Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-07432
 
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:         1/31/10         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
Item 1. Schedule of Investments
 
  Portfolio of Investments (Unaudited)      
  Nuveen Premium Income Municipal Fund 4, Inc. (NPT)      
      January 31, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Alabama – 4.4% (2.8% 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–  $    5,303,985 
11,895  Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds,  No Opt. Call  Aaa  11,938,417 
  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  4,999,650 
  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  828,180 
  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  898,610 
  International Paper Company, Series 2005A, 5.000%, 6/01/25       
24,045  Total Alabama      23,968,842 
  Alaska – 0.9% (0.6% of Total Investments)      
1,665  Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,  12/14 at 100.00  AA  1,702,196 
  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)  3,542,803 
  (Pre-refunded 12/01/13) – MBIA Insured       
4,730  Total Alaska      5,244,999 
  Arizona – 1.5% (1.0% of Total Investments)      
5,000  Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility  7/13 at 100.00  A2  5,002,900 
  Project, Series 2003A, 5.000%, 7/01/31 – NPFG Insured       
3,000  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%, 12/01/37  No Opt. Call  A  2,567,430 
1,000  Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series  7/16 at 100.00  N/R  802,000 
  2005, 6.000%, 7/01/30       
9,000  Total Arizona      8,372,330 
  Arkansas – 0.0% (0.0% of Total Investments)      
2  Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities  4/10 at 100.00  Aa1  1,950 
  Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11       
  California – 16.6% (10.7% of Total Investments)      
10,000  Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series  9/17 at 100.00  A  8,695,500 
  2007A-1, 4.375%, 3/01/37 – FGIC Insured       
17,000  California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist  3/13 at 100.00  A  15,979,830 
  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+  4,622,650 
  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  2,660,112 
  5.000%, 11/15/42 (UB)       
2,000  California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance  8/11 at 102.00  A+  2,010,100 
  LLC, Series 2001A, 5.550%, 8/01/31       
1,220  California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series  11/19 at 100.00  BBB+  1,243,802 
  2009I-1, 6.375%, 11/01/34       
1,000  California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity  7/15 at 100.00  BBB  829,180 
  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  1,763,572 
  Option Bond Trust 3175, 13.716%, 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–  17,357,355 
4,780  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  No Opt. Call  AAA  4,479,912 
  1995A, 0.000%, 1/01/14 (ETM)       
  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement       
  Asset-Backed Bonds, Series 2007A-1:       
1,000  5.750%, 6/01/47  6/17 at 100.00  BBB  763,650 
610  5.125%, 6/01/47  6/17 at 100.00  BBB  421,345 
1,000  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  1,173,470 
  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  1,316,417 
  Series 2006B, 0.000%, 9/01/27       
2,700  M-S-R Energy Authority, Calfornia, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C,  No Opt. Call  A  3,030,426 
  7.000%, 11/01/34       
3,000  Palomar Pomerado Health, Calfornia, Certificates of Participation, Series 2009, 6.625%, 11/01/29  11/19 at 100.00  Baa2  3,111,930 
11,310  San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding  7/16 at 100.00  AAA  10,341,185 
  Series 2006A, Drivers 1631, 4.250%, 7/01/31 – AGM Insured (UB)       
670  San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,  8/19 at 100.00  A–  704,398 
  Mission Bay North Redevelopment Project, Series 2009, 6.500%, 8/01/39       
  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue       
  Refunding Bonds, Series 1997A:       
4,430  0.000%, 1/15/32 – NPFG Insured  No Opt. Call  A  698,611 
31,300  0.000%, 1/15/34 – NPFG Insured  No Opt. Call  A  4,171,664 
4,000  San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water  9/17 at 100.00  AA+  3,831,360 
  Project, Tender Option Bond Trust 3030, 17.706%, 9/01/38 – MBIA Insured (IF)       
1,945  South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series  No Opt. Call  A  2,063,567 
  1996A, 6.000%, 10/01/12 – FGIC Insured       
129,835  Total California      91,270,036 
  Colorado – 4.8% (3.1% of Total Investments)      
1,465  Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project,  No Opt. Call  N/R  1,439,172 
  Series 2009A, 7.750%, 8/01/39       
2,000  Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives,  9/11 at 100.00  AA (4)  2,145,220 
  Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11)       
325  Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3,  4/10 at 105.00  Aa2  353,265 
  6.750%, 10/01/21       
1,925  Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13  No Opt. Call  A+  2,136,692 
  (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)  3,335,136 
10,000  5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured  12/13 at 100.00  N/R (4)  11,344,000 
4,345  El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002,  12/12 at 100.00  Aa3  4,759,643 
  5.250%, 12/15/17 – FGIC Insured       
755  Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%,  12/14 at 100.00  AAA  818,775 
  12/15/22 – AGM Insured (UB)       
23,755  Total Colorado      26,331,903 
  Connecticut – 0.4% (0.2% of Total Investments)      
2,000  Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue  4/20 at 100.00  N/R  2,009,080 
  Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (WI/DD, Settling 2/04/10)       
  District of Columbia – 1.6% (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)  4,026,588 
15,235  0.000%, 4/01/30 (Pre-refunded 4/01/11) – MBIA Insured  4/11 at 32.93  A (4)  4,956,707 
24,905  Total District of Columbia      8,983,295 
  Florida – 7.2% (4.6% of Total Investments)      
250  Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project,  4/19 at 100.00  A–  272,565 
  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+  5,079,900 
  7/01/28 – NPFG Insured       
5,000  Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,  10/13 at 100.00  Aa3  5,174,050 
  Series 2003A, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax)       
5,000  Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,  6/10 at 100.00  BB+  5,001,450 
  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  1,419,785 
  Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – AGM Insured (Alternative Minimum Tax)       
3,385  Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A,  10/15 at 100.00  A2  3,127,537 
  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–  5,226,817 
  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  11,295,240 
  AMBAC Insured       
1,995  Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,  5/14 at 101.00  N/R  1,361,009 
  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  1,485,076 
  6.000%, 5/01/23       
40,320  Total Florida      39,443,429 
  Georgia – 3.5% (2.3% of Total Investments)      
1,000  Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Series 2008B, Series  1/19 at 100.00  N/R  1,004,420 
  2008C, Series 2009B, Series 2009C, 7.500%, 1/01/31       
4,400  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 –  No Opt. Call  A  4,620,132 
  FGIC Insured       
1,500  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 –  11/19 at 100.00  AAA  1,542,555 
  AGM Insured       
2,880  Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 8.250%, 1/01/11  No Opt. Call  A+  3,059,539 
5,450  Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%,  No Opt. Call  A1 (4)  6,481,958 
  1/01/19 – FGIC Insured (ETM)       
2,500  The Hospital Authority of Hall County and the City of Gainesville Revenue Anticipation  2/20 at 100.00  A–  2,411,000 
  Certificates (Northeast Georgia Health System, Inc. Project), Series 2010A and 2010B, 5.000%,       
  2/15/30 (WI/DD, Settling 2/18/10)       
17,730  Total Georgia      19,119,604 
  Hawaii – 0.7% (0.5% of Total Investments)      
2,000  Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series  No Opt. Call  AA  2,263,720 
  1993B, 5.000%, 10/01/13       
1,580  Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series  No Opt. Call  Aaa  1,803,301 
  1993B, 5.000%, 10/01/13 (ETM)       
3,580  Total Hawaii      4,067,021 
  Idaho – 0.2% (0.1% of Total Investments)      
985  Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI,  No Opt. Call  Aa3  1,016,165 
  5.650%, 7/01/26       
  Illinois – 15.4% (10.0% of Total Investments)      
4,000  Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A,  No Opt. Call  A1  4,461,120 
  6.250%, 1/01/15 – NPFG Insured       
5,550  Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured  1/11 at 101.00  AAA  5,556,272 
  (Alternative Minimum Tax)       
415  Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  1/16 at 100.00  A1  410,518 
  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  1,794,175 
1,685  8.500%, 12/01/15 – FGIC Insured  No Opt. Call  N/R  2,182,294 
5,970  Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek  4/11 at 105.00  Aaa  6,807,830 
  American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40       
1,665  Illinois Finance Authority Revenue Bonds, Rush University Medical Center Obligated Group,  5/19 at 100.00  A–  1,746,319 
  Series 2009C, 6.625%, 11/01/39       
2,515  Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,  8/14 at 100.00  N/R (4)  2,922,757 
  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+  563,250 
5,565  Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,  8/17 at 100.00  BBB  4,907,718 
  5.500%, 8/01/37       
  Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,       
  Series 2009:       
2,000  6.875%, 8/15/38  8/19 at 100.00  BBB  2,071,320 
2,000  7.000%, 8/15/44  8/19 at 100.00  BBB  2,075,380 
500  Illinois FInance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc.,  3/20 at 100.00  AAA  493,885 
  Series 2005, 5.250%, 3/01/30 (WI/DD, Settling 2/18/10) – AGM Insured       
3,000  Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation,  5/19 at 100.00  BBB+  2,984,370 
  Series 2009, 6.125%, 5/15/25       
4,000  Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai  8/13 at 100.00  AAA  3,919,840 
  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  4,419,840 
  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  Aa2  4,584,644 
  Series 1993C, 7.000%, 4/01/14       
9,795  Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington,  No Opt. Call  AAA  11,479,740 
  Illinois, School Refunding Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB)       
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 2002A:       
9,500  0.000%, 6/15/24 – NPFG Insured  6/22 at 101.00  AAA  7,498,540 
4,540  5.000%, 12/15/28 – NPFG Insured  6/12 at 101.00  AAA  4,634,432 
36,040  0.000%, 6/15/40 – NPFG Insured  No Opt. Call  AAA  5,364,194 
3,050  Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,  No Opt. Call  Aa3  3,762,541 
  Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured       
111,750  Total Illinois      84,640,979 
  Indiana – 8.7% (5.6% of Total Investments)      
  Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:       
1,950  0.000%, 2/01/24  No Opt. Call  AA  982,995 
2,705  0.000%, 2/01/25  No Opt. Call  AA  1,284,145 
3,000  Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health  8/16 at 100.00  Baa3  2,555,670 
  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  4,031,255 
  5.500%, 2/01/26 – NPFG Insured       
1,050  Indiana Finance Authority Educational Facilities Revenue Bonds, Series 2009 (Drexel Foundation  10/19 at 100.00  BBB–  1,055,712 
  For Educational Excellence, Inc. – Educational Facility Project), 7.000%, 10/01/39       
22,000  Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligated  8/10 at 101.50  A+ (4)  22,957,440 
  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  3,043,181 
  Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured       
800  Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,  5/15 at 100.00  A  711,752 
  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  4,153,040 
  6/01/23 – AGM Insured       
6,000  Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24  6/13 at 100.00  AAA  6,789,240 
  (Pre-refunded 6/01/13) – AGM Insured       
420  Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease  6/10 at 100.00  A  420,118 
  Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – NPFG Insured       
48,540  Total Indiana      47,984,548 
  Iowa – 0.6% (0.4% of Total Investments)      
400  Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2009,  8/19 at 100.00  Aa3  414,784 
  5.625%, 8/15/37 – AGC Insured       
1,000  Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,  7/16 at 100.00  BB+  812,570 
  5.000%, 7/01/20       
2,000  Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2,  12/19 at 100.00  A1  2,036,340 
  5.500%, 12/01/25       
3,400  Total Iowa      3,263,694 
  Kansas – 1.9% (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+  2,005,400 
  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  6,868,885 
  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  1,778,315 
  5.300%, 6/01/31 – NPFG Insured       
10,575  Total Kansas      10,652,600 
  Louisiana – 5.1% (3.3% of Total Investments)      
165  DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company  11/14 at 100.00  BBB  159,760 
  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  1,034,950 
  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  1,878,030 
  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+  4,876,535 
  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  Baa1  3,477,532 
  Series 2007A, 5.500%, 5/15/47       
  Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:       
1,480  4.750%, 5/01/39 – AGM Insured (UB)  5/16 at 100.00  AAA  1,451,214 
15,820  4.500%, 5/01/41 – FGIC Insured (UB)  5/16 at 100.00  AA  15,153,503 
170  Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.961%,       
  5/01/41 – FGIC Insured (IF)  5/16 at 100.00  AA  141,362 
29,335  Total Louisiana      28,172,886 
  Maryland – 1.7% (1.1% of Total Investments)      
1,815  Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A,  7/10 at 100.00  Aa2  1,817,686 
  5.875%, 7/01/16       
2,900  Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%,  7/10 at 100.00  Aa2  2,902,291 
  7/01/39 (Alternative Minimum Tax)       
50  Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,  8/14 at 100.00  A2  51,242 
  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  2,055,941 
  Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured       
2,315  Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development  7/10 at 100.00  Aaa  2,328,936 
  Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)       
9,290  Total Maryland      9,156,096 
  Massachusetts – 1.8% (1.2% of Total Investments)      
3,585  Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A,  3/15 at 100.00  BBB  3,110,382 
  5.000%, 3/01/35 – ACA Insured       
1,000  Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007,  10/12 at 102.00  N/R  804,870 
  5.250%, 10/01/26       
1,000  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital  7/15 at 100.00  BB–  650,710 
  Project, Series 2005D, 5.375%, 7/01/35       
1,900  Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk  7/19 at 100.00  BBB  1,928,880 
  University Issue, Series 2009A, 5.750%, 7/01/39       
3,465  Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,  2/17 at 100.00  AAA  3,242,166 
  8/01/46 – AGM Insured (UB)       
10,950  Total Massachusetts      9,737,008 
  Michigan – 6.8% (4.4% of Total Investments)      
6,000  Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  7/15 at 100.00  A  5,476,920 
  7/01/35 – NPFG Insured       
8,915  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,  7/10 at 100.00  A+  8,812,567 
  7/01/27 – NPFG Insured       
5,400  Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%,  7/16 at 100.00  A  4,729,644 
  7/01/34 – FGIC Insured       
5,000  Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,  10/13 at 100.00  A+  5,041,700 
  5.000%, 10/15/29 – NPFG Insured       
10,500  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center  2/10 at 100.00  Ba3  8,883,840 
  Obligated Group, Series 1998A, 5.250%, 8/15/23       
1,240  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,  11/19 at 100.00  A1  1,219,044 
  Refunding Series 2009, 5.750%, 11/15/39       
1,000  Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series  5/15 at 100.00  AAA  1,162,040 
  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  1,960,800 
  2006A, 5.000%, 12/01/31 (UB)       
40,055  Total Michigan      37,286,555 
  Minnesota – 1.2% (0.8% of Total Investments)      
580  Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities  5/10 at 100.00  Aaa  592,000 
  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  3,659,600 
  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  2,272,688 
  Project, Series 2007-1, 5.000%, 8/01/36       
6,955  Total Minnesota      6,524,288 
  Mississippi – 1.9% (1.2% of Total Investments)      
2,975  Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial  9/14 at 100.00  AA  3,055,801 
  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  6,152,131 
1,000  Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company  9/18 at 100.00  BBB  1,026,500 
  Project, Series 2008A, 6.500%, 9/01/32       
9,155  Total Mississippi      10,234,432 
  Missouri – 1.3% (0.8% of Total Investments)      
1,450  Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue  6/17 at 100.00  N/R  1,250,596 
  Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36       
1,000  Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior  2/14 at 100.00  N/R  930,780 
  Services – Heisinger Project, Series 2004, 5.500%, 2/01/35       
1,000  Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri,  10/19 at 100.00  A–  1,017,240 
  Transportation Sales Revenue Bonds, Series 2009, 5.875%, 10/01/36       
2,450  Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series  5/13 at 100.00  AA  2,506,032 
  2003, 5.125%, 5/15/24       
1,500  Saint Louis Industrial Development Authority, Missouri, Empowerment Zone Hotel Facilities  12/19 at 107.00  N/R  1,474,245 
  Revenue Bonds, Laurel Embassy Suites, Series 2009, 8.500%, 12/15/39       
7,400  Total Missouri      7,178,893 
  Nevada – 3.4% (2.2% of Total Investments)      
4,500  Clark County School District, Nevada, General Obligation School Improvement Bonds, Series  No Opt. Call  AA  4,597,920 
  1991A, 7.000%, 6/01/10 – NPFG Insured       
4,000  Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42  1/20 at 100.00  Aa3  4,121,760 
  (WI/DD, Settling 2/03/10)       
7,000  Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003,  7/13 at 100.00  AA–  7,188,930 
  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  835,504 
  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  1,903,405 
  8.000%, 6/15/30       
22,625  Total Nevada      18,647,519 
  New Jersey – 4.4% (2.8% of Total Investments)      
500  Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The  1/18 at 100.00  N/R  426,375 
  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)  1,144,352 
  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 – NPFG Insured  No Opt. Call  A+  1,047,534 
  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:       
300  6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  374,562 
2,345  6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  2,739,570 
10,055  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  AAA  10,897,710 
  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  4,732,197 
  Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)       
3,750  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/17 at 100.00  BBB  2,642,288 
  Series 2007-1A, 4.750%, 6/01/34       
22,925  Total New Jersey      24,004,588 
  New York – 5.6% (3.6% of Total Investments)      
855  Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter  4/17 at 100.00  N/R  689,985 
  Schools, Series 2007A, 5.000%, 4/01/32       
  Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue       
  Bonds, Barclays Center Project, Series 2009:       
1,945  6.000%, 7/15/30  1/20 at 100.00  BBB–  1,991,797 
3,065  6.250%, 7/15/40  No Opt. Call  BBB–  3,155,540 
4,070  Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,  2/17 at 100.00  A  3,710,416 
  2/15/47 – NPFG Insured       
3,300  Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,  11/16 at 100.00  A  3,025,473 
  5/01/33 – NPFG Insured       
1,000  Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B,  11/19 at 100.00  AA  1,037,580 
  5.000%, 11/15/34       
2,360  New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal  5/10 at 100.00  AAA  2,381,948 
  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  225,412 
5,000  5.500%, 11/01/24 (Pre-refunded 5/01/10)  5/10 at 101.00  AAA  5,118,200 
2,500  New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and  6/12 at 100.00  AA–  2,645,150 
  State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/18       
6,250  Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air  No Opt. Call  A  6,563,500 
  Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)       
30,565  Total New York      30,545,001 
  North Carolina – 3.0% (1.9% of Total Investments)      
750  Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds,  1/17 at 100.00  AA–  759,660 
  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+  2,578,815 
  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  2,090,980 
  1/01/11 – NPFG Insured       
10,000  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,  1/13 at 100.00  A  10,923,800 
  1/01/18 – NPFG Insured       
15,195  Total North Carolina      16,353,255 
  Ohio – 3.4% (2.2% of Total Investments)      
  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue       
  Bonds, Senior Lien, Series 2007A-2:       
5,425  5.125%, 6/01/24  6/17 at 100.00  BBB  5,041,344 
1,000  6.500%, 6/01/47  6/17 at 100.00  BBB  842,770 
8,065  Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured  7/10 at 101.00  AAA  8,074,033 
3,000  Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999,  4/10 at 101.00  A+  3,037,440 
  5.800%, 10/01/14       
1,000  Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek  7/10 at 100.00  Aa2  1,000,440 
  Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax)       
800  Ohio Air Quality Development Authority, Ohio, Air Quality Revenue Bonds, Ohio Valley Electric  No Opt. Call  BBB–  824,296 
  Corporation Project, Series 2009E. Non-AMT, 5.625%, 10/01/19       
19,290  Total Ohio      18,820,323 
  Oklahoma – 1.1% (0.7% of Total Investments)      
180  Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan  3/10 at 101.00  Aaa  182,000 
  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  5,557,334 
  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  86,361 
  System, Series 2006, Trust 3500, 8.479%, 12/15/36 (IF)       
5,883  Total Oklahoma      5,825,695 
  Pennsylvania – 3.3% (2.1% of Total Investments)      
1,000  Allegheny Country Industrial Development Authority, Allegheny County, Pennsylvania,  No Opt. Call  BB  1,040,060 
  Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding       
  Series 2009, 6.750%, 11/01/24       
500  Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,  3/17 at 100.00  BBB  417,095 
  School Lane Charter School, Series 2007A, 5.000%, 3/15/37       
1,000  Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social  1/19 at 100.00  N/R  967,890 
  Ministries Project, Series 2009, 6.125%, 1/01/29       
1,000  Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert  No Opt. Call  A3  1,054,980 
  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+  6,544,423 
  Trust 3212, 13.997%, 10/01/38 (IF)       
5,490  Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of  12/16 at 100.00  AAA  5,207,759 
  Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)       
2,600  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –  12/14 at 100.00  Aa3  2,669,680 
  AMBAC Insured       
17,000  Total Pennsylvania      17,901,887 
  Puerto Rico – 2.5% (1.6% of Total Investments)      
12,390  Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%,  No Opt. Call  A  13,822,532 
  7/01/13 – NPFG Insured       
  Rhode Island – 3.5% (2.2% of Total Investments)      
20,000  Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  BBB  19,041,600 
  Series 2002A, 6.250%, 6/01/42       
  South Carolina – 3.8% (2.5% of Total Investments)      
4,120  Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,  8/14 at 100.00  A  4,298,932 
  Series 2004A, 5.250%, 2/15/23 – NPFG 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  5,809,300 
5,750  4.000%, 1/01/23 – NPFG Insured  7/10 at 100.00  A  5,373,893 
5,085  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series  No Opt. Call  A  5,543,718 
  1998A, 5.500%, 1/01/13 – NPFG Insured       
19,955  Total South Carolina      21,025,843 
  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–  1,779,820 
  Hospitals, Series 2004A, 5.500%, 11/01/31       
  Tennessee – 0.8% (0.5% of Total Investments)      
5,075  Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue  1/17 at 30.07  A–  701,720 
  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  1,825,540 
  Wellmont Health System, Refunding Series 200A, 5.486%, 9/01/32       
680  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  9/16 at 100.00  BBB+  604,384 
  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  498,800 
1,000  5.500%, 11/01/46  11/17 at 100.00  N/R  580,000 
9,615  Total Tennessee      4,210,444 
  Texas – 19.9% (12.8% of Total Investments)      
3,000  Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,  12/12 at 100.00  CCC+  1,877,880 
  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  5,292,086 
  4.250%, 8/15/36 (UB)       
2,250  Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%,  11/14 at 100.00  AAA  2,216,003 
  11/01/27 – AGM Insured (Alternative Minimum Tax)       
8,000  Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds,  11/11 at 100.00  A+  8,286,796 
  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  5,962,020 
  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  7,086,240 
  TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured       
28,305  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  No Opt. Call  A–  9,296,777 
  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  9,227,700 
  5.750%, 12/01/32 – AGM Insured (ETM)       
33,505  Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation  8/14 at 25.08  AAA  6,612,212 
  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  763,529 
760  5.500%, 2/15/23  2/11 at 100.00  AAA  789,762 
  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  1,654,639 
1,640  5.500%, 2/15/23 (Pre-refunded 2/15/11)  2/11 at 100.00  Aaa  1,728,412 
  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  3,169,383 
2,300  5.125%, 2/15/31  8/11 at 100.00  Aaa  2,333,396 
700  Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding  8/11 at 100.00  Aaa  749,756 
  Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11)       
1,100  North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Series 2008A,  1/18 at 100.00  AAA  1,168,893 
  5.750%, 1/01/40 – AGC Insured       
2,500  North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008,  1/18 at 100.00  A3  2,534,775 
  5.750%, 1/01/38       
1,100  North Texas Tollway Authority, System Revenue Bonds, Series 2009, 6.250%, 1/01/39  1/19 at 100.00  A2  1,166,253 
2,000  Port of Bay City Authority of Matagorda County, Texas, Revenue Bonds (Hoechst Celanese  5/10 at 100.00  B+  1,949,680 
  Corporation Project) Series 1996, 6.500%, 5/01/26 (Alternative Minimum Tax)       
6,000  Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo  8/12 at 100.00  N/R (4)  6,571,260 
  State 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  4,069,733 
  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  1,840,014 
  Series 2002A, 5.750%, 10/01/21 – RAAI Insured       
5,200  Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  2/17 at 100.00  AA–  5,147,584 
  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–  359,966 
  Texas Health Resources Project, Trust 1031, 12.132%, 2/15/36 (IF)       
1,505  Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior  No Opt. Call  A  1,613,014 
  Lien Series 2008D, 6.250%, 12/15/26       
1,620  Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds,  12/19 at 100.00  Baa2  1,693,661 
  NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009,       
  6.875%, 12/31/39       
1,000  Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public  8/17 at 100.00  BBB  819,800 
  School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured       
3,395  Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.749%, 4/01/33 (IF)  4/17 at 100.00  AA+  4,444,836 
8,500  Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,  5/10 at 100.00  Aaa  8,812,286 
  Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)       
151,225  Total Texas      109,238,346 
  Utah – 2.1% (1.3% of Total Investments)      
4,845  Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community  6/10 at 100.00  N/R  4,551,102 
  Hospital Project, Series 1998, 5.750%, 12/15/18       
4,840  Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%,  7/10 at 100.00  Aa3 (4)  5,071,884 
  7/01/14 (ETM)       
430  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27  7/10 at 100.00  AA  434,399 
  (Alternative Minimum Tax)       
  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:       
965  5.500%, 1/01/18 (Alternative Minimum Tax)  1/11 at 100.00  AA–  991,402 
415  5.650%, 1/01/21 (Alternative Minimum Tax)  1/11 at 100.00  Aaa  418,166 
11,495  Total Utah      11,466,953 
  Virgin Islands – 0.5% (0.3% of Total Investments)      
250  Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate  10/19 at 100.00  Baa3  251,433 
  Lien Series 2009A, 6.000%, 10/01/39       
2,480  Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project,  10/19 at 100.00  BBB  2,655,510 
  Series 2009A, 6.750%, 10/01/37       
2,730  Total Virgin Islands      2,906,943 
  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  8,221,122 
  AMBAC Insured       
  Washington – 4.1% (2.6% of Total Investments)      
220  Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric  1/15 at 100.00  Aa2 (4)  255,211 
  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  5,845,083 
  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  1,677,975 
  Refunding Bonds, Series 1993, 5.700%, 12/01/12 – FGIC Insured       
4,155  Tacoma, Washington, Electric System Revenue Refunding Bonds, Series 2001A, 5.750%, 1/01/20  1/11 at 101.00  AAA  4,405,006 
  (Pre-refunded 1/01/11) – AGM Insured       
2,000  Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research  7/19 at 100.00  A  2,047,560 
  Center, Series 2009A, 6.000%, 1/01/33       
2,000  Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and  No Opt. Call  N/R  1,625,840 
  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  914,060 
  Series 1998, 5.000%, 8/15/28 – AMBAC Insured       
1,460  Washington State Healthcare Facilities Authority, Revenue Bonds, Virginia Mason Medical  8/17 at 100.00  BBB  1,407,250 
  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  4,142,532 
  Series 2002, 6.500%, 6/01/26       
22,120  Total Washington      22,320,517 
  West Virginia – 0.3% (0.2% of Total Investments)      
1,950  West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical  9/19 at 100.00  A2  1,914,432 
  Center, Series 2009A, 5.625%, 9/01/32       
  Wisconsin – 3.0% (2.0% of Total Investments)      
815  Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc.,  2/19 at 100.00  A3  820,363 
  Series 2009, 5.875%, 2/15/39       
500  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of  4/10 at 100.00  A+  500,255 
  Wisconsin Inc., Series 1996, 5.500%, 12/01/26 – NPFG Insured       
7,150  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare  2/12 at 101.00  A+  6,757,394 
  Inc., Series 2002A, 5.250%, 2/15/32 – NPFG Insured       
4,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  8/16 at 100.00  BBB+  3,496,640 
  Healthcare System, Series 2006, 5.250%, 8/15/34       
5,000  Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB)  5/16 at 100.00  AA  5,203,200 
17,465  Total Wisconsin      16,777,852 
  Wyoming – 0.3% (0.2% of Total Investments)      
1,720  Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company  5/10 at 100.00  A–  1,787,425 
  Project, Series 2006, 5.250%, 7/15/26 (Mandatory put 7/14/26)       
$    982,380  Total Investments (cost $838,384,030) – 155.0%      851,272,730 
  Floating Rate Obligations – (10.9)%      (59,703,000)
  Other Assets Less Liabilities – 3.1%      16,682,903 
  Preferred Shares, at Liquidation Value – (47.2)% (6)      (259,050,000)
  Net Assets Applicable to Common Shares – 100%      $ 549,202,633 

 

 
Fair Value Measurements
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of January 31, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $851,272,730  $ —  $851,272,730 

Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At January 31, 2010, the cost of investments was $780,466,829.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:
 
Gross unrealized:   
  Appreciation  $ 38,162,423 
  Depreciation  (27,007,601)
Net unrealized appreciation (depreciation) of investments  $ 11,154,822 

(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 30.4%. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(ETM)  Escrowed to maturity. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 
Item 2. Controls and Procedures.

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

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

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Premium Income Municipal Fund 4, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         April 1, 2010        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         April 1, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        April 1, 2010