Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-05570         

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

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


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

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

Date of fiscal year end:            10/31          

Date of reporting period:         1/31/07         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

    Portfolio of Investments (Unaudited)             
    Nuveen Premium Income Municipal Fund, Inc. (NPI)             
    January 31, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Alabama – 2.1% (1.3% 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–   $   4,330,908 
    Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health             
    System Inc., Series 2005A:             
6,000     5.250%, 11/15/20    11/15 at 100.00    Baa1    6,289,980 
1,300     5.000%, 11/15/30    11/15 at 100.00    Baa1    1,323,504 
2,190    Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds,    6/15 at 100.00    BBB    2,249,174 
     International Paper Company, Series 2005A, 5.000%, 6/01/25             
5,020    DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 5.250%,    6/12 at 101.00    A+    5,300,166 
     6/01/18             
1,000    Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist    11/14 at 100.00    A3 (4)    1,087,630 
     Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)             
19,560    Total Alabama            20,581,362 
    Alaska – 2.8% (1.8% 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    2,153,320 
2,035     5.250%, 9/01/18 – FGIC Insured    9/13 at 100.00    AAA    2,187,584 
5,000    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,    6/10 at 100.00    AAA    5,411,300 
     Series 2000, 6.500%, 6/01/31 (Pre-refunded 6/01/10)             
17,500    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,    6/14 at 100.00    Baa3    17,664,675 
     Series 2006A, 5.000%, 6/01/32             
26,535    Total Alaska            27,416,879 
    Arizona – 1.0% (0.6% of Total Investments)             
    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health             
    Network, Series 2005B:             
500     5.250%, 12/01/24    12/15 at 100.00    BBB    524,450 
660     5.250%, 12/01/25    12/15 at 100.00    BBB    692,274 
3,900    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding    7/07 at 100.50    AAA    4,007,640 
     Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – FSA Insured             
4,130    University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 – AMBAC    6/12 at 100.00    AAA    4,353,970 
     Insured             
9,190    Total Arizona            9,578,334 
    Arkansas – 0.8% (0.5% of Total Investments)             
480    Paragould, Arkansas, Water, Sewer and Electric Revenue Bonds, Series 2000, 5.650%, 12/01/25    12/10 at 100.00    AAA    512,165 
     (Pre-refunded 12/01/10) – AMBAC Insured             
5,245    University of Arkansas, Fayetteville, Athletic Facilities Revenue Bonds, Razorback Stadium,    9/09 at 100.00    Aaa    5,393,066 
     Series 1999, 5.050%, 9/15/20 – AMBAC Insured             
2,000    Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center,    2/15 at 100.00    BBB    2,055,740 
     Series 2005B, 5.000%, 2/01/25             
7,725    Total Arkansas            7,960,971 
    California – 20.1% (12.6% of Total Investments)             
1,275    Acalanes Union High School District, Contra Costa County, California, General Obligation    8/15 at 100.00    AAA    1,353,374 
     Bonds, Series 2005, 5.000%, 8/01/24 – FGIC Insured             
9,200    Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series    No Opt. Call    AAA    5,123,020 
     2004A, 0.000%, 10/01/20 – AMBAC Insured             
4,000    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%,    5/12 at 101.00    Aaa    4,473,160 
     5/01/15 (Pre-refunded 5/01/12)             
7,200    California Educational Facilities Authority, Revenue Bonds, University of Southern California,    10/15 at 100.00    AA+    7,424,064 
     Series 2005, 4.750%, 10/01/28             
1,500    California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series    11/15 at 100.00    A2    1,566,345 
     2006, 5.000%, 11/01/30             
    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist             
    Health System/West, Series 2003A:             
3,700     5.000%, 3/01/28    3/13 at 100.00    A    3,792,426 
7,000     5.000%, 3/01/33    3/13 at 100.00    A    7,144,970 
5,425    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Catholic    No Opt. Call    A    5,694,134 
     Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)             
9,560    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    11/15 at 100.00    A3    9,920,794 
     Series 2005, 5.000%, 11/15/27             
8,570    California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,    4/16 at 100.00    A+    8,859,152 
     Series 2006, 5.000%, 4/01/37             
11,395    California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series    No Opt. Call    A    12,243,586 
     1993E, 5.500%, 6/01/15             
23,725    California State Public Works Board, Lease Revenue Refunding Bonds, Various University of    6/07 at 100.00    Aa2    23,743,028 
     California Projects, Series 1993A, 5.500%, 6/01/21             
    California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity             
    Health System, Series 2005A:             
1,640     5.250%, 7/01/30    7/15 at 100.00    BBB+    1,717,129 
2,730     5.000%, 7/01/39    7/15 at 100.00    BBB+    2,766,391 
4,000    California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14    No Opt. Call    AA+    4,364,920 
    California, General Obligation Bonds, Series 2004:             
2,000     5.125%, 2/01/25    2/14 at 100.00    A+    2,114,300 
10,000     5.125%, 2/01/26    2/14 at 100.00    A+    10,559,100 
3,575    Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric    6/14 at 102.00    A2    3,872,869 
     Company, Series 1996A, 5.300%, 7/01/21             
4,890    Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series    No Opt. Call    AAA    2,059,913 
     2006B, 0.000%, 8/01/26 – MBIA Insured             
5,000    Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,    No Opt. Call    AAA    2,295,600 
     11/01/24 – FSA Insured             
5,470    Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 –    8/16 at 102.00    AAA    5,809,414 
     FGIC Insured (Alternative Minimum Tax)             
1,030    Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)    No Opt. Call    AAA    1,345,891 
19,425    Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue    No Opt. Call    AAA    25,011,627 
     Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)             
5,000    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical    7/14 at 100.00    A3    5,523,750 
     Center, Series 2004, 5.875%, 7/01/26             
2,000    Redwood City School District, San Mateo County, California, General Obligation Bonds, Series    7/12 at 100.00    AAA    2,082,200 
     2002, 5.000%, 7/15/27 – FGIC Insured             
3,700    Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R,    8/13 at 100.00    AAA    3,897,913 
     5.000%, 8/15/22 – MBIA Insured             
    San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:             
400     5.000%, 9/01/21    9/15 at 102.00    Baa3    416,848 
445     5.000%, 9/01/23    9/15 at 102.00    Baa3    462,604 
3,500    San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 –    9/14 at 100.00    AAA    3,665,060 
     MBIA Insured             
50,400    San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue    No Opt. Call    Aaa    15,067,080 
     Refunding Bonds, Series 1997A, 0.000%, 1/15/34 – MBIA Insured (UB)             
    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    3,427,600 
24,025     0.000%, 1/15/36 – MBIA Insured    No Opt. Call    AAA    6,604,232 
251,780    Total California            194,402,494 
    Colorado – 5.1% (3.1% of Total Investments)             
2,500    Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series    12/14 at 100.00    AAA    2,657,050 
     2004, 5.000%, 12/01/21 – FGIC Insured             
690    Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley    9/15 at 100.00    AAA    740,694 
     School, Series 2005, 5.125%, 9/15/20 – XLCA Insured             
2,125    Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan    6/16 at 100.00    A–    2,175,809 
     Society, Series 2005, 5.000%, 6/01/29             
1,000    Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004,    9/14 at 100.00    A3    1,021,890 
     5.000%, 9/01/25             
800    Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F,    3/15 at 100.00    BBB+    821,368 
     5.000%, 3/01/25             
290    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997B-2,    5/07 at 105.00    Aa2    292,404 
     7.000%, 5/01/26 (Alternative Minimum Tax)             
230    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997C-2,    11/07 at 105.00    Aa2    233,091 
     6.875%, 11/01/28 (Alternative Minimum Tax)             
660    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2,    4/10 at 105.00    AA    667,418 
     7.250%, 10/01/31 (Alternative Minimum Tax)             
9,450    Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13    No Opt. Call    A+    10,497,627 
     (Alternative Minimum Tax)             
8,315    Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Air Lines    4/07 at 100.00    N/R    8,610,183 
     Corporation, Series 1992A, 6.875%, 10/01/32 (Alternative Minimum Tax)             
19,810    Denver, Colorado, Excise Tax Revenue Bonds, Convention Center, Series 2001A, 5.500%, 9/01/18    3/11 at 100.00    AAA    21,091,308 
     (Pre-refunded 3/01/11) – FSA Insured             
63    El Paso County, Colorado, FNMA Mortgage-Backed Single Family Revenue Refunding Bonds, Series    No Opt. Call    Aaa    65,266 
     1992A-2, 8.750%, 6/01/11             
45,933    Total Colorado            48,874,108 
    Connecticut – 0.5% (0.3% of Total Investments)             
1,930    Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16    No Opt. Call    AA    2,178,565 
2,310    Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System    11/15 at 100.00    AAA    2,445,366 
     Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – MBIA Insured             
4,240    Total Connecticut            4,623,931 
    District Of Columbia – 4.1% (2.6% of Total Investments)             
5,370    District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage    6/07 at 101.00    AAA    5,458,659 
     Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)             
9,505    District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – MBIA Insured    No Opt. Call    AAA    11,328,914 
10,350    District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 1997A,    8/07 at 102.00    AAA    10,623,654 
     5.375%, 2/15/27 – AMBAC Insured             
    District of Columbia, Revenue Bonds, Georgetown University, Series 2001A:             
14,105     0.000%, 4/01/24 – MBIA Insured    4/11 at 47.66    AAA    5,547,920 
7,625     0.000%, 4/01/25 – MBIA Insured    4/11 at 44.82    AAA    2,820,945 
16,665     0.000%, 4/01/32 – MBIA Insured    4/11 at 29.23    AAA    4,037,430 
63,620    Total District Of Columbia            39,817,522 
    Florida – 5.0% (3.1% of Total Investments)             
4,225    Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project,    4/16 at 100.00    A    4,390,029 
     Series 2005, 5.000%, 4/01/24             
8,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,    10/13 at 100.00    AAA    8,566,160 
     Series 2003A, 5.375%, 10/01/16 – MBIA Insured (Alternative Minimum Tax)             
5,400    Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed    4/10 at 101.00    N/R    5,917,104 
     Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30             
     (Alternative Minimum Tax)             
19,750    Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006,    7/16 at 100.00    AAA    19,598,320 
     4.500%, 7/01/33 – AMBAC Insured (UB)             
5,000    Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health    11/10 at 101.00    A+ (4)    5,503,100 
     System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10)             
1,785    Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – MBIA Insured    10/15 at 100.00    AAA    1,883,104 
2,375    Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,    8/15 at 100.00    Aaa    2,508,784 
     8/01/22 – FSA Insured             
46,535    Total Florida            48,366,601 
    Georgia – 1.8% (1.1% of Total Investments)             
2,625    Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science    5/14 at 100.00    AAA    2,826,154 
     Building, Series 2004, 5.250%, 5/01/24 – MBIA Insured             
6,025    Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003,    1/14 at 100.00    AAA    6,470,308 
     5.250%, 1/01/20 – FSA Insured             
4,845    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds,    No Opt. Call    AAA    5,649,658 
     Series 1992P, 6.250%, 7/01/20 – AMBAC Insured             
2,715    Savannah Housing Authority, Georgia, GNMA Collateralized Mortgage Revenue Refunding Bonds,    5/08 at 103.00    Aaa    2,838,044 
     Plantation Oak Project, Series 2000, 6.350%, 11/20/39             
16,210    Total Georgia            17,784,164 
    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    10,749,800 
    Idaho – 0.6% (0.4% of Total Investments)             
5,000    Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%,    9/10 at 100.00    Aaa    5,224,950 
     9/01/25 – FGIC Insured (Alternative Minimum Tax)             
685    Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial    9/16 at 100.00    BBB–    720,524 
     Hospital, Series 2006, 5.250%, 9/01/30             
5,685    Total Idaho            5,945,474 
    Illinois – 12.0% (7.4% of Total Investments)             
9,220    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax    12/07 at 102.00    AAA    9,489,869 
     Revenues, Series 1997A, 5.250%, 12/01/27 – AMBAC Insured             
    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    5,913,628 
10,000     0.000%, 12/01/20 – FGIC Insured    No Opt. Call    AAA    5,528,900 
9,900     0.000%, 12/01/24 – FGIC Insured    No Opt. Call    AAA    4,555,683 
    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    7,922,550 
10,000     0.000%, 12/01/23 – FGIC Insured    No Opt. Call    AAA    4,830,200 
26,350    Chicago Greater Metropolitan Area Sanitary District, Illinois, General Obligation Bonds,    12/16 at 100.00    AAA    27,890,948 
     Series 2006, 5.000%, 12/01/35 (UB)             
90    Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series    3/07 at 104.00    Aaa    92,254 
     1996A, 7.000%, 9/01/27 (Alternative Minimum Tax)             
280    Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series    9/07 at 105.00    Aaa    287,286 
     1997B, 6.950%, 9/01/28 (Alternative Minimum Tax)             
8,740    Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois    2/07 at 100.00    AAA    8,852,659 
     Power Company, Series 1994A, 5.700%, 2/01/24 – MBIA Insured             
    Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:             
1,050     5.250%, 11/15/22    5/14 at 100.00    A    1,100,726 
3,000     5.250%, 11/15/23    5/14 at 100.00    A    3,144,930 
985    Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25    1/16 at 100.00    BBB–    1,005,449 
1,000    Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002,    5/12 at 100.00    Baa2    1,037,240 
     5.500%, 5/15/32             
9,820    Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,    8/07 at 101.00    AAA    9,971,523 
     5.250%, 8/01/27 – AMBAC Insured             
10,040    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    No Opt. Call    AAA    7,136,532 
     Project, Series 1992A, 0.000%, 6/15/15 – FGIC Insured             
9,200    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    12/09 at 101.00    AAA    9,665,428 
     Project, Series 1999A, 5.500%, 12/15/24 – FGIC Insured             
3,000    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place    No Opt. Call    AAA    3,948,270 
     Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)             
3,000    Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris    12/11 at 101.00    BBB+    3,294,690 
     Hospital, Series 2001, 6.625%, 12/01/31             
139,565    Total Illinois            115,668,765 
    Indiana – 1.1% (0.7% of Total Investments)             
2,005    Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004,    8/14 at 100.00    AAA    2,107,937 
     5.000%, 8/01/22 – FSA Insured             
7,965    Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and    1/12 at 101.00    AA (4)    8,728,366 
     Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12)             
9,970    Total Indiana            10,836,303 
    Iowa – 2.1% (1.3% 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    1,245,132 
1,410     5.800%, 6/01/18 – MBIA Insured    6/08 at 100.00    AAA    1,446,152 
2,000    Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, 6.250%,    7/10 at 100.00    A1    2,132,760 
     7/01/25             
4,125    Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel    No Opt. Call    AAA    5,039,801 
     Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM)             
10,000    Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,    6/15 at 100.00    BBB    10,471,900 
     5.500%, 6/01/42             
18,750    Total Iowa            20,335,745 
    Kansas – 0.7% (0.5% of Total Investments)             
6,000    Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21    3/14 at 100.00    AAA    6,345,840 
860    Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family    6/08 at 105.00    Aaa    871,412 
     Revenue Bonds, Series 1998A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)             
6,860    Total Kansas            7,217,252 
    Kentucky – 0.8% (0.5% of Total Investments)             
3,770    Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,    7/15 at 100.00    AAA    3,996,954 
     Series 2005B, 5.000%, 7/01/24 – AMBAC Insured             
    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    1,283,895 
1,270     5.000%, 6/01/20 – AMBAC Insured    6/14 at 100.00    Aaa    1,345,400 
1,335     5.000%, 6/01/21 – AMBAC Insured    6/14 at 100.00    Aaa    1,411,656 
7,585    Total Kentucky            8,037,905 
    Louisiana – 3.2% (2.0% of Total Investments)             
2,915    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AAA    3,086,577 
     Bonds, Series 2002, 5.250%, 12/01/19 – AMBAC Insured             
280    Louisiana Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000A, 7.450%,    9/09 at 101.00    Aaa    288,170 
     12/01/31 (Alternative Minimum Tax)             
6,680    Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care    No Opt. Call    BBB    8,297,295 
     Corporation Project, Series 1994, 11.000%, 2/01/14             
2,000    Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our    8/15 at 100.00    A+    2,098,820 
     Lady Health System, Series 2005A, 5.250%, 8/15/31             
    Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:             
1,200     5.000%, 5/01/25 – FGIC Insured    5/15 at 100.00    AAA    1,261,572 
2,210     5.000%, 5/01/26 – FGIC Insured    5/15 at 100.00    AAA    2,320,257 
2,500     5.000%, 5/01/27 – FGIC Insured    5/15 at 100.00    AAA    2,624,725 
    Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:             
930     4.750%, 5/01/39 – FSA Insured (UB)    5/16 at 100.00    Aaa    949,139 
10,110     4.500%, 5/01/41 – FGIC Insured (UB)    5/16 at 100.00    Aaa    9,859,272 
28,825    Total Louisiana            30,785,827 
    Maryland – 1.0% (0.6% of Total Investments)             
2,200    Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,    9/16 at 100.00    AAA    2,392,390 
     9/01/27 – XLCA Insured             
3,560    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland    7/16 at 100.00    AAA    3,639,922 
     Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured (UB)             
3,600    Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development    7/10 at 100.00    Aaa    3,746,448 
     Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)             
9,360    Total Maryland            9,778,760 
    Massachusetts – 5.4% (3.3% of Total Investments)             
2,100    Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30    7/10 at 100.00    AAA    2,183,664 
7,900    Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30    7/10 at 100.00    AAA    8,275,171 
     (Pre-refunded 7/01/10)             
4,770    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial    7/15 at 100.00    BBB    4,830,293 
     Health Care, Series 2005D, 5.000%, 7/01/33             
8,505    Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A,    1/11 at 100.00    AAA    8,806,842 
     5.850%, 7/01/35 – AMBAC Insured (Alternative Minimum Tax)             
2,825    Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden    12/08 at 102.00    BBB    2,930,457 
     Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)             
13,000    Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 12, 4.375%,    8/16 at 100.00    Aaa    12,675,910 
     8/01/36 (UB)             
1,600    Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007, Residual Trust    2/17 at 100.00    Aaa    1,508,704 
     7039, 5.850%, 8/01/46 (WI/DD, Settling 2/01/07) (IF)             
5,960    Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%,    8/17 at 100.00    AAA    6,532,041 
     8/01/25 – MBIA Insured             
3,820    Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24    1/14 at 100.00    AAA    4,145,540 
     (Pre-refunded 1/01/14) – FGIC Insured             
50,480    Total Massachusetts            51,888,622 
    Michigan – 3.9% (2.4% 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    3,779,221 
1,275     5.250%, 4/01/23 – XLCA Insured    4/13 at 100.00    AAA    1,350,187 
3,930    Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, Unlimited Tax General    5/08 at 100.00    AAA    3,984,902 
     Obligation School Building and Site Refunding Bonds, Series 1997, 5.150%, 5/01/22 –             
     FGIC Insured             
3,000    Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A,    7/15 at 100.00    BBB    3,285,870 
     6.000%, 7/01/35             
6,600    Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue    7/07 at 102.00    AAA    6,735,894 
     Refunding Bonds, Forest Hills Regency Square Project, Series 1999A, 5.750%, 7/01/29             
10,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,    10/13 at 100.00    AAA    10,534,400 
     5.000%, 10/15/23 – MBIA Insured             
850    Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation    6/16 at 100.00    BBB–    892,254 
     Revenue Bonds, Series 2006, 5.500%, 6/01/35             
6,390    Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D,    12/12 at 100.00    AAA    6,823,945 
     5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax)             
35,610    Total Michigan            37,386,673 
    Minnesota – 5.4% (3.3% 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    13,963,131 
2,000    Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds,    2/14 at 100.00    A–    2,111,940 
     Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22             
    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    Aa2    1,086,420 
2,000     6.200%, 2/20/43    8/11 at 105.00    Aa2    2,168,080 
3,000    Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,    1/08 at 101.00    AAA    3,064,980 
     Series 1998A, 5.000%, 1/01/22 (Pre-refunded 1/01/08) – AMBAC Insured             
90    Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds,    11/07 at 102.00    AAA    92,957 
     Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – MBIA Insured             
1,335    Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas,    4/16 at 100.00    A2    1,408,732 
     Series 2006-6I, 5.000%, 4/01/23             
700    Minnesota Higher Education Facilities Authority, St. John’s University Revenue Bonds, Series    10/15 at 100.00    A2    740,033 
     2005-6G, 5.000%, 10/01/22             
1,500    Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24    10/14 at 100.00    A3    1,586,625 
1,665    Rochester, Minnesota, Health Care Facilities Revenue Bonds, Series 2006, 5.000%, 11/15/36    5/16 at 100.00    AA    1,738,460 
1,545    St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc.,    11/15 at 100.00    Baa3    1,702,729 
     Series 2005, 6.000%, 11/15/25             
17,945    St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds,    11/15 at 103.00    AAA    22,049,019 
     Civic Center Project, Series 1996, 7.100%, 11/01/23 – FSA Insured             
46,430    Total Minnesota            51,713,106 
    Mississippi – 0.5% (0.3% of Total Investments)             
4,275    Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial    9/14 at 100.00    N/R    4,387,390 
     Healthcare, Series 2004B-1, 5.000%, 9/01/24             
    Missouri – 2.0% (1.3% of Total Investments)             
2,000    Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior    2/14 at 100.00    N/R    2,079,480 
     Services – Heisinger Project, Series 2004, 5.250%, 2/01/24             
500    Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal    3/16 at 100.00    BBB+    516,195 
     Regional Hospital, Series 2006, 5.000%, 3/01/22             
    Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing             
    Project, Series 2005A:             
1,565     6.000%, 6/01/20    No Opt. Call    BBB+    1,792,410 
1,260     5.000%, 6/01/35    6/15 at 100.00    BBB+    1,296,679 
1,500    Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,    6/11 at 101.00    AAA    1,580,835 
     Series 2001A, 5.250%, 6/01/21 – AMBAC Insured             
    Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,             
    Series 2001A:             
1,500     5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured    6/11 at 101.00    AAA    1,600,365 
4,150     5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured    6/11 at 101.00    AAA    4,420,788 
560    Missouri Housing Development Commission, GNMA/FNMA Single Family Mortgage Revenue Bonds,    3/07 at 105.00    AAA    568,932 
     Homeownership Loan Program, Series 1996C, 7.450%, 9/01/27 (Alternative Minimum Tax)             
2,840    Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership    3/09 at 103.00    AAA    2,875,784 
     Loan Program, Series 1999B-1, 6.700%, 9/01/30 (Alternative Minimum Tax)             
2,960    St. Charles County Francis Howell School District, Missouri, General Obligation Refunding    No Opt. Call    AAA    3,027,251 
     Bonds, Series 1994A, 7.800%, 3/01/08 – FGIC Insured             
18,835    Total Missouri            19,758,719 
    Nebraska – 1.3% (0.8% of Total Investments)             
7,260    Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City    2/17 at 100.00    AAA    7,615,377 
     2, Series 2006A, 5.000%, 2/01/49 – AMBAC Insured (UB)             
4,410    University of Nebraska, Lincoln, Student Fees and Facilities Revenue Bonds, Series 2003B,    11/13 at 100.00    Aa2    4,570,083 
     5.000%, 7/01/33             
11,670    Total Nebraska            12,185,460 
    Nevada – 4.3% (2.7% of Total Investments)             
10,410    Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18    6/12 at 100.00    AAA    11,275,279 
     (Pre-refunded 6/15/12) – MBIA Insured             
15,000    Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,    6/11 at 100.00    AAA    15,876,000 
     Series 2001, 5.250%, 6/01/26 (Pre-refunded 6/01/11) – FGIC Insured             
    Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas             
    Monorail Project, First Tier, Series 2000:             
6,425     0.000%, 1/01/29 – AMBAC Insured    No Opt. Call    AAA    2,366,263 
12,000     5.375%, 1/01/40 – AMBAC Insured    1/10 at 100.00    AAA    12,389,520 
43,835    Total Nevada            41,907,062 
    New Hampshire – 0.1% (0.0% of Total Investments)             
480    New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds,    7/07 at 101.00    Aa2    484,181 
     Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax)             
    New Jersey – 8.1% (5.0% of Total Investments)             
10,150    Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District    1/10 at 100.00    AAA    10,619,336 
     Project, Series 1999B, 5.625%, 1/01/26 – FSA Insured             
8,000    Essex County Improvement Authority, New Jersey, General Obligation Guaranteed Lease Revenue    10/10 at 100.00    Aaa    8,620,720 
     Bonds, County Correctional Facility Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded             
     10/01/10) – FGIC Insured             
500    Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center    No Opt. Call    Baa3    506,665 
     Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15             
    New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:             
3,655     5.250%, 9/01/24    9/15 at 100.00    AA–    3,944,074 
2,000     5.250%, 9/01/26    9/15 at 100.00    AA–    2,152,200 
1,425    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health    1/17 at 100.00    BBB    1,463,076 
     Care System, Series 2006A, 5.000%, 7/01/29             
5,315    New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series    10/07 at 101.50    AAA    5,430,761 
     1997U, 5.850%, 4/01/29 – MBIA Insured (Alternative Minimum Tax)             
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C:             
5,410     5.500%, 6/15/20 (Pre-refunded 6/15/13)    6/13 at 100.00    AAA    5,937,150 
9,250     5.500%, 6/15/23 (Pre-refunded 6/15/13)    6/13 at 100.00    AAA    10,151,320 
3,850    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A,    No Opt. Call    AA–    4,273,693 
     5.250%, 12/15/20             
    New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:             
3,915     6.000%, 1/01/14 – MBIA Insured (ETM)    No Opt. Call    AAA    4,428,061 
7,585     6.000%, 1/01/14 – MBIA Insured (ETM)    No Opt. Call    AAA    8,579,014 
2,500    New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured    7/13 at 100.00    AAA    2,645,250 
9,130    New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – FSA Insured    1/15 at 100.00    AAA    9,639,363 
72,685    Total New Jersey            78,390,683 
    New Mexico – 0.8% (0.5% of Total Investments)             
765    New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2000D-2,    3/10 at 102.50    AAA    776,391 
     6.850%, 9/01/31 (Alternative Minimum Tax)             
5,585    Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series    No Opt. Call    AAA    6,698,705 
     1997, 6.000%, 2/01/27 – FSA Insured             
6,350    Total New Mexico            7,475,096 
    New York – 21.0% (13.0% of Total Investments)             
    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+    1,100,030 
1,000     5.250%, 7/01/22    7/14 at 100.00    A+    1,071,880 
500     5.250%, 7/01/24    7/14 at 100.00    A+    534,620 
1,995    Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds,    7/14 at 100.00    AA–    2,141,034 
     Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20             
2,335    Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series    3/15 at 100.00    AAA    2,471,387 
     2005F, 5.000%, 3/15/24 – AMBAC Insured             
    Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,             
    Education, Series 2006C:             
3,160     5.000%, 12/15/31 (UB)    12/16 at 100.00    AAA    3,361,102 
13,280     5.000%, 12/15/35 (UB)    12/16 at 100.00    AAA    14,103,227 
6,915    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,    2/17 at 100.00    AAA    6,837,621 
     2/15/47 – MBIA Insured (UB)             
6,000    Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series    No Opt. Call    AA–    6,884,880 
     2005, 5.250%, 10/01/35             
13,580    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,    6/08 at 101.00    AAA    14,000,708 
     5.250%, 12/01/26 (Pre-refunded 6/01/08)             
5,100    Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,    11/16 at 100.00    Aaa    4,909,821 
     5/01/33 – MBIA Insured (UB)             
    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:             
7,000     5.000%, 12/01/23 – FGIC Insured    6/16 at 100.00    AAA    7,436,660 
5,000     5.000%, 12/01/24 – FGIC Insured    6/16 at 100.00    AAA    5,307,950 
4,500    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,    11/15 at 100.00    AAA    4,763,700 
     5.000%, 11/15/30 – AMBAC Insured             
7,400    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F,    11/15 at 100.00    A    7,772,590 
     5.000%, 11/15/30             
3,000    Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,    11/12 at 100.00    AAA    3,194,220 
     Series 2002A, 5.125%, 11/15/21 – FGIC Insured             
    New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United             
    Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A:             
2,185     5.250%, 7/01/20    7/14 at 100.00    Aa2    2,350,011 
2,050     5.250%, 7/01/21    7/14 at 100.00    Aa2    2,203,463 
2,420     5.250%, 7/01/22    4/14 at 100.00    Aa2    2,609,994 
1,370     5.250%, 7/01/24    4/14 at 100.00    Aa2    1,473,915 
12,500    New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22    10/13 at 100.00    AA–    13,330,750 
725    New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23    6/13 at 100.00    AA–    782,536 
4,275    New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23    6/13 at 100.00    A+ (4)    4,684,203 
     (Pre-refunded 6/01/13)             
6,000    New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/20    8/14 at 100.00    AA–    6,425,400 
7,960    New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24    4/15 at 100.00    AA–    8,365,084 
11,525    New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005,    11/15 at 100.00    AAA    12,059,760 
     5.000%, 11/15/44 – AMBAC Insured (UB)             
650    New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B,    6/10 at 101.00    BBB    696,670 
     6.500%, 6/01/35             
1,350    New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B,    6/10 at 101.00    AAA    1,478,709 
     6.500%, 6/01/35 (Pre-refunded 6/01/10)             
3,770    New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/25 – FSA    7/15 at 100.00    AAA    3,994,202 
     Insured             
    New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second Generation,             
    Series 2005B:             
5,000     5.000%, 4/01/21 – AMBAC Insured    10/15 at 100.00    AAA    5,330,800 
2,000     5.000%, 4/01/22 – AMBAC Insured    10/15 at 100.00    AAA    2,127,820 
7,400    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and    6/10 at 100.00    AA–    7,774,588 
     State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16             
13,010    New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and    No Opt. Call    AA–    13,770,955 
     Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)             
6,460    New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series    3/14 at 100.00    AAA    6,785,132 
     2004A-1, 5.000%, 3/15/26 – FGIC Insured             
2,000    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth    6/15 at 101.00    AAA    2,120,480 
     Series 2005, 5.000%, 12/01/27 – XLCA Insured             
5,000    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred    3/14 at 101.00    AAA    5,263,600 
     Thirty-Fifth Series 2004, 5.000%, 9/15/28 – XLCA Insured             
2,720    Rensselaer County Industrial Development Agency, New York, Civic Facility Revenue Bonds,    3/16 at 100.00    A    2,867,070 
     Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26             
9,515    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds,    11/12 at 100.00    Aa2    9,951,739 
     Series 2002B, 5.000%, 11/15/22             
191,675    Total New York            202,338,311 
    North Carolina – 1.1% (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+    6,127,646 
3,475     5.250%, 6/01/23    6/13 at 100.00    AA+    3,676,863 
1,000    Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,    8/15 at 100.00    N/R    1,070,910 
     National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35             
     (Alternative Minimum Tax)             
10,260    Total North Carolina            10,875,419 
    North Dakota – 1.1% (0.7% of Total Investments)             
9,650    Dickinson, North Dakota, Health Care Facilities Revenue Bonds, BHS Long Term Care Inc., Series    2/10 at 102.00    AA    10,769,786 
     1990, 7.625%, 2/15/20 – RAAI Insured             
    Ohio – 2.1% (1.3% of Total Investments)             
2,750    Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2006,    No Opt. Call    AAA    3,120,673 
     5.250%, 12/01/22 – FGIC Insured             
4,265    Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children’s Hospital Project,    5/11 at 101.00    Aaa    4,587,519 
     Series 2001, 5.500%, 5/01/28 (Pre-refunded 5/01/11) – AMBAC Insured             
2,720    Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20    6/13 at 100.00    AA    2,917,064 
665    Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System    11/10 at 101.00    A–    714,270 
     Obligated Group, Series 2000A, 6.125%, 11/15/16             
1,335    Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System    11/10 at 101.00    N/R (4)    1,455,057 
     Obligated Group, Series 2000A, 6.125%, 11/15/16 (Pre-refunded 11/15/10)             
7,000    Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Trinity    10/10 at 100.00    A3    7,589,610 
     Health System, Series 2000, 6.500%, 10/01/30             
18,735    Total Ohio            20,384,193 
    Oklahoma – 0.6% (0.3% of Total Investments)             
    Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005:             
500     5.375%, 9/01/29    9/16 at 100.00    BBB–    524,990 
1,050     5.375%, 9/01/36    9/16 at 100.00    BBB–    1,097,544 
3,500    Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,    7/15 at 100.00    AAA    3,710,700 
     7/01/24 – AMBAC Insured             
5,050    Total Oklahoma            5,333,234 
    Oregon – 1.0% (0.6% of Total Investments)             
    Oregon Department of Administrative Services, Certificates of Participation, Series 2005A:             
2,060     5.000%, 5/01/24 – FSA Insured    5/15 at 100.00    AAA    2,173,032 
4,220     5.000%, 5/01/30 – FSA Insured    5/15 at 100.00    AAA    4,427,540 
2,500    Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A,    11/14 at 100.00    AAA    2,654,575 
     5.000%, 11/15/21             
8,780    Total Oregon            9,255,147 
    Pennsylvania – 4.2% (2.6% of Total Investments)             
    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+    1,428,815 
1,960     5.250%, 4/15/17    4/13 at 100.00    A+    2,081,069 
1,000    Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29    9/15 at 100.00    AA    1,056,750 
2,625    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –    6/16 at 100.00    AAA    2,790,848 
     AMBAC Insured             
    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    4,741,332 
4,735     5.000%, 9/01/22 – FSA Insured    9/14 at 100.00    AAA    4,973,975 
8,405    Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue    4/08 at 103.00    N/R    8,526,116 
     Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax)             
14,000    State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School    6/13 at 100.00    AAA    15,161,020 
     District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – FSA Insured             
38,570    Total Pennsylvania            40,759,925 
    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 –    7/15 at 100.00    AAA    1,580,475 
     XLCA Insured             
    South Carolina – 6.7% (4.1% of Total Investments)             
8,610    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,    12/14 at 100.00    A    9,116,268 
     GROWTH, Series 2004, 5.250%, 12/01/24             
    Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:             
5,090     5.250%, 12/01/18    12/13 at 100.00    AA–    5,421,766 
3,595     5.250%, 12/01/20    12/13 at 100.00    AA–    3,820,299 
1,865     5.250%, 12/01/21    12/13 at 100.00    AA–    1,979,604 
    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    1,996,023 
2,400     5.500%, 5/01/24    5/14 at 100.00    A    2,549,928 
    South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue             
    Bonds, Palmetto Health Alliance, Series 2003C:             
13,345     6.375%, 8/01/34 (Pre-refunded 8/01/13)    8/13 at 100.00    BBB+ (4)    15,270,550 
1,655     6.375%, 8/01/34 (Pre-refunded 8/01/13)    8/13 at 100.00    BBB+ (4)    1,883,605 
    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    9,502,499 
7,500     6.375%, 5/15/28    5/11 at 101.00    BBB    8,126,550 
4,150     6.375%, 5/15/30    No Opt. Call    BBB    4,839,647 
58,930    Total South Carolina            64,506,739 
    Tennessee – 1.2% (0.7% of Total Investments)             
6,400    Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain    7/16 at 100.00    BBB+    6,805,760 
     States Health Alliance, Series 2006A, 5.500%, 7/01/36             
6,100    Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue    1/17 at 31.68    A–    1,136,674 
     Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40             
410    Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,    9/16 at 100.00    BBB+    427,864 
     Wellmont Health System, Series 2006C, 5.250%, 9/01/36             
3,025    Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%,    7/13 at 100.00    AA    3,072,795 
     7/01/34 (Alternative Minimum Tax)             
15,935    Total Tennessee            11,443,093 
    Texas – 13.8% (8.6% of Total Investments)             
10,205    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,    6/07 at 100.00    CCC+    10,411,141 
     Series 1990, 7.500%, 12/01/29 (Alternative Minimum Tax)             
3,257    Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue    12/10 at 105.00    Aaa    3,585,794 
     Bonds, Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax)             
8,840    Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F,    2/17 at 100.00    AAA    8,466,775 
     4.250%, 8/15/36 (UB)             
2,150    Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC    10/13 at 101.00    Baa2    2,410,752 
     Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)             
175    Clear Creek Independent School District, Galveston and Harris Counties, Texas, Unlimited Tax    2/10 at 100.00    AAA    185,535 
     Schoolhouse and Refunding Bonds, Series 2000, 6.000%, 2/15/16             
675    Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds,    9/10 at 105.00    AAA    691,160 
     Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax)             
3,380    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%,    No Opt. Call    AAA    3,558,532 
     2/15/10 – AMBAC Insured             
1,000    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%,    No Opt. Call    AAA    1,039,930 
     2/15/10 – AMBAC Insured (ETM)             
19,125    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 2000, 6.000%,    8/10 at 100.00    AAA    20,297,360 
     2/15/15 – MBIA Insured             
4,000    Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series    11/11 at 100.00    AAA    4,197,920 
     2001B, 5.250%, 11/15/40 – MBIA Insured             
5,000    Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%,    5/14 at 100.00    AAA    5,371,850 
     5/15/25 – MBIA Insured             
6,000    Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 –    3/11 at 100.00    AAA    6,372,900 
     FSA Insured             
9,250    Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.500%, 7/01/30 –    7/10 at 100.00    AAA    9,691,688 
     FSA Insured             
4,660    Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series    8/16 at 100.00    AAA    4,868,395 
     2007, Residuals 07-1001, 6.510%, 8/01/43 (WI/DD, Settling 2/01/07) (IF)             
    Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson             
    Memorial Hospital Project, Series 2005:             
2,000     5.250%, 8/15/21    No Opt. Call    BBB–    2,082,460 
2,500     5.125%, 8/15/26    No Opt. Call    BBB–    2,565,425 
1,505    Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services    5/13 at 100.00    AAA    1,599,996 
     Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured             
3,400    Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003,    5/13 at 100.00    AAA    3,618,484 
     5.250%, 5/15/24 – AMBAC Insured             
2,000    Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series    11/15 at 100.00    Baa2    2,064,680 
     2001C, 5.200%, 5/01/28             
10,810    Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage    12/10 at 105.00    Aaa    12,184,167 
     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             
4,000    Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,    11/10 at 101.00    A+ (4)    4,433,400 
     Adventist Health System – Sunbelt Obligated Group, Series 2000, 6.700%, 11/15/30             
     (Pre-refunded 11/15/10)             
5,000    Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series    3/13 at 100.00    AAA    5,339,350 
     1999, 5.250%, 3/01/17 – FSA Insured             
4,000    Texas A&M University, Financing System Revenue Bonds, Series 1999, 5.550%, 5/15/29    5/09 at 100.00    AAA    4,159,400 
     (Pre-refunded 5/15/09) – MBIA Insured             
25,000    Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series    No Opt. Call    AAA    11,553,000 
     2002A, 0.000%, 8/15/24 – AMBAC Insured             
2,500    Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series    7/15 at 100.00    Baa3    2,528,150 
     2005, 5.000%, 7/01/20             
140,432    Total Texas            133,278,244 
    Utah – 0.1% (0.1% of Total Investments)             
900    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 5.750%, 7/01/28    7/07 at 101.50    AAA    916,848 
     (Alternative Minimum Tax)             
    Virginia – 0.6% (0.3% of Total Investments)             
4,800    Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue    10/14 at 100.00    N/R    5,416,464 
     Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)             
    Washington – 6.6% (4.1% of Total Investments)             
2,500    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –    7/12 at 100.00    AAA    2,721,875 
     Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured             
    Public Utility District 1, Chelan County, Washington, Revenue Bonds, Chelan Hydro Consolidated             
    System, Series 1997A:             
11,820     5.650%, 7/01/32 (Mandatory put 7/01/24) (Alternative Minimum Tax)    7/07 at 102.00    AA    12,102,262 
8,000     5.650%, 7/01/32 (Mandatory put 7/01/27) (Alternative Minimum Tax)    7/07 at 102.00    AA    8,190,960 
3,125    Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A,    6/14 at 100.00    Aaa    3,409,156 
     5.375%, 12/01/20 – MBIA Insured             
5,000    Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%,    12/11 at 100.00    AAA    5,262,950 
     12/01/26 – MBIA Insured             
9,350    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    7/07 at 102.00    Aaa    9,589,080 
     1997A, 5.250%, 7/01/15             
7,775    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    7/08 at 102.00    Aaa    8,032,664 
     1998A, 5.125%, 7/01/18             
4,750    Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services,    11/08 at 101.00    Aaa    4,872,883 
     Series 1998, 5.125%, 11/15/22 – AMBAC Insured             
6,480    Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%,    No Opt. Call    AAA    3,032,057 
     6/01/24 – MBIA Insured             
11,000    Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured    No Opt. Call    AAA    6,317,410 
69,800    Total Washington            63,531,297 
    Wisconsin – 2.9% (1.8% of Total Investments)             
    Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series             
    2003A:             
1,000     5.125%, 8/01/22 (Pre-refunded 8/01/13) – AMBAC Insured    8/13 at 100.00    AAA    1,074,190 
750     5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured    8/13 at 100.00    AAA    805,643 
1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare    7/11 at 100.00    A–    1,059,640 
     Inc., Series 2001, 6.000%, 7/01/21             
9,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,    4/13 at 100.00    BBB+    9,982,440 
     Series 2003, 6.400%, 4/15/33             
2,175    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc.,    10/11 at 100.00    BBB    2,345,368 
     Series 2001, 6.125%, 10/01/16             
790    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior    5/16 at 100.00    BBB    797,813 
     Healthcare, Series 2006, 5.000%, 5/01/32             
6,025    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of    9/13 at 100.00    BBB+    6,522,243 
     Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22             
2,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan    8/13 at 100.00    A–    2,072,080 
     Services Inc., Series 2003A, 5.250%, 8/15/25             
    Wisconsin, General Obligation Bonds, Series 2004-3:             
1,720     5.250%, 5/01/19 – FGIC Insured    5/14 at 100.00    AAA    1,857,411 
1,265     5.250%, 5/01/21 – FGIC Insured    5/14 at 100.00    AAA    1,361,118 
25,725    Total Wisconsin            27,877,946 
    Wyoming – 0.4% (0.3% of Total Investments)             
3,900    Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005,    12/15 at 100.00    BBB–    4,140,942 
     5.600%, 12/01/35 (Alternative Minimum Tax)             
$   1,623,220    Total Long-Term Investments (cost $1,486,253,785) – 161.3%            1,556,747,252 
    Short-Term Investments – 0.0% (0.0% of Total Investments)             
$             250    Idaho Health Facilities Authority, Revenue Bonds, St. Luke’s Regional Medical Center, Variable        A-1+    250,000 
     Rate Demand Obligations, Series 2000, 3.700%, 7/01/30 – FSA Insured (5)             
    Total Short-Term Investments (cost $250,000)            250,000 
    Total Investments (cost $1,486,503,785) – 161.3%            1,556,997,252 
    Floating Rate Obligation – (10.0%)            (96,509,000) 
    Other Assets Less Liabilities – 3.1%            29,988,273 
    Preferred Shares, at Liquidation Value – (54.4)%            (525,000,000) 
    Net Assets Applicable to Common Shares – 100%           $   965,476,525 

Forward Swaps outstanding at January 31, 2007:                         
        Fund            Fixed Rate            Unrealized 
    Notional    Pay/Receive    Floating Rate    Fixed Rate    Payment    Effective    Termination    Appreciation 
Counterparty    Amount    Floating Rate    Index    (Annualized)    Frequency    Date (6)    Date    (Depreciation) 
Citigroup Inc.    $15,000,000    Receive    3-Month USD-LIBOR    5.235%   Semi-Annually    12/12/07    12/12/36  $     468,178 
JPMorgan    31,000,000    Receive    3-Month USD-LIBOR    5.060     Semi-Annually    12/12/07    12/12/16    544,775 
                              $ 1,012,953 
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)                     

(1)    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
    shares unless otherwise noted. 
(2)    Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
    There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
    may be subject to periodic principal paydowns. 
(3)    Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & 
    Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. 
(4)    Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
    securities which ensure the timely payment of principal and interest. Such investments are normally 
    considered to be equivalent to AAA rated securities. 
(5)    Investment has a maturity of more than one year, but has variable rate and demand features which 
    qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting 
    period. This rate changes periodically based on market conditions or a specified market index. 
(6)    Effective date represents the date on which both the Fund and counterparty commence interest 
    payment accruals on each forward swap contract. 
N/R    Not rated. 
WI/DD    Purchased on a when-issued or delayed delivery basis. 
(ETM)    Escrowed to maturity. 
(UB)    Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
    provisions of SFAS No. 140. 
(IF)    Inverse floating rate investment. 

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, timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No.140.

At January 31, 2007, the cost of investments was $1,388,779,613.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2007, were as follows:

Gross unrealized:     
  Appreciation    $73,773,346 
  Depreciation    (2,085,482) 
Net unrealized appreciation (depreciation) of investments    $71,687,864 

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

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


SIGNATURES

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

(Registrant)         Nuveen Premium Income Municipal Fund, Inc.        

By (Signature and Title)*          /s/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         March 30, 2007        

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         March 30, 2007        

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

Date        March 30, 2007        

* Print the name and title of each signing officer under his or her signature.