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)


        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:          07/31/05         

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)               
      July 31, 2005               
 
 
 
  Principal        Optional Call          Market 
  Amount (000)    Description(1)     Provisions*    Ratings**      Value 
$       Alabama - 1.5% (1.0% of Total Investments)               
    4,050    Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16    6/10 at 102.00    A-    $    4,432,644 
  5,020    DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 5.250%,    6/12 at 101.00    A+      5,250,870 
      6/01/18               
  1,000    Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical    11/14 at 100.00    Baa1      1,025,500 
      Center, Series 2004C, 5.250%, 11/15/29               
  3,330    University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/23 - FGIC    3/14 at 100.00    Aaa      3,534,595 
      Insured               
      Alaska - 1.0% (0.7% 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      2,204,660 
  2,035    5.250%, 9/01/18 - FGIC Insured    9/13 at 100.00    AAA      2,240,250 
  5,000    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series    6/10 at 100.00    BBB      5,321,700 
      2000, 6.500%, 6/01/31               
      Arizona - 1.1% (0.7% of Total Investments)               
  5,700    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding Bonds,    1/06 at 101.00    AAA      5,890,950 
      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      4,465,686 
      Insured               
      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      527,870 
      AMBAC Insured               
  5,245    University of Arkansas, Fayetteville, Athletic Facilities Revenue Bonds, Razorback Stadium, Series    9/09 at 100.00    Aaa      5,527,915 
      1999, 5.050%, 9/15/20 - AMBAC Insured               
  2,000    Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series    2/15 at 100.00    BBB      2,011,120 
      2005B, 5.000%, 2/01/25 (WI, settling 8/17/05)               
      California - 21.6% (14.0% of Total Investments)               
  9,200    Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series    No Opt. Call    AAA      4,676,452 
      2004A, 0.000%, 10/01/20 - AMBAC Insured               
  2,000    California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A,    10/15 at 100.00    Aaa      2,123,580 
      5.000%, 10/01/30 - MBIA Insured               
  7,200    California Educational Facilities Authority, Revenue Bonds, University of Southern California,    10/15 at 100.00    AA+      7,419,384 
      Series 2005, 4.750%, 10/01/28 (WI, settling 8/03/05)               
      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      3,759,385 
  7,000    5.000%, 3/01/33    3/13 at 100.00    A      7,094,500 
  5,500    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Catholic    No Opt. Call    A-      5,789,465 
      Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)               
      California, General Obligation Bonds, Series 2004:              
    5,000    5.000%, 4/01/10   No Opt. Call    A        5,347,150 
  2,000    5.125%, 2/01/25   2/14 at 100.00    A      2,124,560 
  10,000    5.125%, 2/01/26   2/14 at 100.00    A      10,578,800 
 
  4,000    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%,   5/12 at 101.00    A2      4,581,080 
      5/01/15              
 
  4,000    California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14   No Opt. Call    AA-      4,462,560 
 
  23,725    California State Public Works Board, Lease Revenue Refunding Bonds, Various University of   12/05 at 100.00    Aa2      23,754,894 
      California Projects, Series 1993A, 5.500%, 6/01/21              
 
  11,395    California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E,   No Opt. Call    A-      12,321,300 
      5.500%, 6/01/15              
 
  1,640    California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health   7/15 at 100.00    BBB+      1,725,428 
      System, Series 2005A, 5.250%, 7/01/30              
 
  3,575    Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company,   6/14 at 102.00    A2      3,823,427 
      Series 1996A, 5.300%, 7/01/21              
 
  6,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed   6/15 at 100.00    AAA      6,301,740 
      Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (WI, settling 8/04/05) - FGIC Insured              
 
  2,350    Grossmont-Cuyamaca Community College District, California, General Obligation Bonds, Series 2005B,   8/15 at 100.00    AAA      2,499,319 
      5.000%, 8/01/26 - FGIC Insured              
 
  5,120    Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,   8/15 at 100.00    AAA      5,458,278 
      Series 2005A, 5.000%, 8/01/24 - FSA Insured              
 
      Los Angeles Unified School District, California, General Obligation Bonds, Series 2005A-1:              
  5,000    5.000%, 7/01/19 - FGIC Insured   7/15 at 100.00    AAA      5,408,150 
  6,865    5.000%, 7/01/25 - FGIC Insured   7/15 at 100.00    AAA      7,332,575 
 
  1,120    Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16   No Opt. Call    AAA      1,547,078 
 
  4,750    North Orange County Community College District, California, General Obligation Bonds, Series 2003B,   8/14 at 100.00    AAA      5,236,495 
      5.000%, 8/01/20 (Pre-refunded to 8/01/14) - FGIC Insured              
 
      Peralta Community College District, Alameda County, California, General Obligation Bonds, Series              
      2005D:              
  1,560    5.000%, 8/01/19 - FSA Insured   8/13 at 102.00    AAA      1,688,263 
  1,640    5.000%, 8/01/20 - FSA Insured   8/13 at 102.00    AAA      1,767,822 
  1,720    5.000%, 8/01/21 - FSA Insured   8/13 at 102.00    AAA      1,848,192 
  1,805    5.000%, 8/01/22 - FSA Insured   8/13 at 102.00    AAA      1,933,408 
  1,900    5.000%, 8/01/23 - FSA Insured   8/13 at 102.00    AAA      2,031,936 
 
  20,000    Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue   No Opt. Call    AAA      26,509,400 
      Bonds, Series 1990A, 7.600%, 5/01/23              
 
  5,000    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical   7/14 at 100.00    A3      5,406,900 
      Center, Series 2004, 5.875%, 7/01/26              
 
  2,000    Redwood City School District, San Mateo County, California, General Obligation Bonds, Series 2002,   7/12 at 100.00    AAA      2,095,060 
      5.000%, 7/15/27 - FGIC Insured              
 
  3,700    Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%,   8/13 at 100.00    AAA      3,932,656 
      8/15/22 - MBIA Insured              
 
      San Bernardino Joint Powers Financing Authority, California, Tax Allocation Refunding Bonds,              
      Multiple Projects, Series 1995A:              
  6,675    5.750%, 10/01/15 - FSA Insured   10/05 at 102.00    AAA      6,841,207 
  10,000    5.750%, 10/01/25 - FSA Insured   10/05 at 102.00    AAA      10,242,600 
 
  3,500    San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 - MBIA   9/14 at 100.00    AAA      3,675,875 
      Insured              
 
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue              
      Refunding Bonds, Series 1997A:              
  10,000    0.000%, 1/15/31 - MBIA Insured   No Opt. Call    AAA      2,918,400 
  24,025    0.000%, 1/15/36 - MBIA Insured   No Opt. Call    AAA      5,343,881 
      Colorado - 4.7% (3.1% of Total Investments)               
    2,500    Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004,    12/14 at 100.00    AAA        2,682,025 
      5.000%, 12/01/21 - FGIC Insured               
  1,000    Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%,    9/14 at 100.00    Baa1      1,017,120 
      9/01/25               
  960    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 7.250%,    4/10 at 105.00    AA      986,112 
      10/01/31 (Alternative Minimum Tax)               
  615    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997B-2, 7.000%,    5/07 at 105.00    Aa2      621,212 
      5/01/26 (Alternative Minimum Tax)               
  425    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997C-2, 6.875%,    11/07 at 105.00    Aa2      428,995 
      11/01/28 (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      11,047,428 
      (Alternative Minimum Tax)               
  19,810    Denver, Colorado, Excise Tax Revenue Bonds, Convention Center, Series 2001A, 5.500%, 9/01/18 - FSA    3/11 at 100.00    AAA      21,694,129 
      Insured               
  8,315    Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Air Lines    10/05 at 100.00    N/R      7,264,899 
      Corporation, Series 1992A, 6.875%, 10/01/32 (Alternative Minimum Tax) #               
  136    El Paso County, Colorado, FNMA Mortgage-Backed Single Family Revenue Refunding Bonds, Series    No Opt. Call    Aaa      138,621 
      1992A-2, 8.750%, 6/01/11               
      Connecticut - 0.2% (0.1% of Total Investments)               
  1,930    Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16    No Opt. Call    AA      2,229,748 
      District of Columbia - 4.5% (2.9% of Total Investments)               
  9,505    District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 - MBIA Insured    No Opt. Call    AAA      11,503,046 
  9,335    District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue    12/05 at 102.00    AAA      9,625,132 
      Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)               
  10,350    District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 1997A,    8/07 at 102.00    AAA      10,937,156 
      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      5,163,276 
  7,625    0.000%, 4/01/25 - MBIA Insured    4/11 at 44.82    AAA      2,621,323 
  16,665    0.000%, 4/01/32 - MBIA Insured    4/11 at 29.23    AAA      3,699,963 
      Florida - 2.8% (1.8% of Total Investments)               
  8,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series    10/13 at 100.00    AAA      8,715,680 
      2003A, 5.375%, 10/01/16 (Alternative Minimum Tax) - MBIA Insured               
  5,400    Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue    4/10 at 101.00    N/R      6,062,634 
      Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative               
      Minimum Tax)               
  5,000    Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health    11/10 at 101.00    A      5,497,100 
      System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30               
  4,000    Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/29 -    8/14 at 100.00    Aaa      4,214,880 
      AMBAC Insured               
  2,375    Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/22 -    8/15 at 100.00    Aaa      2,527,903 
      FSA Insured               
      Georgia - 1.9% (1.2% of Total Investments)               
  2,625    Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science    5/14 at 100.00    AAA      2,854,084 
      Building, Series 2004, 5.250%, 5/01/24 - MBIA Insured               
  6,025    Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%,    1/14 at 100.00    AAA      6,552,067 
      1/01/20 - FSA Insured               
    4,845    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series    No Opt. Call    AAA        5,821,413 
      1992P, 6.250%, 7/01/20 - AMBAC Insured               
 
  2,750    Savannah Housing Authority, Georgia, GNMA Collateralized Mortgage Revenue Refunding Bonds,    5/08 at 103.00    Aaa      2,912,718 
      Plantation Oak Project, Series 2000, 6.350%, 11/20/39               
 
      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      10,972,100 
 
      Idaho - 0.6% (0.4% of Total Investments)               
 
  5,000    Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%, 9/01/25    9/10 at 100.00    Aaa      5,364,650 
      (Alternative Minimum Tax) - FGIC Insured               
 
      Illinois - 9.4% (6.1% of Total Investments)               
 
  9,220    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax    12/07 at 102.00    AAA      9,754,668 
      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      5,457,393 
  10,000    0.000%, 12/01/20 - FGIC Insured    No Opt. Call    AAA      5,015,300 
  9,900    0.000%, 12/01/24 - FGIC Insured    No Opt. Call    AAA      4,008,609 
 
      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      7,134,750 
  10,000    0.000%, 12/01/23 - FGIC Insured    No Opt. Call    AAA      4,265,800 
 
  9,000    Chicago, Illinois, Special Facility Revenue Bonds, O'Hare International Airport, United Air Lines    No Opt. Call    N/R      3,812,310 
      Inc. Project, Series 2001A, 6.375%, 11/01/35 (Alternative Minimum Tax) (Mandatory put 5/01/13) #               
 
  255    Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1996A,    3/06 at 105.00    Aaa      256,051 
      7.000%, 9/01/27 (Alternative Minimum Tax)               
 
  555    Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1997B,    9/07 at 105.00    Aaa      557,287 
      6.950%, 9/01/28 (Alternative Minimum Tax)               
 
  8,740    Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois Power    8/05 at 101.00    AAA      8,848,114 
      Company, Series 1994A, 5.700%, 2/01/24 - MBIA Insured               
 
      Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:               
  1,000    5.250%, 11/15/22    5/14 at 100.00    A      1,047,620 
  3,000    5.250%, 11/15/23    5/14 at 100.00    A      3,134,010 
 
  9,820    Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%,    8/07 at 101.00    AAA      10,242,260 
      8/01/27 - AMBAC Insured               
 
  3,905    Kane County School District 131 - Aurora East, Illinois, General Obligation Bonds, Series 2005A,    6/15 at 100.00    AAA      4,152,811 
      5.000%, 6/01/24 - FGIC Insured               
 
  10,040    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion    No Opt. Call    AAA      6,659,231 
      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      10,007,760 
      Project, Series 1999A, 5.500%, 12/15/24 - FGIC Insured               
 
  3,000    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality    No Opt. Call    AAA      4,014,060 
      Facility, Series 1996A, 7.000%, 7/01/26               
 
  3,000    Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris    12/11 at 101.00    BBB+      3,322,650 
      Hospital, Series 2001, 6.625%, 12/01/31               
 
      Indiana - 2.1% (1.4% of Total Investments)               
 
      Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:               
  1,910    5.000%, 8/01/21 - FSA Insured    8/14 at 100.00    AAA      2,024,333 
  2,005    5.000%, 8/01/22 - FSA Insured    8/14 at 100.00    AAA      2,120,388 
 
  7,070    Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.250%, 6/01/18    6/13 at 100.00    AAA      7,866,365 
      (Pre-refunded to 6/01/13) - FSA Insured               
    7,965    Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and Remodeling    1/12 at 101.00    AA-        8,808,494 
      Building Corporation, Series 2000, 5.750%, 1/15/20               
      Iowa - 1.4% (0.9% of Total Investments)               
      Des Moines, Iowa, General Obligation Bonds, Series 2000D:               
  1,215    5.750%, 6/01/17 - MBIA Insured    6/08 at 100.00    AAA      1,297,195 
  1,410    5.800%, 6/01/18 - MBIA Insured    6/08 at 100.00    AAA      1,506,486 
  3,000    Iowa Financing Authority, Private College Revenue Refunding Bonds, Drake University Project, Series    12/05 at 102.00    AAA      3,083,970 
      1996, 5.400%, 12/01/16 - MBIA Insured               
  4,365    Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel Corporation,    No Opt. Call    AAA      5,544,554 
      Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax)               
  2,000    Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, 6.250%,    7/10 at 100.00    A1      2,160,700 
      7/01/25               
      Kansas - 1.0% (0.7% of Total Investments)               
  6,000    Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21    3/14 at 100.00    AA+      6,416,520 
  3,440    Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family    6/08 at 105.00    Aaa      3,598,206 
      Revenue Bonds, Series 1998A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)               
      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      4,026,775 
      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      1,298,814 
  1,270    5.000%, 6/01/20 - AMBAC Insured    6/14 at 100.00    Aaa      1,359,319 
  1,335    5.000%, 6/01/21 - AMBAC Insured    6/14 at 100.00    Aaa      1,425,820 
      Louisiana - 2.0% (1.3% of Total Investments)               
  2,915    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AAA      3,201,923 
      Bonds, Series 2002, 5.250%, 12/01/19 - AMBAC Insured               
  705    Louisiana Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000A, 7.450%,    9/09 at 101.00    Aaa      728,279 
      12/01/31 (Alternative Minimum Tax)               
  7,195    Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care    No Opt. Call    BBB      9,184,489 
      Corporation Project, Series 1994, 11.000%, 2/01/14               
      Louisiana, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:               
  1,200    5.000%, 5/01/25 - FGIC Insured    5/15 at 100.00    AAA      1,277,604 
  2,210    5.000%, 5/01/26 - FGIC Insured    5/15 at 100.00    AAA      2,349,274 
  2,500    5.000%, 5/01/27 - FGIC Insured    5/15 at 100.00    AAA      2,655,500 
      Maryland - 0.4% (0.3% of Total Investments)               
  3,600    Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development    7/10 at 100.00    Aaa      3,794,760 
      Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)               
      Massachusetts - 8.8% (5.7% of Total Investments)               
      Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A:               
  7,900    5.250%, 7/01/30 (Pre-refunded to 7/01/10)    7/10 at 100.00    AAA      8,607,524 
  2,100    5.250%, 7/01/30    7/10 at 100.00    AAA      2,248,113 
  6,000    Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2000B, 6.000%, 6/01/16    6/10 at 100.00    AAA      6,732,420 
      (Pre-refunded to 6/01/10)               
  4,000    Massachusetts, General Obligation Bonds, Series 2003D, 5.250%, 10/01/22 (Pre-refunded to 10/01/13)    10/13 at 100.00    AA***      4,414,320 
      Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:               
  11,400    5.250%, 1/01/21 (Pre-refunded to 1/01/13) - FSA Insured    1/13 at 100.00    AAA      12,541,254 
    1,850    5.250%, 1/01/21 (Pre-refunded to 1/01/13) - FSA Insured   1/13 at 100.00    AAA    $   2,035,204 
 
  2,825    Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill   12/08 at 102.00    BBB      2,897,009 
      Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)              
 
  14,750    Massachusetts Industrial Finance Agency, General Obligation Bonds, Suffolk University, Series 1997,   7/07 at 102.00    AAA      15,682,348 
      5.250%, 7/01/27 (Pre-refunded to 7/01/07) - AMBAC Insured              
 
  8,750    Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 5.850%,   1/11 at 100.00    AAA      9,178,138 
      7/01/35 (Alternative Minimum Tax)- AMBAC Insured              
 
  6,540    Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%,   8/15 at 100.00    AAA      7,012,123 
      8/15/22 (WI, settling 8/17/05) - FSA Insured              
 
      Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:              
  7,000    5.250%, 1/01/22 (Pre-refunded to 1/01/14) - FGIC Insured   1/14 at 100.00    AAA      7,744,100 
  3,820    5.250%, 1/01/24 (Pre-refunded to 1/01/14) - FGIC Insured   1/14 at 100.00    AAA      4,226,066 
 
  1,500    Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 -   8/17 at 100.00    AAA      1,664,520 
      MBIA Insured              
 
      Michigan - 4.5% (2.8% of Total Investments)              
 
      Detroit, Michigan, General Obligation Bonds, Series 2003A:              
  3,565    5.250%, 4/01/22 - XLCA Insured   4/13 at 100.00    AAA      3,811,769 
  1,275    5.250%, 4/01/23 - XLCA Insured   4/13 at 100.00    AAA      1,362,389 
 
      Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, Unlimited Tax General Obligation              
      School Building and Site Refunding Bonds, Series 1997:              
  6,580    5.150%, 5/01/22 (Pre-refunded to 5/01/08) - FGIC Insured   5/08 at 100.00    AAA      6,953,876 
  3,930    5.150%, 5/01/22 - FGIC Insured   5/08 at 100.00    AAA      4,103,117 
 
  3,000    Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A,   7/15 at 100.00    BBB      3,230,100 
      6.000%, 7/01/35              
 
  10,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,   10/13 at 100.00    AAA      10,617,900 
      5.000%, 10/15/23 - MBIA Insured              
 
  6,600    Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue Refunding   7/07 at 102.00    AAA      6,792,984 
      Bonds, Forest Hills Regency Square Project, Series 1999A, 5.750%, 7/01/29              
 
  6,390    Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, 5.500%,   12/12 at 100.00    AAA      6,936,089 
      12/01/19 (Alternative Minimum Tax)- FGIC Insured              
 
      Minnesota - 5.0% (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      13,857,071 
 
  2,000    Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine   2/14 at 100.00    A-      2,116,420 
      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    A1      1,090,730 
  2,000    6.200%, 2/20/43   8/11 at 105.00    A1      2,173,560 
 
  295    Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities Program   11/05 at 101.00    AAA      296,714 
      Single Family Mortgage Revenue Bonds, Series 1994, 7.500%, 11/01/27 (Alternative Minimum Tax)              
 
  3,000    Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series   1/08 at 101.00    AAA      3,124,020 
      1998A, 5.000%, 1/01/22 - AMBAC Insured              
 
  1,500    Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24   10/14 at 100.00    A3      1,614,045 
 
  700    Minnesota Higher Education Facilities Authority, St. John's University Revenue Bonds, Series   10/15 at 100.00    A2      738,654 
      2005-6G, 5.000%, 10/01/22 (WI, settling 8/18/05)              
 
  90    Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview   11/07 at 102.00    AAA      96,312 
      Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 - MBIA Insured              
 
  18,990    St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic   11/15 at 103.00    AAA      23,821,436 
      Center Project, Series 1996, 7.100%, 11/01/23 - FSA Insured              
      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        4,408,679 
      Healthcare, Series 2004B-1, 5.000%, 9/01/24              
      Missouri - 2.5% (1.6% of Total Investments)              
  2,000    Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services -   2/14 at 100.00    N/R      2,078,520 
      Heisinger Project, Series 2004, 5.250%, 2/01/24              
  1,130    Missouri Housing Development Commission, GNMA/FNMA Single Family Mortgage Revenue Bonds,   3/07 at 105.00    AAA      1,134,712 
      Homeownership Loan Program, Series 1996C, 7.450%, 9/01/27 (Alternative Minimum Tax)              
      Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series              
      2001A:              
  3,000    5.250%, 6/01/21 - AMBAC Insured   6/11 at 101.00    AAA      3,236,700 
  4,150    5.250%, 6/01/28 (Pre-refunded to 6/01/11) - AMBAC Insured   6/11 at 101.00    AAA      4,573,923 
  4,220    Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan   3/09 at 103.00    AAA      4,280,979 
      Program, Series 1999B-1, 6.700%, 9/01/30 (Alternative Minimum Tax)              
  8,500    St. Charles County Francis Howell School District, Missouri, General Obligation Refunding Bonds,   No Opt. Call    AAA      9,131,125 
      Series 1994A, 7.800%, 3/01/08 - FGIC Insured              
      Nebraska - 0.9% (0.6% of Total Investments)              
  4,060    Lincoln, Nebraska, Electric System Revenue Bonds, Series 2002, 5.000%, 9/01/23   9/12 at 100.00    AA      4,293,694 
  4,410    University of Nebraska, Lincoln, Student Fees and Facilities Revenue Bonds, Series 2003B, 5.000%,   11/13 at 100.00    Aa2      4,612,198 
      7/01/33              
      Nevada - 5.8% (3.8% of Total Investments)              
  15,000    Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series   6/11 at 100.00    AAA      16,063,650 
      2001, 5.250%, 6/01/26 - FGIC Insured              
  12,810    Clark County School District, Nevada, General Obligation Bonds, Series 2001F, 5.500%, 6/15/18   12/11 at 100.00    AAA      14,300,572 
      (Pre-refunded to 12/15/11) - FSA Insured              
  10,410    Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18   6/12 at 100.00    AAA      11,656,910 
      (Pre-refunded to 6/15/12) - MBIA 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      2,061,847 
  12,000    5.375%, 1/01/40 - AMBAC Insured   1/10 at 100.00    AAA      12,722,160 
      New Hampshire - 0.3% (0.2% of Total Investments)              
  2,170    New Hampshire Housing Finance Agency, Single Family Residential Mortgage Bonds, Series 1993B,   1/06 at 100.00    Aa2      2,211,729 
      6.050%, 7/01/25              
  570    New Hampshire Housing Finance Agency, Single Family Mortgage Acquisition Revenue Bonds, Series   7/06 at 102.00    Aa2      587,168 
      1996B, 6.400%, 1/01/27 (Alternative Minimum Tax)              
      New Jersey - 8.4% (5.5% of Total Investments)              
  10,150    Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District Project,   1/10 at 100.00    AAA      11,021,986 
      Series 1999B, 5.625%, 1/01/26 - FSA Insured              
      Essex County, New Jersey, General Obligation Bonds, Series 2005A:              
  3,065    5.000%, 5/01/24 - MBIA Insured   5/15 at 100.00    Aaa      3,275,872 
  3,030    5.000%, 5/01/25 - MBIA Insured   5/15 at 100.00    Aaa      3,238,464 
  10,000    Essex County Improvement Authority, New Jersey, General Obligation Guaranteed Lease Revenue Bonds,   10/10 at 100.00    Aaa      11,311,700 
      County Correctional Facility Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded to 10/01/10) -              
      FGIC Insured              
  500    Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center   No Opt. Call    Baa3      508,815 
      Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15              
  1,500    New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2005A,   7/15 at 100.00    AAA      1,605,945 
      5.000%, 7/01/30               
 
    5,315    New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series 1997U,    10/07 at 101.50    AAA        5,503,364 
      5.850%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured               
 
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C:               
  5,000    5.500%, 6/15/19 (Pre-refunded to 6/15/13)    6/13 at 100.00    AAA      5,664,350 
  5,410    5.500%, 6/15/20 (Pre-refunded to 6/15/13)    6/13 at 100.00    AAA      6,128,827 
  9,250    5.500%, 6/15/23 (Pre-refunded to 6/15/13)    6/13 at 100.00    AAA      10,479,048 
 
  6,630    New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 - FSA Insured    1/15 at 100.00    AAA      7,062,939 
 
  2,500    New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 - FGIC Insured    7/13 at 100.00    AAA      2,675,250 
 
      New Jersey Turnpike Authority, Revenue Bonds, Series 2000A:               
  3,915    6.000%, 1/01/14 - MBIA Insured    No Opt. Call    AAA      4,593,861 
  7,585    6.000%, 1/01/14 - MBIA Insured    No Opt. Call    AAA      8,888,179 
 
      New Mexico - 0.8% (0.6% of Total Investments)               
 
  1,190    New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2000D-2,    3/10 at 102.50    AAA      1,253,486 
      6.850%, 9/01/31 (Alternative Minimum Tax)               
 
  5,585    Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997,    No Opt. Call    AAA      6,976,559 
      6.000%, 2/01/27 - FSA Insured               
 
      New York - 15.9% (10.4% of Total Investments)               
 
  14,580    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,    6/08 at 101.00    A-      15,324,455 
      5.250%, 12/01/26               
 
  3,000    Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series    11/12 at 100.00    AAA      3,243,840 
      2002A, 5.125%, 11/15/21 - FGIC Insured               
 
  4,500    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,    11/15 at 100.00    AAA      4,776,840 
      5.000%, 11/15/30 - AMBAC Insured               
 
  2,000    New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000, 6.500%,    6/10 at 101.00    BBB      2,148,900 
      6/01/35               
 
  8,270    New York City, New York, General Obligation Bonds, Fiscal Series 2004G, 5.000%, 8/01/14    No Opt. Call    A+      8,956,575 
 
  5,000    New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23    6/13 at 100.00    A+      5,445,700 
 
  12,500    New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%, 10/15/22    10/13 at 100.00    A+      13,425,250 
 
  6,000    New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/20    8/14 at 100.00    A+      6,485,820 
 
  7,960    New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24    4/15 at 100.00    A+      8,367,711 
 
  1,250    New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,    6/15 at 100.00    AAA      1,334,800 
      Fiscal Series 2005C, 5.000%, 6/15/25 - MBIA Insured               
 
  10,370    New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,    6/06 at 101.00    AAA      10,737,202 
      Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA 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      2,395,066 
  2,050    5.250%, 7/01/21    7/14 at 100.00    Aa2      2,241,286 
  2,420    5.250%, 7/01/22    4/14 at 100.00    Aa2      2,634,606 
  1,370    5.250%, 7/01/24    4/14 at 100.00    Aa2      1,489,354 
 
  1,145    Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities    2/15 at 100.00    AAA      1,220,570 
      Improvements, Series 2005B, 5.000%, 2/15/24 - AMBAC Insured               
 
  3,500    Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities    2/15 at 100.00    AAA      3,728,165 
      Improvements, Series 2005D, 5.000%, 2/15/23 - FGIC Insured               
 
      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+      1,111,110 
  1,000    5.250%, 7/01/22    7/14 at 100.00    A+      1,081,680 
  500    5.250%, 7/01/24    7/14 at 100.00    A+      539,680 
    840    Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 1996,   7/06 at 102.00    AAA      878,010 
      5.500%, 7/01/25 (Pre-refunded to 7/01/06) - MBIA Insured              
 
  1,995    Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate   7/14 at 100.00    AA-      2,153,323 
      Community Colleges, Series 2004B, 5.250%, 7/01/20              
 
  2,730    New York State Medical Care Facilities Finance Agency, FHA-Insured Hospital and Nursing Home   8/05 at 101.00    AAA      2,749,055 
      Mortgage Revenue Bonds, Series 1993B, 5.500%, 2/15/22              
 
  6,460    New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series   3/14 at 100.00    AAA      6,842,497 
      2004A-1, 5.000%, 3/15/26 - FGIC Insured              
 
  14,000    New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and   No Opt. Call    AA-      15,238,160 
      Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)              
 
  5,000    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fifth   3/14 at 101.00    AAA        5,308,600 
      Series 2004, 5.000%, 9/15/28 - XLCA Insured              
 
      New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local              
      Government Assistance Corporation, Series 2004A:              
  4,825    5.000%, 10/15/24 - MBIA Insured   10/14 at 100.00    AAA      5,176,115 
  1,665    5.000%, 10/15/25 - MBIA Insured   10/14 at 100.00    AAA      1,783,515 
 
  7,400    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State   6/10 at 100.00    AA-      8,079,024 
      Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16              
 
  9,515    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series   11/12 at 100.00    Aa2      10,035,471 
      2002B, 5.000%, 11/15/22              
 
      North Carolina - 1.0% (0.7% of Total Investments)              
 
      Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series              
      2003G:              
  5,785    5.250%, 6/01/22   6/13 at 100.00    AA+      6,220,784 
  3,475    5.250%, 6/01/23   6/13 at 100.00    AA+      3,734,374 
 
      North Dakota - 1.2% (0.8% of Total Investments)              
 
  9,650    Dickinson, North Dakota, Health Care Facilities Revenue Bonds, BHS Long Term Care Inc., Series   2/10 at 102.00    AA      11,315,301 
      1990, 7.625%, 2/15/20 - RAAI Insured              
 
      Ohio - 1.8% (1.2% of Total Investments)              
 
  4,265    Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children's Hospital Project, Series   5/11 at 101.00    Aaa      4,673,075 
      2001, 5.500%, 5/01/28 - AMBAC Insured              
 
  2,720    Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20   6/13 at 100.00    AA      2,985,064 
 
  2,000    Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System   11/10 at 101.00    A-      2,181,840 
      Obligated Group, Series 2000A, 6.125%, 11/15/16              
 
  7,000    Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Trinity Health   10/10 at 100.00    A3      7,752,990 
      System, Series 2000, 6.500%, 10/01/30              
 
      Oregon - 1.0% (0.6% of Total Investments)              
 
  2,500    Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 5.000%,   11/14 at 100.00    AA+      2,683,300 
      11/15/21              
 
      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      2,188,132 
  4,220    5.000%, 5/01/30 - FSA Insured   5/15 at 100.00    AAA      4,447,922 
 
      Pennsylvania - 5.5% (3.6% of Total Investments)              
 
      Chester County, Pennsylvania, General Obligation Bonds, Series 2005:              
  1,000    5.000%, 11/15/23   5/15 at 100.00    Aa1      1,069,030 
  2,440    5.000%, 11/15/24   5/15 at 100.00    Aa1      2,604,358 
 
      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+        1,457,438 
  1,960    5.250%, 4/15/17    4/13 at 100.00    A+      2,118,368 
 
      Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Hill School,               
      Series 2005:               
  4,000    5.000%, 8/15/25 - MBIA Insured    8/15 at 100.00    Aaa      4,268,400 
  2,000    5.000%, 8/15/26 - MBIA Insured    8/15 at 100.00    Aaa      2,130,820 
  3,300    5.000%, 8/15/27 - MBIA Insured    8/15 at 100.00    Aaa      3,513,081 
 
  1,000    Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29    9/15 at 100.00    AA      1,059,710 
 
      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      4,766,065 
  4,735    5.000%, 9/01/22 - FSA Insured    9/14 at 100.00    AAA      4,998,408 
 
  8,405    Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue Bonds,    4/08 at 103.00    N/R      8,406,093 
      Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax)               
 
  2,000    Pittsburgh Water and Sewerage Authority, Pennsylvania, First Lien Water and Sewerage System Revenue    9/15 at 100.00    AAA      2,114,380 
      Bonds, Series 2005, 5.000%, 9/01/29 - MBIA Insured               
 
  14,000    State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School    6/13 at 100.00    AAA      15,268,120 
      District, Series 2003, 5.250%, 6/01/24 - FSA Insured               
 
      Puerto Rico - 0.2% (0.1% of Total Investments)               
 
  1,500    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 - XLCA    7/15 at 100.00    AAA      1,592,130 
      Insured               
 
      South Carolina - 6.6% (4.3% of Total Investments)               
 
  8,610    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH,    12/14 at 100.00    A      9,124,361 
      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-      5,484,730 
  3,595    5.250%, 12/01/20    12/13 at 100.00    AA-      3,855,422 
  1,865    5.250%, 12/01/21    12/13 at 100.00    AA-      1,996,035 
 
      Lexington County Health Service District, South Carolina, Hospital Revenue Bonds, Series 2004:               
  1,805    6.000%, 5/01/19    5/14 at 100.00    A      2,018,676 
  2,400    5.500%, 5/01/24    5/14 at 100.00    A      2,549,616 
 
  15,000    South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue    8/13 at 100.00    BBB+      16,643,400 
      Bonds, Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34               
 
      Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed               
      Bonds, Series 2001B:               
  8,915    6.000%, 5/15/22    5/11 at 101.00    BBB      9,505,886 
  7,500    6.375%, 5/15/28    5/11 at 101.00    BBB      8,066,925 
  4,150    6.375%, 5/15/30    No Opt. Call    BBB      4,864,713 
 
      South Dakota - 0.2% (0.1% of Total Investments)               
 
  2,045    South Dakota State University, Revenue Bonds, Housing and Auxiliary Facilities, Series 2004,    4/14 at 100.00    AAA      2,185,001 
      5.000%, 4/01/20 - MBIA Insured               
 
      Tennessee - 0.4% (0.3% of Total Investments)               
 
  3,795    Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, 7/01/34    7/13 at 100.00    AA      3,900,767 
      (Alternative Minimum Tax)               
 
      Texas - 12.5% (8.1% of Total Investments)               
 
  10,205    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series    12/05 at 100.00    CCC      9,175,316 
      1990, 7.500%, 12/01/29 (Alternative Minimum Tax)               
 
  3,289    Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue Bonds,    12/10 at 105.00    Aaa      3,674,142 
      Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax)               
 
  2,150    Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project,    10/13 at 101.00    Baa2      2,403,313 
      Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (a)               
    175    Clear Creek Independent School District, Galveston and Harris Counties, Texas, Unlimited Tax    2/10 at 100.00    AAA        194,201 
      Schoolhouse and Refunding Bonds, Series 2000, 6.000%, 2/15/16               
 
  795    Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds,    9/10 at 105.00    AAA      822,976 
      Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax)               
 
  4,000    Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B,    11/11 at 100.00    AAA      4,192,720 
      5.250%, 11/15/40 - MBIA Insured               
 
      Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990:               
  2,335    7.400%, 2/15/10 - AMBAC Insured    No Opt. Call    AAA      2,512,040 
  5,145    7.400%, 2/15/10 - AMBAC Insured    No Opt. Call    AAA      5,669,584 
 
  19,125    Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 2000, 6.000%, 2/15/15 -    8/10 at 100.00    AAA      21,248,066 
      MBIA Insured               
 
  6,000    Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 - FSA    3/11 at 100.00    AAA      6,570,660 
      Insured               
 
  9,250    Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.500%, 7/01/30 - FSA    7/10 at 100.00    AAA      9,975,478 
      Insured               
 
  5,000    Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 -    5/14 at 100.00    AAA      5,395,750 
      MBIA Insured               
 
  3,400    Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003,    5/13 at 100.00    AAA      3,703,144 
      5.250%, 5/15/24 - AMBAC Insured               
 
  1,505    Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services    5/13 at 100.00    AAA      1,640,345 
      Corporation, Series 2003C, 5.250%, 5/15/23 - AMBAC Insured               
 
  4,000    Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Adventist    11/10 at 101.00    A+      4,406,400 
      Health System - Sunbelt Obligated Group, Series 2000, 6.700%, 11/15/30               
 
  10,810    Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage Loan    12/10 at 105.00    Aaa      12,321,346 
      Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center,               
      Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1, 7.625%, 12/20/32               
 
  5,000    Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999,    3/13 at 100.00    AAA      5,473,900 
      5.250%, 3/01/17 - FSA Insured               
 
  10,000    Texas A&M University, Financing System Revenue Bonds, Series 1999, 5.550%, 5/15/29 (Pre-refunded    5/09 at 100.00    AAA      10,857,100 
      to 5/15/09) - MBIA Insured               
 
  25,000    Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series 2002A,    No Opt. Call    AAA      10,301,500 
      0.000%, 8/15/24 - AMBAC Insured               
 
      Utah - 0.2% (0.1% of Total Investments)               
 
  1,595    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 5.750%, 7/01/28    7/07 at 101.50    Aaa      1,644,429 
      (Alternative Minimum Tax)               
 
      Vermont - 0.0% (0.0% of Total Investments)               
 
  435    Vermont Housing Finance Agency, Single Family Housing Bonds, Series 1997-9, 5.900%, 5/01/29    6/07 at 101.50    AAA      449,451 
      (Alternative Minimum Tax) - MBIA Insured               
 
      Virginia - 0.5% (0.3% of Total Investments)               
 
  4,870    Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue    10/14 at 100.00    N/R      5,162,200 
      Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)               
 
      Washington - 7.3% (4.7% of Total Investments)               
 
      Public Utility District 1, Chelan County, Washington, Revenue Bonds, Chelan Hydro Consolidated               
      System, Series 1997A:               
  11,820    5.650%, 7/01/32 (Alternative Minimum Tax) (Optional put 7/01/09) (Mandatory put 7/01/24)    7/07 at 102.00    AA      12,263,250 
  8,000    5.650%, 7/01/32 (Alternative Minimum Tax) (Optional put 7/01/09) (Mandatory put 7/01/27)    7/07 at 102.00    AA      8,296,560 
 
  2,500    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station -    7/12 at 100.00    AAA      2,807,950 
      Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured               
    3,125    Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A,    6/14 at 100.00    Aaa        3,453,094
      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      5,355,300
      12/01/26 - MBIA Insured             
  11,000    Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 - FGIC Insured    No Opt. Call    AAA      5,765,320
  4,750    Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services, Series    11/08 at 101.00    Aaa      5,007,210
      1998, 5.125%, 11/15/22 - AMBAC Insured             
  9,000    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 2, Series 1998A,    7/08 at 102.00    Aaa      9,567,990
      5.000%, 7/01/12             
  9,350    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1997A,    7/07 at 102.00    Aaa      9,885,662
      5.250%, 7/01/15             
  7,775    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1998A,    7/08 at 102.00    Aaa      8,264,431
      5.125%, 7/01/18             
      West Virginia - 0.1% (0.1% of Total Investments)             
  1,255    West Virginia University, Unlimited Tax General Revenue Bonds, Student Fees, Series 2004C, 5.000%,    10/14 at 100.00    AAA      1,333,161
      10/01/25 - FGIC Insured             
      Wisconsin - 2.9% (1.9% of Total Investments)             
      Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2003A:             
  1,000    5.125%, 8/01/22 - AMBAC Insured    8/13 at 100.00    AAA      1,066,330
  1,345    5.125%, 8/01/23 - AMBAC Insured    8/13 at 100.00    AAA      1,432,317
      Wisconsin, General Obligation Bonds, Series 2004-3:             
  1,720    5.250%, 5/01/19 - FGIC Insured    5/14 at 100.00    AAA      1,880,717
  1,265    5.250%, 5/01/21 - FGIC Insured    5/14 at 100.00    AAA      1,379,293
  1,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare Inc.,    7/11 at 100.00    A-      1,072,890
      Series 2001, 6.000%, 7/01/21             
  2,175    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., Series    10/11 at 100.00    BBB      2,355,542
      2001, 6.125%, 10/01/16             
  2,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services    8/13 at 100.00    A      2,083,680
      Inc., Series 2003A, 5.250%, 8/15/25             
  9,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,    4/13 at 100.00    BBB+      9,977,490
      Series 2003, 6.400%, 4/15/33             
  6,025    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of    9/13 at 100.00    A-      6,569,961
      Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22             
$   1,503,845    Total Long-Term Investments (cost $1,415,240,553) - 153.7%              1,494,163,666
      Other Assets Less Liabilities - 0.3%              3,090,208
      Preferred Shares, at Liquidation Value - (54.0)%              (525,000,000)
      Net Assets Applicable to Common Shares - 100%            $   972,253,874

(1 )    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares 
    unless otheriwse noted. 
*     Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There 
    may be other call provisions at varying prices at later dates. 
**     Ratings: Using the higher of Standard & Poor's or Moody's rating. 
***     Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
    securities which ensures the timely payment of principal and interest. Such securities are normally considered 
    to be equivalent to AAA rated securities. 
N/R     Investment is not rated. 
(WI)     Security purchased on a when-issued basis. 
#     On December 9, 2002, UAL Corporation, the holding company of United Air Lines, Inc., filed for federal 
    bankruptcy protection. The Adviser determined that it was likely United would not remain current on their 
    interest payment obligations with respect to these bonds and thus has stopped accruing interest. 
(a)     The issuer has received a preliminary adverse determination from the Internal Revenue Service (the “IRS”) 
    regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon 
    payments as tax-exempt income until such time that it is formally determined that the interest on the bonds 
    should be treated as taxable. 
 
    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 income on taxable market 
    discount securities and timing differences in recognizing certain gains and losses on investment transactions. 
 
    At July 31, 2005, the cost of investments was $1,414,217,702. 
 
    Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2005, were as 
    follows: 

             Gross unrealized:       
                Appreciation        $88,546,350  
                Depreciation      (8,600,386 ) 
 
             Net unrealized appreciation of investments    $   $79,945,964  

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--Vice President and Secretary        

Date         09/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         09/29/05        

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

Date         09/29/05        

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