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)


        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:         7/31/06         

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, 2006             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Alabama – 3.5% (2.2% 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–   $   5,413,680 
2,395    Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay    2/11 at 102.00    AAA    2,491,542 
     Apartments, Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax)             
11,895    Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds,    11/06 at 100.50    Aaa    12,022,871 
     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            19,928,093 
    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    1,707,674 
     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    3,228,947 
     12/01/26 – MBIA Insured             
4,730    Total Alaska            4,936,621 
    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    5,142,500 
     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    4,285,197 
     Revenue Bonds, Series 2003, 5.000%, 12/01/18 – MBIA Insured             
9,100    Total Arizona            9,427,697 
    Arkansas – 0.0% (0.0% of Total Investments)             
30    Arkansas Development Finance Authority, FHA-Insured or VA Guaranteed Single Family Mortgage    9/06 at 100.00    AA+ (4)    30,497 
     Revenue Refunding Bonds, Series 1991A, 8.000%, 8/15/11 (Pre-refunded 9/01/06)             
34    Jacksonville Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    1/07 at 100.00    Aaa    34,795 
     Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A-2, 7.900%, 1/01/11             
83    Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    10/06 at 102.00    Aaa    83,609 
     Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11             
147    Total Arkansas            148,901 
    California – 8.9% (5.6% of Total Investments)             
1,800    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%,    5/12 at 101.00    AAA    1,966,518 
     5/01/14 – AMBAC Insured             
17,000    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist    3/13 at 100.00    A    17,146,370 
     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+    5,056,250 
     Series 2006, 5.000%, 4/01/37             
2,000    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance    8/11 at 102.00    A+    2,090,840 
     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+    12,642,000 
4,500    California, General Obligation Bonds, Series 2004, 5.100%, 2/01/34    2/09 at 100.00    A+    4,545,585 
4,780    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series    No Opt. Call    AAA    3,509,380 
     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    1,125,700 
     Bonds, Series 2003A-1, 6.750%, 6/01/39             
795    Santa Clara Valley Water District, California, Water Utility System Revenue Bonds, Series    6/10 at 100.00    AA    821,720 
     2000A, 5.000%, 6/01/18             
1,945    South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series    No Opt. Call    AAA    2,174,179 
     1996A, 6.000%, 10/01/12 – FGIC Insured             
50,820    Total California            51,078,542 
    Colorado – 6.3% (4.0% of Total Investments)             
6,500    Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005,    12/15 at 100.00    AAA    6,645,275 
     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    2,069,700 
     Series 2001, 5.250%, 9/01/21             
570    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3,    10/09 at 105.00    Aa2    573,466 
     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+    3,413,434 
     (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    3,133,775 
10,000     5.000%, 12/01/33 (Pre-refunded 12/01/13) – XLCA Insured    12/13 at 100.00    AAA    10,659,100 
4,345    El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002,    12/12 at 100.00    Aaa    4,633,812 
     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    789,360 
     12/15/22 – FSA Insured             
4,125    Municipal Subdistrict Northern Colorado Water District, Revenue Bonds, Series 1997G, 5.250%,    12/07 at 101.00    AAA    4,236,870 
     12/01/15 – AMBAC Insured             
34,275    Total Colorado            36,154,792 
    Connecticut – 0.5% (0.3% of Total Investments)             
3,000    Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 1996C-2,    11/06 at 102.00    AAA    3,063,390 
     6.250%, 11/15/18             
    District of Columbia – 4.3% (2.7% of Total Investments)             
6,000    District of Columbia, General Obligation Bonds, Series 1993B-2, 5.500%, 6/01/10 – FSA Insured    No Opt. Call    AAA    6,337,740 
5    District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/09 – CAPMAC Insured    12/06 at 100.00    AAA    5,009 
1,200    District of Columbia, General Obligation Refunding Bonds, Series 1993A, 6.000%, 6/01/07 –    No Opt. Call    AAA    1,220,604 
     MBIA Insured             
145    District of Columbia, General Obligation Refunding Bonds, Series 1993A, 6.000%, 6/01/07 –    No Opt. Call    AAA    147,530 
     MBIA Insured (ETM)             
4,250    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series    8/06 at 102.00    AAA    4,341,333 
     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    3,263,625 
15,235     0.000%, 4/01/30 – MBIA Insured    4/11 at 32.93    AAA    4,040,779 
5,000    Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax    10/08 at 101.00    AAA    5,177,800 
     Revenue Bonds, Series 1998, 5.250%, 10/01/12 – AMBAC Insured             
41,505    Total District of Columbia            24,534,420 
    Florida – 5.3% (3.3% of Total Investments)             
5,000    Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,    7/13 at 100.00    AAA    5,121,600 
     7/01/28 – MBIA Insured             
5,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,    10/13 at 100.00    AAA    5,263,200 
     Series 2003A, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax)             
5,000    Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,    12/06 at 100.00    BB+    5,030,650 
     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    1,439,575 
     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    3,535,140 
     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    9,936,145 
     AMBAC Insured             
29,380    Total Florida            30,326,310 
    Georgia – 2.5% (1.6% of Total Investments)             
4,400    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 –    No Opt. Call    AAA    4,890,600 
     FGIC Insured             
2,880    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 8.250%, 1/01/11    No Opt. Call    A+    3,370,262 
5,500    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%,    No Opt. Call    AAA    6,200,095 
     1/01/19 – FGIC Insured (ETM)             
12,780    Total Georgia            14,460,957 
    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    Aa2    3,955,550 
     1993B, 5.000%, 10/01/13             
1,580    Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series    No Opt. Call    Aaa    1,692,259 
     1993B, 5.000%, 10/01/13 (ETM)             
5,300    Total Hawaii            5,647,809 
    Illinois – 14.6% (9.2% of Total Investments)             
4,000    Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A,    No Opt. Call    AAA    4,523,760 
     6.250%, 1/01/15 – MBIA Insured             
5,550    Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – FSA Insured    1/11 at 101.00    AAA    5,654,506 
     (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    5,173,000 
1,665    Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,    1/16 at 100.00    AAA    1,708,323 
     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    1,857,657 
1,685     8.500%, 12/01/15 – FGIC Insured    No Opt. Call    Aaa    2,251,598 
6,110    Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek    4/11 at 105.00    Aaa    6,229,878 
     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    1,453,710 
     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+    2,618,442 
     5.250%, 8/15/34             
4,000    Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai    8/13 at 100.00    AAA    4,094,920 
     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    4,098,120 
     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+    3,145,911 
4,075     7.000%, 4/01/14    No Opt. Call    A+    4,786,821 
720    Illinois Housing Development Authority, Multifamily Program Bonds, Series 1994-5, 6.650%, 9/01/14    9/06 at 100.00    A+    720,734 
3,410    Illinois Housing Development Authority, Section 8 Elderly Housing Revenue Bonds, Skyline    11/06 at 100.00    A    3,484,849 
     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    10,736,495 
     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    5,950,420 
4,540     5.000%, 12/15/28 – MBIA Insured    6/12 at 101.00    AAA    4,652,456 
36,040     0.000%, 6/15/40 – MBIA Insured    No Opt. Call    AAA    6,914,634 
3,050    Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,    No Opt. Call    AAA    3,736,525 
     Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured             
111,540    Total Illinois            83,792,759 
    Indiana – 9.0% (5.7% of Total Investments)             
3,965    Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001,    2/11 at 100.00    AAA    4,166,065 
     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    1,590,495 
     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    23,666,944 
     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    3,454,860 
     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    2,874,648 
     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    4,135,320 
6,000     5.000%, 6/01/24 – FSA Insured    6/13 at 100.00    AAA    6,195,840 
420    Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease    6/07 at 102.00    AAA    424,666 
     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    5,348,450 
     County, Indiana, First Mortgage Bonds, Series 2000, 5.500%, 7/15/20 (Pre-refunded 1/15/11) –             
     FGIC Insured             
48,685    Total Indiana            51,857,288 
    Iowa – 0.2% (0.2% of Total Investments)             
1,000    Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,    7/16 at 100.00    BBB–    991,060 
     5.000%, 7/01/20 (WI/DD, Settling 8/02/06)             
    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    2,101,140 
     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    6,416,592 
     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    1,839,215 
     5.300%, 6/01/31 – MBIA Insured             
10,575    Total Kansas            10,356,947 
    Louisiana – 2.6% (1.7% of Total Investments)             
3,070    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AAA    3,217,022 
     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    1,915,882 
     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+    5,297,290 
     Lady Health System, Series 2005A, 5.250%, 8/15/32             
4,565    Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986,    12/06 at 102.00    AAA    4,685,014 
     5.950%, 11/01/14 – FSA Insured             
14,535    Total Louisiana            15,115,208 
    Maine – 1.3% (0.8% of Total Investments)             
7,520    Maine Educational Loan Marketing Corporation, Student Loan Revenue Bonds, Subordinate Series    No Opt. Call    A2    7,556,622 
     1994B-2, 6.250%, 11/01/06 (Alternative Minimum Tax)             
    Maryland – 2.7% (1.7% of Total Investments)             
2,905    Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A,    1/07 at 102.00    Aa2    2,972,338 
     5.875%, 7/01/16             
2,900    Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%,    7/07 at 102.00    Aa2    2,971,340 
     7/01/39 (Alternative Minimum Tax)             
6,800    Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily    1/07 at 102.00    Aa2    6,953,204 
     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    2,406,072 
     Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)             
14,920    Total Maryland            15,302,954 
    Massachusetts – 1.5% (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    3,586,076 
     3/01/35 – ACA Insured             
5,000    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series    1/07 at 102.00    AAA    5,064,450 
     1997A, 5.000%, 1/01/37 – MBIA Insured             
8,585    Total Massachusetts            8,650,526 
    Michigan – 7.3% (4.6% of Total Investments)             
6,000    Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,    7/15 at 100.00    AAA    6,162,660 
     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    1,568,386 
     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    9,007,092 
     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    5,308,308 
     7/01/34 (WI/DD, Settling 8/10/06) – FGIC Insured             
    Hancock Hospital Finance Authority, Michigan, FHA-Insured Mortgage Hospital Revenue Bonds,             
    Portage Health System Inc., Series 1998:             
425     4.625%, 8/01/18 – MBIA Insured    8/08 at 100.00    AAA    425,289 
4,400     5.450%, 8/01/47 – MBIA Insured    8/08 at 100.00    AAA    4,504,456 
5,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,    10/13 at 100.00    AAA    5,144,300 
     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–    10,070,655 
     Obligated Group, Series 1998A, 5.250%, 8/15/23             
42,175    Total Michigan            42,191,146 
    Minnesota – 0.8% (0.5% of Total Investments)             
1,025    Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities    11/07 at 102.00    AAA    1,047,407 
     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    3,649,485 
     Series 2001A, 5.250%, 1/01/25 – FGIC Insured             
4,525    Total Minnesota            4,696,892 
    Mississippi – 1.9% (1.2% of Total Investments)             
1,285    Jones County, Mississippi, Hospital Revenue Bonds, South Central Regional Medical Center,    12/07 at 100.00    BBB+    1,302,039 
     Series 1997, 5.350%, 12/01/10             
2,000    Mississippi Higher Education Assistance Corporation, Student Loan Revenue Bonds, Senior Series    9/06 at 100.00    Aaa    2,002,480 
     1993B, 5.800%, 9/01/06 (Alternative Minimum Tax)             
1,875    Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial    9/14 at 100.00    N/R    1,882,350 
     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    5,777,772 
10,340    Total Mississippi            10,964,641 
    Missouri – 0.9% (0.6% of Total Investments)             
3,000    Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series    5/13 at 100.00    AA    3,096,930 
     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    2,044,920 
     7/01/26 – MBIA Insured             
5,000    Total Missouri            5,141,850 
    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    9,085,950 
     6.250%, 6/01/18 – MBIA Insured (Alternative Minimum Tax)             
    Nevada – 4.5% (2.9% 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    11,329,666 
     (Pre-refunded 6/15/12) – MBIA Insured             
4,500    Clark County School District, Nevada, General Obligation School Improvement Bonds, Series    No Opt. Call    AAA    4,994,460 
     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    7,259,700 
     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    2,218,771 
     Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured             
270    Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 1992B-1, 6.200%, 10/01/15    10/06 at 100.00    A1    270,770 
27,615    Total Nevada            26,073,367 
    New Jersey – 4.2% (2.6% of Total Investments)             
1,100    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital    7/10 at 101.00    BBB–    1,210,869 
     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    1,016,330 
    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:             
300     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    347,226 
2,345     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    2,714,150 
13,470    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB    14,095,951 
     Series 2002, 5.750%, 6/01/32             
3,995    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/13 at 100.00    BBB    4,484,707 
     Series 2003, 6.750%, 6/01/39             
22,090    Total New Jersey            23,869,233 
    New York – 9.5% (6.0% of Total Investments)             
1,200    Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding Bonds,    12/10 at 100.00    BB+    1,228,128 
     American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 (Mandatory             
     put 6/01/10)             
11,825    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal    5/08 at 101.00    AAA    12,046,364 
     Series 1998C, 5.000%, 5/01/26             
    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal             
    Series 1998C:             
1,350     5.000%, 5/01/26 (Pre-refunded 5/01/08)    5/08 at 101.00    AAA    1,394,199 
35     5.000%, 5/01/26 (Pre-refunded 5/01/08)    5/08 at 101.00    AAA    36,146 
3,705     5.000%, 5/01/26 (Pre-refunded 5/01/08)    5/08 at 101.00    AAA    3,825,042 
220    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal    5/10 at 101.00    AAA    238,473 
     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    3,937,497 
5,000     5.500%, 11/01/24 (Pre-refunded 5/01/10)    5/10 at 101.00    AAA    5,354,800 
1,395    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds,    8/06 at 100.00    AAA    1,405,211 
     Hospital and Nursing Home Projects, Series 1992B, 6.200%, 8/15/22             
4,200    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds,    8/06 at 101.00    AA    4,245,948 
     Kenmore Mercy Hospital, Series 1995B, 6.150%, 2/15/35             
    New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and             
    State Contingency Contract-Backed Bonds, Series 2003A-1:             
5,400     5.500%, 6/01/16    6/10 at 100.00    AA–    5,687,874 
2,500     5.500%, 6/01/18    6/12 at 100.00    AA–    2,673,775 
5,000    New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and    1/17 at 100.00    AA–    5,305,900 
     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    7,172,188 
     Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax)             
51,710    Total New York            54,551,545 
    North Carolina – 3.2% (2.0% of Total Investments)             
2,675    Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001,    6/11 at 101.00    AAA    2,894,002 
     5.500%, 6/01/13             
2,445    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional    2/14 at 100.00    AA+    2,538,644 
     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    2,174,320 
     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    10,610,900 
     1/01/18 – MBIA Insured             
17,120    Total North Carolina            18,217,866 
    Ohio – 2.3% (1.5% of Total Investments)             
9,000    Cleveland, Ohio, Airport System Revenue Bonds, Series 2000A, 5.000%, 1/01/31 – FSA Insured    1/10 at 101.00    AAA    9,151,020 
3,000    Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999,    10/09 at 101.00    A    3,155,190 
     5.800%, 10/01/14             
1,000    Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek    1/07 at 101.00    Aa2    1,007,560 
     Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax)             
13,000    Total Ohio            13,313,770 
    Oklahoma – 0.7% (0.4% of Total Investments)             
325    Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan    3/10 at 101.00    Aaa    339,628 
     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    3,576,873 
     Center, Series 1996, 6.500%, 6/01/09 – CONNIE LEE/AMBA Insured (ETM)             
3,665    Total Oklahoma            3,916,501 
    Pennsylvania – 1.4% (0.9% of Total Investments)             
5,000    Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue    1/07 at 100.00    BB    4,999,350 
     Bonds, Northampton Generating Project, Series 1994A, 6.400%, 1/01/09 (Alternative Minimum Tax)             
2,600    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –    12/14 at 100.00    AAA    2,813,590 
     AMBAC Insured             
7,600    Total Pennsylvania            7,812,940 
    Puerto Rico – 3.1% (2.0% of Total Investments)             
12,390    Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%,    No Opt. Call    AAA    14,297,564 
     7/01/13 – MBIA Insured             
3,470    University of Puerto Rico, University System Revenue Bonds, Series 2000O, 5.750%, 6/01/18 –    6/10 at 100.00    AAA    3,706,134 
     MBIA Insured             
15,860    Total Puerto Rico            18,003,698 
    Rhode Island – 3.7% (2.3% of Total Investments)             
20,000    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB    21,099,800 
     Series 2002A, 6.250%, 6/01/42             
    South Carolina – 4.2% (2.7% of Total Investments)             
4,120    Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,    8/14 at 100.00    AAA    4,350,596 
     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    3,073,050 
     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    5,958,800 
5,750     4.000%, 1/01/23 – MBIA Insured    1/07 at 100.00    AAA    5,295,980 
5,085    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series    No Opt. Call    AAA    5,520,225 
     1998A, 5.500%, 1/01/13 – MBIA Insured             
22,955    Total South Carolina            24,198,651 
    South Dakota – 0.2% (0.2% of Total Investments)             
1,750    South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley    11/14 at 100.00    A+    1,847,755 
     Hospitals, Series 2004A, 5.500%, 11/01/31             
    Tennessee – 0.2% (0.2% of Total Investments)             
1,500    Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue    5/08 at 102.00    AA    1,555,215 
     Bonds, Series 1998A, 5.200%, 5/15/23             
    Texas – 18.6% (11.7% of Total Investments)             
4,500    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,    12/06 at 100.00    CCC+    4,522,635 
     Series 1990, 7.500%, 12/01/29 (Alternative Minimum Tax)             
4,000    Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue    1/15 at 100.00    AAA    4,089,440 
     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    3,357,109 
     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    2,287,103 
     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    8,615,120 
     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    6,430,260 
     Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax)             
3,750    Harris County Flood Control District, Texas, General Obligation Bonds, Series 2003,    10/13 at 100.00    AA+    3,886,800 
     5.000%, 10/01/23             
7,000    Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds,    11/13 at 100.00    AAA    7,143,010 
     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    9,781,359 
     Project, Series 2001B, 0.000%, 9/01/28 – AMBAC Insured             
5,000    Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 1997D,    12/07 at 102.00    AAA    5,180,450 
     5.000%, 12/01/25 (Pre-refunded 12/01/07) – FGIC Insured             
7,500    Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A,    No Opt. Call    AAA    8,882,850 
     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    5,538,377 
     Bonds, Series 2006, 0.000%, 8/15/39             
172    Midland Housing Finance Corporation, Texas, Single Family Mortgage Revenue Refunding Bonds,    11/06 at 102.00    Aaa    176,548 
     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    2,430,134 
2,400     5.500%, 2/15/23    2/11 at 100.00    AAA    2,535,792 
    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    3,091,762 
3,000     5.125%, 2/15/31    8/11 at 100.00    Aaa    3,069,780 
6,000    Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State    8/12 at 100.00    Aaa    6,368,160 
     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    3,997,816 
     Racetrack, Series 1993, 8.750%, 12/15/12 (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    1,930,374 
     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    4,818,064 
     Refunding Bonds, Series 2001, 5.125%, 2/01/26             
8,500    Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,    11/06 at 100.00    Aaa    8,547,090 
     Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)             
148,462    Total Texas            106,680,033 
    Utah – 5.6% (3.6% of Total Investments)             
4,845    Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community    12/08 at 101.00    N/R    4,566,364 
     Hospital Project, Series 1998, 5.750%, 12/15/18             
5,065    Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%,    1/07 at 102.00    A+ (4)    5,162,805 
     7/01/14 (ETM)             
40    Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14    7/08 at 100.00    A+    40,856 
5,820    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA    6,041,858 
     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    12,168,653 
     7/01/19 – MBIA Insured             
1,435    Salt Lake City and Sandy Metropolitan Water District, Utah, Water Revenue Bonds, Series 2004,    7/14 at 100.00    Aaa    1,495,385 
     5.000%, 7/01/21 – AMBAC Insured             
555    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27    7/10 at 100.00    AA    563,713 
     (Alternative Minimum Tax)             
    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:             
1,755     5.500%, 1/01/18 (Alternative Minimum Tax)    1/11 at 100.00    AA–    1,787,011 
530     5.650%, 1/01/21 (Alternative Minimum Tax)    1/11 at 100.00    Aa2    541,517 
31,795    Total Utah            32,368,162 
    Virginia – 1.8% (1.1% 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    8,373,292 
     AMBAC Insured             
1,775    Virginia Transportation Board, Transportation Revenue Refunding Bonds, U.S. Route 58 Corridor    5/07 at 101.00    AA+    1,808,494 
     Development Program, Series 1997C, 5.125%, 5/15/19             
9,965    Total Virginia            10,181,786 
    Washington – 10.2% (6.5% of Total Investments)             
1,855    Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds,    7/09 at 101.00    AA    1,970,362 
     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    2,723,575 
     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    1,675,803 
     FSA Insured             
6,000    Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric    1/15 at 100.00    AAA    6,150,960 
     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    1,648,200 
     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    8,869,949 
     (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    5,135,037 
     FGIC Insured             
11,000    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series    No Opt. Call    Aaa    11,932,580 
     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    4,859,612 
     1998A, 5.125%, 7/01/18             
1,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital,    8/13 at 102.00    AAA    1,026,680 
     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    2,028,780 
     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    5,728,635 
     Series 1998, 5.500%, 11/15/14 – AMBAC Insured             
4,645    Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,    6/13 at 100.00    BBB    5,064,769 
     Series 2002, 6.500%, 6/01/26             
55,215    Total Washington            58,814,942 
    Wisconsin – 1.4% (0.9% of Total Investments)             
500    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of    12/06 at 102.00    AAA    512,240 
     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    7,794,750 
     Inc., Series 2002A, 5.250%, 2/15/32 – MBIA Insured             
8,000    Total Wisconsin            8,306,990 
$      957,179    Total Long-Term Investments (cost $857,204,983) – 155.8%            896,223,629 
    Short-Term Investments – 2.2% (1.4% of Total Investments)             
2,500    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Variable Rate        A-1+    2,500,000 
     Demand Obligations, Series 2005G, 3.680%, 11/01/26 (6)             
10,050    Washington State Housing Finance Commission, Variable Rate Demand Nonprofit Revenue Bonds,        VMIG-1    10,050,000 
     Wesley Homes Project, Series 2005, 3.640%, 1/01/36 (6)             
$        12,550    Total Short-Term Investments (cost $12,550,000)            12,550,000 
    Total Investments (cost $869,754,983) – 158.0%            908,773,629 
    Other Assets Less Liabilities – 0.8%            4,650,017 
    Preferred Shares, at Liquidation Value – (58.8)%            (338,400,000) 
    Net Assets Applicable to Common Shares – 100%           $   575,023,646 

(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 proposed adverse determination from the Internal Revenue Service (the “IRS”) 
    regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon 
    payments as tax-exempt income until such time that it is formally determined that the interest on the bonds 
    should be treated as taxable. 
(6)    Investment has a maturity of more than one year, but has variable rate and demand features which qualify it 
    as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate 
    changes periodically based on market conditions or a specified market index. 
N/R    Not rated. 
WI/DD    Purchased on a when-issued or delayed delivery basis. 
(ETM)    Escrowed to maturity. 

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 and timing differences in recognizing certain gains and losses on investment transactions.

At July 31, 2006, the cost of investments was $869,161,727.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2006, were as follows:

Gross unrealized:     
  Appreciation    $41,284,039 
  Depreciation    (1,672,137) 
Net unrealized appreciation (depreciation) of investments    $39,611,902 

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         September 28, 2006        

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, 2006        

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

Date        September 28, 2006        

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