Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-05570
 
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)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/10         
 
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, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Alabama – 4.8% (3.1% of Total Investments)      
$    4,050  Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16  6/10 at 102.00  A–  $    4,150,076 
  Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health,       
  Series 2006C-2:       
1,435  5.000%, 11/15/36 (UB)  11/16 at 100.00  Aa1  1,438,989 
4,000  5.000%, 11/15/39 (UB)  11/16 at 100.00  Aa1  3,999,720 
6,000  Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series  11/16 at 100.00  Aa1  6,006,420 
  2006D, 5.000%, 11/15/39 (UB)       
  Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health       
  System Inc., Series 2005A:       
6,000  5.250%, 11/15/20  11/15 at 100.00  Baa2  5,498,160 
1,300  5.000%, 11/15/30  11/15 at 100.00  Baa2  1,076,634 
12,000  Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds,  1/17 at 100.00  AA+  11,274,840 
  4.500%, 1/01/43 – BHAC Insured (UB)       
2,890  Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds,  6/15 at 100.00  BBB  2,596,983 
  International Paper Company, Series 2005A, 5.000%, 6/01/25       
5,020  DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002,  6/12 at 101.00  A  5,090,129 
  5.250%, 6/01/18       
1,000  Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist  11/14 at 100.00  A3 (4)  1,156,920 
  Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)       
43,695  Total Alabama      42,288,871 
  Alaska – 2.0% (1.3% of Total Investments)      
  Anchorage, Alaska, General Obligation Refunding Bonds, Series 2003A:       
2,000  5.250%, 9/01/17 (Pre-refunded 9/01/13) – FGIC Insured  9/13 at 100.00  AA (4)  2,295,680 
2,035  5.250%, 9/01/18 (Pre-refunded 9/01/13) – FGIC Insured  9/13 at 100.00  AA (4)  2,335,854 
5,000  Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  6/10 at 100.00  AAA  5,105,150 
  Series 2000, 6.500%, 6/01/31 (Pre-refunded 6/01/10)       
10,500  Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  6/14 at 100.00  Baa3  7,989,450 
  Series 2006A, 5.000%, 6/01/32       
19,535  Total Alaska      17,726,134 
  Arizona – 1.1% (0.7% 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  487,890 
660  5.250%, 12/01/25  12/15 at 100.00  BBB  637,375 
675  Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding  No Opt. Call  Aa3  678,976 
  Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – AGM Insured       
4,100  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,  No Opt. Call  A  3,508,821 
  5.000%, 12/01/37       
4,130  University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 –  6/12 at 100.00  AA–  4,413,359 
  AMBAC Insured       
10,065  Total Arizona      9,726,421 
  Arkansas – 0.9% (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  N/R (4)  501,917 
  (Pre-refunded 12/01/10) – AMBAC Insured       
5,245  University of Arkansas, Fayetteville, Athletic Facilities Revenue Bonds, Razorback Stadium,  3/10 at 100.00  Aa3  5,246,049 
  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  Baa1  1,898,320 
  Series 2005B, 5.000%, 2/01/25       
7,725  Total Arkansas      7,646,286 
  California – 20.3% (13.0% of Total Investments)      
9,200  Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series  No Opt. Call  A–  4,882,716 
  2004A, 0.000%, 10/01/20 – AMBAC Insured       
10,000  Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series  9/17 at 100.00  A  8,695,500 
  2007A-1, 4.375%, 3/01/37 – FGIC Insured       
4,000  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%,  5/12 at 101.00  Aaa  4,511,200 
  5/01/15 (Pre-refunded 5/01/12)       
5,400  California Educational Facilities Authority, Revenue Bonds, University of Southern California,  10/15 at 100.00  AA+  5,522,202 
  Series 2005, 4.750%, 10/01/28 (UB)       
1,500  California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series  11/15 at 100.00  A2  1,478,925 
  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  3,580,046 
7,000  5.000%, 3/01/33  3/13 at 100.00  A  6,579,930 
5,425  California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West,  No Opt. Call  A  5,815,763 
  Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)       
8,560  California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,  11/15 at 100.00  AAA  8,381,610 
  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+  7,923,222 
  Series 2006, 5.000%, 4/01/37       
4,250  California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,  10/19 at 100.00  AA  4,444,268 
  Series 2009B, 5.500%, 10/01/39       
3,015  California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, 5.000%, 11/15/42 (UB)  11/16 at 100.00  Aa3  2,765,599 
11,395  California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series  No Opt. Call  BBB+  12,226,265 
  1993E, 5.500%, 6/01/15       
  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  1,490,826 
4,730  5.000%, 7/01/39  7/15 at 100.00  BBB  3,922,021 
5,000  California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,  7/18 at 100.00  AA–  5,128,150 
  Series 2007A, 5.750%, 7/01/47 – FGIC Insured       
7,130  California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender  5/18 at 100.00  Aa3  7,462,472 
  Option Bond Trust 3175, 13.716%, 11/15/48 (IF)       
3,095  California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14  No Opt. Call  A+  3,504,623 
905  California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)  No Opt. Call  AAA  1,063,456 
  California, General Obligation Bonds, Series 2004:       
1,160  5.125%, 2/01/25  2/14 at 100.00  A–  1,164,779 
10,000  5.125%, 2/01/26  2/14 at 100.00  A–  10,023,300 
3,575  Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric  6/14 at 102.00  A2  3,797,615 
  Company, Series 1996A, 5.300%, 7/01/21       
4,890  Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series  No Opt. Call  AA  1,790,669 
  2006B, 0.000%, 8/01/26 – NPFG Insured       
  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement       
  Asset-Backed Bonds, Series 2007A-1:       
7,200  5.000%, 6/01/33  6/17 at 100.00  BBB  5,616,864 
2,000  5.750%, 6/01/47  6/17 at 100.00  BBB  1,527,300 
3,000  5.125%, 6/01/47  6/17 at 100.00  BBB  2,072,190 
5,000  Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,  No Opt. Call  AAA  2,092,300 
  11/01/24 – AGM Insured       
800  Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM)  No Opt. Call  AAA  1,024,664 
17,420  Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue  No Opt. Call  AAA  23,030,279 
  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 (4)  5,981,100 
  Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)       
2,000  Redwood City School District, San Mateo County, California, General Obligation Bonds, Series  7/12 at 100.00  A+  2,014,220 
  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  A+  3,783,509 
  5.000%, 8/15/22 – NPFG Insured       
  San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:       
400  5.000%, 9/01/21  9/15 at 102.00  Baa3  375,176 
445  5.000%, 9/01/23  9/15 at 102.00  Baa3  409,071 
3,500  San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 –  9/14 at 100.00  A+  3,524,080 
  NPFG Insured       
  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue       
  Refunding Bonds, Series 1997A:       
10,450  0.000%, 1/15/31 – NPFG Insured  No Opt. Call  A  1,792,593 
7,150  0.000%, 1/15/32 – NPFG Insured  No Opt. Call  A  1,127,555 
50,400  0.000%, 1/15/34 – NPFG Insured  No Opt. Call  A  6,717,312 
24,025  0.000%, 1/15/36 – NPFG Insured  No Opt. Call  A  2,706,416 
266,630  Total California      179,949,786 
  Colorado – 4.5% (2.9% of Total Investments)      
2,500  Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series  12/14 at 100.00  AA–  2,624,000 
  2004, 5.000%, 12/01/21 – FGIC Insured       
690  Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley  9/15 at 100.00  A  706,374 
  School, Series 2005, 5.125%, 9/15/20 – SYNCORA GTY Insured       
2,125  Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan  6/16 at 100.00  A–  1,942,590 
  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  995,350 
  5.000%, 9/01/25       
800  Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F,  3/15 at 100.00  A–  794,688 
  5.000%, 3/01/25       
50  Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997C-2,  5/10 at 104.00  Aaa  50,768 
  6.875%, 11/01/28 (Alternative Minimum Tax)       
375  Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2,  4/10 at 105.00  AA  385,901 
  7.250%, 10/01/31 (Alternative Minimum Tax)       
5,995  Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13  No Opt. Call  A+  6,654,270 
  (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  20,921,341 
  (Pre-refunded 3/01/11) – AGM Insured       
20,500  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 –  No Opt. Call  A  4,566,170 
  NPFG Insured       
53,845  Total Colorado      39,641,452 
  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  2,302,336 
2,310  Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System  11/15 at 100.00  A  2,363,453 
  Revenue Bonds, Series 2005A, 5.000%, 11/15/30 – NPFG Insured       
4,240  Total Connecticut      4,665,789 
  District of Columbia – 4.0% (2.6% of Total Investments)      
4,135  District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage  6/10 at 100.00  AAA  4,139,797 
  Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)       
9,505  District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured  No Opt. Call  A+  11,254,395 
  District of Columbia, Revenue Bonds, Georgetown University, Series 2001A:       
14,105  0.000%, 4/01/24 (Pre-refunded 4/01/11) – MBIA Insured  4/11 at 47.66  A (4)  6,641,480 
7,625  0.000%, 4/01/25 (Pre-refunded 4/01/11) – MBIA Insured  4/11 at 44.82  A (4)  3,376,960 
16,665  0.000%, 4/01/32 (Pre-refunded 4/01/11) – MBIA Insured  4/11 at 29.23  A (4)  4,813,519 
  Washington DC Convention Center Authority, Dedicated Tax Revenue Bonds, Residual       
  Series 2007A:       
2,130  11.602%, 10/01/30 – AMBAC Insured (IF)  10/16 at 100.00  AA+  2,011,593 
3,335  11.558%, 10/01/30 – AMBAC Insured (IF)  10/16 at 100.00  AA+  3,149,607 
57,500  Total District of Columbia      35,387,351 
  Florida – 5.8% (3.7% of Total Investments)      
4,225  Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project,  4/16 at 100.00  A–  4,144,852 
  Series 2005, 5.000%, 4/01/24       
8,000  Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,  10/13 at 100.00  Aa3  8,436,640 
  Series 2003A, 5.375%, 10/01/16 – NPFG Insured (Alternative Minimum Tax)       
5,400  Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed  4/10 at 101.00  N/R  4,181,490 
  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  A  18,421,220 
  4.500%, 7/01/33 – AMBAC Insured       
5,000  Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health  11/10 at 101.00  A1 (4)  5,293,150 
  System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10)       
6,910  South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System  8/17 at 100.00  AA–  6,620,955 
  Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)       
1,785  Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured  10/15 at 100.00  AA–  1,827,340 
2,375  Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,  8/15 at 100.00  Aa3  2,452,544 
  8/01/22 – AGM Insured       
53,445  Total Florida      51,378,191 
  Georgia – 1.7% (1.1% of Total Investments)      
2,625  Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science  5/14 at 100.00  Aa3  2,678,891 
  Building, Series 2004, 5.250%, 5/01/24 – NPFG Insured       
6,025  Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003,  1/14 at 100.00  AAA  6,408,130 
  5.250%, 1/01/20 – AGM Insured       
4,845  Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds,  No Opt. Call  Aa3  5,813,661 
  Series 1992P, 6.250%, 7/01/20 – AMBAC Insured       
13,495  Total Georgia      14,900,682 
  Hawaii – 1.3% (0.8% of Total Investments)      
10,000  Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 – NPFG Insured  9/13 at 100.00  AA  11,141,200 
  Idaho – 0.8% (0.5% of Total Investments)      
5,000  Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%, 9/01/25 –  9/10 at 100.00  A1  5,004,050 
  FGIC Insured (Alternative Minimum Tax)       
  Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial       
  Hospital, Series 2006:       
2,185  5.250%, 9/01/30  9/16 at 100.00  BBB–  1,985,422 
600  5.250%, 9/01/37  9/16 at 100.00  BBB–  519,426 
7,785  Total Idaho      7,508,898 
  Illinois – 9.5% (6.1% of Total Investments)      
  Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax       
  Revenues, Series 1998B-1:       
8,890  0.000%, 12/01/16 – FGIC Insured  No Opt. Call  AA–  6,894,373 
10,000  0.000%, 12/01/20 – FGIC Insured  No Opt. Call  AA–  6,047,100 
10,130  0.000%, 12/01/24 – FGIC Insured  No Opt. Call  AA–  4,764,139 
  Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax       
  Revenues, Series 1999A:       
15,000  0.000%, 12/01/21 – FGIC Insured  No Opt. Call  AA–  8,546,850 
10,000  0.000%, 12/01/23 – FGIC Insured  No Opt. Call  AA–  5,057,000 
8,740  Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois  2/10 at 100.00  A  8,741,224 
  Power Company, Series 1994A, 5.700%, 2/01/24 – NPFG Insured       
  Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:       
1,050  5.250%, 11/15/22  5/14 at 100.00  A  1,058,337 
3,000  5.250%, 11/15/23  5/14 at 100.00  A  3,015,780 
985  Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25  1/16 at 100.00  BBB–  822,022 
2,880  Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34  8/19 at 100.00  BBB+  3,244,320 
1,225  Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002,  5/12 at 100.00  Aaa  1,353,576 
  5.500%, 5/15/32 (Pre-refunded 5/15/12)       
9,820  Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,  2/10 at 100.00  BBB  8,929,522 
  5.250%, 8/01/27 – AMBAC Insured       
1,000  Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel  1/16 at 100.00  AA  1,029,670 
  Revenue Bonds, Series 2005B, 5.250%, 1/01/30       
10,040  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  No Opt. Call  A  8,337,116 
  Project, Series 1992A, 0.000%, 6/15/15 – FGIC Insured       
9,200  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  6/10 at 101.00  AAA  9,324,016 
  Project, Series 1999A, 5.500%, 12/15/24 – FGIC Insured       
3,000  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place  No Opt. Call  AAA  4,020,090 
  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+  3,053,880 
  Hospital, Series 2001, 6.625%, 12/01/31       
107,960  Total Illinois      84,239,015 
  Indiana – 1.2% (0.8% of Total Investments)      
2,005  Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004,  8/14 at 100.00  AAA  2,118,483 
  5.000%, 8/01/22 – AGM Insured       
7,965  Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and  1/12 at 101.00  AA+ (4)  8,828,247 
  Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12)       
9,970  Total Indiana      10,946,730 
  Iowa – 1.7% (1.1% of Total Investments)      
2,000  Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000,  7/10 at 100.00  A1  2,008,560 
  6.250%, 7/01/25       
3,250  Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel  No Opt. Call  AAA  4,026,230 
  Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM)       
  Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:       
10,000  5.500%, 6/01/42  6/15 at 100.00  BBB  7,334,800 
2,000  5.625%, 6/01/46  6/15 at 100.00  BBB  1,484,100 
17,250  Total Iowa      14,853,690 
  Kansas – 0.7% (0.5% of Total Investments)      
6,000  Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21 (UB)  3/14 at 100.00  AAA  6,413,040 
  Kentucky – 0.4% (0.3% of Total Investments)      
  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  Aa3  1,230,195 
1,270  5.000%, 6/01/20 – AMBAC Insured  6/14 at 100.00  Aa3  1,283,729 
1,335  5.000%, 6/01/21 – AMBAC Insured  6/14 at 100.00  Aa3  1,343,184 
3,815  Total Kentucky      3,857,108 
  Louisiana – 4.4% (2.8% of Total Investments)      
2,915  Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding  12/12 at 100.00  A+ (4)  3,270,280 
  Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) – AMBAC Insured       
40  Louisiana Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000A, 7.450%,  3/10 at 101.00  Aaa  41,177 
  12/01/31 (Alternative Minimum Tax)       
  Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care       
  Corporation Project, Series 1994:       
405  11.000%, 2/01/14 (ETM)  No Opt. Call  N/R (4)  483,193 
3,635  11.000%, 2/01/14 (ETM)  No Opt. Call  N/R (4)  4,336,082 
2,000  Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our  8/15 at 100.00  A+  1,908,160 
  Lady Health System, Series 2005A, 5.250%, 8/15/31       
5,800  Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,  5/17 at 100.00  Baa1  5,307,812 
  Series 2007A, 5.500%, 5/15/47       
  Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:       
1,200  5.000%, 5/01/25 – FGIC Insured  5/15 at 100.00  AA  1,237,752 
2,210  5.000%, 5/01/26 – FGIC Insured  5/15 at 100.00  AA  2,272,521 
2,500  5.000%, 5/01/27 – FGIC Insured  5/15 at 100.00  AA  2,575,450 
  Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:       
930  4.750%, 5/01/39 – AGM Insured (UB)  5/16 at 100.00  AAA  911,912 
10,105  4.500%, 5/01/41 – FGIC Insured (UB)  5/16 at 100.00  AA  9,679,277 
  Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,       
  Series 2001B:       
450  5.500%, 5/15/30  5/11 at 101.00  BBB  450,518 
6,675  5.875%, 5/15/39  5/11 at 101.00  BBB  6,288,651 
38,865  Total Louisiana      38,762,785 
  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  Baa3  1,969,264 
  9/01/27 – SYNCORA GTY Insured       
3,560  Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland  7/16 at 100.00  A  3,311,832 
  Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured       
3,600  Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development  7/10 at 100.00  Aaa  3,616,308 
  Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)       
9,360  Total Maryland      8,897,404 
  Massachusetts – 5.9% (3.8% of Total Investments)      
840  Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30  7/10 at 100.00  AAA  847,904 
  Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A:       
7,900  5.250%, 7/01/30 (Pre-refunded 7/01/10)  7/10 at 100.00  Aa1 (4)  8,069,850 
1,260  5.250%, 7/01/30 (Pre-refunded 7/01/10)  7/10 at 100.00  Aa1 (4)  1,287,090 
2,250  Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk  7/19 at 100.00  BBB  2,284,200 
  University Issue, Series 2009A, 5.750%, 7/01/39       
7,930  Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A,  1/11 at 100.00  N/R  7,877,662 
  5.850%, 7/01/35 – AMBAC Insured (Alternative Minimum Tax)       
2,825  Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden  6/10 at 101.00  BBB  2,726,351 
  Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)       
13,000  Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, 4.375%, 8/01/36 (UB)  8/16 at 100.00  AAA  12,779,520 
5,960  Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 –  8/17 at 100.00  AA+  6,501,049 
  NPFG Insured       
5,535  Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 –  2/17 at 100.00  AAA  5,179,044 
  AGM Insured (UB)       
3,820  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24  1/14 at 100.00  A (4)  4,354,991 
  (Pre-refunded 1/01/14) – FGIC Insured       
51,320  Total Massachusetts      51,907,661 
  Michigan – 3.9% (2.5% of Total Investments)      
  Detroit, Michigan, General Obligation Bonds, Series 2003A:       
3,565  5.250%, 4/01/22 – SYNCORA GTY Insured  4/13 at 100.00  BB  2,894,673 
1,275  5.250%, 4/01/23 – SYNCORA GTY Insured  4/13 at 100.00  BB  1,023,659 
3,000  Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A,  7/15 at 100.00  BB+  2,477,490 
  6.000%, 7/01/35       
6,600  Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue  7/10 at 100.00  AAA  6,603,696 
  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  A+  10,223,300 
  5.000%, 10/15/23 – NPFG Insured       
1,000  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical  2/10 at 100.00  BB–  757,650 
  Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured       
4,000  Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series  12/16 at 100.00  AA  3,921,600 
  2006A, 5.000%, 12/01/31 (UB)       
850  Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation  6/16 at 100.00  Baa3  666,281 
  Revenue Bonds, Series 2006, 5.500%, 6/01/35       
6,390  Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D,  12/12 at 100.00  A  6,422,078 
  5.500%, 12/01/19 – FGIC Insured (Alternative Minimum Tax)       
36,680  Total Michigan      34,990,427 
  Minnesota – 4.7% (3.0% of Total Investments)      
13,650  Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22  7/14 at 100.00  A2  13,833,320 
2,000  Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds,  2/14 at 100.00  N/R (4)  2,303,680 
  Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22       
  (Pre-refunded 2/15/14)       
  Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills       
  Project, Series 2001A:       
1,000  6.150%, 8/20/31  8/11 at 105.00  Aaa  1,064,710 
2,000  6.200%, 2/20/43  8/11 at 105.00  Aaa  2,126,000 
90  Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds,  5/10 at 100.00  A  90,028 
  Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – MBIA Insured       
1,500  Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24  10/14 at 100.00  A3  1,562,865 
1,545  St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc.,  11/15 at 100.00  BB+  1,501,879 
  Series 2005, 6.000%, 11/15/25       
16,090  St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds,  11/15 at 103.00  AAA  19,252,168 
  Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured       
37,875  Total Minnesota      41,734,650 
  Mississippi – 0.8% (0.5% of Total Investments)      
6,875  Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial  9/14 at 100.00  AA  7,061,725 
  Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)       
  Missouri – 1.7% (1.1% of Total Investments)      
2,000  Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior  2/14 at 100.00  N/R  1,927,020 
  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+  483,680 
  Regional Hospital, Series 2006, 5.000%, 3/01/22       
  Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing       
  Project, Series 2005A:       
1,565  6.000%, 6/01/20  No Opt. Call  A  1,701,891 
1,660  5.000%, 6/01/35  6/15 at 100.00  A  1,498,930 
1,295  Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,  6/11 at 101.00  AA–  1,326,572 
  Series 2001A, 5.250%, 6/01/21 – AMBAC Insured       
  Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,       
  Series 2001A:       
205  5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured  6/11 at 101.00  AA– (4)  220,172 
1,500  5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured  6/11 at 101.00  AA– (4)  1,611,015 
4,150  5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured  6/11 at 101.00  AA– (4)  4,457,142 
1,575  Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership  3/10 at 102.00  AAA  1,595,255 
  Loan Program, Series 1999B-1, 6.700%, 9/01/30 (Alternative Minimum Tax)       
14,450  Total Missouri      14,821,677 
  Nebraska – 0.3% (0.2% of Total Investments)      
1,620  Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska  2/17 at 100.00  AA+  2,449,051 
  City 2, Series 2006A, 19.773%, 2/01/49 – AMBAC Insured (IF)       
  Nevada – 4.6% (3.0% of Total Investments)      
10,410  Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18  6/12 at 100.00  AA (4)  11,561,867 
  (Pre-refunded 6/15/12) – NPFG Insured       
5,000  Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42  1/20 at 100.00  Aa3  5,152,200 
  (WI/DD, Settling 2/03/10)       
15,000  Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,  6/11 at 100.00  AA+ (4)  15,954,750 
  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  Caa2  779,867 
10,600  5.375%, 1/01/40 – AMBAC Insured  7/10 at 100.00  Caa2  4,416,702 
2,700  Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,  6/19 at 100.00  A  3,023,055 
  8.000%, 6/15/30       
50,135  Total Nevada      40,888,441 
  New Hampshire – 0.0% (0.0% of Total Investments)      
405  New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds,  7/10 at 100.00  Aa2  405,425 
  Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax)       
  New Jersey – 8.7% (5.6% of Total Investments)      
10,150  Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District  7/10 at 100.00  AAA  10,159,744 
  Project, Series 1999B, 5.625%, 1/01/26 – AGM Insured       
8,000  Essex County Improvement Authority, New Jersey, General Obligation Guaranteed Lease Revenue  10/10 at 100.00  A1 (4)  8,308,480 
  Bonds, County Correctional Facility Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded       
  10/01/10) – FGIC Insured       
435  Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center  No Opt. Call  B3  248,529 
  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–  3,923,094 
2,000  5.250%, 9/01/26  9/15 at 100.00  AA–  2,128,760 
300  New Jersey Educational Facilities Authority Revenue Refunding Bonds, University of Medicine  6/19 at 100.00  Baa2  339,351 
  and Dentistry of New Jersey Issue, Series 2009 B, 7.500%, 12/01/32       
800  New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters  7/18 at 100.00  Baa2  783,744 
  University Hospital, Series 2007, 5.750%, 7/01/37       
  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C:       
5,410  5.500%, 6/15/20 (Pre-refunded 6/15/13)  6/13 at 100.00  AAA  6,218,470 
9,250  5.500%, 6/15/23 (Pre-refunded 6/15/13)  6/13 at 100.00  AAA  10,632,320 
3,850  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A,  No Opt. Call  AA–  4,282,432 
  5.250%, 12/15/20       
  New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:       
3,915  6.000%, 1/01/14 – NPFG Insured (ETM)  No Opt. Call  A+ (4)  4,623,772 
7,585  6.000%, 1/01/14 – NPFG Insured (ETM)  No Opt. Call  A+ (4)  8,958,188 
2,500  New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured  7/13 at 100.00  A+  2,639,400 
9,130  New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured (UB)  1/15 at 100.00  AAA  9,693,138 
4,465  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/17 at 100.00  BBB  4,178,972 
  Series 2007-1A, 4.500%, 6/01/23       
71,445  Total New Jersey      77,118,394 
  New Mexico – 0.8% (0.5% of Total Investments)      
425  New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2000D-2,  3/10 at 102.50  AAA  430,993 
  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  6,478,042 
  1997, 6.000%, 2/01/27 – AGM Insured       
6,010  Total New Mexico      6,909,035 
  New York – 13.5% (8.6% of Total Investments)      
  Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue       
  Bonds, Barclays Center Project, Series 2009:       
2,050  6.000%, 7/15/30  1/20 at 100.00  BBB–  2,099,323 
5,000  0.000%, 7/15/44  No Opt. Call  BBB–  426,800 
  Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester,       
  Series 2004A:       
1,000  5.250%, 7/01/22  7/14 at 100.00  Aa3  1,055,770 
500  5.250%, 7/01/24  7/14 at 100.00  Aa3  524,465 
1,025  Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series  7/14 at 100.00  AAA  1,202,048 
  2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14)       
1,995  Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds,  7/14 at 100.00  AA–  2,117,932 
  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  2,476,174 
  2005F, 5.000%, 3/15/24 – AMBAC Insured       
6,915  Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,  2/17 at 100.00  A  6,304,060 
  2/15/47 – NPFG Insured       
6,000  Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series  No Opt. Call  A1  6,064,800 
  2005, 5.250%, 10/01/35       
  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:       
7,000  5.000%, 12/01/23 – FGIC Insured  6/16 at 100.00  A  7,316,750 
5,000  5.000%, 12/01/24 – FGIC Insured  6/16 at 100.00  A  5,206,200 
5,100  Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,  11/16 at 100.00  A  4,675,731 
  5/01/33 – NPFG Insured       
3,900  Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,  11/15 at 100.00  A  3,980,301 
  5.000%, 11/15/30 – AMBAC Insured       
5,780  Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F,  11/15 at 100.00  A  5,899,010 
  5.000%, 11/15/30       
3,000  Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,  11/12 at 100.00  A  3,131,790 
  Series 2002A, 5.125%, 11/15/21 – FGIC Insured       
  New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United       
  Jewish Appeal – Federation of Jewish Philanthropies of New York Inc., Series 2004A:       
2,185  5.250%, 7/01/20  7/14 at 100.00  Aa1  2,408,941 
2,050  5.250%, 7/01/21  7/14 at 100.00  Aa1  2,254,180 
2,420  5.250%, 7/01/22  4/14 at 100.00  Aa1  2,642,519 
1,370  5.250%, 7/01/24  4/14 at 100.00  Aa1  1,457,009 
12,500  New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22 (UB)  10/13 at 100.00  AA  13,093,750 
525  New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23  6/13 at 100.00  AA  550,862 
4,475  New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23  6/13 at 100.00  AAA  5,149,741 
  (Pre-refunded 6/01/13)       
7,960  New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB)  4/15 at 100.00  AA  8,313,026 
6,000  New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/20 (UB)  8/14 at 100.00  AA  6,459,180 
2,880  New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Trust 2364,  11/15 at 100.00  AA+  3,117,197 
  17.254%, 11/15/44 – AMBAC Insured (IF)       
650  New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B,  6/10 at 101.00  BBB  649,929 
  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  1,392,566 
  6.500%, 6/01/35 (Pre-refunded 6/01/10)       
7,400  New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and  6/10 at 100.00  AA–  7,495,904 
  State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16       
6,460  New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series  3/14 at 100.00  AAA  6,766,656 
  2004A-1, 5.000%, 3/15/26 – FGIC Insured       
4,750  Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred  3/14 at 101.00  AA–  4,978,475 
  Thirty-Fifth Series 2004, 5.000%, 9/15/28 – SYNCORA GTY Insured       
119,575  Total New York      119,211,089 
  North Carolina – 1.7% (1.1% of Total Investments)      
  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,       
  Series 2003G:       
5,785  5.250%, 6/01/22 (UB)  6/13 at 100.00  AA+  6,347,476 
3,475  5.250%, 6/01/23 (UB)  6/13 at 100.00  AA+  3,769,645 
2,850  Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue  1/18 at 100.00  AA–  2,828,112 
  Bonds, Series 2008A, Trust 1149, 15.172%, 1/15/47 (IF)       
1,050  Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds,  1/17 at 100.00  AA–  1,063,524 
  Carolinas Health Care, Series 2007A, 5.000%, 1/15/31       
1,000  Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,  8/15 at 100.00  N/R  646,280 
  National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%,       
  8/01/35 (Alternative Minimum Tax)       
14,160  Total North Carolina      14,655,037 
  Ohio – 3.0% (1.9% of Total Investments)      
  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue       
  Bonds, Senior Lien, Series 2007A-2:       
250  5.125%, 6/01/24  6/17 at 100.00  BBB  232,320 
2,850  5.875%, 6/01/30  6/17 at 100.00  BBB  2,460,491 
2,745  5.750%, 6/01/34  6/17 at 100.00  BBB  2,282,550 
6,285  5.875%, 6/01/47  6/17 at 100.00  BBB  4,822,229 
4,265  Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children’s Hospital Project,  5/11 at 101.00  Aa2 (4)  4,573,061 
  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  2,991,293 
665  Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System  11/10 at 101.00  A–  681,811 
  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  A– (4)  1,409,306 
  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  N/R (4)  7,296,310 
  Health System, Series 2000, 6.500%, 10/01/30 (Pre-refunded 10/01/10)       
28,115  Total Ohio      26,749,371 
  Oklahoma – 2.5% (1.6% of Total Investments)      
1,050  Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,  9/16 at 100.00  BB+  848,516 
  5.375%, 9/01/36       
3,500  Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,  7/15 at 100.00  AA  3,620,680 
  7/01/24 – AMBAC Insured       
  Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:       
7,290  5.000%, 2/15/37  2/17 at 100.00  A  6,760,527 
1,335  5.000%, 2/15/42  2/17 at 100.00  A  1,219,990 
10,035  Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health  12/16 at 100.00  AA  9,931,941 
  System, Series 2006, 5.000%, 12/15/36 (UB)       
143  Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health  12/16 at 100.00  AA  140,337 
  System, Series 2006, Trust 3500, 8.479%, 12/15/36 (IF)       
23,353  Total Oklahoma      22,521,991 
  Oregon – 0.5% (0.3% of Total Investments)      
1,060  Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,  5/15 at 100.00  AAA  1,116,042 
  5.000%, 5/01/24 – AGM Insured       
2,500  Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A,  11/14 at 100.00  AAA  2,911,200 
  5.000%, 11/15/21 (Pre-refunded 11/15/14)       
3,560  Total Oregon      4,027,242 
  Pennsylvania – 4.6% (2.9% of Total Investments)      
980  Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,  3/17 at 100.00  BBB  817,506 
  School Lane Charter School, Series 2007A, 5.000%, 3/15/37       
  Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall       
  College, Series 2003C:       
1,340  5.250%, 4/15/15  4/13 at 100.00  A+  1,454,838 
1,960  5.250%, 4/15/17  4/13 at 100.00  A+  2,135,067 
1,000  Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29  9/15 at 100.00  AA  1,050,370 
2,625  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –  6/16 at 100.00  Aa3  2,752,575 
  AMBAC Insured       
  Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:       
4,505  5.000%, 9/01/21 – AGM Insured  9/14 at 100.00  AAA  4,718,942 
4,735  5.000%, 9/01/22 – AGM Insured  9/14 at 100.00  AAA  4,938,226 
8,145  Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue  4/10 at 101.00  N/R  6,862,407 
  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  15,991,080 
  District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) – AGM Insured       
39,290  Total Pennsylvania      40,721,011 
  Puerto Rico – 0.3% (0.2% of Total Investments)      
2,500  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A,  8/17 at 100.00  AA–  2,465,125 
  5.250%, 8/01/57       
  Rhode Island – 0.2% (0.1% of Total Investments)      
1,700  Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  BBB  1,618,536 
  Series 2002A, 6.250%, 6/01/42       
  South Carolina – 5.5% (3.5% of Total Investments)      
8,610  Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,  12/14 at 100.00  AA–  8,948,115 
  GROWTH, Series 2004, 5.250%, 12/01/24       
  Greenville County School District, South Carolina, Installment Purchase Revenue Bonds,       
  Series 2003:       
5,090  5.250%, 12/01/18 (UB)  12/13 at 100.00  AA  5,484,730 
3,595  5.250%, 12/01/20 (UB)  12/13 at 100.00  AA  3,821,629 
1,865  5.250%, 12/01/21 (UB)  12/13 at 100.00  AA  1,971,436 
  Lexington County Health Service District, South Carolina, Hospital Revenue Bonds, Series 2004:       
1,805  6.000%, 5/01/19 (Pre-refunded 5/01/14)  5/14 at 100.00  A+ (4)  2,154,990 
2,400  5.500%, 5/01/24 (Pre-refunded 5/01/14)  5/14 at 100.00  A+ (4)  2,815,824 
  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)  15,649,014 
1,655  6.375%, 8/01/34 (Pre-refunded 8/01/13)  8/13 at 100.00  BBB+ (4)  1,948,216 
5,845  Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement  5/12 at 100.00  BBB (4)  6,095,691 
  Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12)       
44,210  Total South Carolina      48,889,645 
  Tennessee – 1.9% (1.2% of Total Investments)      
6,400  Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain  7/16 at 100.00  BBB+  6,234,496 
  States Health Alliance, Series 2006A, 5.500%, 7/01/36       
6,100  Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue  1/17 at 31.69  A–  905,972 
  Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40       
5,000  Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board,  10/19 at 100.00  AA  5,248,050 
  Tennessee, Revenue Refunding Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39       
410  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  9/16 at 100.00  BBB+  364,408 
  Wellmont Health System, Series 2006C, 5.250%, 9/01/36       
  Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding       
  Bonds, Sumner Regional Health System Inc., Series 2007:       
1,300  5.500%, 11/01/37  11/17 at 100.00  N/R  754,000 
3,000  5.500%, 11/01/46  11/17 at 100.00  N/R  1,740,000 
1,300  Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%,  7/13 at 100.00  AA+  1,333,085 
  7/01/34 (Alternative Minimum Tax)       
23,510  Total Tennessee      16,580,011 
  Texas – 15.9% (10.2% of Total Investments)      
5,000  Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,  12/12 at 100.00  CCC+  3,129,800 
  Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)       
3,140  Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue  12/10 at 105.00  Aaa  3,335,748 
  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  8,599,640 
  4.250%, 8/15/36 (UB)       
2,150  Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC  10/13 at 101.00  CCC  1,232,058 
  Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)       
530  Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds,  9/10 at 105.00  AAA  558,912 
  Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax)       
1,335  Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%,  No Opt. Call  A1  1,338,404 
  2/15/10 – AMBAC Insured       
145  Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%,  No Opt. Call  A1 (4)  145,463 
  2/15/10 – AMBAC Insured (ETM)       
19,125  Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 2000, 6.000%, 2/15/15  8/10 at 100.00  A (4)  19,714,241 
  (Pre-refunded 8/15/10) – MBIA Insured       
4,000  Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series  11/11 at 100.00  A  3,669,520 
  2001B, 5.250%, 11/15/40 – NPFG Insured       
5,000  Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%,  5/14 at 100.00  AA  5,247,300 
  5/15/25 – NPFG Insured       
6,000  Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 –  3/11 at 100.00  AAA  6,319,800 
  AGM Insured       
13,975  Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series  8/16 at 100.00  AAA  14,009,798 
  2007A, 4.750%, 8/01/43 (UB)       
  Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson       
  Memorial Hospital Project, Series 2005:       
2,000  5.250%, 8/15/21  No Opt. Call  BBB–  1,955,960 
2,800  5.125%, 8/15/26  No Opt. Call  BBB–  2,569,336 
1,505  Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services  5/13 at 100.00  A  1,564,794 
  Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured       
245  Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003,  5/13 at 100.00  A1 (4)  277,803 
  5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured       
3,155  Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003,  5/13 at 100.00  A1  3,260,440 
  5.250%, 5/15/24 – AMBAC Insured       
5,650  North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008,  1/18 at 100.00  A3  5,728,592 
  5.750%, 1/01/38       
11,000  Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender  2/17 at 100.00  AAA  11,075,240 
  Option Bond Trust 1124, 7.485%, 2/15/32 (IF)       
2,000  Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series  11/15 at 100.00  CCC  948,020 
  2001C, 5.200%, 5/01/28       
12,130  Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  2/17 at 100.00  AA–  12,007,730 
  Series 2007A, 5.000%, 2/15/36 (UB)       
7,255  Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage  12/10 at 105.00  Aaa  7,703,939 
  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  N/R (4)  4,240,840 
  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,  3/13 at 100.00  AAA  5,528,200 
  Series 1999, 5.250%, 3/01/17 – AGM Insured       
2,985  Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.749%, 4/01/33 (IF)  4/17 at 100.00  AA+  3,908,052 
25,000  Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System,  No Opt. Call  BBB+  10,292,250 
  Series 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  2,275,648 
  2005, 5.000%, 7/01/20       
156,465  Total Texas      140,637,528 
  Utah – 0.0% (0.0% of Total Investments)      
100  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 5.750%, 7/01/28  7/10 at 100.00  AAA  100,353 
  (Alternative Minimum Tax)       
  Virginia – 0.5% (0.3% of Total Investments)      
4,680  Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue  10/14 at 100.00  N/R  4,370,371 
  Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)       
  Washington – 3.5% (2.3% of Total Investments)      
2,500  Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –  7/12 at 100.00  Aaa  2,756,825 
  Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – NPFG Insured       
3,125  Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A,  6/14 at 100.00  A3  3,265,031 
  5.375%, 12/01/20 – NPFG Insured       
5,000  Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%,  12/11 at 100.00  AA  5,186,850 
  12/01/26 – NPFG Insured       
4,750  Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services,  5/10 at 100.50  A2  4,752,755 
  Series 1998, 5.125%, 11/15/22 – AMBAC Insured       
  Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,       
  Series 2002:       
1,770  6.500%, 6/01/26  6/13 at 100.00  BBB  1,830,782 
2,530  6.625%, 6/01/32  6/13 at 100.00  BBB  2,536,806 
6,480  Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%,  No Opt. Call  AA+  3,494,210 
  6/01/24 – NPFG Insured       
11,000  Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured  No Opt. Call  AA+  7,542,040 
37,155  Total Washington      31,365,299 
  Wisconsin – 4.1% (2.6% of Total Investments)      
  Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed       
  Bonds, Series 2002:       
1,100  6.125%, 6/01/27 (Pre-refunded 6/01/12)  6/12 at 100.00  AAA  1,189,243 
300  6.375%, 6/01/32 (Pre-refunded 6/01/12)  6/12 at 100.00  AAA  337,686 
  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  A1 (4)  1,138,450 
750  5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured  8/13 at 100.00  A1 (4)  853,838 
1,490  Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc.,  2/19 at 100.00  A3  1,499,804 
  Series 2009, 5.875%, 2/15/39       
1,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare  7/11 at 100.00  A–  1,010,240 
  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+  9,181,530 
  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  2,235,052 
  Series 2001, 6.125%, 10/01/16       
790  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior  5/16 at 100.00  BBB  650,715 
  Healthcare, Series 2006, 5.000%, 5/01/32       
6,025  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of  9/13 at 100.00  BBB+ (4)  7,023,463 
  Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 (Pre-refunded 9/01/13)       
4,995  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of  9/17 at 100.00  BBB+  4,368,627 
  Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33       
2,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  8/16 at 100.00  BBB+  1,748,320 
  Healthcare System, Series 2006, 5.250%, 8/15/34       
2,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  8/13 at 100.00  BBB+  1,880,080 
  Services Inc., Series 2003A, 5.250%, 8/15/25       
  Wisconsin, General Obligation Bonds, Series 2004-3:       
175  5.250%, 5/01/19 – FGIC Insured  5/14 at 100.00  Aa3  189,268 
1,265  5.250%, 5/01/21 – FGIC Insured  5/14 at 100.00  AA  1,355,119 
1,545  Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/19 (Pre-refunded 5/01/14) –  5/14 at 100.00  Aa3 (4)  1,796,758 
  FGIC Insured       
35,610  Total Wisconsin      36,458,193 
  Wyoming – 0.4% (0.3% of Total Investments)      
3,900  Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005,  12/15 at 100.00  BBB+  3,611,439 
     5.600%, 12/01/35 (Alternative Minimum Tax)       
$     1,555,878  Total Investments (cost $1,373,556,233) – 156.1%      1,382,199,560 
  Floating Rate Obligations – (14.0)%      (124,294,000)
  Other Assets Less Liabilities – 3.1%      28,368,894 
  Preferred Shares, at Liquidation Value – (45.2)% (5)      (400,650,000)
  Net Assets Applicable to Common Shares – 100%      $ 885,624,454 

 
 
 
 
 
 
 
 
 
 
 
 

Fair Value Measurements
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of January 31, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $1,382,199,560  $ —  $1,382,199,560 

Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At January 31, 2010, the cost of investments was $1,251,507,234.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:
 
Gross unrealized:   
  Appreciation  $ 64,113,895 
  Depreciation  (57,789,261)
Net unrealized appreciation (depreciation) of investments  $   6,324,634 

(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 Group (“Standard & Poor’s”) or Moody’s Investor Service, 
  Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s 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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.0%. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(ETM)  Escrowed to maturity. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 
Item 2. Controls and Procedures.

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

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

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Premium Income Municipal Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         April 1, 2010        
 
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         April 1, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        April 1, 2010