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         811-07432         

        Nuveen Premium Income Municipal Fund 4, 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:         7/31/09         

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 4, Inc. (NPT)       
July 31, 2009
 
 
 
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Alabama – 5.0% (3.1% of Total Investments)       
$             5,150  Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001, 5.750%, 12/01/16  12/11 at 101.00  A–  $     4,918,920 
2,395  Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay  2/11 at 102.00  AAA  2,431,165 
   Apartments, Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax)       
11,895  Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds,  11/09 at 100.00  Aaa  11,928,901 
   Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital,       
   Series 1995, 5.000%, 11/01/25 (ETM)       
5,000  Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series  11/16 at 100.00  Aa1  4,781,900 
   2006C-2, 5.000%, 11/15/39 (UB)       
1,000  Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health  11/15 at 100.00  Baa2  773,810 
   System Inc., Series 2005A, 5.000%, 11/15/30       
1,000  Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds,  6/15 at 100.00  BBB  800,910 
   International Paper Company, Series 2005A, 5.000%, 6/01/25       
26,440  Total Alabama      25,635,606 
  Alaska – 1.0% (0.6% of Total Investments)       
1,665  Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A,  12/14 at 100.00  AA  1,667,198 
   5.000%, 12/01/30 – FGIC Insured (UB)       
3,065  Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26  12/13 at 100.00  A+ (4)  3,560,948 
   (Pre-refunded 12/01/13) – MBIA Insured       
4,730  Total Alaska      5,228,146 
  Arizona – 1.6% (1.0% of Total Investments)       
5,000  Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility  7/13 at 100.00  A2  4,635,600 
   Project, Series 2003A, 5.000%, 7/01/31 – MBIA Insured       
2,000  Navajo County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding  No Opt. Call  Baa2  2,023,740 
   Bonds, Arizona Public Serivce Company, Cholla Project, Series 2009B, 5.500%, 6/01/34       
   (Mandatory put 6/01/14)       
2,000  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,  No Opt. Call  A  1,529,660 
   5.000%,12/01/37       
9,000  Total Arizona      8,189,000 
  Arkansas – 0.0% (0.0% of Total Investments)       
9  Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities  10/09 at 100.00  Aaa  8,755 
   Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11       
  California – 15.4% (9.7% of Total Investments)       
10,000  Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series  9/17 at 100.00  A  7,906,100 
   2007A-1, 4.375%, 3/01/37 – FGIC Insured       
17,000  California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist  3/13 at 100.00  A  14,086,198 
   Health System/West, Series 2003A, 5.000%, 3/01/33       
5,000  California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,  4/16 at 100.00  A+  4,316,600 
   Series 2006, 5.000%, 4/01/37       
2,900  California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A  11/16 at 100.00  Aa3  2,411,959 
   5.000%, 11/15/42 (UB)       
2,000  California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance  8/11 at 102.00  A+  1,987,440 
   LLC, Series 2001A, 5.550%, 8/01/31       
1,000  California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity  7/15 at 100.00  BBB  706,140 
   Health System, Series 2005A, 5.000%, 7/01/39       
1,685  California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender  5/18 at 100.00  Aa3  1,646,026 
   Option Bond Trust 3175, 11.971%, 11/15/48 (IF)       
19,095  California, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured  6/15 at 100.00  A  17,858,024 
4,780  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  No Opt. Call  AAA  4,347,267 
   1995A, 0.000%, 1/01/14 (ETM)       
  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement       
  Asset-Backed Bonds, Series 2007A-1:       
610   5.125%, 6/01/47  6/17 at 100.00  BBB  329,851 
1,000   5.750%, 6/01/47  6/17 at 100.00  BBB  600,150 
1,000  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  1,187,920 
   Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)       
3,190  Hillsborough City School District, San Mateo County, California, General Obligation Bonds,  No Opt. Call  AAA  1,187,063 
   Series 2006B, 0.000%, 9/01/27       
11,310  San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding  7/16 at 100.00  AAA  9,470,994 
   Series 2006A, 4.250%, 7/01/31 – FSA Insured (UB)       
  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue       
  Refunding Bonds, Series 1997A:       
4,430   0.000%, 1/15/32 – MBIA Insured  No Opt. Call  A  754,695 
31,300   0.000%, 1/15/34 – MBIA Insured  No Opt. Call  A  4,522,537 
4,000  San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water  9/17 at 100.00  AAA  3,663,360 
   Project, Tender Option Bond Trust 3030, 17.078%, 9/01/38 – MBIA Insured (IF)       
1,945  South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series  No Opt. Call  A  2,070,219 
   1996A, 6.000%, 10/01/12 – FGIC Insured       
122,245  Total California      79,052,543 
  Colorado – 4.9% (3.1% of Total Investments)       
2,000  Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives,  9/11 at 100.00  AA (4)  2,179,180 
   Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11)       
380  Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3,  10/09 at 105.00  Aa2  411,301 
   6.750%, 10/01/21       
2,325  Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13  No Opt. Call  A+  2,508,373 
   (Alternative Minimum Tax)       
  Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center       
  Hotel, Series 2003A:       
2,940   5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured  12/13 at 100.00  N/R (4)  3,297,916 
10,000   5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured  12/13 at 100.00  N/R (4)  11,217,400 
4,345  El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002,  12/12 at 100.00  Aa3  4,662,663 
   5.250%, 12/15/17 – FGIC Insured       
755  Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004,  12/14 at 100.00  AAA  798,397 
   5.000%, 12/15/22 – FSA Insured (UB)       
22,745  Total Colorado      25,075,230 
  District of Columbia – 1.7% (1.1% of Total Investments)       
  District of Columbia, Revenue Bonds, Georgetown University, Series 2001A:       
9,670   0.000%, 4/01/26 (Pre-refunded 4/01/11) – MBIA Insured  4/11 at 42.15  A (4)  3,987,715 
15,235   0.000%, 4/01/30 (Pre-refunded 4/01/11) – MBIA Insured  4/11 at 32.93  A (4)  4,908,717 
24,905  Total District of Columbia      8,896,432 
  Florida – 7.4% (4.6% of Total Investments)       
250  Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project,  4/19 at 100.00  A–  257,033 
   Series 2009B, 7.000%, 4/01/39       
5,000  Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,  7/13 at 100.00  A+  4,981,600 
   7/01/28 – MBIA Insured       
5,000  Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,  10/13 at 100.00  Aa3  5,037,700 
   Series 2003A, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax)       
5,000  Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,  12/09 at 100.00  BB+  4,958,500 
   Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)       
1,380  Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds,  1/11 at 102.00  AAA  1,412,872 
   Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – FSA Insured (Alternative Minimum Tax)       
3,385  Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A,  10/15 at 100.00  A  2,769,065 
   5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)       
5,455  South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System  8/17 at 100.00  AA–  4,897,008 
   Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)       
11,000  Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 –  10/18 at 100.00  N/R  10,826,090 
   AMBAC Insured       
2,000  Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,  5/14 at 101.00  N/R  1,148,660 
   5.400%, 5/01/37       
1,855  Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003,  5/13 at 101.00  N/R  1,336,676 
   6.000%, 5/01/23       
40,325  Total Florida      37,625,204 
  Georgia – 2.8% (1.7% of Total Investments)       
4,400  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 –  No Opt. Call  A  4,486,812 
   FGIC Insured       
2,880  Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B,  No Opt. Call  A+  3,126,298 
   8.250%, 1/01/11       
5,500  Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%,  No Opt. Call  AAA  6,557,375 
   1/01/19 – FGIC Insured (ETM)       
12,780  Total Georgia      14,170,485 
  Hawaii – 1.2% (0.7% of Total Investments)       
3,720  Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series  No Opt. Call  AA  4,244,706 
   1993B, 5.000%, 10/01/13       
1,580  Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series  No Opt. Call  Aaa  1,814,598 
   1993B, 5.000%, 10/01/13 (ETM)       
5,300  Total Hawaii      6,059,304 
  Idaho – 0.1% (0.1% of Total Investments)       
750  Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial  9/16 at 100.00  BBB–  562,478 
   Hospital, Series 2006, 5.250%, 9/01/37       
  Illinois – 16.4% (10.3% of Total Investments)       
4,000  Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A,  No Opt. Call  AA–  4,452,760 
   6.250%, 1/01/15 – MBIA Insured       
5,550  Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – FSA Insured  1/11 at 101.00  AAA  5,320,841 
   (Alternative Minimum Tax)       
5,000  Chicago, Illinois, Sales Tax Revenue Bonds, Series 1998, 5.250%, 1/01/28 – FGIC Insured  1/10 at 100.50  AAA  5,044,750 
415  Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  1/16 at 100.00  A1  398,392 
   Series 2005A, 5.000%, 1/01/33 – FGIC Insured       
  Cook County School District 99, Cicero, Illinois, General Obligation School Bonds, Series 1997:       
1,455   8.500%, 12/01/13 – FGIC Insured  No Opt. Call  N/R  1,804,040 
1,685   8.500%, 12/01/15 – FGIC Insured  No Opt. Call  N/R  2,179,733 
5,990  Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek  4/11 at 105.00  Aaa  6,841,239 
   American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40       
1,665  Illinois Finance Authority Revenue Bonds, Rush University Medical Center Obligated Group,  No Opt. Call  A–  1,678,437 
   Series 2009C, 6.625%, 11/01/39       
1,385  Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program –  12/14 at 100.00  A3  1,451,466 
   Kankakee County, Series 2005B, 5.000%, 12/01/18 – AMBAC Insured       
2,515  Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,  8/14 at 100.00  N/R (4)  2,917,350 
   5.250%, 8/15/34 (Pre-refunded 8/15/14)       
500  Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34  8/19 at 100.00  BBB+  503,780 
5,565  Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,  8/17 at 100.00  Baa1  4,220,329 
   5.500%, 8/01/37       
2,000  Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series  8/19 at 100.00  BBB  1,946,520 
   2009, 7.000%, 8/15/44       
4,000  Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai  8/13 at 100.00  AAA  3,818,840 
   Health System, Series 2003, 5.150%, 2/15/37       
4,000  Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002,  5/12 at 100.00  Aaa  4,478,360 
   5.500%, 5/15/32 (Pre-refunded 5/15/12)       
4,005  Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System,  No Opt. Call  Aa3  4,642,676 
   Series 1993C, 7.000%, 4/01/14       
9,795  Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington,  12/10 at 100.00  AAA  11,453,587 
   Illinois, General Obligation Bonds, Series 2002, 5.750%, 12/01/19 – FGIC Insured (UB)       
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 2002A:       
9,500   0.000%, 6/15/24 – MBIA Insured  6/22 at 101.00  AAA  7,101,537 
4,540   5.000%, 12/15/28 – MBIA Insured  6/12 at 101.00  AAA  4,592,255 
36,040   0.000%, 6/15/40 – MBIA Insured  No Opt. Call  AAA  5,455,375 
3,050  Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,  No Opt. Call  Aa3  3,804,509 
   Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured       
112,655  Total Illinois      84,106,776 
  Indiana – 9.7% (6.1% of Total Investments)       
  Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:       
1,950   0.000%, 2/01/24  No Opt. Call  AA  905,619 
2,705   0.000%, 2/01/25  No Opt. Call  AA  1,176,161 
3,000  Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health  8/16 at 100.00  Baa3  2,023,800 
   System, Series 2006, 5.250%, 8/01/36       
3,965  Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001,  2/11 at 100.00  A  3,979,115 
   5.500%, 2/01/26 – MBIA Insured       
1,500  Indiana Educational Facilities Authority, Revenue Bonds, University of Indianapolis, Series  10/09 at 101.00  AAA  1,524,555 
   1999, 5.750%, 10/01/19 – FSA Insured       
22,000  Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligated  8/10 at 101.00  A+ (4)  23,453,758 
   Group, Series 2000A, 5.500%, 2/15/30 (Pre-refunded 8/15/10) – MBIA Insured       
2,650  Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus  No Opt. Call  AAA  3,019,543 
   Regional Hospital, Series 1993, 7.000%, 8/15/15 – FSA Insured       
2,800  Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,  5/15 at 100.00  A  2,171,428 
   Series 2005A, 5.000%, 5/01/35 – AMBAC Insured       
4,000  Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%,  6/13 at 100.00  AAA  4,140,360 
   6/01/23 – FSA Insured       
6,000  Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24  6/13 at 100.00  AAA  6,831,060 
   (Pre-refunded 6/01/13) – FSA Insured       
420  Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease  12/09 at 100.00  A  418,501 
   Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – MBIA Insured       
50,990  Total Indiana      49,643,900 
  Iowa – 0.2% (0.1% of Total Investments)       
400  Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2009,  8/19 at 100.00  Aa2  400,140 
   5.625%, 8/15/37 (WI/DD, Settling 8/06/09) – AGC Insured       
1,000  Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,  7/16 at 100.00  BB+  779,600 
   5.000%, 7/01/20       
1,400  Total Iowa      1,179,740 
  Kansas – 2.1% (1.3% of Total Investments)       
2,000  Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2000A, 5.500%,  9/10 at 100.00  A+  1,978,880 
   9/01/25 – AMBAC Insured       
6,825  Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Series  9/10 at 100.00  AA  6,895,639 
   2000, 3.500%, 9/01/16       
1,750  Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004,  6/14 at 100.00  A  1,714,405 
   5.300%, 6/01/31 – MBIA Insured       
10,575  Total Kansas      10,588,924 
  Louisiana – 5.8% (3.6% of Total Investments)       
165  DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company  11/14 at 100.00  BBB  140,522 
   Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)       
1,000  Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue  11/17 at 100.00  BB  838,420 
   Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32       
1,750  Louisiana Local Government Environmental Facilities and Community Development Authority,  6/12 at 105.00  Aaa  1,872,710 
   GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A,       
   6.500%, 6/20/37       
5,150  Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our  8/15 at 100.00  A+  4,441,206 
   Lady Health System, Series 2005A, 5.250%, 8/15/32       
3,800  Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,  5/17 at 100.00  A3  3,086,246 
   Series 2007A, 5.500%, 5/15/47       
  Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006A:       
1,480   4.750%, 5/01/39 – FSA Insured (UB)  5/16 at 100.00  AAA  1,447,588 
15,820   4.500%, 5/01/41 – FGIC Insured (UB)  5/16 at 100.00  AA  14,272,013 
170  Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.001% 5/01/41 –  5/16 at 100.00  AA  103,476 
   FGIC Insured (IF)       
3,365  Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986,  12/09 at 100.00  AAA  3,374,927 
   5.950%, 11/01/14 – FSA Insured       
32,700  Total Louisiana      29,577,108 
  Maryland – 2.2% (1.3% of Total Investments)       
1,815  Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A,  1/10 at 100.00  Aa2  1,817,505 
   5.875%, 7/01/16       
2,900  Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%,  1/10 at 100.00  Aa2  2,901,305 
   7/01/39 (Alternative Minimum Tax)       
50  Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,  8/14 at 100.00  A–  49,820 
   Series 2004, 5.375%, 8/15/24       
2,210  Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland  7/16 at 100.00  A  1,944,734 
   Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured       
1,935  Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily  1/10 at 100.00  Aa2  1,936,896 
   Housing Revenue Bonds, Series 1996B, 6.400%, 7/01/28 (Alternative Minimum Tax)       
2,315  Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development  7/10 at 100.00  Aaa  2,338,150 
   Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)       
11,225  Total Maryland      10,988,410 
  Massachusetts – 1.4% (0.9% of Total Investments)       
3,585  Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%,  3/15 at 100.00  BBB  2,829,067 
   3/01/35 – ACA Insured       
1,000  Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007,  10/12 at 102.00  N/R  686,760 
   5.250%, 10/01/26       
1,000  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital  7/15 at 100.00  BB–  596,980 
   Project, Series 2005D, 5.375%, 7/01/35       
3,465  Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A,  2/17 at 100.00  AAA  3,043,760 
   4.500%, 8/01/46 – FSA Insured (UB)       
9,050  Total Massachusetts      7,156,567 
  Michigan – 6.4% (4.0% of Total Investments)       
6,000  Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  7/15 at 100.00  A  5,159,580 
   7/01/35 – MBIA Insured       
8,915  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,  7/09 at 100.00  A+  8,048,105 
   7/01/27 – MBIA Insured       
5,400  Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%,  7/16 at 100.00  A  4,365,522 
   7/01/34 – FGIC Insured       
5,000  Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,  10/13 at 100.00  A+  4,839,000 
   5.000%, 10/15/29 – MBIA Insured       
10,500  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center  8/09 at 100.00  Ba3  7,153,020 
   Obligated Group, Series 1998A, 5.250%, 8/15/23       
1,000  Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series  5/15 at 100.00  BBB (4)  1,162,600 
   2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15)       
2,000  Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series  12/16 at 100.00  AA  1,932,000 
   2006A, 5.000%, 12/01/31 (UB)       
38,815  Total Michigan      32,659,827 
  Minnesota – 1.2% (0.8% of Total Investments)       
590  Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities  11/09 at 100.00  AAA  590,171 
   Program Single Family Mortgage Revenue Bonds, Series 1997, 5.800%, 11/01/30 (Alternative       
   Minimum Tax)       
3,500  Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,  1/11 at 100.00  AAA  3,727,430 
   Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) – FGIC Insured       
2,875  Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp  8/16 at 100.00  N/R  1,864,610 
   Project, Series 2007-1, 5.000%, 8/01/36       
6,965  Total Minnesota      6,182,211 
  Mississippi – 2.1% (1.3% of Total Investments)       
2,975  Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial  9/14 at 100.00  AA  3,005,434 
   Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)       
5,180  Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18  No Opt. Call  AA  6,148,297 
1,000  Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company  9/18 at 100.00  BBB  913,440 
   Project, Series 2008A, 6.500%, 9/01/32       
1,000  Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company,  8/11 at 100.00  BBB  732,230 
   Series 2006A, 4.800%, 8/01/30       
10,155  Total Mississippi      10,799,401 
  Missouri – 0.7% (0.4% of Total Investments)       
1,450  Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue  6/17 at 100.00  N/R  1,125,447 
   Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36       
2,450  Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series  5/13 at 100.00  AA  2,477,955 
   2003, 5.125%, 5/15/24       
3,900  Total Missouri      3,603,402 
  Nebraska – 1.8% (1.1% of Total Investments)       
9,000  NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan Program, Series 1993A-5A,  No Opt. Call  Aa2  9,328,230 
   6.250%, 6/01/18 – MBIA Insured (Alternative Minimum Tax)       
  Nevada – 2.7% (1.7% of Total Investments)       
4,500  Clark County School District, Nevada, General Obligation School Improvement Bonds, Series  No Opt. Call  AA  4,726,035 
   1991A, 7.000%, 6/01/10 – MBIA Insured       
7,000  Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003,  7/13 at 100.00  AA–  7,031,780 
   5.000%, 7/01/23 – AMBAC Insured       
5,425  Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas  No Opt. Call  Caa2  425,157 
   Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured       
1,700  Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,  6/19 at 100.00  A  1,822,009 
   8.000%, 6/15/30       
18,625  Total Nevada      14,004,981 
  New Jersey – 4.8% (3.0% of Total Investments)       
500  Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The  1/18 at 100.00  N/R  340,095 
   Evergreens Project, Series 2007, 5.625%, 1/01/38       
1,100  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital  7/10 at 101.00  BBB– (4)  1,180,476 
   Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)       
880  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – MBIA Insured  No Opt. Call  A+  1,054,557 
  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:       
300   6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  377,925 
2,345   6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  2,720,528 
10,055  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  AAA  10,987,601 
   Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)       
3,995  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/13 at 100.00  AAA  4,815,653 
   Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)       
5,000  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/17 at 100.00  BBB  2,916,550 
   Series 2007-1A, 4.750%, 6/01/34       
24,175  Total New Jersey      24,393,385 
  New York – 6.3% (4.0% of Total Investments)       
855  Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter  4/17 at 100.00  N/R  582,118 
   Schools, Series 2007A, 5.000%, 4/01/32       
1,200  Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding Bonds,  No Opt. Call  Baa2  1,187,388 
   American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 (Mandatory       
   put 6/01/10)       
4,070  Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,  2/17 at 100.00  A  3,249,325 
   2/15/47 – MBIA Insured       
3,300  Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,  11/16 at 100.00  A  2,698,278 
   5/01/33 – MBIA Insured       
1,000  Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B,  11/19 at 100.00  AA  986,920 
   5.000%, 11/15/34       
6,740  New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal  5/10 at 100.00  AAA  6,774,037 
   Series 1998C, 5.000%, 5/01/26       
  New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal       
  Series 2000C:       
220   5.875%, 11/01/16 (Pre-refunded 5/01/10)  5/10 at 101.00  AAA  231,304 
5,000   5.500%, 11/01/24 (Pre-refunded 5/01/10)  5/10 at 101.00  AAA  5,242,900 
  New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and       
  State Contingency Contract-Backed Bonds, Series 2003A-1:       
2,400   5.500%, 6/01/16  6/10 at 100.00  AA–  2,441,928 
2,500   5.500%, 6/01/18  6/12 at 100.00  AA–  2,608,500 
6,250  Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air  No Opt. Call  A  6,370,188 
   Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax)       
33,535  Total New York      32,372,886 
  North Carolina – 3.1% (1.9% of Total Investments)       
750  Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds,  1/17 at 100.00  AA–  749,003 
   Carolinas Health Care, Series 2007A, 5.000%, 1/15/31       
2,445  North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional  2/14 at 100.00  AA+  2,548,252 
   Facilities, Series 2004A, 5.000%, 2/01/21       
2,000  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1992, 6.000%,  No Opt. Call  A  2,117,800 
   1/01/11 – MBIA Insured       
10,000  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,  1/13 at 100.00  A  10,375,700 
   1/01/18 – MBIA Insured       
15,195  Total North Carolina      15,790,755 
  Ohio – 3.2% (2.0% of Total Investments)       
5,430  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  6/17 at 100.00  BBB  4,472,963 
   Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24       
8,065  Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – FSA Insured  1/10 at 101.00  AAA  8,022,659 
3,000  Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999,  10/09 at 101.00  A+  3,040,350 
   5.800%, 10/01/14       
1,000  Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek  1/10 at 100.00  Aa2  1,000,120 
   Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax)       
17,495  Total Ohio      16,536,092 
  Oklahoma – 1.1% (0.7% of Total Investments)       
235  Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan  3/10 at 101.00  Aaa  238,722 
   Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax)       
5,615  Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health  12/16 at 100.00  AA  5,087,527 
   System, Series 2006, 5.000%, 12/15/36 (UB)       
88  Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health  12/16 at 100.00  AA  72,961 
   System, Series 2006, Trust 3500, 8.243%, 12/15/36 (IF)       
5,938  Total Oklahoma      5,399,210 
  Pennsylvania – 3.0% (1.8% of Total Investments)       
500  Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,  3/17 at 100.00  BBB  342,780 
   School Lane Charter School, Series 2007A, 5.000%, 3/15/37       
1,000  Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert  No Opt. Call  A3  1,008,140 
   Einstein Healthcare Network Issue, Series 2009A, 6.250%, 10/15/23       
5,410  Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond  10/17 at 100.00  AA+  6,190,879 
   Trust 3212, 13.718%, 10/01/38 (IF)       
5,490  Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of  12/16 at 100.00  AAA  4,945,556 
   Philadelphia, Series 2006B, 4.500%, 6/01/32 – FSA Insured (UB)       
2,600  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –  12/14 at 100.00  Aa3  2,652,702 
   AMBAC Insured       
15,000  Total Pennsylvania      15,140,057 
  Puerto Rico – 2.6% (1.6% of Total Investments)       
12,390  Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%,  No Opt. Call  A  13,357,781 
   7/01/13 – MBIA Insured       
  Rhode Island – 3.0% (1.9% of Total Investments)       
20,000  Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  BBB  15,496,998 
   Series 2002A, 6.250%, 6/01/42       
  South Carolina – 4.6% (2.8% of Total Investments)       
4,120  Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,  8/14 at 100.00  A  4,212,370 
   Series 2004A, 5.250%, 2/15/23 – MBIA Insured       
3,000  Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,  6/14 at 100.00  A+  2,678,940 
   5.000%, 6/01/36 – FGIC Insured       
  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991:       
5,000   6.250%, 1/01/21 – FGIC Insured  No Opt. Call  A  5,437,150 
5,750   4.000%, 1/01/23 – MBIA Insured  1/10 at 100.00  A  5,501,715 
5,085  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series  No Opt. Call  A  5,496,478 
   1998A, 5.500%, 1/01/13 – MBIA Insured       
22,955  Total South Carolina      23,326,653 
  South Dakota – 0.3% (0.2% of Total Investments)       
1,750  South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley  11/14 at 100.00  AA–  1,736,525 
   Hospitals, Series 2004A, 5.500%, 11/01/31       
  Tennessee – 0.6% (0.4% of Total Investments)       
5,075  Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue  1/17 at 30.07  A–  523,588 
   Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41       
2,000  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  3/13 at 100.00  N/R  1,297,700 
   Wellmont Health System, Refunding Series 200A, 5.440%, 9/01/32       
680  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  9/16 at 100.00  BBB+  466,616 
   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:       
860   5.500%, 11/01/37  11/17 at 100.00  N/R  326,112 
1,000   5.500%, 11/01/46  11/17 at 100.00  N/R  379,200 
9,615  Total Tennessee      2,993,216 
  Texas – 20.7% (12.9% of Total Investments)       
3,000  Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,  12/12 at 100.00  CCC+  1,026,000 
   Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)       
5,440  Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F,  2/17 at 100.00  AAA  4,960,246 
   4.250%, 8/15/36 (UB)       
4,000  Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue  1/15 at 100.00  A  3,082,960 
   Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured       
2,250  Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%,  11/14 at 100.00  AAA  2,113,853 
   11/01/27 – FSA Insured (Alternative Minimum Tax)       
8,000  Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds,  11/11 at 100.00  A+  8,226,240 
   Series 2001A, 5.875%, 11/01/19 – FGIC Insured (Alternative Minimum Tax)       
6,000  Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe  12/11 at 101.00  N/R  5,735,580 
   Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax)       
7,000  Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds,  11/13 at 100.00  AA  6,864,620 
   TECO Project, Series 2003, 5.000%, 11/15/30 – MBIA Insured       
28,305  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  No Opt. Call  A–  8,319,972 
   Project, Series 2001B, 0.000%, 9/01/28 – AMBAC Insured       
7,500  Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A,  No Opt. Call  AAA  8,875,500 
   5.750%, 12/01/32 – FSA Insured (ETM)       
33,505  Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation  8/14 at 25.08  AAA  6,189,379 
   Bonds, Series 2006, 0.000%, 8/15/39       
  Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School       
  Building and Refunding Bonds, Series 2001:       
730   5.500%, 2/15/21  2/11 at 100.00  AAA  766,588 
760   5.500%, 2/15/23  2/11 at 100.00  AAA  791,038 
  Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School       
  Building and Refunding Bonds, Series 2001:       
1,570   5.500%, 2/15/21 (Pre-refunded 2/15/11)  2/11 at 100.00  Aaa  1,687,153 
1,640   5.500%, 2/15/23 (Pre-refunded 2/15/11)  2/11 at 100.00  Aaa  1,762,377 
  Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding       
  Bonds, Series 2001:       
3,025   5.000%, 2/15/26  8/11 at 100.00  Aaa  3,078,875 
2,300   5.125%, 2/15/31  8/11 at 100.00  Aaa  2,322,356 
700  Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding  8/11 at 100.00  Aaa  762,986 
   Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11)       
2,500  North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008,  1/18 at 100.00  A3  2,395,400 
   5.750%, 1/01/38       
6,000  Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State  8/12 at 100.00  N/R (4)  6,640,800 
   University – Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) –       
   MBIA Insured       
3,410  Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park  12/12 at 100.00  AAA  4,159,484 
   Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/12) (5)       
1,800  Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds,  10/12 at 100.00  BBB  1,812,762 
   Series 2002A, 5.750%, 10/01/21 – RAAI Insured       
4,700  Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and  2/11 at 100.00  AAA  5,015,793 
   Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11)       
5,200  Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  2/17 at 100.00  AA–  4,929,392 
   Series 2007A, 5.000%, 2/15/36 (UB)       
370  Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds,  2/17 at 100.00  AA–  318,063 
   Texas Health Resources Project, Trust 1031, 11.947%, 2/15/36 (IF)       
1,505  Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior  No Opt. Call  A  1,455,395 
   Lien Series 2008D, 6.250%, 12/15/26       
3,395  Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.390%, 4/01/33 (IF)  4/17 at 100.00  AA+  3,946,484 
8,500  Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,  11/09 at 100.00  Aaa  8,825,975 
   Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)       
153,105  Total Texas      106,065,271 
  Utah – 2.2% (1.4% of Total Investments)       
4,845  Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community  12/09 at 100.00  N/R  4,101,050 
   Hospital Project, Series 1998, 5.750%, 12/15/18       
4,840  Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A,  1/10 at 100.00  Aa3 (4)  4,999,284 
   6.150%, 7/01/14 (ETM)       
460  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27  7/10 at 100.00  AA  461,946 
   (Alternative Minimum Tax)       
  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:       
1,060   5.500%, 1/01/18 (Alternative Minimum Tax)  1/11 at 100.00  AA–  1,085,429 
435   5.650%, 1/01/21 (Alternative Minimum Tax)  1/11 at 100.00  Aaa  438,093 
11,640  Total Utah      11,085,802 
  Virgin Islands – 0.5% (0.3% of Total Investments)       
2,480  Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project,  10/19 at 100.00  Baa3  2,497,087 
   Series 2009A, 6.750%, 10/01/37       
  Virginia – 1.5% (1.0% of Total Investments)       
8,190  Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 –  1/13 at 100.00  A1  7,826,610 
   AMBAC Insured       
  Washington – 5.7% (3.6% of Total Investments)       
220  Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric  1/15 at 100.00  Aa2 (4)  254,514 
   Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured       
5,780  Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric  1/15 at 100.00  Aa2  5,609,259 
   Development, Series 2005A, 5.000%, 1/01/34 – FGIC Insured       
1,500  Snohomish County School District 6, Mukilteo, Washington, Unlimited Tax General Obligation and  No Opt. Call  Aa3  1,683,840 
   Refunding Bonds, Series 1993, 5.700%, 12/01/12 – FGIC Insured       
8,155  Tacoma, Washington, Electric System Revenue Refunding Bonds, Series 2001A, 5.750%, 1/01/20  1/11 at 101.00  AAA  8,823,139 
   (Pre-refunded 1/01/11) – FSA Insured       
2,000  Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and  No Opt. Call  N/R  1,375,620 
   Medical Center of Seattle, Series 2007, 5.700%, 12/01/32       
1,000  Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,  8/13 at 102.00  N/R  853,020 
   Series 1998, 5.000%, 8/15/28 – AMBAC Insured       
5,500  Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services,  11/10 at 100.00  A2  5,559,565 
   Series 1998, 5.500%, 11/15/14 – AMBAC Insured       
1,460  Washington State Healthcare Facilities Authority, Revenue Bonds, Virginia Mason Medical  8/17 at 100.00  BBB  1,134,654 
   Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured       
4,005  Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  6/13 at 100.00  BBB  3,988,339 
   Series 2002, 6.500%, 6/01/26       
29,620  Total Washington      29,281,950 
  Wisconsin – 3.0% (1.9% of Total Investments)       
500  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of  12/09 at 100.00  AA–  500,065 
   Wisconsin Inc., Series 1996, 5.500%, 12/01/26 – MBIA Insured       
7,500  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare  2/12 at 101.00  AA–  6,852,825 
   Inc., Series 2002A, 5.250%, 2/15/32 – MBIA Insured       
4,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  8/16 at 100.00  BBB+  2,993,360 
   Healthcare System, Series 2006, 5.250%, 8/15/34       
5,000  Wisconsin State, General Obligation Bonds, Series 2006, 4.750%, 5/01/25 –  5/16 at 100.00  AA  5,144,150 
   FGIC Insured (UB)       
17,000  Total Wisconsin      15,490,400 
$          985,367  Total Investments (cost $840,918,401) – 160.0%      819,113,338 
  Floating Rate Obligations – (11.7)%      (59,703,000)
  Other Assets Less Liabilities – 2.3%      11,709,837 
  Preferred Shares, at Liquidation Value – (50.6)% (6)      (259,050,000)
  Net Assets Applicable to Common Shares – 100%      $ 512,070,175 

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about 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 July 31, 2009:

  Level 1  Level 2  Level 3  Total 
Investments:         
  Municipal Bonds  $ —  $819,113,338  $ —  $819,113,338 

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 transactions subject to Statement of Financial Accounting Standards No. 140 (SFAS No. 140), 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 July 31, 2009, the cost of investments was $781,062,388.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2009, were as follows:

Gross unrealized:   
  Appreciation  $ 30,786,973 
  Depreciation  (52,381,465)
Net unrealized appreciation (depreciation) of investments  $(21,594,492)

(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)  The issuer has received a formal 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. 
(6)  Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.6%. 
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 pursuant to the 
  provisions of SFAS No. 140. 

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: 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 4, Inc.         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date         September 29, 2009        

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         September 29, 2009        

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

Date        September 29, 2009