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)


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         

(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            10/31          

Date of reporting period:         1/31/07         

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)             
    January 31, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 

    Alabama – 3.4% (2.0% 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–   $   5,485,368 
2,395    Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay    2/11 at 102.00    AAA    2,512,834 
     Apartments, Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax)             
11,895    Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds,    5/07 at 100.50    Aaa    11,964,467 
     Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital,             
     Series 1995, 5.000%, 11/01/25 (ETM)             

19,440    Total Alabama            19,962,669 

    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    1,740,025 
     12/01/30 – FGIC Insured             
3,065    Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%,    12/13 at 100.00    AAA    3,269,282 
     12/01/26 – MBIA Insured             

4,730    Total Alaska            5,009,307 

    Arizona – 1.6% (1.0% of Total Investments)             
5,000    Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility    7/13 at 100.00    Aaa    5,201,400 
     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    4,316,767 
     Revenue Bonds, Series 2003, 5.000%, 12/01/18 – MBIA Insured             

9,100    Total Arizona            9,518,167 

    Arkansas – 0.0% (0.0% of Total Investments)             
21    Jacksonville Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    7/07 at 100.00    Aaa    21,887 
     Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A-2, 7.900%, 1/01/11             
71    Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    4/07 at 101.00    Aaa    71,940 
     Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11             

92    Total Arkansas            93,827 

    California – 18.0% (10.5% of Total Investments)             
1,800    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%,    5/12 at 101.00    AAA    1,963,278 
     5/01/14 – AMBAC Insured             
17,000    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist    3/13 at 100.00    A    17,352,068 
     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+    5,168,700 
     Series 2006, 5.000%, 4/01/37             
11,000    California Infrastructure Economic Development Bank, First Lien Revenue Bonds, San Francisco    1/28 at 100.00    AAA    12,306,690 
     Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/33 (Pre-refunded 1/01/28) – AMBAC Insured             
     (UB)             
2,000    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance    8/11 at 102.00    A+    2,115,020 
     LLC, Series 2001A, 5.550%, 8/01/31             
12,000    California, General Obligation Bonds, Series 2003, 5.250%, 2/01/22    8/13 at 100.00    A+    12,826,320 
4,500    California, General Obligation Bonds, Series 2004, 5.100%, 2/01/34    2/09 at 100.00    A+    4,572,855 
19,545    California, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured (UB)    6/15 at 100.00    Aaa    20,556,649 
4,780    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series    No Opt. Call    AAA    3,654,406 
     1995A, 0.000%, 1/01/14 (ETM)             
1,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    BBB    1,143,430 
     Bonds, Series 2003A-1, 6.750%, 6/01/39             
3,190    Hillsborough City School District, San Mateo County, California, General Obligation Bonds,    No Opt. Call    AAA    1,276,383 
     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    10,869,023 
     Series 2006A, 4.250%, 7/01/31 – FSA Insured (UB)             
31,300    San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue    No Opt. Call    Aaa    9,357,135 
     Refunding Bonds, Series 1997A, 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    2,126,760 
     1996A, 6.000%, 10/01/12 – FGIC Insured             

126,370    Total California            105,288,717 

    Colorado – 5.5% (3.2% of Total Investments)             
6,500    Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005,    12/15 at 100.00    AAA    6,735,430 
     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)    2,117,840 
     Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11)             
530    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3,    10/09 at 105.00    Aa2    551,216 
     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+    3,377,014 
     (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    3,145,859 
10,000     5.000%, 12/01/33 (Pre-refunded 12/01/13) – XLCA Insured    12/13 at 100.00    AAA    10,700,200 
4,345    El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002,    12/12 at 100.00    Aaa    4,638,244 
     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    799,507 
     12/15/22 – FSA Insured             

30,110    Total Colorado            32,065,310 

    District of Columbia – 2.3% (1.3% of Total Investments)             
5    District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/09 – CAPMAC Insured    6/07 at 100.00    AAA    5,009 
1,200    District of Columbia, General Obligation Refunding Bonds, Series 1993A, 6.000%, 6/01/07 – MBIA    No Opt. Call    AAA    1,208,028 
     Insured             
145    District of Columbia, General Obligation Refunding Bonds, Series 1993A, 6.000%, 6/01/07 – MBIA    No Opt. Call    AAA    146,117 
     Insured (ETM)             
4,250    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series    2/07 at 102.00    AAA    4,341,545 
     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 – MBIA Insured    4/11 at 42.15    AAA    3,363,710 
15,235     0.000%, 4/01/30 – MBIA Insured    4/11 at 32.93    AAA    4,157,479 

30,505    Total District of Columbia            13,221,888 

    Florida – 5.3% (3.1% of Total Investments)             
5,000    Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,    7/13 at 100.00    AAA    5,195,700 
     7/01/28 – MBIA Insured             
5,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,    10/13 at 100.00    AAA    5,336,650 
     Series 2003A, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax)             
5,000    Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,    6/07 at 100.00    BB+    5,052,500 
     Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)             
1,380    Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds,    1/11 at 102.00    AAA    1,451,705 
     Sunset 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    3,647,210 
     5.000%, 10/01/37 – XLCA Insured (Alternative Minimum Tax)             
9,500    Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 -    10/18 at 100.00    AAA    10,181,150 
     AMBAC Insured             

29,380    Total Florida            30,864,915 

    Georgia – 2.5% (1.5% of Total Investments)             
4,400    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC    No Opt. Call    AAA    5,022,688 
     Insured             
2,880    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 8.250%,    No Opt. Call    A+    3,323,462 
     1/01/11             
5,500    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%,    No Opt. Call    AAA    6,272,640 
     1/01/19 – FGIC Insured (ETM)             

12,780    Total Georgia            14,618,790 

    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    3,959,122 
     1993B, 5.000%, 10/01/13             
1,580    Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series    No Opt. Call    Aaa    1,696,430 
     1993B, 5.000%, 10/01/13 (ETM)             

5,300    Total Hawaii            5,655,552 

    Illinois – 17.8% (10.4% of Total Investments)             
4,000    Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A,    No Opt. Call    AAA    4,505,080 
     6.250%, 1/01/15 – MBIA Insured             
17,000    Chicago Greater Metropolitan Area Sanitary District, Illinois, General Obligation Bonds,    12/16 at 100.00    AAA    17,994,160 
     Series 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    5,705,955 
     (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    5,176,100 
1,665    Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,    1/16 at 100.00    AAA    1,744,853 
     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    1,850,469 
1,685     8.500%, 12/01/15 – FGIC Insured    No Opt. Call    Aaa    2,249,947 
6,090    Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek    4/11 at 105.00    Aaa    6,324,161 
     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    1,467,338 
     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+    2,663,259 
     5.250%, 8/15/34             
4,000    Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai    8/13 at 100.00    AAA    4,169,480 
     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    4,148,960 
     5.500%, 5/15/32             
    Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System,             
    Series 1993C:             
3,045     7.000%, 4/01/08    No Opt. Call    A+    3,103,312 
4,075     7.000%, 4/01/14    No Opt. Call    A+    4,736,210 
720    Illinois Housing Development Authority, Multifamily Program Bonds, Series 1994-5, 6.650%,    3/07 at 100.00    A+    720,857 
     9/01/14             
3,410    Illinois Housing Development Authority, Section 8 Elderly Housing Revenue Bonds, Skyline    5/07 at 100.00    A    3,466,436 
     Towers Apartments, Series 1992B, 6.875%, 11/01/17             
9,795    Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington,    No Opt. Call    AAA    10,946,206 
     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    6,281,020 
4,540     5.000%, 12/15/28 – MBIA Insured    6/12 at 101.00    AAA    4,731,951 
36,040     0.000%, 6/15/40 – MBIA Insured    No Opt. Call    AAA    8,056,382 
3,050    Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,    No Opt. Call    AAA    3,765,988 
     Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured             

128,520    Total Illinois            103,808,124 

    Indiana – 9.2% (5.4% of Total Investments)             
    Carmel Redevelopment Authority, Lease Rent Revenue Bonds, Series 2005:             
1,950     0.000%, 2/01/24    No Opt. Call    AA    891,111 
2,705     0.000%, 2/01/25    No Opt. Call    AA    1,174,268 
3,965    Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001,    2/11 at 100.00    AAA    4,175,343 
     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    1,580,145 
     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    23,489,618 
     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    3,436,800 
     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    2,919,924 
     Series 2005A, 5.000%, 5/01/35 – AMBAC Insured             
    Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A:             
4,000     5.000%, 6/01/23 – FSA Insured    6/13 at 100.00    AAA    4,198,800 
6,000     5.000%, 6/01/24 – FSA Insured    6/13 at 100.00    AAA    6,291,360 
420    Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease    6/07 at 102.00    AAA    426,670 
     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    5,312,200 
     County, Indiana, First Mortgage Bonds, Series 2000, 5.500%, 7/15/20 (Pre-refunded 1/15/11) –             
     FGIC Insured             

53,340    Total Indiana            53,896,239 

    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–    1,002,560 
     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    2,102,560 
     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    6,504,020 
     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    1,868,615 
     5.300%, 6/01/31 – MBIA Insured             

10,575    Total Kansas            10,475,195 

    Louisiana – 5.5% (3.3% of Total Investments)             
3,070    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AAA    3,250,516 
     Bonds, Series 2002, 5.250%, 12/01/20 – AMBAC Insured             
1,750    Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA    6/12 at 105.00    Aaa    1,930,268 
     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+    5,400,754 
     Lady Health System, Series 2005A, 5.250%, 8/15/32             
    Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006:             
1,485     4.750%, 5/01/39 – FSA Insured (UB)    5/16 at 100.00    Aaa    1,515,561 
16,320     4.500%, 5/01/41 – FGIC Insured (UB)    5/16 at 100.00    Aaa    15,915,264 
4,195    Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986,    6/07 at 101.50    AAA    4,284,983 
     5.950%, 11/01/14 – FSA Insured             

31,970    Total Louisiana            32,297,346 

    Maryland – 3.0% (1.8% of Total Investments)             
2,905    Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%,    7/07 at 102.00    Aa2    2,965,685 
     7/01/16             
2,900    Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%,    7/07 at 102.00    Aa2    2,970,122 
     7/01/39 (Alternative Minimum Tax)             
50    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,    8/14 at 100.00    A3    53,115 
     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    2,259,615 
     Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured (UB)             
6,800    Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily    7/07 at 101.00    Aa2    6,953,612 
     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    2,412,716 
     Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)             

17,180    Total Maryland            17,614,865 

    Massachusetts – 1.7% (1.0% of Total Investments)             
3,585    Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%,    3/15 at 100.00    A    3,686,850 
     3/01/35 – ACA Insured             
5,000    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series    7/07 at 102.00    AAA    5,076,450 
     1997A, 5.000%, 1/01/37 – MBIA Insured             
1,000    Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007, Residual Trust    2/17 at 100.00    Aaa    942,940 
     7039, 5.850%, 8/01/46 (WI/DD, Settling 2/01/07) – FSA Insured (IF)             

9,585    Total Massachusetts            9,706,240 

    Michigan – 7.3% (4.3% of Total Investments)             
6,000    Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,    7/15 at 100.00    AAA    6,287,280 
     7/01/35 – MBIA Insured             
1,535    Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,    7/07 at 101.00    AAA    1,558,685 
     7/01/27 (Pre-refunded 7/01/07) – MBIA Insured             
8,915    Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,    7/07 at 101.00    AAA    9,017,879 
     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    5,416,146 
     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    105,510 
4,400     5.450%, 8/01/47 (Pre-refunded 8/01/08) – MBIA Insured    8/08 at 100.00    AAA    4,507,844 
5,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,    10/13 at 100.00    AAA    5,237,300 
     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–    10,607,730 
     Obligated Group, Series 1998A, 5.250%, 8/15/23             

41,855    Total Michigan            42,738,374 

    Minnesota – 1.3% (0.8% of Total Investments)             
900    Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities    11/07 at 102.00    AAA    914,004 
     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    3,686,200 
     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    2,898,805 
     Project, Series 2007-1, 5.000%, 8/01/36             

7,275    Total Minnesota            7,499,009 

    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    1,924,294 
     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    5,882,926 

7,055    Total Mississippi            7,807,220 

    Missouri – 0.9% (0.5% of Total Investments)             
3,000    Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series    5/13 at 100.00    AA    3,127,350 
     2003, 5.125%, 5/15/24             
2,000    St. Louis, Missouri, Airport Revenue Bonds, Airport Development Program, Series 2001A, 5.000%,    7/11 at 100.00    AAA    2,098,740 
     7/01/26 (Pre-refunded 7/01/11) – MBIA Insured             

5,000    Total Missouri            5,226,090 

    Nebraska – 1.6% (1.0% of Total Investments)             
9,000    NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan Program, Series 1993A-5A,    No Opt. Call    AAA    9,612,180 
     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    11,286,110 
     (Pre-refunded 6/15/12) – MBIA Insured             
4,500    Clark County School District, Nevada, General Obligation School Improvement Bonds, Series    No Opt. Call    AAA    4,935,465 
     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    7,360,150 
     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    2,422,859 
     Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured             

27,345    Total Nevada            26,004,584 

    New Jersey – 5.4% (3.2% of Total Investments)             
2,135    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health    1/17 at 100.00    BBB    2,192,047 
     Care System, Series 2006A, 5.000%, 7/01/29             
1,100    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital    7/10 at 101.00    BBB–    1,213,740 
     Obligated Group, Series 2000, 7.500%, 7/01/30             
880    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – MBIA Insured    No Opt. Call    AAA    1,015,538 
    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:             
300     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    346,806 
2,345     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    2,710,867 
13,470    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB (4)    14,374,643 
     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    BBB (4)    4,634,320 
     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    4,796,500 
     Series 2007-1A, 4.750%, 6/01/34             

29,225    Total New Jersey            31,284,461 

    New York – 11.9% (7.0% of Total Investments)             
    Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,             
    Education, Series 2006C:             
1,510     5.000%, 12/15/31 (UB)    12/16 at 100.00    AAA    1,606,096 
6,360     5.000%, 12/15/35 (UB)    12/16 at 100.00    AAA    6,754,257 
1,200    Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding Bonds,    No Opt. Call    BB+    1,229,388 
     American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 (Mandatory put             
     6/01/10)             
4,070    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,    2/17 at 100.00    AAA    4,024,457 
     2/15/47 – MBIA Insured (UB)             
3,300    Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,    11/16 at 100.00    Aaa    3,176,943 
     5/01/33 – MBIA Insured (UB)             
11,825    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal    5/08 at 101.00    AAA    12,068,004 
     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    35,924 
3,705     5.000%, 5/01/26 (Pre-refunded 5/01/08)    5/08 at 101.00    AAA    3,801,923 
220    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal    5/10 at 101.00    AAA    236,500 
     Series 2000A, 5.875%, 11/01/16 (Pre-refunded 5/01/10)             
    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    3,904,573 
5,000     5.500%, 11/01/24 (Pre-refunded 5/01/10)    5/10 at 101.00    AAA    5,318,100 
990    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds,    2/07 at 100.00    AAA    996,772 
     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–    11,346,696 
2,500     5.500%, 6/01/18    6/12 at 100.00    AA–    2,682,700 
4,645    New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and    No Opt. Call    AA–    4,916,686 
     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    7,202,938 
     Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax)             

66,040    Total New York            69,301,957 

    North Carolina – 2.6% (1.6% of Total Investments)             
2,445    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional    2/14 at 100.00    AA+    2,569,377 
     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    2,159,020 
     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    10,671,400 
     1/01/18 – MBIA Insured             

14,445    Total North Carolina            15,399,797 

    Ohio – 2.3% (1.4% 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    8,264,770 
935    Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 (Pre-refunded    1/10 at 101.00    Aaa    975,495 
     1/01/10) – FSA Insured             
3,000    Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999,    10/09 at 101.00    A    3,154,710 
     5.800%, 10/01/14             
1,000    Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek    7/07 at 101.00    Aa2    1,006,790 
     Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax)             

13,000    Total Ohio            13,401,765 

    Oklahoma – 0.7% (0.4% of Total Investments)             
310    Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan    3/10 at 101.00    Aaa    324,682 
     Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax)             
3,340    Tulsa Industrial Authority, Oklahoma, Hospital Revenue Refunding Bonds, Hillcrest Medical    No Opt. Call    AAA    3,540,467 
     Center, Series 1996, 6.500%, 6/01/09 – CONNIE LEE/AMBA Insured (ETM)             

3,650    Total Oklahoma            3,865,149 

    Pennsylvania – 2.0% (1.2% of Total Investments)             
3,500    Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue    7/07 at 100.00    B+    3,500,175 
     Bonds, Northampton Generating Project, Series 1994A, 6.400%, 1/01/09 (Alternative Minimum Tax)             
5,485    Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of    12/16 at 100.00    AAA    5,439,639 
     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    2,856,230 
     AMBAC Insured             

11,585    Total Pennsylvania            11,796,044 

    Puerto Rico – 2.4% (1.4% of Total Investments)             
12,390    Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%,    No Opt. Call    AAA    14,282,323 
     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    21,646,598 
     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    4,398,388 
     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    3,127,830 
     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    6,056,950 
5,750     4.000%, 1/01/23 – MBIA Insured    7/07 at 100.00    AAA    5,453,818 
5,085    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series    No Opt. Call    AAA    5,504,004 
     1998A, 5.500%, 1/01/13 – MBIA Insured             

22,955    Total South Carolina            24,540,990 

    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    A+    1,887,638 
     Hospitals, Series 2004A, 5.500%, 11/01/31             

    Tennessee – 0.5% (0.3% of Total Investments)             
5,075    Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue    1/17 at 30.07    A–    898,630 
     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    1,551,120 
     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+    709,628 
     Wellmont Health System, Series 2006C, 5.250%, 9/01/36             

7,255    Total Tennessee            3,159,378 

    Texas – 18.0% (10.5% of Total Investments)             
4,500    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,    6/07 at 100.00    CCC+    4,590,900 
     Series 1990, 7.500%, 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    5,210,323 
     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    4,162,920 
     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    3,367,512 
     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    2,324,250 
     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    8,597,760 
     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    6,447,120 
     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    7,241,640 
     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    10,741,464 
     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    9,246,600 
     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    5,890,849 
     Bonds, Series 2006, 0.000%, 8/15/39             
139    Midland Housing Finance Corporation, Texas, Single Family Mortgage Revenue Refunding Bonds,    5/07 at 102.00    Aaa    140,920 
     Series 1992A, 8.450%, 12/01/11             
    Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School             
    Building and Refunding Bonds, Series 2001:             
2,300     5.500%, 2/15/21    2/11 at 100.00    AAA    2,430,962 
2,400     5.500%, 2/15/23    2/11 at 100.00    AAA    2,536,656 
    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    3,115,811 
2,300     5.125%, 2/15/31    8/11 at 100.00    Aaa    2,379,166 
700    Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding    8/11 at 100.00    Aaa    738,920 
     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    6,350,700 
     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    3,999,316 
     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    1,951,074 
     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    4,852,797 
     Refunding Bonds, Series 2001, 5.125%, 2/01/26             
8,500    Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,    5/07 at 100.00    Aaa    9,156,370 
     Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)             

145,119    Total Texas            105,474,030 

    Utah – 5.3% (3.1% of Total Investments)             
4,845    Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community    12/08 at 101.00    N/R    4,832,258 
     Hospital Project, Series 1998, 5.750%, 12/15/18             
5,065    Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14    7/07 at 101.00    A+ (4)    5,111,547 
     (ETM)             
40    Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14    7/08 at 100.00    A+    40,854 
5,820    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA    5,985,288 
     7/01/19 (Pre-refunded 7/01/07) – MBIA Insured             
11,750    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA    12,073,713 
     7/01/19 – MBIA Insured             
525    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27    7/10 at 100.00    AA    533,327 
     (Alternative Minimum Tax)             
    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:             
1,630     5.500%, 1/01/18 (Alternative Minimum Tax)    1/11 at 100.00    AA–    1,656,618 
515     5.650%, 1/01/21 (Alternative Minimum Tax)    1/11 at 100.00    Aa2    529,271 

30,190    Total Utah            30,762,876 

    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    8,490,409 
     AMBAC Insured             

    Washington – 10.0% (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    1,954,502 
     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    2,721,875 
     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 – FSA    9/07 at 100.00    Aaa    1,667,661 
     Insured             
6,000    Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric    1/15 at 100.00    AAA    6,268,860 
     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    1,644,900 
     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    8,806,503 
     (Pre-refunded 1/01/11) – FSA Insured             
4,705    Tacoma, Washington, Sewerage Revenue Refunding Bonds, Series 1994B, 8.000%, 12/01/08 – FGIC    No Opt. Call    AAA    5,052,700 
     Insured             
11,000    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    No Opt. Call    Aaa    11,787,930 
     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    4,855,758 
     1998A, 5.125%, 7/01/18             
1,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,    8/13 at 102.00    AAA    1,044,120 
     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    2,041,840 
     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    5,699,705 
     Series 1998, 5.500%, 11/15/14 – AMBAC Insured             
4,620    Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,    6/13 at 100.00    BBB    5,071,928 
     Series 2002, 6.500%, 6/01/26             

55,190    Total Washington            58,618,282 

    Wisconsin – 2.3% (1.4% of Total Investments)             
500    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of    12/08 at 100.00    AAA    510,580 
     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    7,877,325 
     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    5,164,152 

13,000    Total Wisconsin            13,552,057 

$   1,071,491    Total Investments (cost $943,373,228) – 169.7%            991,450,922 


    Floating Rate Obligation – (13.1%)            (76,273,000) 

    Other Assets Less Liabilities – 1.3%            7,395,499 

    Preferred Shares, at Liquidation Value – (57.9)%            (338,400,000) 

    Net Assets Applicable to Common Shares – 100%           $   584,173,421 



(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. 
(UB)    Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
    provisions of SFAS No. 140. 
(IF)    Inverse floating rate investment. 

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 January 31, 2007, the cost of investments was $866,747,559.

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


Gross unrealized:     
  Appreciation    $50,098,000 
  Depreciation    (1,649,054) 

Net unrealized appreciation (depreciation) of investments    $48,448,946 



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/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         March 30, 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         March 30, 2007        

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

Date        March 30, 2007        

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