Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-07432
 
Nuveen Premium Income Municipal Fund 4, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         7/31/10         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
Item 1. Schedule of Investments
 

           
   
Portfolio of Investments (Unaudited)
      
   
   Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
      
   
   July 31, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Alabama – 5.0% (3.3% 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– 
$      5,276,690 
11,895 
  
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, 
10/10 at 100.00 
Aaa 
11,931,280 
   
Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, 
      
   
Series 1995, 5.000%, 11/01/25 (ETM) 
      
5,000 
  
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
Aa1 
5,080,550 
   
2006C-2, 5.000%, 11/15/39 (UB) 
      
1,000 
  
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health 
11/15 at 100.00 
Baa2 
887,760 
   
System Inc., Series 2005A, 5.000%, 11/15/30 
      
1,000 
  
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, 
6/15 at 100.00 
BBB 
975,390 
   
International Paper Company, Series 2005A, 5.000%, 6/01/25 
      
1,500 
  
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
1/14 at 100.00 
AAA 
1,477,095 
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
      
2,325 
  
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, 
5/20 at 100.00 
BBB 
2,366,339 
   
International Paper Company Project, Series 2010A, 5.800%, 5/01/34 
      
27,870 
  
Total Alabama 
    
27,995,104 
   
Alaska – 0.9% (0.6% of Total Investments)
      
1,665 
  
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 
12/14 at 100.00 
AA 
1,708,906 
   
12/01/30 – FGIC Insured (UB) 
      
3,065 
  
Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 
12/13 at 100.00 
A+ (4) 
3,529,623 
   
(Pre-refunded 12/01/13) – NPFG Insured 
      
4,730 
  
Total Alaska 
    
5,238,529 
   
Arizona – 1.4% (0.9% of Total Investments)
      
5,000 
  
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/13 at 100.00 
A1 
4,955,000 
   
Project, Series 2003A, 5.000%, 7/01/31 – NPFG Insured 
      
3,000 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A 
2,674,560 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
      
8,000 
  
Total Arizona 
    
7,629,560 
   
California – 18.4% (12.3% of Total Investments)
      
1,500 
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
A– 
1,515,315 
   
Bonds, Channing House, Series 2010, 6.000%, 5/15/30 
      
10,000 
  
Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 
9/17 at 100.00 
A1 
8,719,600 
   
2007A-1, 4.375%, 3/01/37 – FGIC Insured 
      
17,000 
  
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist 
3/13 at 100.00 
A 
16,440,870 
   
Health System/West, Series 2003A, 5.000%, 3/01/33 
      
5,000 
  
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, 
4/16 at 100.00 
A+ 
4,835,250 
   
Series 2006, 5.000%, 4/01/37 
      
2,900 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
Aa3 
2,791,946 
   
5.000%, 11/15/42 (UB) 
      
2,000 
  
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance 
8/11 at 102.00 
A+ 
2,024,760 
   
LLC, Series 2001A, 5.550%, 8/01/31 
      
1,220 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/19 at 100.00 
A2 
1,304,692 
   
2009I-1, 6.375%, 11/01/34 
      
1,500 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
A2 
1,553,565 
   
2010A-1, 5.750%, 3/01/30 
      
1,000 
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 
3/20 at 100.00 
A1 
1,023,890 
1,030 
  
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB– 
1,037,025 
   
of the West, Series 2010, 6.250%, 10/01/39 
      
1,050 
  
California Statewide Communitities Development Authority, School Facility Revenue Bonds, 
1/19 at 100.00 
N/R 
1,055,450 
   
Aspire Public Schools, Series 2010, 6.000%, 7/01/40 
      
1,000 
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB 
839,510 
   
Health System, Series 2005A, 5.000%, 7/01/39 
      
1,685 
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
No Opt. Call 
Aa3 
1,971,686 
   
Option Bond Trust 3175, 13.358%, 5/15/14 (IF) 
      
19,095 
  
California, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured 
6/15 at 100.00 
A1 
18,863,187 
4,780 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
4,605,578 
   
1995A, 0.000%, 1/01/14 (ETM) 
      
1,000 
  
Glendale Redevelopment Agency, California, Central Glendale Redevelopment Project, Tax 
12/16 at 100.00 
A– 
1,015,400 
   
Allocation Bonds, Series 2010, 5.500%, 12/01/24 
      
1,000 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
1,166,140 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
1,000 
  
5.750%, 6/01/47 
6/17 at 100.00 
BBB 
712,260 
610 
  
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
393,853 
3,190 
  
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
AAA 
1,389,181 
   
Series 2006B, 0.000%, 9/01/27 
      
360 
  
Jurupa Public Financing Authority, California,Superior Lien Revenue Bonds, Series 2010A, 
9/20 at 100.00 
AAA 
357,556 
   
5.000%, 9/01/33 (WI/DD, Settling 8/19/10) 
      
2,700 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 
No Opt. Call 
A 
3,124,521 
   
7.000%, 11/01/34 
      
3,000 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa2 
3,257,730 
   
6.625%, 11/01/29 
      
11,310 
  
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding 
7/16 at 100.00 
AAA 
11,102,009 
   
Series 2006A, 4.250%, 7/01/31 – AGM Insured (UB) 
      
670 
  
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
8/19 at 100.00 
A– 
725,476 
   
Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 
      
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
      
   
Refunding Bonds, Series 1997A: 
      
4,430 
  
0.000%, 1/15/32 – NPFG Insured 
No Opt. Call 
A 
792,173 
31,300 
  
0.000%, 1/15/34 – NPFG Insured 
No Opt. Call 
A 
4,788,900 
4,000 
  
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water 
9/17 at 100.00 
AA+ 
4,237,600 
   
Project, Tender Option Bond Trust 3030, 17.167%, 9/01/38 – NPFG Insured (IF) 
      
440 
  
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
AA– 
451,528 
   
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 
      
1,945 
  
South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series 
No Opt. Call 
A 
2,034,470 
   
1996A, 6.000%, 10/01/12 – FGIC Insured 
      
137,715 
  
Total California 
    
104,131,121 
   
Colorado – 3.5% (2.3% of Total Investments)
      
2,000 
  
Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives, 
9/11 at 100.00 
AA (4) 
2,106,400 
   
Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11) 
      
280 
  
Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 
10/10 at 105.00 
Aa2 
307,499 
   
6.750%, 10/01/21 
      
1,925 
  
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 
No Opt. Call 
A+ 
2,107,086 
   
(Alternative Minimum Tax) 
      
   
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center 
      
   
Hotel, Series 2003A: 
      
2,940 
  
5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured 
12/13 at 100.00 
N/R (4) 
3,307,412 
10,000 
  
5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured 
12/13 at 100.00 
N/R (4) 
11,249,700 
755 
  
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 
12/14 at 100.00 
AAA 
881,591 
   
12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB) 
      
17,900 
  
Total Colorado 
    
19,959,688 
   
District of Columbia – 1.6% (1.1% of Total Investments)
      
   
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: 
      
9,670 
  
0.000%, 4/01/26 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 42.15 
A (4) 
4,058,596 
15,235 
  
0.000%, 4/01/30 (Pre-refunded 4/01/11) – NPFG Insured 
4/11 at 32.93 
A (4) 
4,996,014 
24,905 
  
Total District of Columbia 
    
9,054,610 
   
Florida – 6.3% (4.2% of Total Investments)
      
250 
  
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, 
4/19 at 100.00 
A– 
277,560 
   
Series 2009B, 7.000%, 4/01/39 
      
5,000 
  
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 
7/13 at 100.00 
Aa3 
5,034,850 
   
7/01/28 – NPFG Insured 
      
5,000 
  
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/13 at 100.00 
Aa3 
5,228,450 
   
Series 2003A, 5.250%, 10/01/18 – NPFG Insured (Alternative Minimum Tax) 
      
5,000 
  
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
12/10 at 100.00 
BB+ 
4,999,950 
   
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 
1,414,486 
   
Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – AGM Insured (Alternative Minimum Tax) 
      
2,000 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 
10/15 at 100.00 
A2 
1,859,660 
   
5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax) 
      
5,455 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA– 
5,411,796 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
      
11,000 
  
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – 
10/18 at 100.00 
N/R 
11,087,340 
   
AMBAC Insured 
      
35,085 
  
Total Florida 
    
35,314,092 
   
Georgia – 3.3% (2.2% of Total Investments)
      
4,400 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
A1 
4,996,552 
   
FGIC Insured 
      
1,500 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – 
11/19 at 100.00 
AAA 
1,565,220 
   
AGM Insured 
      
2,500 
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/20 at 100.00 
A– 
2,451,075 
   
Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 
      
2,880 
  
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 
No Opt. Call 
A+ 
2,969,510 
   
8.250%, 1/01/11 
      
5,450 
  
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 
No Opt. Call 
A1 (4) 
6,528,991 
   
1/01/19 – FGIC Insured (ETM) 
      
16,730 
  
Total Georgia 
    
18,511,348 
   
Hawaii – 0.7% (0.5% of Total Investments)
      
2,000 
  
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa1 
2,265,040 
   
1993B, 5.000%, 10/01/13 
      
1,580 
  
Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 
No Opt. Call 
Aaa 
1,797,124 
   
1993B, 5.000%, 10/01/13 (ETM) 
      
3,580 
  
Total Hawaii 
    
4,062,164 
   
Idaho – 0.2% (0.1% of Total Investments)
      
965 
  
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 
No Opt. Call 
Aa3 
1,016,743 
   
5.650%, 7/01/26 
      
   
Illinois – 16.9% (11.2% of Total Investments)
      
4,000 
  
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 
No Opt. Call 
Aa2 
4,430,080 
   
6.250%, 1/01/15 – NPFG Insured 
      
5,550 
  
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured 
1/11 at 101.00 
AAA 
5,566,706 
   
(Alternative Minimum Tax) 
      
415 
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/16 at 100.00 
A1 
413,045 
   
Series 2005A, 5.000%, 1/01/33 – FGIC Insured 
      
   
Cook County School District 99, Cicero, Illinois, General Obligation School Bonds, Series 1997: 
      
1,455 
  
8.500%, 12/01/13 – FGIC Insured 
No Opt. Call 
N/R 
1,781,648 
1,685 
  
8.500%, 12/01/15 – FGIC Insured 
No Opt. Call 
N/R 
2,203,239 
5,945 
  
Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek 
4/11 at 105.00 
Aaa 
6,816,656 
   
American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40 
      
1,000 
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
AA 
1,024,210 
3,000 
  
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 
1/18 at 100.00 
Baa1 
2,851,650 
   
5.625%, 1/01/37 
      
2,515 
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 
8/14 at 100.00 
N/R (4) 
2,944,537 
   
5.250%, 8/15/34 (Pre-refunded 8/15/14) 
      
2,500 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
2,532,975 
   
6.000%, 5/15/39 
      
500 
  
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
580,835 
1,665 
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
A– 
1,816,515 
   
Series 2009C, 6.625%, 11/01/39 
      
5,565 
  
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
5,160,258 
   
5.500%, 8/01/37 
      
   
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
      
   
Series 2009: 
      
2,000 
  
6.875%, 8/15/38 
8/19 at 100.00 
BBB 
2,140,840 
2,000 
  
7.000%, 8/15/44 
8/19 at 100.00 
BBB 
2,146,020 
500 
  
Illinois FInance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AAA 
519,050 
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
      
3,000 
  
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, 
5/19 at 100.00 
BBB+ 
3,095,910 
   
Series 2009, 6.125%, 5/15/25 
      
4,000 
  
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai 
8/13 at 100.00 
AAA 
4,043,600 
   
Health System, Series 2003, 5.150%, 2/15/37 
      
4,000 
  
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
4,353,600 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
      
3,000 
  
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, 
1/13 at 100.00 
Baa1 
3,013,320 
   
Series 2002, 5.500%, 1/01/22 
      
3,930 
  
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, 
No Opt. Call 
Aa2 
4,445,695 
   
Series 1993C, 7.000%, 4/01/14 
      
9,795 
  
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
AAA 
11,909,545 
   
Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) 
      
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
      
   
Project, Series 2002A: 
      
9,500 
  
0.000%, 6/15/24 – NPFG Insured 
6/22 at 101.00 
AAA 
7,367,060 
4,540 
  
5.000%, 12/15/28 – NPFG Insured 
6/12 at 101.00 
AAA 
4,613,820 
36,040 
  
0.000%, 6/15/40 – NPFG Insured 
No Opt. Call 
AAA 
5,986,244 
3,050 
  
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
Aa3 
3,789,778 
   
Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured 
      
121,150 
  
Total Illinois 
    
95,546,836 
   
Indiana – 4.5% (3.0% of Total Investments)
      
   
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: 
      
1,950 
  
0.000%, 2/01/24 
No Opt. Call 
AA+ 
1,052,279 
2,705 
  
0.000%, 2/01/25 
No Opt. Call 
AA+ 
1,371,787 
3,000 
  
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health 
8/16 at 100.00 
Baa3 
2,712,900 
   
System, Series 2006, 5.250%, 8/01/36 
      
3,965 
  
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 
2/11 at 100.00 
A 
4,021,263 
   
5.500%, 2/01/26 – NPFG Insured 
      
1,050 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
BBB– 
1,111,719 
   
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
      
1,500 
  
Indiana Finance Authority, Hospital Refunding Revenue Bonds, Floyd Memorial Hospital and 
3/20 at 100.00 
A– 
1,462,830 
   
Health Services Project, Series 2010, 5.125%, 3/01/30 
      
2,280 
  
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus 
No Opt. Call 
AAA 
2,583,901 
   
Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured 
      
4,000 
  
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 
6/13 at 100.00 
AAA 
4,200,440 
   
6/01/23 – AGM Insured 
      
6,000 
  
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24 
6/13 at 100.00 
AAA 
6,747,060 
   
(Pre-refunded 6/01/13) – AGM Insured 
      
420 
  
Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease 
12/10 at 100.00 
A 
420,193 
   
Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – NPFG Insured 
      
26,870 
  
Total Indiana 
    
25,684,372 
   
Iowa – 0.6% (0.4% of Total Investments)
      
400 
  
Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2008A, 
8/19 at 100.00 
Aa3 
423,968 
   
5.625%, 8/15/37 – AGC Insured 
      
1,000 
  
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 
7/16 at 100.00 
BB+ 
854,770 
   
5.000%, 7/01/20 
      
2,000 
  
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 
12/19 at 100.00 
A1 
2,084,340 
   
5.500%, 12/01/25 
      
3,400 
  
Total Iowa 
    
3,363,078 
   
Kansas – 2.6% (1.8% of Total Investments)
      
2,000 
  
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health 
No Opt. Call 
AA 
2,029,940 
   
Services Corporation, Series 2010A, 5.000%, 1/01/40 
      
2,000 
  
Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2000A, 5.500%, 
9/10 at 100.00 
A+ 
2,001,120 
   
9/01/25 – AMBAC Insured 
      
600 
  
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park 
4/20 at 100.00 
BBB 
607,878 
   
Mall Project, Series 2010, 5.900%, 4/01/32 
      
6,825 
  
Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Series 
9/10 at 100.00 
AA 
6,834,146 
   
2000, 3.500%, 9/01/16 
      
1,750 
  
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 
6/14 at 100.00 
A 
1,785,123 
   
5.300%, 6/01/31 – NPFG Insured 
      
2,980 
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital 
No Opt. Call 
N/R 
1,633,129 
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic 
      
   
Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 
      
16,155 
  
Total Kansas 
    
14,891,336 
   
Kentucky – 0.2% (0.1% of Total Investments)
      
1,000 
  
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
6/20 at 100.00 
Baa2 
1,033,670 
   
Medical Health System, Series 2010A, 6.000%, 6/01/30 
      
   
Louisiana – 4.9% (3.3% of Total Investments)
      
165 
  
DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company 
11/14 at 100.00 
BBB 
166,497 
   
Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax) 
      
1,750 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA 
6/12 at 105.00 
Aaa 
1,875,178 
   
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+ 
5,154,378 
   
Lady Health System, Series 2005A, 5.250%, 8/15/32 
      
3,800 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
3,584,806 
   
Series 2007A, 5.500%, 5/15/47 
      
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 
      
1,480 
  
4.750%, 5/01/39 – AGM Insured (UB) 
5/16 at 100.00 
AAA 
1,494,356 
15,820 
  
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
15,483,509 
170 
  
Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660, 15.451%, 
5/16 at 100.00 
Aa1 
155,536 
   
5/01/34 – FGIC Insured (IF) 
      
28,335 
  
Total Louisiana 
    
27,914,260 
   
Maine – 0.2% (0.2% of Total Investments)
      
1,250 
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Series 2010A, 
7/20 at 100.00 
Aa3 
1,274,938 
   
5.000%, 7/01/40 
      
   
Maryland – 1.6% (1.1% of Total Investments)
      
1,675 
  
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 
1/11 at 100.00 
Aa2 
1,677,864 
   
5.875%, 7/01/16 
      
2,900 
  
Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%, 
1/11 at 100.00 
Aa2 
2,902,871 
   
7/01/39 (Alternative Minimum Tax) 
      
50 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
51,655 
   
Series 2004, 5.375%, 8/15/24 
      
2,135 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland 
7/16 at 100.00 
A 
2,060,851 
   
Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured 
      
2,315 
  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development 
1/11 at 100.00 
Aaa 
2,318,079 
   
Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax) 
      
9,075 
  
Total Maryland 
    
9,011,320 
   
Massachusetts – 1.7% (1.1% of Total Investments)
      
2,805 
  
Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, 
3/15 at 100.00 
BBB 
2,613,475 
   
3/01/35 – ACA Insured 
      
1,000 
  
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
10/12 at 102.00 
N/R 
853,640 
   
5.250%, 10/01/26 
      
1,000 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital 
7/15 at 100.00 
BB– 
768,260 
   
Project, Series 2005D, 5.375%, 7/01/35 
      
1,900 
  
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
1,966,196 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
3,465 
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 
2/17 at 100.00 
AAA 
3,439,324 
   
8/01/46 – AGM Insured (UB) 
      
10,170 
  
Total Massachusetts 
    
9,640,895 
   
Michigan – 7.4% (4.9% of Total Investments)
      
625 
  
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 
11/20 at 100.00 
AA– 
630,694 
   
5.000%, 11/01/30 
      
6,000 
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
5,907,300 
   
7/01/35 – NPFG Insured 
      
8,915 
  
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 
1/11 at 100.00 
Aa3 
8,915,089 
   
7/01/27 – NPFG Insured 
      
5,400 
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 
7/16 at 100.00 
A1 
5,005,422 
   
7/01/34 – FGIC Insured 
      
5,000 
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 
10/13 at 100.00 
Aa3 
5,042,350 
   
5.000%, 10/15/29 – NPFG Insured 
      
10,500 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
8/10 at 100.00 
Ba3 
10,136,385 
   
Obligated Group, Series 1998A, 5.250%, 8/15/23 
      
3,210 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
3,228,040 
   
Refunding Series 2009, 5.750%, 11/15/39 
      
1,000 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 
5/15 at 100.00 
AAA 
1,174,120 
   
2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15) 
      
2,000 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
12/16 at 100.00 
AA 
2,000,940 
   
2006A, 5.000%, 12/01/31 (UB) 
      
42,650 
  
Total Michigan 
    
42,040,340 
   
Minnesota – 1.5% (1.0% of Total Investments)
      
3,500 
  
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/11 at 100.00 
AAA 
3,574,130 
   
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 
2,557,543 
   
Project, Series 2007-1, 5.000%, 8/01/36 
      
2,315 
  
Washington County Housing & Redevelopment Authority, Minnesota, Hospital Facility Revenue 
11/10 at 100.00 
BB+ 
2,177,049 
   
Bonds, Healtheast Project, Series 1998, 5.500%, 11/15/27 
      
8,690 
  
Total Minnesota 
    
8,308,722 
   
Mississippi – 2.2% (1.5% of Total Investments)
      
1,000 
  
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
10/10 at 100.00 
BBB 
999,920 
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
      
2,975 
  
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/14 at 100.00 
AA 
3,067,909 
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 
      
5,180 
  
Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18 
No Opt. Call 
AA 
6,384,713 
1,000 
  
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
9/18 at 100.00 
BBB 
1,061,830 
   
Project, Series 2008A, 6.500%, 9/01/32 
      
900 
  
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
5/20 at 100.00 
BBB 
916,002 
   
Project, Series 2010A, 5.800%, 5/01/34 
      
11,055 
  
Total Mississippi 
    
12,430,374 
   
Missouri – 1.0% (0.7% of Total Investments)
      
1,450 
  
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
6/17 at 100.00 
N/R 
1,293,763 
   
Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 
      
1,000 
  
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
982,830 
   
Services – Heisinger Project, Series 2004, 5.500%, 2/01/35 
      
1,000 
  
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
1,034,640 
   
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
      
2,450 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 
5/13 at 100.00 
AA 
2,546,481 
   
2003, 5.125%, 5/15/24 
      
5,900 
  
Total Missouri 
    
5,857,714 
   
Nevada – 2.5% (1.7% of Total Investments)
      
4,000 
  
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
4,277,240 
7,000 
  
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 
7/13 at 100.00 
AA– 
7,331,800 
   
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 
N/R 
564,417 
   
Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured 
      
1,700 
  
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A 
1,979,548 
   
8.000%, 6/15/30 
      
18,125 
  
Total Nevada 
    
14,153,005 
   
New Jersey – 4.2% (2.8% of Total Investments)
      
500 
  
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The 
1/18 at 100.00 
N/R 
440,270 
   
Evergreens Project, Series 2007, 5.625%, 1/01/38 
      
   
New Jersey Economic Development Authority, Student Hosuing Revenue Bonds, Provident 
      
   
Group-Montclair Properties LLC, Montclair State University Student Housing Project, 
      
   
Series 2010A: 
      
835 
  
5.750%, 6/01/31 
6/20 at 100.00 
Baa3 
852,535 
3,000 
  
5.875%, 6/01/42 
6/20 at 100.00 
Baa3 
3,045,600 
880 
  
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured 
No Opt. Call 
A+ 
1,063,550 
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: 
      
300 
  
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
377,880 
2,345 
  
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
2,705,215 
8,920 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
AAA 
9,560,367 
   
Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) 
      
3,995 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
AAA 
4,687,573 
   
Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
      
1,710 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
BBB 
1,211,723 
   
Series 2007-1A, 4.750%, 6/01/34 
      
22,485 
  
Total New Jersey 
    
23,944,713 
   
New York – 4.1% (2.7% of Total Investments)
      
855 
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
4/17 at 100.00 
N/R 
748,253 
   
Schools, Series 2007A, 5.000%, 4/01/32 
      
   
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
      
   
Bonds, Barclays Center Project, Series 2009: 
      
1,945 
  
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
1,993,858 
3,065 
  
6.250%, 7/15/40 
No Opt. Call 
BBB– 
3,145,610 
4,070 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A 
3,753,517 
   
2/15/47 – NPFG Insured 
      
1,000 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 
11/16 at 100.00 
A 
977,810 
   
5/01/33 – NPFG Insured 
      
1,000 
  
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA 
1,055,050 
   
5.000%, 11/15/34 
      
2,000 
  
New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, 
1/20 at 100.00 
AA 
2,021,620 
   
Bank of America Tower at One Bryant Park Project, Series 2010, 5.125%, 1/15/44 
      
2,500 
  
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
6/12 at 100.00 
AA– 
2,666,875 
   
State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/18 
      
6,250 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
No Opt. Call 
A 
6,711,188 
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax) 
      
22,685 
  
Total New York 
    
23,073,781 
   
North Carolina – 2.9% (1.9% of Total Investments)
      
750 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, 
1/17 at 100.00 
AA– 
767,423 
   
Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 
      
2,445 
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ 
2,697,177 
   
Facilities, Series 2004A, 5.000%, 2/01/21 
      
2,000 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1992, 6.000%, 
No Opt. Call 
A 
2,044,560 
   
1/01/11 – NPFG Insured 
      
10,000 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
A 
10,818,000 
   
1/01/18 – NPFG Insured 
      
15,195 
  
Total North Carolina 
    
16,327,160 
   
Ohio – 3.5% (2.3% of Total Investments)
      
5,380 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
BBB 
4,511,453 
   
Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 
      
8,065 
  
Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured 
1/11 at 100.00 
AAA 
8,069,033 
3,000 
  
Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999, 
10/10 at 100.00 
A+ 
3,016,200 
   
5.800%, 10/01/14 
      
3,040 
  
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
3,079,034 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
      
800 
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
857,016 
   
Project, Series 2009E, 5.625%, 10/01/19 
      
20,285 
  
Total Ohio 
    
19,532,736 
   
Oklahoma – 1.0% (0.7% of Total Investments)
      
170 
  
Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan 
9/10 at 101.00 
Aaa 
171,622 
   
Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax) 
      
5,615 
  
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
5,645,097 
   
System, Series 2006, 5.000%, 12/15/36 (UB) 
      
88 
  
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health 
12/16 at 100.00 
AA 
88,858 
   
System, Series 2008, Trust 3500, 8.350%, 6/15/30 (IF) 
      
5,873 
  
Total Oklahoma 
    
5,905,577 
   
Pennsylvania – 2.8% (1.8% of Total Investments)
      
500 
  
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, 
3/17 at 100.00 
BBB 
441,130 
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37 
      
1,000 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R 
1,028,050 
   
Ministries Project, Series 2009, 6.125%, 1/01/29 
      
600 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
No Opt. Call 
BBB– 
608,472 
   
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 
      
5,410 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond 
10/17 at 100.00 
AA+ 
6,707,156 
   
Trust 3212, 13.785%, 10/01/32 (IF) 
      
5,490 
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
12/16 at 100.00 
AAA 
5,300,759 
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) 
      
1,595 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
AA 
1,601,013 
   
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 
      
14,595 
  
Total Pennsylvania 
    
15,686,580 
   
Puerto Rico – 2.5% (1.6% of Total Investments)
      
12,390 
  
Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 
No Opt. Call 
A 
13,845,701 
   
7/01/13 – NPFG Insured 
      
   
Rhode Island – 2.5% (1.7% of Total Investments)
      
15,000 
  
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
14,189,550 
   
Series 2002A, 6.250%, 6/01/42 
      
   
South Carolina – 3.8% (2.5% of Total Investments)
      
4,120 
  
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, 
8/14 at 100.00 
A 
4,355,870 
   
Series 2004A, 5.250%, 2/15/23 – NPFG Insured 
      
   
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991: 
      
5,000 
  
6.250%, 1/01/21 – FGIC Insured 
No Opt. Call 
A 
6,002,750 
5,750 
  
4.000%, 1/01/23 – NPFG Insured 
1/11 at 100.00 
A 
5,590,553 
5,085 
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 
No Opt. Call 
A 
5,544,837 
   
1998A, 5.500%, 1/01/13 – NPFG Insured 
      
19,955 
  
Total South Carolina 
    
21,494,010 
   
South Dakota – 0.3% (0.2% of Total Investments)
      
1,750 
  
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley 
11/14 at 100.00 
AA– 
1,790,408 
   
Hospitals, Series 2004A, 5.500%, 11/01/31 
      
   
Tennessee – 0.9% (0.6% of Total Investments)
      
5,075 
  
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
1/17 at 30.07 
A– 
801,038 
   
Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41 
      
2,000 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
3/13 at 100.00 
N/R 
1,856,020 
   
Wellmont Health System, Refunding Series 2006A, 5.440%, 9/01/32 
      
680 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
636,052 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
      
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
      
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
      
860 
  
5.500%, 11/01/37 (5) 
11/17 at 100.00 
N/R 
740,202 
1,000 
  
5.500%, 11/01/46 (5) 
11/17 at 100.00 
N/R 
860,700 
9,615 
  
Total Tennessee 
    
4,894,012 
   
Texas – 20.2% (13.4% of Total Investments)
      
3,000 
  
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
CCC+ 
2,145,150 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 
      
5,440 
  
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 
2/17 at 100.00 
AAA 
5,410,189 
   
4.250%, 8/15/36 (UB) 
      
2,250 
  
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, 
11/14 at 100.00 
AAA 
2,247,255 
   
11/01/27 – AGM Insured (Alternative Minimum Tax) 
      
8,000 
  
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, 
11/11 at 100.00 
A+ 
8,274,560 
   
Series 2001A, 5.875%, 11/01/19 – NPFG Insured (Alternative Minimum Tax) 
      
6,000 
  
Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe 
12/11 at 101.00 
N/R 
5,950,080 
   
Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax) 
      
7,000 
  
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, 
11/13 at 100.00 
AA 
7,109,760 
   
TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured 
      
28,305 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
9,785,030 
   
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 
9,549,291 
   
5.750%, 12/01/32 – AGM Insured (ETM) 
      
33,505 
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/14 at 25.08 
AAA 
6,835,355 
   
Bonds, Series 2006, 0.000%, 8/15/39 
      
   
Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School 
      
   
Building and Refunding Bonds, Series 2001: 
      
730 
  
5.500%, 2/15/21 
2/11 at 100.00 
AAA 
748,433 
760 
  
5.500%, 2/15/23 
2/11 at 100.00 
AAA 
777,526 
   
Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School 
      
   
Building and Refunding Bonds, Series 2001: 
      
1,570 
  
5.500%, 2/15/21 (Pre-refunded 2/15/11) 
2/11 at 100.00 
Aaa 
1,615,075 
1,640 
  
5.500%, 2/15/23 (Pre-refunded 2/15/11) 
2/11 at 100.00 
Aaa 
1,687,084 
   
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 
3,135,019 
2,300 
  
5.125%, 2/15/31 
8/11 at 100.00 
Aaa 
2,327,669 
700 
  
Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding 
8/11 at 100.00 
Aaa 
735,819 
   
Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11) 
      
1,100 
  
North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 
1/18 at 100.00 
AAA 
1,188,759 
   
5.750%, 1/01/40 – AGC Insured 
      
2,500 
  
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 
1/18 at 100.00 
A3 
2,622,025 
   
5.750%, 1/01/38 
      
1,100 
  
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 
1/19 at 100.00 
A2 
1,202,586 
6,000 
  
Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State 
8/12 at 100.00 
N/R (4) 
6,508,560 
   
University – Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) – 
      
   
NPFG Insured 
      
3,410 
  
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park 
12/12 at 100.00 
AAA 
4,015,991 
   
Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/12) 
      
1,800 
  
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 
10/12 at 100.00 
BBB 
1,846,260 
   
2002A, 5.750%, 10/01/21 – RAAI Insured 
      
5,200 
  
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
5,228,704 
   
Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 
      
370 
  
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
375,513 
   
Texas Health Resources Project, Trust 1031, 12.168%, 2/15/30 (IF) 
      
2,890 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/20 at 100.00 
A1 
2,903,207 
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45 
      
1,505 
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A 
1,624,858 
   
Lien Series 2008D, 6.250%, 12/15/26 
      
1,620 
  
Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE 
12/19 at 100.00 
Baa2 
1,688,332 
   
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
      
   
6.875%, 12/31/39 
      
2,000 
  
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
2,093,680 
   
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 
      
1,000 
  
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB 
868,200 
   
School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured 
      
3,395 
  
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.510%, 4/01/28 (IF) 
4/17 at 100.00 
Aaa 
4,651,354 
8,500 
  
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
10/10 at 100.00 
Aaa 
8,942,000 
   
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 
      
154,115 
  
Total Texas 
    
114,093,324 
   
Utah – 2.4% (1.6% of Total Investments)
      
4,845 
  
Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community 
12/10 at 100.00 
N/R 
4,650,425 
   
Hospital Project, Series 1998, 5.750%, 12/15/18 
      
4,755 
  
Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 
1/11 at 100.00 
Aa3 (4) 
5,050,809 
   
6.150%, 7/01/14 (ETM) 
      
425 
  
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 
10/10 at 100.00 
AA 
439,803 
   
(Alternative Minimum Tax) 
      
   
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C: 
      
875 
  
5.500%, 1/01/18 (Alternative Minimum Tax) 
1/11 at 100.00 
AA– 
897,873 
395 
  
5.650%, 1/01/21 (Alternative Minimum Tax) 
1/11 at 100.00 
Aaa 
396,639 
810 
  
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis 
7/20 at 100.00 
BBB– 
815,306 
   
Preparatroy Academy, Series 2010, 6.375%, 7/15/40 
      
1,555 
  
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BBB– 
1,552,870 
   
School, Series 2010A, 6.375%, 7/15/40 
      
13,660 
  
Total Utah 
    
13,803,725 
   
Virgin Islands – 0.5% (0.4% of Total Investments)
      
250 
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate 
10/19 at 100.00 
Baa3 
262,095 
   
Lien Series 2009A, 6.000%, 10/01/39 
      
2,480 
  
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
2,772,268 
   
Series 2009A, 6.750%, 10/01/37 
      
2,730 
  
Total Virgin Islands 
    
3,034,363 
   
Virginia – 1.5% (1.0% of Total Investments)
      
8,190 
  
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 – 
1/13 at 100.00 
Aa3 
8,261,335 
   
AMBAC Insured 
      
   
Washington – 3.9% (2.6% of Total Investments)
      
220 
  
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric 
1/15 at 100.00 
Aa3 (4) 
256,445 
   
Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured 
      
5,780 
  
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric 
1/15 at 100.00 
AA– 
5,889,820 
   
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 
Aa2 
1,667,385 
   
Refunding Bonds, Series 1993, 5.700%, 12/01/12 – FGIC Insured 
      
4,155 
  
Tacoma, Washington, Electric System Revenue Refunding Bonds, Series 2001A, 5.750%, 1/01/20 
1/11 at 101.00 
AAA 
4,293,237 
   
(Pre-refunded 1/01/11) – AGM Insured 
      
2,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A 
2,079,640 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
      
1,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, 
8/13 at 102.00 
N/R 
936,700 
   
Series 1998, 5.000%, 8/15/28 – AMBAC Insured 
      
2,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
1,680,580 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
      
1,460 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
BBB 
1,472,556 
   
Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured 
      
3,855 
  
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
BBB 
3,965,793 
   
Series 2002, 6.500%, 6/01/26 
      
21,970 
  
Total Washington 
    
22,242,156 
   
West Virginia – 0.4% (0.2% of Total Investments)
      
1,950 
  
West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical 
9/19 at 100.00 
A2 
2,025,036 
   
Center, Series 2009A, 5.625%, 9/01/32 
      
   
Wisconsin – 3.5% (2.3% of Total Investments)
      
815 
  
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., 
2/19 at 100.00 
A3 
836,141 
   
Series 2009, 5.875%, 2/15/39 
      
500 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of 
12/10 at 100.00 
A+ 
500,320 
   
Wisconsin Inc., Series 1996, 5.500%, 12/01/26 – NPFG Insured 
      
7,150 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare 
2/12 at 101.00 
A+ 
7,014,222 
   
Inc., Series 2002A, 5.250%, 2/15/32 – NPFG Insured 
      
   
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
      
   
Healthcare System, Series 2006: 
      
5,000 
  
5.250%, 8/15/21 
8/16 at 100.00 
BBB+ 
5,046,200 
1,000 
  
5.250%, 8/15/34 
8/16 at 100.00 
BBB+ 
919,430 
5,000 
  
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) 
5/16 at 100.00 
AA 
5,316,150 
19,465 
  
Total Wisconsin 
    
19,632,463 
   
Wyoming – 0.3% (0.2% of Total Investments)
      
1,720 
  
Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company 
8/19 at 100.00 
A2 
1,836,153 
   
Project, Series 2006, 5.250%, 7/15/26 
      
$     964,933 
  
Total Investments (cost $823,712,198) – 150.3% 
    
849,676,602 
   
Floating Rate Obligations – (10.6)% 
    
(59,703,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (46.4)% (6) 
    
(262,200,000)
   
Other Assets Less Liabilities – 6.7% 
    
37,703,273 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 565,476,875 

 

 
 
 
 
 
Fair Value Measurements
 
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 – Quoted prices in active markets for identical securities.
 
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of July 31, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments: 
        
Municipal Bonds 
$ — 
$848,075,700 
$1,600,902 
$849,676,602 

 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
   
 
Level 3
 
Investments
Balance at the beginning of period 
$           — 
Gains (losses): 
  
  Net realized gains (losses) 
— 
  Net change in unrealized appreciation (depreciation) 
— 
Net purchases at cost (sales at proceeds) 
— 
Net discounts (premiums) 
— 
Net transfers in to (out of) at end of period fair value 
1,600,902 
Balance at the end of period 
$1,600,902 

 
Income Tax Information
 
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
 
At July 31, 2010, the cost of investments was $765,745,613.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2010, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$ 41,118,344 
Depreciation 
(16,842,720)
Net unrealized appreciation (depreciation) of investments 
$ 24,275,624 

   
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, 
 
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or 
 
BBB by Fitch 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) 
For fair value measurement disclosure purposes, investment categorized as Level 3. 
(6) 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.9%. 
N/R 
Not rated. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
(ETM) 
Escrowed to maturity. 
(IF) 
Inverse floating rate investment. 
(UB) 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 

 
 
 
 
Item 2. Controls and Procedures.

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

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

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Premium Income Municipal Fund 4, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         September 29, 2010        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         September 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         September 29, 2010