency, South Carolina, Electric Revenue
Bonds, Series 1991:
5,000 6.250%, 1/01/21 - FGIC Insured No Opt. Call AAA 6,184,200
5,750 4.000%, 1/01/23 - MBIA Insured 7/05 at 100.00 AAA 5,465,835
5,085 Piedmont Municipal Power Agency, South Carolina, Electric Revenue
Refunding Bonds, Series 1998A, 5.500%, 1/01/13 - MBIA Insured No Opt. Call AAA 5,718,337
-----------------------------------------------------------------------------------------------------------------------------------
South Dakota - 0.3% (0.3% of Total Investments)
1,750 South Dakota Health and Educational Facilities Authority, Revenue
Bonds, Sioux Valley Hospital and Health System, Series 2004A,
5.500%, 11/01/31 11/14 at 100.00 A+ 1,866,690
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.3% (0.3% of Total Investments)
1,500 Metropolitan Government of Nashville-Davidson County, Tennessee,
Electric System Revenue Bonds, Series 1998A, 5.200%, 5/15/23 5/08 at 102.00 AA 1,600,905
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 18.0% (11.7% of Total Investments)
4,500 Alliance Airport Authority, Texas, Special Facilities Revenue
Bonds, American Airlines Inc., Series 1990, 7.500%, 12/01/29
(Alternative Minimum Tax) 6/05 at 100.00 CCC 3,531,510
4,000 Central Texas Regional Mobility Authority, Travis and Williamson
Counties, Toll Road Revenue Bonds, Series 2005, 5.000%,
1/01/35 - FGIC Insured 1/15 at 100.00 AAA 4,153,600
3,345 Columbia-Brazoria Independent School District, Texas, Unlimited
Tax School Building Bonds, Series 1999, 4.750%, 2/01/25 2/09 at 100.00 AAA 3,374,403
8,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue
Refunding and Improvement Bonds, Series 2001A, 5.875%, 11/01/19
(Alternative Minimum Tax) - FGIC Insured 11/11 at 100.00 AAA 8,888,000
2,250 Dallas-Ft. Worth International Airport, Texas, Joint Revenue
Bonds, Series 2004B, 5.000%, 11/01/27 (Alternative Minimum Tax)
- FSA Insured 11/14 at 100.00 AAA 2,310,818
6,000 Garland Housing Finance Corporation, Texas, Multifamily Housing
Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%,
6/01/40 (Alternative Minimum Tax) (Optional put 6/01/14) 12/11 at 101.00 N/R 6,161,460
7,000 Harris County Health Facilities Development Corporation, Texas,
Thermal Utility Revenue Bonds, TECO Project, Series 2003,
5.000%, 11/15/30 - MBIA Insured 11/13 at 100.00 AAA 7,281,120
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 AAA 8,837,953
38
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 7,500 Houston, Texas, Junior Lien Water and Sewerage System Revenue
Refunding Bonds, Series 2002A, 5.750%, 12/01/32 - FSA Insured No Opt. Call AAA $ 9,048,225
5,000 Houston, Texas, Junior Lien Water and Sewerage System Revenue
Refunding Bonds, Series 1997D, 5.000%, 12/01/25 (Pre-refunded
to 12/01/07) - FGIC Insured 12/07 at 102.00 AAA 5,352,500
7,015 Liberty County Housing Development Corporation, Texas,
Multifamily Housing Revenue Bonds, Series 1999, 7.250%,
6/01/34 (Optional put 6/01/09) No Opt. Call N/R 6,146,262
245 Midland Housing Finance Corporation, Texas, Single Family
Mortgage Revenue Refunding Bonds, Series 1992A, 8.450%,
12/01/11 11/05 at 103.00 Aaa 254,325
Montgomery Independent School District, Montgomery County, Texas,
Unlimited Tax School Building and Refunding Bonds, Series 2001:
2,300 5.500%, 2/15/21 2/11 at 100.00 AAA 2,510,243
2,400 5.500%, 2/15/23 2/11 at 100.00 AAA 2,619,384
Mt. Pleasant Independent School District, Titus County,
Texas, General Obligation Refunding Bonds, Series 2001:
3,025 5.000%, 2/15/26 8/11 at 100.00 Aaa 3,125,672
3,000 5.125%, 2/15/31 8/11 at 100.00 Aaa 3,113,400
6,000 Raven Hills Higher Education Corporation, Texas, Student Housing
Revenue Bonds, Angelo State University - Texan Hall LLC, Series
2002A, 5.000%, 8/01/25 - MBIA Insured 8/12 at 100.00 Aaa 6,288,720
3,410 Retama Development Corporation, Texas, Special Facilities Revenue
Bonds, Retama Park Racetrack, Series 1993, 8.750%, 12/15/18
(Pre-refunded to 12/15/12) 12/12 at 100.00 AAA 4,307,683
1,800 Sam Rayburn Municipal Power Agency, Texas, Power Supply System
Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 - RAAI
Insured 10/12 at 100.00 AA 2,006,622
4,700 Spring Branch Independent School District, Harris County, Texas,
Limited Tax Schoolhouse and Refunding Bonds, Series 2001,
5.125%, 2/01/26 2/11 at 100.00 AAA 4,879,023
4,150 Texas General Services Commission, Certificates of Participation,
Series 1992, 7.500%, 9/01/22 9/05 at 100.00 A 4,214,034
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 5/05 at 101.00 Aaa 8,851,985
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 6.2% (4.0% of Total Investments)
4,845 Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds,
South Davis Community Hospital Project, Series 1998, 5.750%,
12/15/18 12/08 at 101.00 N/R 4,413,601
17,570 Intermountain Power Agency, Utah, Power Supply Revenue Refunding
Bonds, Series 1997B, 5.750%, 7/01/19 - MBIA Insured 7/07 at 102.00 AAA 18,870,531
Intermountain Power Agency, Utah, Power Supply Revenue Bonds,
Series 1996A:
5,065 6.150%, 7/01/14 7/06 at 102.00 A+*** 5,369,710
2,935 6.150%, 7/01/14 7/06 at 102.00 A+ 3,082,719
1,435 Salt Lake City and Sandy Metropolitan Water District, Utah,
Water Revenue Bonds, Series 2004, 5.000%, 7/01/21 - AMBAC
Insured 7/14 at 100.00 Aaa 1,533,958
630 Utah Housing Finance Agency, Single Family Mortgage Bonds,
Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax) 7/10 at 100.00 AA 632,558
Utah Housing Finance Agency, Single Family Mortgage Bonds,
Series 2001C:
2,105 5.500%, 1/01/18 (Alternative Minimum Tax) 1/11 at 100.00 AA- 2,199,451
640 5.650%, 1/01/21 (Alternative Minimum Tax) 1/11 at 100.00 Aa2 663,053
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.8% (1.1% of Total Investments)
8,190 Hampton, Virginia, Revenue Bonds, Convention Center Project,
Series 2002, 5.000%, 1/15/35 - AMBAC Insured 1/13 at 100.00 AAA 8,521,449
1,775 Virginia Transportation Board, Transportation Revenue Refunding
Bonds, U.S. Route 58 Corridor Development Program, Series
1997C, 5.125%, 5/15/19 5/07 at 101.00 AA+ 1,860,253
39
Nuveen Premium Income Municipal Fund 4, Inc. (NPT) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 10.2% (6.6% of Total Investments)
$ 1,855 Chelan County Public Utility District 1, Washington, Hydro
Consolidated System Revenue Bonds, Series 1999A, 6.200%,
7/01/34 (Alternative Minimum Tax) 7/09 at 101.00 AA $ 2,042,225
1,655 Everett, Washington, Limited Tax General Obligation Bonds, Series
1997, 5.125%, 9/01/17 - FSA Insured 9/07 at 100.00 Aaa 1,727,125
6,000 Grant County Public Utility District 2, Washington, Revenue Bonds,
Wanapum Hydroelectric Development, Series 2005A, 5.000%,
1/01/34 - FGIC Insured 1/15 at 100.00 AAA 6,263,940
1,619 Skagit County Housing Authority, Washington, GNMA Collateralized
Mortgage Loan Nursing Facility Revenue Bonds, Sea Mar Community
Project, Series 1993, 7.000%, 6/20/35 5/05 at 104.00 AAA 1,686,707
1,500 Snohomish County School District 6, Mukilteo, Washington,
Unlimited Tax General Obligation and Refunding Bonds, Series
1993, 5.700%, 12/01/12 - FGIC Insured No Opt. Call AAA 1,711,035
8,155 Tacoma, Washington, Electric System Revenue Refunding Bonds,
Series 2001A, 5.750%, 1/01/20 - FSA Insured 1/11 at 101.00 AAA 9,055,801
4,705 Tacoma, Washington, Sewerage Revenue Refunding Bonds, Series
1994B, 8.000%, 12/01/08 - FGIC Insured No Opt. Call AAA 5,484,242
4,845 Washington State Tobacco Settlement Authority, Tobacco Settlement
Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 6/13 at 100.00 BBB 5,097,909
2,000 Washington State Healthcare Facilities Authority, Revenue Bonds,
Highline Community Hospital, Series 1998, 5.000%, 8/15/21 -
RAAI Insured 8/08 at 102.00 AA 2,055,040
1,000 Washington State Healthcare Facilities Authority, Revenue Bonds,
Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 -
AMBAC Insured 8/13 at 102.00 AAA 1,044,460
Washington Public Power Supply System, Revenue Refunding
Bonds, Nuclear Project 2, Series 1990A:
6,080 7.250%, 7/01/06 No Opt. Call Aaa 6,395,674
395 7.250%, 7/01/06 No Opt. Call Aaa 414,671
11,000 Washington Public Power Supply System, Revenue Refunding Bonds,
Nuclear Project 3, Series 1993B, 7.000%, 7/01/09 No Opt. Call Aaa 12,617,440
4,700 Washington Public Power Supply System, Revenue Refunding Bonds,
Nuclear Project 3, Series 1998A, 5.125%, 7/01/18 7/08 at 102.00 Aaa 4,935,795
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.3% (0.9% of Total Investments)
7,500 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Ministry Healthcare Inc., Series 2002A, 5.250%, 2/15/32
- MBIA Insured 2/12 at 101.00 AAA 7,940,175
-----------------------------------------------------------------------------------------------------------------------------------
$ 930,464 Total Long-Term Investments (cost $858,957,491) - 154.0% 910,367,190
-----------------------------------------------------------------------------------------------------------------------------------
40
Principal Market
Amount (000) Description(1) Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 1.0% (0.6% of Total Investments)
$ 1,000 Clark County School District, Nevada, General Obligation Bonds,
Variable Rate Demand Obligations, Series 2001B, 2.890%, 6/15/21
- FSA Insured+ A-1+ $ 1,000,000
1,850 Massachusetts Development Finance Authority, Revenue Bonds,
Boston University, Variable Rate Demand Obligations, Series
2002R-4, 2.940%, 10/01/42 - XLCA Insured+ A-1+ 1,850,000
2,950 Palm Beach County Health Facilities Authority, Florida, Revenue
Bonds, Bethesda Healthcare System, Adjustable Rate Demand
Obligations, Series 2001, 3.050%, 12/01/31+ VMIG-1 2,950,000
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,800 Total Short-Term Investments (cost $5,800,000) 5,800,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $864,757,491) - 155.0% 916,167,190
------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 13,362,273
------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (57.2)% (338,400,000)
------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 591,129,463
==================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the timely
payment of principal and interest. Such securities are normally considered
to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. 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.
See accompanying notes to financial statements.
41
Statement of
Assets and Liabilities April 30, 2005 (Unaudited)
PREMIUM INCOME PREMIUM INCOME 2 PREMIUM INCOME 4
(NPI) (NPM) (NPT)
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $1,402,650,035,
$912,169,063 and $864,757,491, respectively) $1,482,821,187 $ 969,457,989 $ 916,167,190
Receivables:
Interest 23,178,120 14,422,312 15,570,698
Investments sold 6,217,534 7,899,156 2,775,191
Other assets 117,618 77,639 75,452
-----------------------------------------------------------------------------------------------------------------------------------
Total assets 1,512,334,459 991,857,096 934,588,531
-----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 3,758,153 9,970,668 1,461,604
Payable for investments purchased 10,624,146 -- 2,848,468
Accrued expenses:
Management fees 741,889 492,550 467,473
Other 323,658 182,061 189,451
Preferred share dividends payable 140,236 92,261 92,072
-----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 15,588,082 10,737,540 5,059,068
-----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 525,000,000 347,000,000 338,400,000
-----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 971,746,377 $ 634,119,556 $ 591,129,463
===================================================================================================================================
Common shares outstanding 63,785,430 41,093,661 43,236,703
===================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.23 $ 15.43 $ 13.67
===================================================================================================================================
Net assets applicable to Common shares consist of:
-----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 637,854 $ 410,937 $ 432,367
Paid-in surplus 901,327,074 570,810,113 587,063,865
Undistributed net investment income 6,893,525 4,591,090 3,404,216
Accumulated net realized gain (loss) from investments (17,283,228) 1,018,490 (51,180,684)
Net unrealized appreciation of investments 80,171,152 57,288,926 51,409,699
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 971,746,377 $ 634,119,556 $ 591,129,463
===================================================================================================================================
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.
42
Statement of
Operations Six Months Ended April 30, 2005 (Unaudited)
PREMIUM INCOME PREMIUM INCOME 2 PREMIUM INCOME 4
(NPI) (NPM) (NPT)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 37,390,465 $ 24,162,782 $ 23,138,947
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 4,497,042 2,987,632 2,820,568
Preferred shares - auction fees 650,856 430,185 419,523
Preferred shares - dividend disbursing agent fees 29,753 29,753 39,671
Shareholders' servicing agent fees and expenses 88,120 31,359 44,310
Custodian's fees and expenses 166,925 108,245 100,369
Directors' fees and expenses 12,556 14,537 7,738
Professional fees 66,087 20,894 130,074
Shareholders' reports - printing and mailing expenses 69,287 37,021 43,517
Stock exchange listing fees 12,422 8,002 8,412
Investor relations expense 104,716 68,054 66,365
Other expenses 26,704 23,300 31,100
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and legal fee refund 5,724,468 3,758,982 3,711,647
Custodian fee credit (7,847) (5,011) (34,917)
Legal fee refund -- -- (143,090)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 5,716,621 3,753,971 3,533,640
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 31,673,844 20,408,811 19,605,307
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 4,892,465 1,015,264 (6,208,230)
Change in net unrealized appreciation (depreciation) of investments 158,761 1,662,986 13,446,380
-----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 5,051,226 2,678,250 7,238,150
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (4,283,155) (2,658,813) (2,839,028)
From accumulated net realized gains from investments -- (333,998) --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (4,283,155) (2,992,811) (2,839,028)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares from operations $ 32,441,915 $ 20,094,250 $ 24,004,429
===================================================================================================================================
See accompanying notes to financial statements.
43
Statement of
Changes in Net Assets (Unaudited)
PREMIUM INCOME (NPI) PREMIUM INCOME 2 (NPM) PREMIUM INCOME 4 (NPT)
--------------------------- --------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/05 10/31/04 4/30/05 10/31/04 4/30/05 10/31/04
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 31,673,844 $ 64,664,939 $ 20,408,811 $ 42,290,011 $ 19,605,307 $ 40,793,820
Net realized gain (loss) from
investments 4,892,465 2,482,620 1,015,264 4,358,413 (6,208,230) 652,547
Change in net unrealized appreciation
(depreciation) of investments 158,761 20,569,667 1,662,986 15,104,071 13,446,380 15,883,141
Distributions to Preferred Shareholders:
From net investment income (4,283,155) (4,988,711) (2,658,813) (3,250,596) (2,839,028) (3,283,827)
From accumulated net realized gains
from investments -- -- (333,998) -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 32,441,915 82,728,515 20,094,250 58,501,899 24,004,429 54,045,681
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (30,234,295) (61,501,952) (19,965,171) (40,436,175) (18,159,416) (37,551,098)
From accumulated net realized gains
from investments -- -- (3,990,843) -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (30,234,295) (61,501,952) (23,956,014) (40,436,175) (18,159,416) (37,551,098)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Preferred shares offering costs -- -- -- -- -- 14,080
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 2,207,620 21,226,563 (3,861,764) 18,065,724 5,845,013 16,508,663
Net assets applicable to Common
shares at the beginning of period 969,538,757 948,312,194 637,981,320 619,915,596 585,284,450 568,775,787
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $971,746,377 $969,538,757 $634,119,556 $637,981,320 $591,129,463 $585,284,450
===================================================================================================================================
Undistributed net investment
income at the end of period $ 6,893,525 $ 9,737,131 $ 4,591,090 $ 6,806,263 $ 3,404,216 $ 4,797,353
===================================================================================================================================
See accompanying notes to financial statements.
44
Notes to
Financial Statements (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share New York Stock Exchange symbols are Nuveen Premium Income Municipal Fund,
Inc. (NPI), Nuveen Premium Income Municipal Fund 2, Inc. (NPM) and Nuveen
Premium Income Municipal Fund 4, Inc. (NPT). The Funds are registered under the
Investment Company Act of 1940, as amended, as closed-end, diversified
management investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax
by investing primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities.
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
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.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service or, in the absence of a pricing service for a
particular security, the Board of Directors of the Funds, or its designee, may
establish fair market value using a wide variety of market data including yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, market quotes or indications of value from securities
dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit
characteristics considered relevant by the pricing service or the Board of
Directors' designee. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any securities so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At April 30, 2005,
Premium Income (NPI) and Premium Income 4 (NPT) had outstanding when-issued
purchase commitments of $10,624,146 and $2,848,468, respectively. There were no
such outstanding purchase commitments in Premium Income 2 (NPM).
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of Fund shareholders. Legal fee refund presented on the
Statement of Operations for Premium Income 4 (NPT) reflects a refund of workout
expenditures paid in a prior reporting period.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all 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 which will enable interest from
municipal securities, which is exempt from regular federal income tax, to retain
such tax-exempt status when distributed to shareholders of the Funds. Net
realized capital gains and ordinary income distributions paid by the Funds are
subject to federal taxation.
45
Notes to
Financial Statements (Unaudited) (continued)
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in more than one Series. The dividend rate on each Series is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable weekly at the end of each rate period. The number
of Preferred shares outstanding, by Series and in total, for each Fund is as
follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
-----------------------------------------------------------------------
Number of shares:
Series M 3,800 2,000 2,200
Series M2 2,000 -- --
Series T 3,800 3,000 2,000
Series T2 -- -- 1,328
Series W 3,800 2,000 1,680
Series W2 -- -- 520
Series TH 3,800 3,000 2,680
Series F 3,800 2,000 1,800
Series F2 -- 1,880 1,328
-----------------------------------------------------------------------
Total 21,000 13,880 13,536
=======================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended April 30, 2005.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles 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.
46
2. FUND SHARES
None of the Funds engaged in transactions in their own shares during the six
months ended April 30, 2005, nor during the fiscal year ended October 31, 2004.
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2005, were as follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
--------------------------------------------------------------------------------------------------
Purchases $ 108,802,903 $ 46,284,902 $ 54,765,439
Sales and maturities 106,019,291 39,284,937 46,587,106
==================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At April 30, 2005, the cost of investments was as follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
--------------------------------------------------------------------------------------------------
Cost of investments $1,401,668,396 $911,832,331 $864,254,639
==================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2005, were as follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
--------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 91,147,755 $ 57,960,559 $ 55,169,835
Depreciation (9,994,964) (334,901) (3,257,284)
Net unrealized appreciation of investments $ 81,152,791 $ 57,625,658 $ 51,912,551
==================================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2004, the Funds' last fiscal year end, were as follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
--------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 13,928,174 $ 9,752,477 $ 7,067,130
Undistributed net ordinary income ** 6,449 126,711 157,396
Undistributed net long-term capital gains -- 4,326,397 --
==================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2004, paid on November 1, 2004.
** 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 fiscal year ended October 31,
2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
--------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 66,130,210 $ 43,384,403 $ 40,023,013
Distributions from net ordinary income ** 287,221 262,847 770,605
Distributions from net long-term capital gains -- -- --
==================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
47
Notes to
Financial Statements (Unaudited) (continued)
At October 31, 2004, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
PREMIUM PREMIUM
INCOME INCOME 4
(NPI) (NPT)
------------------------------------------------------------------------------
Expiration year:
2008 $ 9,710,067 $ 2,151,015
2009 -- --
2010 6,203,091 18,079,555
2011 6,263,502 24,792,603
------------------------------------------------------------------------------
Total $22,176,660 $45,023,173
==============================================================================
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
As approved by the Board of Directors, effective August 1, 2004, a complex-wide
management fee structure was adopted for all funds sponsored by the Adviser, or
its predecessor and its affiliates. This fee structure separates each fund's
management fee into two components - a complex-level component, based on the
aggregate amount of all fund assets managed by the Adviser, and a specific
fund-level component, based only on the amount of assets within each individual
fund. This pricing structure enables Nuveen fund shareholders to benefit from
growth in the assets within each individual fund as well as from growth in the
amount of complex-wide assets managed by the Adviser. Under no circumstances
will this pricing structure result in a fund paying management fees at a rate
higher than would otherwise have been applicable had the complex-wide management
fee structure not been implemented. As of May 31, 2005, the complex-level fee
rate was .1905%; that is, the funds' effective management fees were reduced by
approximately .0095%.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
========================================================================================================
48
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
-------------------------------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
=======================================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
Each Fund paid through July 31, 2004, an annual management fee, payable monthly,
at the rates set forth below, which were based upon the average daily net assets
(including net assets attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
---------------------------------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
=========================================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of Directors
has adopted a deferred compensation plan for independent Directors that enables
Directors to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which would result in
the automatic termination of each agreement under the 1940 Act. The Board of
Directors will consider approval of new ongoing investment management agreements
for each Fund and the submission of those agreements for approval by each
respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on June 1, 2005, to shareholders of record on
May 15, 2005, as follows:
PREMIUM PREMIUM PREMIUM
INCOME INCOME 2 INCOME 4
(NPI) (NPM) (NPT)
--------------------------------------------------------------------------------
Dividend per share $.0770 $.0785 $.0680
================================================================================
49
Financial
Highlights (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Ivestment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
----------------------------------------------------------------------------------------------------------------------------------
PREMIUM INCOME (NPI)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) $15.20 $ .50 $ .07 $(.07) $ -- $ .50 $ (.47) $ -- $ (.47)
2004 14.87 1.01 .36 (.08) -- 1.29 (.96) -- (.96)
2003 14.87 1.05 (.03) (.07) -- .95 (.95) -- (.95)
2002 15.27 1.10 (.48) (.11) -- .51 (.91) -- (.91)
2001 14.23 1.12 .98 (.26) -- 1.84 (.80) -- (.80)
2000 13.46 1.11 .78 (.33) -- 1.56 (.79) -- (.79)
PREMIUM INCOME 2 (NPM)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 15.53 .50 .06 (.06) (.01) .49 (.49) (.10) (.59)
2004 15.09 1.02 .48 (.08) -- 1.42 (.98) -- (.98)
2003 15.27 1.08 (.10) (.07) (.01) .90 (.98) (.10) (1.08)
2002 15.53 1.17 (.30) (.11) (.01) .75 (.96) (.05) (1.01)
2001 14.75 1.21 .73 (.27) -- 1.67 (.89) -- (.89)
2000 14.61 1.22 .20 (.34) -- 1.08 (.92) (.02) (.94)
PREMIUM INCOME 4 (NPT)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 13.54 .45 .17 (.07) -- .55 (.42) -- (.42)
2004 13.15 .94 .40 (.08) -- 1.26 (.87) -- (.87)
2003 13.46 .93 (.32) (.07) -- .54 (.85) -- (.85)
2002 14.22 1.00 (.80) (.11) -- .09 (.85) -- (.85)
2001 13.54 1.08 .66 (.25) -- 1.49 (.81) -- (.81)
2000 13.50 1.11 .07 (.32) -- .86 (.82) -- (.82)
==================================================================================================================================
* Annualized.
** Total Investment Return 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. Total Return on Common Share
Net Asset Value is the combination of changes in Common Share net asset
value, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
*** After custodian fee credit and legal fee refund, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable
to Preferred shares.
(a) For the six months ended April 30, 2005.
50
Ratios/Supplemental Data
---------------------------------------------------------------
Total Returns Before Credit/Refund After Credit/Refund***
------------------ ------------------------ -----------------------
Ratio Ratio
of Net of Net
Ratio of Investment Ratio of Investment
Based Ending Expenses Income to Expenses Income to
Ending on Net to Average Average to Average Average
Common Based Common Assets Net Assets Net Assets Net Assets Net Assets
Share Ending on ShareNet Applicable Applicable Applicable Applicable Applicable
Net Asset Market Market Asset to Common to Common to Common to Common to Common
Value Value Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++
----------------------------------------------------------------------------------------------------------------------------------
PREMIUM INCOME (NPI)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) $ 15.23 $ 14.2400 2.97% 3.37% $ 971,746 1.19%* 6.61%* 1.19%* 6.61%*
2004 15.20 14.3000 8.82 9.00 969,539 1.21 6.76 1.20 6.76
2003 14.87 14.0600 6.48 6.58 948,312 1.22 7.02 1.22 7.02
2002 14.87 14.1100 5.51 3.47 948,726 1.22 7.39 1.22 7.39
2001 15.27 14.2500 26.60 13.22 974,272 1.22 7.49 1.21 7.50
2000 14.23 11.9375 4.10 12.03 907,640 1.28 8.09 1.27 8.10
PREMIUM INCOME 2 (NPM)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 15.43 14.0500 .47 3.19 634,120 1.20* 6.52* 1.20* 6.52*
2004 15.53 14.5700 9.48 9.77 637,981 1.21 6.75 1.21 6.76
2003 15.09 14.2500 6.57 6.07 619,916 1.22 7.06 1.21 7.07
2002 15.27 14.4000 5.59 5.03 627,659 1.22 7.70 1.21 7.71
2001 15.53 14.6100 17.31 11.63 638,365 1.23 7.93 1.21 7.95
2000 14.75 13.2500 (2.03) 7.71 605,973 1.23 8.38 1.22 8.39
PREMIUM INCOME 4 (NPT)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 13.67 12.2900 (.20) 4.14 591,129 1.26* 6.72* 1.23* 6.76*
2004 13.54 12.7400 8.98 9.90 585,284 1.30 7.10 1.29 7.10
2003 13.15 12.5200 3.09 4.12 568,776 1.36 6.95 1.35 6.96
2002 13.46 12.9700 .52 .76 581,961 1.36 7.36 1.35 7.37
2001 14.22 13.7500 18.68 11.28 614,989 1.34 7.73 1.33 7.74
2000 13.54 12.3125 3.28 6.58 585,387 1.27 8.22 1.26 8.23
==================================================================================================================================
Preferred Shares at End of Period
------------------------------------
Aggregate Liquidation
Portfolio Amount and Market Asset
Turnover Outstanding Value Coverage
Rate (000) Per Share Per Share
----------------------------------------------------------------------
PREMIUM INCOME (NPI)
----------------------------------------------------------------------
Year Ended 10/31:
2005(a) 7% $ 525,000 $ 25,000 $ 71,274
2004 17 525,000 25,000 71,169
2003 24 525,000 25,000 70,158
2002 4 525,000 25,000 70,177
2001 20 525,000 25,000 71,394
2000 18 525,000 25,000 68,221
----------------------------------------------------------------------
PREMIUM INCOME 2 (NPM)
----------------------------------------------------------------------
Year Ended 10/31:
2005(a) 4 347,000 25,000 70,686
2004 23 347,000 25,000 70,964
2003 21 347,000 25,000 69,663
2002 21 347,000 25,000 70,220
2001 12 347,000 25,000 70,992
2000 7 347,000 25,000 68,658
----------------------------------------------------------------------
PREMIUM INCOME 4 (NPT)
----------------------------------------------------------------------
Year Ended 10/31:
2005(a) 5 338,400 25,000 68,671
2004 6 338,400 25,000 68,239
2003 17 338,400 25,000 67,019
2002 16 338,400 25,000 67,983
2001 10 338,400 25,000 70,434
2000 14 338,400 25,000 68,247
======================================================================
See accompanying notes to financial statements.
51
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 EXCHANGE-TRADED FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares. By
choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market. Easy and
convenient To make recordkeeping easy and convenient, each month you'll receive
a statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number of
shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
52
Other Useful
Information
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferredstock in
the future at such times an din such amounts as is deemed advisable. No shares
were repurchased during the period convered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
53
[GRAPHIC OMITTED]
Learn more
about Nuveen Funds at
www.nuveen.com/etf
Nuveen Investments:
SERVING Investors
For GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $115 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For 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.
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NUVEEN
Investments
ESA-E-04050D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: 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/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: July 8, 2005
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 8, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.