SCHEDULE 13G

                                 (Rule 13d-102)

  Information to be Included in Statements Filed Pursuant to Rule 13d-1(b), (c)
          and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2.

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                    Under the Securities Exchange Act of 1934

                               (Amendment No. 1)*

                               PNM Resources, Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    69349H107
                                 (CUSIP Number)

                                December 31, 2008
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [X] Rule 13d-1(b)
                                [ ] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)

*    The remainder of this cover page shall be filled out for a reporting
     person's initial filing on this form with respect to the subject class of
     securities, and for any subsequent amendment containing information which
     would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                                  Page 1 of 14




CUSIP No. 69349H107                    13G
--------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON

     Artisan Partners Limited Partnership
--------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (see Instructions)
                                                                          (a)[ ]
     Not Applicable                                                       (b)[ ]
--------------------------------------------------------------------------------
 3   SEC USE ONLY

--------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
                5   SOLE VOTING POWER

                    None
  NUMBER OF    -----------------------------------------------------------------
   SHARES       6   SHARED VOTING POWER
BENEFICIALLY
  OWNED BY          0
    EACH       -----------------------------------------------------------------
  REPORTING     7   SOLE DISPOSITIVE POWER
   PERSON
    WITH            None
               -----------------------------------------------------------------
                8   SHARED DISPOSITIVE POWER

                    0
--------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0
--------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     (see Instructions)

     Not Applicable                                                          [ ]
--------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0.0%
--------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
     (see Instructions)

     IA
--------------------------------------------------------------------------------

                                  Page 2 of 14




CUSIP No. 69349H107                    13G
--------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON

     Artisan Investment Corporation
--------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (see Instructions)
                                                                          (a)[ ]
     Not Applicable                                                       (b)[ ]
--------------------------------------------------------------------------------
 3   SEC USE ONLY

--------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

     Wisconsin
--------------------------------------------------------------------------------
                5   SOLE VOTING POWER

                    None
  NUMBER OF    -----------------------------------------------------------------
   SHARES       6   SHARED VOTING POWER
BENEFICIALLY
  OWNED BY          0
    EACH       -----------------------------------------------------------------
  REPORTING     7   SOLE DISPOSITIVE POWER
   PERSON
    WITH            None
               -----------------------------------------------------------------
                8   SHARED DISPOSITIVE POWER

                    0
--------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0
--------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     (see Instructions)

     Not Applicable                                                          [ ]
--------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0.0%
--------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
     (see Instructions)

     CO
--------------------------------------------------------------------------------

                                  Page 3 of 14




CUSIP No. 69349H107                    13G
--------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON

     ZFIC, Inc.
--------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (see Instructions)
                                                                          (a)[ ]
     Not Applicable                                                       (b)[ ]
--------------------------------------------------------------------------------
 3   SEC USE ONLY

--------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

     Wisconsin
--------------------------------------------------------------------------------
                5   SOLE VOTING POWER

                    None
  NUMBER OF    -----------------------------------------------------------------
   SHARES       6   SHARED VOTING POWER
BENEFICIALLY
  OWNED BY          0
    EACH       -----------------------------------------------------------------
  REPORTING     7   SOLE DISPOSITIVE POWER
   PERSON
    WITH            None
               -----------------------------------------------------------------
                8   SHARED DISPOSITIVE POWER

                    0
--------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0
--------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     (see Instructions)

     Not Applicable                                                          [ ]
--------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0.0%
--------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
     (see Instructions)

     CO
--------------------------------------------------------------------------------

                                  Page 4 of 14




CUSIP No. 69349H107                    13G
--------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON

     Andrew A. Ziegler
--------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (see Instructions)
                                                                          (a)[ ]
     Not Applicable                                                       (b)[ ]
--------------------------------------------------------------------------------
 3   SEC USE ONLY

--------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

     U.S.A.
--------------------------------------------------------------------------------
                5   SOLE VOTING POWER

                    None
  NUMBER OF    -----------------------------------------------------------------
   SHARES       6   SHARED VOTING POWER
BENEFICIALLY
  OWNED BY          0
    EACH       -----------------------------------------------------------------
  REPORTING     7   SOLE DISPOSITIVE POWER
   PERSON
    WITH            None
               -----------------------------------------------------------------
                8   SHARED DISPOSITIVE POWER

                    0
--------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0
--------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     (see Instructions)

     Not Applicable                                                          [ ]
--------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0.0%
--------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
     (see Instructions)

     IN
--------------------------------------------------------------------------------

                                  Page 5 of 14




CUSIP No. 69349H107                    13G
--------------------------------------------------------------------------------
 1   NAME OF REPORTING PERSON

     Carlene M. Ziegler
--------------------------------------------------------------------------------
 2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
     (see Instructions)
                                                                          (a)[ ]
     Not Applicable                                                       (b)[ ]
--------------------------------------------------------------------------------
 3   SEC USE ONLY

--------------------------------------------------------------------------------
 4   CITIZENSHIP OR PLACE OF ORGANIZATION

     U.S.A.
--------------------------------------------------------------------------------
                5   SOLE VOTING POWER

                    None
  NUMBER OF    -----------------------------------------------------------------
   SHARES       6   SHARED VOTING POWER
BENEFICIALLY
  OWNED BY          0
    EACH       -----------------------------------------------------------------
  REPORTING     7   SOLE DISPOSITIVE POWER
   PERSON
    WITH            None
               -----------------------------------------------------------------
                8   SHARED DISPOSITIVE POWER

                    0
--------------------------------------------------------------------------------
 9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     0
--------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     (see Instructions)

     Not Applicable                                                          [ ]
--------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     0.0%
--------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON
     (see Instructions)

     IN
--------------------------------------------------------------------------------

                                  Page 6 of 14




Item 1(a)   Name of Issuer:

                 PNM Resources, Inc.

Item 1(b)   Address of Issuer's Principal Executive Offices:

                 Alvarado Square
                 Albuquerque, New Mexico 87158

Item 2(a)   Name of Person Filing:

                 Artisan Partners Limited Partnership ("Artisan Partners")
                 Artisan Investment Corporation, the general partner of
                    Artisan Partners ("Artisan Corp.")
                 ZFIC, Inc., the sole stockholder of Artisan Corp. ("ZFIC")
                 Andrew A. Ziegler
                 Carlene M. Ziegler

Item 2(b)   Address of Principal Business Office:

                 Artisan Partners, Artisan Corp., ZFIC, Mr. Ziegler and
                 Ms. Ziegler are all located at:

                 875 East Wisconsin Avenue, Suite 800
                 Milwaukee, WI 53202

Item 2(c)   Citizenship:

                 Artisan Partners is a Delaware limited partnership
                 Artisan Corp. is a Wisconsin corporation
                 ZFIC is a Wisconsin corporation
                 Mr. Ziegler and Ms. Ziegler are U.S. citizens

Item 2(d)   Title of Class of Securities:

                 Common Stock

Item 2(e)   CUSIP Number:

                 69349H107

Item 3      Type of Person:

                 (e) Artisan Partners is an investment adviser registered under
                 section 203 of the Investment Advisers Act of 1940; Artisan
                 Corp. is the general partner of Artisan Partners; ZFIC is the
                 sole stockholder of Artisan Corp.; Mr. Ziegler and Ms. Ziegler
                 are the principal stockholders of ZFIC.

                                  Page 7 of 14




Item 4      Ownership (at December 31, 2008):

                 (a)  Amount owned "beneficially" within the meaning of rule
                      13d-3:

                      0

                 (b)  Percent of class:

                      0.0% (based on 86,498,465 shares outstanding as of
                      November 20, 2008)

                 (c)  Number of shares as to which such person has:

                      (i)   sole power to vote or to direct the vote: None

                      (ii)  shared power to vote or to direct the vote: None

                      (iii) sole power to dispose or to direct the disposition
                            of: None

                      (iv)  shared power to dispose or to direct the disposition
                            of: None

Item 5      Ownership of Five Percent or Less of a Class:

                 If this statement is being filed to report the fact that as of
                 the date hereof the reporting person has ceased to be the
                 beneficial owner of more than five percent of the class of
                 securities, check the following [X].

Item 6      Ownership of More than Five Percent on Behalf of Another Person:

                 Not Applicable

Item 7      Identification and Classification of the Subsidiary Which Acquired
            the Security Being Reported on by the Parent Holding Company or
            Control Person:

                 Not Applicable

Item 8      Identification and Classification of Members of the Group:

                 Not Applicable

Item 9      Notice of Dissolution of Group:

                 Not Applicable

Item 10     Certification:

                 By signing below I certify that, to the best of my knowledge
                 and belief, the securities referred to above were acquired and
                 are held in the ordinary course of business and were not
                 acquired and are not held for the purpose of or with the effect
                 of changing or influencing the control of the issuer of the
                 securities and were not acquired and are not held in connection
                 with or as a participant in any transaction having that purpose
                 or effect.

                                  Page 8 of 14




                                    Signature

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date: February 13, 2009

                                   ARTISAN INVESTMENT CORPORATION,
                                   for itself and as the general partner of
                                   ARTISAN PARTNERS LIMITED PARTNERSHIP


                                   By: Janet D. Olsen*
                                       -----------------------------------------


                                   ZFIC, INC.


                                   By: Janet D. Olsen*
                                       -----------------------------------------


                                   ANDREW A. ZIEGLER


                                   Andrew A. Ziegler*
                                   ---------------------------------------------


                                   CARLENE M. ZIEGLER


                                   Carlene M. Ziegler*
                                   ---------------------------------------------


                                   *By: /s/ Janet D. Olsen
                                        ----------------------------------------
                                        Janet D. Olsen
                                        Vice President of Artisan Investment
                                           Corporation
                                        Attorney-in-Fact for ZFIC, Inc.
                                        Attorney-in-Fact for Andrew A. Ziegler
                                        Attorney-in-Fact for Carlene M. Ziegler

                                  Page 9 of 14




                                  Exhibit Index

Exhibit 1   Joint Filing Agreement dated February 13, 2009 by and among Artisan
            Partners Limited Partnership, Artisan Investment Corporation, ZFIC,
            Inc., Andrew A. Ziegler and Carlene M. Ziegler

Exhibit 2   Power of Attorney of ZFIC, Inc., dated March 19, 2007

Exhibit 3   Power of Attorney of Andrew A. Ziegler dated March 19, 2007

Exhibit 4   Power of Attorney of Carlene M. Ziegler dated March 19, 2007

                                  Page 10 of 14




                                                                       EXHIBIT 1

                             JOINT FILING AGREEMENT

     The undersigned hereby agree to the joint filing of the Schedule 13G to
which this Agreement is attached.

     Dated: February 13, 2009

                                   ARTISAN INVESTMENT CORPORATION,
                                   for itself and as the general partner of
                                   ARTISAN PARTNERS LIMITED PARTNERSHIP


                                   By: Janet D. Olsen*
                                       -----------------------------------------


                                   ZFIC, INC.


                                   By: Janet D. Olsen*
                                       -----------------------------------------


                                   ANDREW A. ZIEGLER


                                   Andrew A. Ziegler*
                                   ---------------------------------------------


                                   CARLENE M. ZIEGLER


                                   Carlene M. Ziegler*
                                   ---------------------------------------------


                                   *By: /s/ Janet D. Olsen
                                        ----------------------------------------
                                        Janet D. Olsen
                                        Vice President of Artisan Investment
                                           Corporation
                                        Attorney-in-Fact for ZFIC, Inc.
                                        Attorney-in-Fact for Andrew A. Ziegler
                                        Attorney-in-Fact for Carlene M. Ziegler

                                  Page 11 of 14




                                                                       EXHIBIT 2

                                POWER OF ATTORNEY

     The undersigned, ZFIC, Inc., hereby appoints Lawrence A. Totsky, Janet D.
Olsen, and Sarah A. Johnson, and each of them individually, its true and lawful
attorney-in-fact and agent, with full power to execute and file with the United
States Securities and Exchange Commission and any stock exchange or similar
authority, for and on its behalf in any and all capacities, any and all reports
required to be filed pursuant to Section 13 of the Securities Exchange Act of
1934 and the rules thereunder, including but not limited to reports on Schedule
13D or 13G, any and all amendments to such reports, with all exhibits, and any
other forms or documents as may be necessary in connection with the filing of
such reports with the United States Securities and Exchange Commission and any
stock exchange or similar authority, granting unto said attorney full power and
authority to do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete, as fully as the
undersigned might or could do in person.

     This Power of Attorney shall remain in full force and effect until revoked
by the undersigned in a signed writing delivered to the foregoing
attorneys-in-fact and agents.

     IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be
executed this 19th day of March, 2007.

                                   ZFIC, INC.


                                   By: /s/ Andrew A. Ziegler
                                       -----------------------------------------
                                       Andrew A. Ziegler
                                       Vice President

STATE OF WISCONSIN )
                   ) SS.
COUNTY OF MILWAUKEE)

     I, Timothy K. Weston, a Notary Public in and for the County of Milwaukee,
State of Wisconsin, DO HEREBY CERTIFY that Andrew A. Ziegler, who is personally
known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that he
signed and delivered the said instrument as his own free and voluntary act, for
the uses and purposes therein set forth.

     Given under my hand and notarial seal, this 19th day of March, 2007.


                                       /s/ Timothy K. Weston
                                       -----------------------------------------
                                       Notary Public

                                  Page 12 of 14




                                                                       EXHIBIT 3

                               POWER OF ATTORNEY

     The undersigned, Andrew A. Ziegler, hereby appoints Lawrence A. Totsky,
Janet D. Olsen, and Sarah A. Johnson, and each of them individually, his true
and lawful attorney-in-fact and agent, with full power to execute and file with
the United States Securities and Exchange Commission and any stock exchange or
similar authority, for and on his behalf in any and all capacities, any and all
reports required to be filed pursuant to Section 13 of the Securities Exchange
Act of 1934 and the rules thereunder, including but not limited to reports on
Schedule 13D or 13G, any and all amendments to such reports, with all exhibits,
and any other forms or documents as may be necessary in connection with the
filing of such reports with the United States Securities and Exchange Commission
and any stock exchange or similar authority, granting unto said attorney full
power and authority to do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete, as fully as the
undersigned might or could do in person.

     This Power of Attorney shall remain in full force and effect until revoked
by the undersigned in a signed writing delivered to the foregoing
attorneys-in-fact and agents.

     IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be
executed this 19th day of March, 2007.


                                       /s/ Andrew A. Ziegler
                                       -----------------------------------------
                                       Andrew A. Ziegler

STATE OF WISCONSIN )
                   ) SS.
COUNTY OF MILWAUKEE)

     I, Timothy K. Weston, a Notary Public in and for the County of Milwaukee,
State of Wisconsin, DO HEREBY CERTIFY that Andrew A. Ziegler, who is personally
known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that he
signed and delivered the said instrument as his own free and voluntary act, for
the uses and purposes therein set forth.

     Given under my hand and notarial seal, this 19th day of March, 2007.


                                       /s/ Timothy K. Weston
                                       -----------------------------------------
                                       Notary Public

                                  Page 13 of 14




                                                                       EXHIBIT 4

                                POWER OF ATTORNEY

     The undersigned, Carlene M. Ziegler, hereby appoints Lawrence A. Totsky,
Janet D. Olsen, and Sarah A. Johnson, and each of them individually, her true
and lawful attorney-in-fact and agent, with full power to execute and file with
the United States Securities and Exchange Commission and any stock exchange or
similar authority, for and on her behalf in any and all capacities, any and all
reports required to be filed pursuant to Section 13 of the Securities Exchange
Act of 1934 and the rules thereunder, including but not limited to reports on
Schedule 13D or 13G, any and all amendments to such reports, with all exhibits,
and any other forms or documents as may be necessary in connection with the
filing of such reports with the United States Securities and Exchange Commission
and any stock exchange or similar authority, granting unto said attorney full
power and authority to do and perform any and all acts for and on behalf of the
undersigned which may be necessary or desirable to complete, as fully as the
undersigned might or could do in person.

     This Power of Attorney shall remain in full force and effect until revoked
by the undersigned in a signed writing delivered to the foregoing
attorneys-in-fact and agents.

     IN WITNESS WHEREOF the undersigned has caused this Power of Attorney to be
executed this 19th day of March, 2007.


                                       /s/ Carlene M. Ziegler
                                       -----------------------------------------
                                       Carlene M. Ziegler

STATE OF WISCONSIN )
                   ) SS.
COUNTY OF MILWAUKEE)

     I, Timothy K. Weston, a Notary Public in and for the County of Milwaukee,
State of Wisconsin, DO HEREBY CERTIFY that Carlene M. Ziegler, who is personally
known to me to be the same person whose name is subscribed to the foregoing
instrument, appeared before me this day in person and acknowledged that she
signed and delivered the said instrument as her own free and voluntary act, for
the uses and purposes therein set forth.

     Given under my hand and notarial seal, this 19th day of March, 2007.


                                       /s/ Timothy K. Weston
                                       -----------------------------------------
                                       Notary Public

                                  Page 14 of 14