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:         7/31/07         

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, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Alabama – 4.2% (2.4% 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–   $   5,421,199 
2,395    Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay    2/11 at 102.00    AAA    2,470,155 
     Apartments, Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax)             
11,895    Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds,    10/07 at 100.50    Aaa    11,926,879 
     Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital,             
     Series 1995, 5.000%, 11/01/25 (ETM)             
4,000    Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series    11/16 at 100.00    AA    4,015,920 
     2006C-2, 5.000%, 11/15/39             
23,440    Total Alabama            23,834,153 
    Alaska – 0.9% (0.5% of Total Investments)             
1,665    Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,    12/14 at 100.00    AAA    1,715,882 
     12/01/30 – FGIC Insured             
3,065    Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 –    12/13 at 100.00    AAA    3,228,211 
     MBIA Insured             
4,730    Total Alaska            4,944,093 
    Arizona – 1.7% (1.0% of Total Investments)             
5,000    Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility    7/13 at 100.00    Aaa    5,137,550 
     Project, Series 2003A, 5.000%, 7/01/31 – MBIA Insured             
4,100    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System    12/13 at 100.00    AAA    4,284,213 
     Revenue Bonds, Series 2003, 5.000%, 12/01/18 – MBIA Insured             
9,100    Total Arizona            9,421,763 
    Arkansas – 0.0% (0.0% of Total Investments)             
6    Jacksonville Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    1/08 at 100.00    Aaa    6,603 
     Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A-2, 7.900%, 1/01/11             
58    Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    10/07 at 101.00    Aaa    58,705 
     Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11             
64    Total Arkansas            65,308 
    California – 19.2% (11.2% of Total Investments)             
3,335    Anaheim Public Finance Authority, California, Public Improvement Project Lease Revenue Bonds,    9/17 at 100.00    AAA    2,642,721 
     UBS Residual Series 07 1011-1013, 5.390%, 3/01/37 – FGIC Insured (IF)             
1,800    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%,    5/12 at 101.00    AAA    1,943,280 
     5/01/14 – AMBAC Insured             
17,000    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist    3/13 at 100.00    A    17,032,129 
     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+    5,006,650 
     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    AA–    2,915,834 
     5.000%, 11/15/42             
11,000    California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco    No Opt. Call    AAA    11,999,790 
     Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/33 – AMBAC Insured (ETM) (UB)             
2,000    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance    8/11 at 102.00    A+    2,072,140 
     LLC, Series 2001A, 5.550%, 8/01/31             
19,545    California State, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 –    6/15 at 100.00    AAA    20,202,494 
     CIFG Insured (UB)             
12,000    California, General Obligation Bonds, Series 2003, 5.250%, 2/01/22    8/13 at 100.00    A+    12,665,400 
4,500    California, General Obligation Bonds, Series 2004, 5.100%, 2/01/34 (Pre-refunded 2/01/09)    2/09 at 100.00    A+ (4)    4,597,380 
4,780    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series    No Opt. Call    AAA    3,693,363 
     1995A, 0.000%, 1/01/14 (ETM)             
610    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/17 at 100.00    BBB    569,905 
     Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47             
1,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    AAA    1,147,180 
     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    1,236,763 
     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    10,514,116 
     Series 2006A, 4.250%, 7/01/31 – FSA Insured (UB)             
31,300    San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds,    No Opt. Call    AAA    8,855,083 
     Refunding Series 2006A, 0.000%, 1/15/34 – MBIA Insured (UB)             
1,945    South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series    No Opt. Call    AAA    2,102,681 
     1996A, 6.000%, 10/01/12 – FGIC Insured             
133,215    Total California            109,196,909 
    Colorado – 5.6% (3.3% of Total Investments)             
6,500    Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005,    12/15 at 100.00    AAA    6,659,835 
     4.750%, 12/15/23 – FSA Insured             
2,000    Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives,    9/11 at 100.00    AA (4)    2,101,560 
     Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11)             
500    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3,    10/09 at 105.00    Aa2    536,370 
     6.750%, 10/01/21             
3,040    Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13    No Opt. Call    A+    3,335,214 
     (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) – XLCA Insured    12/13 at 100.00    Aaa    3,120,634 
10,000     5.000%, 12/01/33 (Pre-refunded 12/01/13) – XLCA Insured    12/13 at 100.00    Aaa    10,614,400 
4,345    El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002,    12/12 at 100.00    Aaa    4,594,273 
     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    792,380 
     12/15/22 – FSA Insured             
30,080    Total Colorado            31,754,666 
    District of Columbia – 2.1% (1.3% of Total Investments)             
5    District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/09 – CAPMAC Insured    12/07 at 100.00    AAA    5,009 
4,250    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series    10/07 at 101.00    AAA    4,298,833 
     1993A, 5.750%, 8/15/14 – MBIA Insured (ETM)             
    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    AAA    3,525,779 
15,235     0.000%, 4/01/30 (Pre-refunded 4/01/11) – MBIA Insured    4/11 at 32.93    AAA    4,340,147 
29,160    Total District of Columbia            12,169,768 
    Florida – 6.3% (3.7% of Total Investments)             
5,000    Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,    7/13 at 100.00    AAA    5,116,700 
     7/01/28 – MBIA Insured             
5,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,    10/13 at 100.00    AAA    5,261,500 
     Series 2003A, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax)             
5,000    Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,    12/07 at 100.00    BB+    5,048,250 
     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, Sunset    1/11 at 102.00    AAA    1,422,200 
     Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – FSA Insured (Alternative Minimum Tax)             
3,500    Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A,    10/15 at 100.00    AAA    3,556,070 
     5.000%, 10/01/37 – XLCA Insured (Alternative Minimum Tax)             
5,455    South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System    8/17 at 100.00    AA–    5,441,417 
     Obligation Group, Series 2007, 5.000%, 8/15/42             
9,500    Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 –    10/18 at 100.00    AAA    9,942,510 
     AMBAC Insured             
34,835    Total Florida            35,788,647 
    Georgia – 2.5% (1.5% of Total Investments)             
4,400    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 –    No Opt. Call    AAA    4,780,292 
     FGIC Insured             
2,880    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 8.250%, 1/01/11    No Opt. Call    A+    3,275,510 
5,500    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%,    No Opt. Call    AAA    6,158,625 
     1/01/19 – FGIC Insured (ETM)             
12,780    Total Georgia            14,214,427 
    Hawaii – 1.0% (0.6% of Total Investments)             
3,720    Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series    No Opt. Call    AA    3,937,992 
     1993B, 5.000%, 10/01/13             
1,580    Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series    No Opt. Call    Aaa    1,679,256 
     1993B, 5.000%, 10/01/13 (ETM)             
5,300    Total Hawaii            5,617,248 
    Illinois – 17.2% (10.1% of Total Investments)             
4,000    Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A,    No Opt. Call    AAA    4,445,880 
     6.250%, 1/01/15 – MBIA Insured             
17,000    Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Series    12/16 at 100.00    AAA    18,295,910 
     2006, 5.000%, 12/01/35 (UB)             
5,550    Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – FSA Insured    1/11 at 101.00    AAA    5,653,730 
     (Alternative Minimum Tax)             
5,000    Chicago, Illinois, Sales Tax Revenue Bonds, Series 1998, 5.250%, 1/01/28 – FGIC Insured    7/08 at 102.00    AAA    5,137,000 
1,665    Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,    1/16 at 100.00    AAA    1,713,901 
     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    Aaa    1,823,275 
1,685     8.500%, 12/01/15 – FGIC Insured    No Opt. Call    Aaa    2,214,494 
6,070    Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek    4/11 at 105.00    Aaa    6,651,203 
     American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40             
1,385    Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program –    12/14 at 100.00    Aaa    1,452,089 
     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    AA+    2,603,880 
     5.250%, 8/15/34             
4,000    Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai    8/13 at 100.00    AAA    4,115,400 
     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    Baa2    4,076,240 
     5.500%, 5/15/32             
    Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System,             
    Series 1993C:             
1,570     7.000%, 4/01/08    No Opt. Call    A+    1,598,307 
4,075     7.000%, 4/01/14    No Opt. Call    A+    4,663,389 
675    Illinois Housing Development Authority, Multifamily Program Bonds, Series 1994-5, 6.650%, 9/01/14    9/07 at 100.00    A+    675,729 
9,795    Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington,    No Opt. Call    AAA    10,771,562 
     Illinois, School Refunding Bonds, Series 2002, 5.250%, 12/01/19 – FSA Insured             
    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    6,318,545 
4,540     5.000%, 12/15/28 – MBIA Insured    6/12 at 101.00    AAA    4,659,311 
36,040     0.000%, 6/15/40 – MBIA Insured    No Opt. Call    AAA    7,458,478 
3,050    Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,    No Opt. Call    AAA    3,701,419 
     Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured             
123,570    Total Illinois            98,029,742 
    Indiana – 9.4% (5.5% of Total Investments)             
    Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:             
1,950     0.000%, 2/01/24    No Opt. Call    AA    877,286 
2,705     0.000%, 2/01/25    No Opt. Call    AA    1,151,546 
3,965    Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001,    2/11 at 100.00    AAA    4,140,332 
     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    1,568,430 
     1999, 5.750%, 10/01/19 – FSA Insured             
22,000    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligated    8/10 at 101.50    AAA    23,318,677 
     Group, Series 2000A, 5.500%, 2/15/30 (Pre-refunded 8/15/10) – MBIA Insured             
3,000    Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus    No Opt. Call    AAA    3,389,730 
     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    AAA    2,884,084 
     Series 2005A, 5.000%, 5/01/35 – AMBAC Insured             
4,000    Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/23 –    6/13 at 100.00    AAA    4,136,840 
     FSA Insured             
6,000    Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24    6/13 at 100.00    AAA    6,352,920 
     (Pre-refunded 6/01/13) – FSA Insured             
420    Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease    6/09 at 100.00    AAA    423,814 
     Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – MBIA Insured             
5,000    Metropolitan School District Warren Township Vision 2005 School Building Corporation, Marion    1/11 at 100.00    AAA    5,273,550 
     County, Indiana, First Mortgage Bonds, Series 2000, 5.500%, 7/15/20 (Pre-refunded 1/15/11) –             
     FGIC Insured             
53,340    Total Indiana            53,517,209 
    Iowa – 0.2% (0.1% of Total Investments)             
1,000    Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,    7/16 at 100.00    BBB–    995,720 
     5.000%, 7/01/20             
    Kansas – 1.8% (1.1% of Total Investments)             
2,000    Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2000A, 5.500%,    9/10 at 100.00    AAA    2,084,380 
     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    6,487,982 
     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    AAA    1,838,708 
     5.300%, 6/01/31 – MBIA Insured             
10,575    Total Kansas            10,411,070 
    Louisiana – 6.0% (3.5% of Total Investments)             
3,070    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AAA    3,279,098 
     Bonds, Series 2002, 5.250%, 12/01/20 (Pre-refunded 12/01/12) – AMBAC Insured             
1,750    Louisiana Local Government Environmental Facilities and Community Development Authority,    6/12 at 105.00    Aaa    1,917,038 
     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+    5,241,052 
     Lady Health System, Series 2005A, 5.250%, 8/15/32             
3,280    Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series 2007,    7/17 at 100.00    Aaa    2,954,099 
     Drivers 1754, 5.886%, 7/01/37 – CIFG Insured (IF)             
  Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:         
1,480   4.750, 5/01/39 – FSA Insured (UB) 5/16 at 100.00  AAA  1,483,582 
15,820   4.500, 5/01/41 – FGIC Insured (UB) 5/16 at 100.00  AAA  15,118,699 
170    Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-3, 5.620%, 5/01/41 –    5/16 at 100.00    AAA    147,395 
     FGIC Insured (IF)             
4,195    Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986,    12/07 at 101.00    AAA    4,263,924 
     5.950%, 11/01/14 – FSA Insured             
34,915    Total Louisiana            34,404,887 
    Maryland – 3.1% (1.8% of Total Investments)             
2,905    Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A,    1/08 at 101.00    Aa2    2,948,139 
     5.875%, 7/01/16             
2,900    Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A,    1/08 at 102.00    Aa2    2,946,661 
     6.000%, 7/01/39 (Alternative Minimum Tax)             
50    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,    8/14 at 100.00    A3    51,790 
     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    AAA    2,233,139 
     Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured (UB)             
6,800    Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily    1/08 at 101.00    Aa2    6,952,796 
     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    2,376,857 
     Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)             
17,180    Total Maryland            17,509,382 
    Massachusetts – 0.8% (0.5% of Total Investments)             
3,585    Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%,    3/15 at 100.00    A    3,526,851 
     3/01/35 – ACA Insured             
1,155    Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007, Residual Trust    2/17 at 100.00    Aaa    974,855 
     7039, 5.809%, 8/01/46 – FSA Insured (IF)             
4,740    Total Massachusetts            4,501,706 
    Michigan – 7.6% (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    AAA    6,191,700 
     7/01/35 – MBIA Insured             
8,915    Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,    7/08 at 100.00    AAA    8,981,773 
     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    AAA    5,334,228 
     7/01/34 – FGIC Insured             
    Hancock Hospital Finance Authority, Michigan, FHA-Insured Mortgage Hospital Revenue Bonds,             
    Portage Health System Inc., Series 1998:             
105     4.625%, 8/01/18 (Pre-refunded 8/01/07) – MBIA Insured    8/07 at 100.00    AAA    105,000 
4,355     5.450%, 8/01/47 (Pre-refunded 8/01/08) – MBIA Insured    8/08 at 100.00    AAA    4,423,374 
5,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,    10/13 at 100.00    AAA    5,168,450 
     5.000%, 10/15/29 – MBIA Insured             
10,500    Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center    8/08 at 101.00    BB–    10,348,800 
     Obligated Group, Series 1998A, 5.250%, 8/15/23             
2,500    Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series    12/16 at 100.00    Aa2    2,510,925 
     2006A, 5.000%, 12/01/31             
42,775    Total Michigan            43,064,250 
    Minnesota – 1.3% (0.7% of Total Investments)             
825    Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities    11/07 at 102.00    AAA    831,823 
     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    3,661,630 
     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    2,758,218 
     Project, Series 2007-1, 5.000%, 8/01/36             
7,200    Total Minnesota            7,251,671 
    Mississippi – 1.3% (0.8% of Total Investments)             
1,875    Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial    9/14 at 100.00    N/R    1,858,988 
     Healthcare, Series 2004B-1, 5.000%, 9/01/24             
5,180    Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18    No Opt. Call    AA    5,789,427 
7,055    Total Mississippi            7,648,415 
    Missouri – 0.7% (0.4% of Total Investments)             
1,000    Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue    6/17 at 100.00    N/R    973,860 
     Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36             
3,000    Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series    5/13 at 100.00    AA    3,104,460 
     2003, 5.125%, 5/15/24             
4,000    Total Missouri            4,078,320 
    Nebraska – 1.7% (1.0% of Total Investments)             
9,000    NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan Program, Series 1993A-5A,    No Opt. Call    AAA    9,490,500 
     6.250%, 6/01/18 – MBIA Insured (Alternative Minimum Tax)             
    Nevada – 4.5% (2.6% of Total Investments)             
10,420    Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18    6/12 at 100.00    AAA    11,188,683 
     (Pre-refunded 6/15/12) – MBIA Insured             
4,500    Clark County School District, Nevada, General Obligation School Improvement Bonds, Series    No Opt. Call    AAA    4,876,110 
     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    AAA    7,271,880 
     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    AAA    2,374,740 
     Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured             
27,345    Total Nevada            25,711,413 
    New Jersey – 4.8% (2.8% of Total Investments)             
1,100    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital    7/10 at 101.00    BBB– (4)    1,216,512 
     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    AAA    1,001,282 
    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:             
300     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    342,474 
2,345     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    2,677,005 
11,960    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    AAA    12,803,059 
     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    4,580,747 
     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    4,480,050 
     Series 2007-1A, 4.750%, 6/01/34             
25,580    Total New Jersey            27,101,129 
    New York – 10.3% (6.0% of Total Investments)             
855    Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter    4/17 at 100.00    N/R    827,289 
     Schools, Series 2007A, 5.000%, 4/01/32             
1,200    Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding    No Opt. Call    Baa3    1,218,240 
     Bonds, 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, 2006A, 4.500%,    2/17 at 100.00    AAA    3,882,210 
     2/15/47 – MBIA Insured (UB)             
3,300    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F,    11/16 at 100.00    AAA    3,094,839 
     4.250%, 5/01/33 – MBIA Insured (UB)             
6,740    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal    5/08 at 101.00    AAA    6,849,795 
     Series 1998C, 5.000%, 5/01/26             
    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal             
    Series 1998C:             
35     5.000%, 5/01/26 (Pre-refunded 5/01/08)    5/08 at 101.00    AAA    35,701 
6,790     5.000%, 5/01/26 (Pre-refunded 5/01/08)    5/08 at 101.00    AAA    6,925,053 
    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal             
    Series 2000C:             
3,630     5.875%, 11/01/16 (Pre-refunded 5/01/10)    5/10 at 101.00    AAA    3,869,399 
220     5.875%, 11/01/16 (Pre-refunded 5/01/10)    5/10 at 101.00    AAA    234,388 
5,000     5.500%, 11/01/24 (Pre-refunded 5/01/10)    5/10 at 101.00    AAA    5,278,450 
775    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds,    8/07 at 100.00    AAA    779,828 
     Hospital and Nursing Home Projects, Series 1992B, 6.200%, 8/15/22             
    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and             
    State Contingency Contract-Backed Bonds, Series 2003A-1:             
10,800     5.500%, 6/01/16    6/10 at 100.00    AA–    11,216,016 
2,500     5.500%, 6/01/18    6/12 at 100.00    AA–    2,651,350 
4,645    New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and    No Opt. Call    AA–    4,879,665 
     Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)             
6,250    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air    No Opt. Call    AAA    7,148,313 
     Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax)             
56,810    Total New York            58,890,536 
    North Carolina – 2.7% (1.6% of Total Investments)             
2,445    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional    2/14 at 100.00    AA+    2,540,453 
     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    AAA    2,138,680 
     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    AAA    10,530,800 
     1/01/18 – MBIA Insured             
14,445    Total North Carolina            15,209,933 
    Ohio – 2.2% (1.3% of Total Investments)             
8,065    Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – FSA Insured    1/10 at 101.00    AAA    8,189,846 
3,000    Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999,    10/09 at 101.00    A    3,114,870 
     5.800%, 10/01/14             
1,000    Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek    1/08 at 100.00    Aa2    1,001,580 
     Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax)             
12,065    Total Ohio            12,306,296 
    Oklahoma – 3.1% (1.8% of Total Investments)             
    Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:             
6,800     5.000%, 2/15/37    2/17 at 100.00    AA–    6,843,452 
3,340     5.000%, 2/15/42    2/17 at 100.00    AA–    3,343,707 
310    Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan    3/10 at 101.00    Aaa    320,549 
     Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax)             
3,500    Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health    12/16 at 100.00    AA    3,521,945 
     System, Series 2006, 5.000%, 12/15/36             
3,340    Tulsa Industrial Authority, Oklahoma, Hospital Revenue Refunding Bonds, Hillcrest Medical    No Opt. Call    AAA    3,497,915 
     Center, Series 1996, 6.500%, 6/01/09 – CONNIE LEE/AMBA Insured (ETM)             
17,290    Total Oklahoma            17,527,568 
    Pennsylvania – 2.1% (1.2% of Total Investments)             
500    Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,    3/17 at 100.00    BBB    486,045 
     School Lane Charter School, Series 2007A, 5.000%, 3/15/37             
3,500    Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue    1/08 at 100.00    BB+    3,502,415 
     Bonds, Northampton Generating Project, Series 1994A, 6.400%, 1/01/09 (Alternative Minimum Tax)             
5,490    Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of    12/16 at 100.00    AAA    5,325,849 
     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    AAA    2,819,804 
     AMBAC Insured             
12,090    Total Pennsylvania            12,134,113 
    Puerto Rico – 2.5% (1.5% of Total Investments)             
12,390    Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%,    No Opt. Call    AAA    14,122,617 
     7/01/13 – MBIA Insured             
    Rhode Island – 3.7% (2.2% of Total Investments)             
20,000    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB    20,959,599 
     Series 2002A, 6.250%, 6/01/42             
    South Carolina – 4.2% (2.5% of Total Investments)             
4,120    Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,    8/14 at 100.00    AAA    4,349,072 
     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    AAA    3,082,770 
     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    AAA    5,910,050 
5,750     4.000%, 1/01/23 – MBIA Insured    1/08 at 100.00    AAA    5,380,908 
5,085    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series    No Opt. Call    AAA    5,467,087 
     1998A, 5.500%, 1/01/13 – MBIA Insured             
22,955    Total South Carolina            24,189,887 
    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–    1,850,450 
     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–    844,277 
     Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41             
1,500    Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue    5/08 at 102.00    AA    1,542,450 
     Bonds, Series 1998A, 5.200%, 5/15/23             
680    Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,    9/16 at 100.00    BBB+    683,624 
     Wellmont Health System, Series 2006C, 5.250%, 9/01/36             
1,500    Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds,    11/17 at 100.00    N/R    1,514,970 
     Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (WI/DD, Settling 8/15/07)             
8,755    Total Tennessee            4,585,321 
    Texas – 18.8% (10.9% of Total Investments)             
3,000    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,    12/12 at 100.00    CCC+    2,788,590 
     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    5,025,907 
     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    AAA    4,098,160 
     Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured             
3,345    Columbia-Brazoria Independent School District, Texas, Unlimited Tax School Building Bonds,    2/09 at 100.00    AAA    3,354,834 
     Series 1999, 4.750%, 2/01/25             
2,250    Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%,    11/14 at 100.00    AAA    2,292,300 
     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    AAA    8,479,280 
     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    6,383,520 
     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    AAA    7,179,760 
     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    AAA    10,433,789 
     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    8,939,925 
     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    5,918,658 
     Bonds, Series 2006, 0.000%, 8/15/39             
117    Midland Housing Finance Corporation, Texas, Single Family Mortgage Revenue Refunding Bonds,    11/07 at 101.00    Aaa    119,581 
     Series 1992A, 8.450%, 12/01/11             
    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    764,682 
760     5.500%, 2/15/23    2/11 at 100.00    AAA    794,451 
    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    1,656,507 
1,640     5.500%, 2/15/23 (Pre-refunded 2/15/11)    2/11 at 100.00    Aaa    1,730,364 
    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    3,084,139 
2,300     5.125%, 2/15/31    8/11 at 100.00    Aaa    2,351,474 
700    Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding    8/11 at 100.00    Aaa    733,614 
     Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11)             
6,000    Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State    8/12 at 100.00    Aaa    6,306,960 
     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    3,980,118 
     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, Series    10/12 at 100.00    AA    1,920,078 
     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    4,899,468 
     Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11)             
3,200    Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series    2/17 at 100.00    AA–    3,218,016 
     2007, 5.000%, 2/15/36             
800    Texas, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2007,    4/17 at 100.00    AA    723,512 
     Residuals 1872-1, 5.774%, 4/01/33 (IF)             
3,000    Texas, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2007,    4/17 at 100.00    AA    2,713,170 
     Residuals 1872-2, 5.774%, 4/01/33 (IF)             
8,500    Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,    10/07 at 100.00    Aaa    9,098,485 
     Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)             
150,597    Total Texas            108,989,342 
    Utah – 2.2% (1.3% of Total Investments)             
4,845    Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community    12/08 at 101.00    N/R    4,779,108 
     Hospital Project, Series 1998, 5.750%, 12/15/18             
4,995    Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%,    10/07 at 101.00    Aa3 (4)    5,004,191 
     7/01/14 (ETM)             
520    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27    7/10 at 100.00    AA    527,743 
     (Alternative Minimum Tax)             
    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:             
1,510     5.500%, 1/01/18 (Alternative Minimum Tax)    1/11 at 100.00    AA–    1,529,026 
500     5.650%, 1/01/21 (Alternative Minimum Tax)    1/11 at 100.00    Aaa    506,735 
12,370    Total Utah            12,346,803 
    Virginia – 1.5% (0.9% of Total Investments)             
8,190    Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 –    1/13 at 100.00    AAA    8,387,952 
     AMBAC Insured             
    Washington – 10.1% (5.9% of Total Investments)             
1,855    Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds,    7/09 at 101.00    AA    1,933,170 
     Series 1999A, 6.200%, 7/01/34 (Alternative Minimum Tax)             
2,500    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –    7/12 at 100.00    AAA    2,697,475 
     Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured             
1,655    Everett, Washington, Limited Tax General Obligation Bonds, Series 1997, 5.125%, 9/01/17 –    9/07 at 100.00    Aaa    1,656,721 
     FSA Insured             
220    Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric    1/15 at 100.00    Aaa    234,793 
     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    AAA    5,947,447 
     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    AAA    1,631,130 
     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    8,732,782 
     (Pre-refunded 1/01/11) – FSA Insured             
4,705    Tacoma, Washington, Sewerage Revenue Refunding Bonds, Series 1994B, 8.000%, 12/01/08 –    No Opt. Call    AAA    4,959,493 
     FGIC Insured             
11,000    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    No Opt. Call    Aaa    11,632,830 
     1993B, 7.000%, 7/01/09             
4,700    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    7/08 at 102.00    Aaa    4,817,359 
     1998A, 5.125%, 7/01/18             
1,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,    8/13 at 102.00    AAA    1,033,060 
     Series 1998, 5.000%, 8/15/28 – AMBAC Insured             
2,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Highline Community Hospital,    8/08 at 102.00    AA    2,014,800 
     Series 1998, 5.000%, 8/15/21 – RAAI Insured             
5,500    Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services,    11/08 at 101.00    Aaa    5,658,730 
     Series 1998, 5.500%, 11/15/14 – AMBAC Insured             
4,515    Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,    6/13 at 100.00    BBB    4,833,624 
     Series 2002, 6.500%, 6/01/26             
55,085    Total Washington            57,783,414 
    Wisconsin – 2.4% (1.4% of Total Investments)             
500    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of    12/08 at 100.00    AAA    509,625 
     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    AAA    7,785,975 
     Inc., Series 2002A, 5.250%, 2/15/32 – MBIA Insured             
5,000    Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured    5/16 at 100.00    AAA    5,105,600 
13,000    Total Wisconsin            13,401,200 
$   1,068,771    Total Investments (cost $939,820,261) – 170.8%            973,407,427 
    Floating Rate Obligations (12.4)%            (70,818,000) 
    Other Assets Less Liabilities – 1.0%            5,577,696 
    Preferred Shares, at Liquidation Value – (59.4)%            (338,400,000) 
    Net Assets Applicable to Common Shares – 100%           $  569,767,123 

    The Fund may invest in “zero coupon” securities. A zero coupon security does not pay a regular interest 
    coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes 
    from accretion of the difference between the original purchase price of the security at issuance and the 
    par value of the security at maturity and is effectively paid at maturity. Such securities are included in the 
    portfolio with a 0.00% coupon rate in their description. The market prices of zero coupon securities generally 
    are more volatile than the market prices of securities that pay interest periodically. 
(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 or Moody’s rating. Ratings below BBB by Standard & Poor’s 
    Group or Baa by Moody’s Investor Service, Inc. 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. 
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. 

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 the treatment of paydown gains and losses, 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 SFAS No. 140.

At July 31, 2007, the cost of investments was $868,595,425.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2007, were as follows:

Gross unrealized:     
  Appreciation    $39,611,644 
  Depreciation    (5,625,033) 
Net unrealized appreciation (depreciation) of investments    $33,986,611 

Item 2. Controls and Procedures.

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

Item 3. Exhibits.

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Premium Income Municipal Fund 4, Inc.        

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

Date         September 28, 2007        

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 28, 2007        

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

Date        September 28, 2007        

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