Investment Company Act file number 811-07432
Nuveen Premium Income Municipal Fund 4, Inc.
(Exact name of
registrant as specified in charter)
Nuveen
Investments
333 West
Wacker Drive, Chicago, Illinois 60606
(Address of
principal executive offices) (Zip code)
Kevin
J. McCarthy Vice President and
Secretary
333 West Wacker
Drive, Chicago, Illinois 60606
(Name and address of
agent for service)
Registrant's telephone number, including area code: 312-917-7700
Date of fiscal year end: 10/31
Date of reporting period: 1/31/09
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
| Portfolio of Investments (Unaudited) | ||||||||
| Nuveen Premium Income Municipal Fund 4, Inc. (NPT) | ||||||||
| January 31, 2009 | ||||||||
| Principal | Optional Call | |||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||
|
| ||||||||
| Alabama – 5.1% (3.1% of Total Investments) | ||||||||
| $ 5,150 | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001, | 12/11 at 101.00 | A– | $ | 4,779,973 | |||
| 5.750%, 12/01/16 | ||||||||
| 2,395 | Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay | 2/11 at 102.00 | AAA | 2,335,317 | ||||
| Apartments, Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax) | ||||||||
| 11,895 | Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, | 5/09 at 100.00 | AAA | 11,926,760 | ||||
| Daughters of Charity National Health System-Providence Hospital and St. Vincent’s | ||||||||
| Hospital, Series 1995, 5.000%, 11/01/25 (ETM) | ||||||||
| 5,000 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series | 11/16 at 100.00 | Aa1 | 4,304,700 | ||||
| 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 | Baa1 | 594,700 | ||||
| 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 | 606,170 | ||||
| International Paper Company, Series 2005A, 5.000%, 6/01/25 | ||||||||
|
| ||||||||
| 26,440 | Total Alabama | 24,547,620 | ||||||
|
| ||||||||
| Alaska – 1.1% (0.7% of Total Investments) | ||||||||
| 1,665 | Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, | 12/14 at 100.00 | AA | 1,573,957 | ||||
| 12/01/30 – FGIC Insured | ||||||||
| 3,065 | Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 | 12/13 at 100.00 | AA (4) | 3,599,321 | ||||
| (Pre-refunded 12/01/13) – MBIA Insured | ||||||||
|
| ||||||||
| 4,730 | Total Alaska | 5,173,278 | ||||||
|
| ||||||||
| Arizona – 1.2% (0.7% of Total Investments) | ||||||||
| 5,000 | Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility | 7/13 at 100.00 | A2 | 4,601,400 | ||||
| Project, Series 2003A, 5.000%, 7/01/31 – MBIA Insured | ||||||||
| 2,000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, | No Opt. Call | A | 1,305,579 | ||||
| 5.000%, 12/01/37 | ||||||||
|
| ||||||||
| 7,000 | Total Arizona | 5,906,979 | ||||||
|
| ||||||||
| Arkansas – 0.0% (0.0% of Total Investments) | ||||||||
| 21 | Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities | 4/09 at 100.00 | Aaa | 21,568 | ||||
| Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11 | ||||||||
|
| ||||||||
| California – 14.6% (8.9% of Total Investments) | ||||||||
| 10,000 | Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series | 9/17 at 100.00 | AA | 7,369,600 | ||||
| 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 | 13,593,199 | ||||
| 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+ | 4,063,500 | ||||
| Series 2006, 5.000%, 4/01/37 | ||||||||
| 950 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option | 11/16 at 100.00 | AA– | 750,277 | ||||
| Bond Trust 3175, 13.820%, 11/15/42 (IF) | ||||||||
| 2,000 | California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance | 8/11 at 102.00 | A+ | 1,808,640 | ||||
| LLC, Series 2001A, 5.550%, 8/01/31 | ||||||||
| 1,000 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity | 7/15 at 100.00 | BBB | 577,820 | ||||
| Health System, Series 2005A, 5.000%, 7/01/39 | ||||||||
| 1,685 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender | 5/18 at 100.00 | AA– | 1,402,020 | ||||
| Option Bond Trust 3175, 13.377%, 11/15/48 (IF) | ||||||||
| 19,095 | California, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured | 6/15 at 100.00 | A+ | 17,439,463 | ||||
| 4,780 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series | No Opt. Call | AAA | 4,330,011 | ||||
| 1995A, 0.000%, 1/01/14 (ETM) | ||||||||
| Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | ||||||||
| Asset-Backed Bonds, Series 2007A-1: | ||||||||
| 1,000 | 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 604,050 | ||||
| 610 | 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 328,082 | ||||
| 1,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | 6/13 at 100.00 | AAA | 1,194,700 | ||||
| Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) | ||||||||
| 3,190 | Hillsborough City School District, San Mateo County, California, General Obligation Bonds, | No Opt. Call | AAA | 1,162,851 | ||||
| Series 2006B, 0.000%, 9/01/27 | ||||||||
| 11,310 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding | 7/16 at 100.00 | AAA | 9,298,403 | ||||
| Series 2006A, 4.250%, 7/01/31 – FSA Insured (UB) | ||||||||
| San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue | ||||||||
| Refunding Bonds, Series 1997A: | ||||||||
| 4,430 | 0.000%, 1/15/32 – MBIA Insured | No Opt. Call | AA | 710,483 | ||||
| 31,300 | 0.000%, 1/15/34 – MBIA Insured | No Opt. Call | AA | 4,238,959 | ||||
| 1,945 | South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series | No Opt. Call | AA | 2,089,941 | ||||
| 1996A, 6.000%, 10/01/12 – FGIC Insured | ||||||||
|
| ||||||||
| 116,295 | Total California | 70,961,999 | ||||||
|
| ||||||||
| Colorado – 5.2% (3.2% of Total Investments) | ||||||||
| 2,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives, | 9/11 at 100.00 | AA (4) | 2,201,040 | ||||
| Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11) | ||||||||
| 425 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, | 10/09 at 105.00 | Aa2 | 452,238 | ||||
| 6.750%, 10/01/21 | ||||||||
| 2,325 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 | No Opt. Call | A+ | 2,528,810 | ||||
| (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) | 3,360,743 | ||||
| 10,000 | 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured | 12/13 at 100.00 | N/R (4) | 11,431,100 | ||||
| 4,345 | El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002, | 12/12 at 100.00 | Aa3 | 4,709,241 | ||||
| 5.250%, 12/15/17 – FGIC Insured | ||||||||
| 755 | Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, | 12/14 at 100.00 | AAA | 786,129 | ||||
| 5.000%, 12/15/22 – FSA Insured (UB) | ||||||||
|
| ||||||||
| 22,790 | Total Colorado | 25,469,301 | ||||||
|
| ||||||||
| District of Columbia – 1.8% (1.1% of Total Investments) | ||||||||
| 5 | District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/09 – CAPMAC Insured | 4/09 at 100.00 | AAA | 5,021 | ||||
| District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | ||||||||
| 9,670 | 0.000%, 4/01/26 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 42.15 | AA (4) | 3,932,692 | ||||
| 15,235 | 0.000%, 4/01/30 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 32.93 | AA (4) | 4,841,073 | ||||
|
| ||||||||
| 24,910 | Total District of Columbia | 8,778,786 | ||||||
|
| ||||||||
| Florida – 6.6% (4.0% of Total Investments) | ||||||||
| 5,000 | Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, | 7/13 at 100.00 | AA | 4,580,900 | ||||
| 7/01/28 – MBIA Insured | ||||||||
| 5,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, | 10/13 at 100.00 | AA | 4,977,150 | ||||
| Series 2003A, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax) | ||||||||
| 5,000 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, | 6/09 at 100.00 | BB+ | 4,086,100 | ||||
| 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 | 1,412,651 | ||||
| Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 – FSA Insured (Alternative | ||||||||
| Minimum Tax) | ||||||||
| 3,385 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, | 10/15 at 100.00 | A2 | 2,522,231 | ||||
| 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– | 4,208,151 | ||||
| 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 | A | 10,010,660 | ||||
| AMBAC Insured | ||||||||
|
| ||||||||
| 36,220 | Total Florida | 31,797,843 | ||||||
|
| ||||||||
| Georgia – 3.0% (1.8% of Total Investments) | ||||||||
| 4,400 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – | No Opt. Call | AA | 4,606,712 | ||||
| FGIC Insured | ||||||||
| 2,880 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, | No Opt. Call | A+ | 3,203,338 | ||||
| 8.250%, 1/01/11 | ||||||||
| 5,500 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, | No Opt. Call | AAA | 6,545,165 | ||||
| 1/01/19 – FGIC Insured (ETM) | ||||||||
|
| ||||||||
| 12,780 | Total Georgia | 14,355,215 | ||||||
|
| ||||||||
| Hawaii – 1.2% (0.8% of Total Investments) | ||||||||
| 3,720 | Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series | No Opt. Call | AA | 4,213,272 | ||||
| 1993B, 5.000%, 10/01/13 | ||||||||
| 1,580 | Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series | No Opt. Call | AAA | 1,831,931 | ||||
| 1993B, 5.000%, 10/01/13 (ETM) | ||||||||
|
| ||||||||
| 5,300 | Total Hawaii | 6,045,203 | ||||||
|
| ||||||||
| Idaho – 0.1% (0.1% of Total Investments) | ||||||||
| 750 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial | 9/16 at 100.00 | BBB– | 506,947 | ||||
| Hospital, Series 2006, 5.250%, 9/01/37 | ||||||||
|
| ||||||||
| Illinois – 16.5% (10.0% of Total Investments) | ||||||||
| 4,000 | Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, | No Opt. Call | AA | 4,517,240 | ||||
| 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 | 4,908,642 | ||||
| (Alternative Minimum Tax) | ||||||||
| 5,000 | Chicago, Illinois, Sales Tax Revenue Bonds, Series 1998, 5.250%, 1/01/28 – FGIC Insured | 7/09 at 101.00 | AAA | 5,016,050 | ||||
| 1,665 | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, | 1/16 at 100.00 | AA | 1,432,266 | ||||
| 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 | 1,835,643 | ||||
| 1,685 | 8.500%, 12/01/15 – FGIC Insured | No Opt. Call | N/R | 2,244,858 | ||||
| 6,010 | Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek | 4/11 at 105.00 | Aaa | 6,851,520 | ||||
| American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40 | ||||||||
| 1,385 | Illinois Finance Authority, General Obligation Debt Certificates, Local Government | 12/14 at 100.00 | A3 | 1,483,100 | ||||
| Program -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+ (4) | 2,982,036 | ||||
| 5.250%, 8/15/34 (Pre-refunded 8/15/14) | ||||||||
| 5,565 | Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, | 8/17 at 100.00 | Baa1 | 3,861,275 | ||||
| 5.500%, 8/01/37 | ||||||||
| 4,000 | Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai | 8/13 at 100.00 | AAA | 3,556,040 | ||||
| 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 | 4,427,520 | ||||
| 5.500%, 5/15/32 | ||||||||
| 4,075 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, | No Opt. Call | Aa3 | 4,769,258 | ||||
| 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 | 11,560,157 | ||||
| Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – FSA Insured (UB) | ||||||||
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | ||||||||
| Project, Series 2002A: | ||||||||
| 9,500 | 0.000%, 6/15/24 – MBIA Insured | 6/22 at 101.00 | AAA | 6,613,805 | ||||
| 4,540 | 5.000%, 12/15/28 – MBIA Insured | 6/12 at 101.00 | AAA | 4,522,748 | ||||
| 36,040 | 0.000%, 6/15/40 – MBIA Insured | No Opt. Call | AAA | 5,639,539 | ||||
| 3,050 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | Aa2 | 3,823,663 | ||||
| Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured | ||||||||
|
| ||||||||
| 109,830 | Total Illinois | 80,045,360 | ||||||
|
| ||||||||
| Indiana – 10.3% (6.3% of Total Investments) | ||||||||
| Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: | ||||||||
| 1,950 | 0.000%, 2/01/24 | No Opt. Call | AA | 855,095 | ||||
| 2,705 | 0.000%, 2/01/25 | No Opt. Call | AA | 1,100,421 | ||||
| 3,000 | Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health | 8/16 at 100.00 | Baa3 | 1,792,020 | ||||
| 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 | AA | 3,965,000 | ||||
| 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 | 1,548,825 | ||||
| 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 | AA (4) | 23,912,676 | ||||
| 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 | 3,466,410 | ||||
| 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 | A | 2,085,608 | ||||
| Series 2005A, 5.000%, 5/01/35 – AMBAC Insured | ||||||||
| 4,000 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, | 6/13 at 100.00 | AAA | 4,105,960 | ||||
| 6/01/23 – FSA Insured | ||||||||
| 6,000 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24 | 6/13 at 100.00 | AAA | 6,893,280 | ||||
| (Pre-refunded 6/01/13) – FSA Insured | ||||||||
| 420 | Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease | 6/09 at 100.00 | AA | 395,905 | ||||
| Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 – MBIA Insured | ||||||||
|
| ||||||||
| 51,340 | Total Indiana | 50,121,200 | ||||||
|
| ||||||||
| Iowa – 0.2% (0.1% of Total Investments) | ||||||||
| 1,000 | Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, | 7/16 at 100.00 | BBB– | 738,109 | ||||
| 5.000%, 7/01/20 | ||||||||
|
| ||||||||
| Kansas – 2.1% (1.3% of Total Investments) | ||||||||
| 2,000 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2000A, 5.500%, | 9/10 at 100.00 | A | 1,783,780 | ||||
| 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 | 6,930,992 | ||||
| 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 | AA | 1,383,147 | ||||
| 5.300%, 6/01/31 – MBIA Insured | ||||||||
|
| ||||||||
| 10,575 | Total Kansas | 10,097,919 | ||||||
|
| ||||||||
| Louisiana – 5.6% (3.4% of Total Investments) | ||||||||
| 1,750 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 6/12 at 105.00 | Aaa | 1,869,823 | ||||
| GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series | ||||||||
| 2002A, 6.500%, 6/20/37 | ||||||||
| 5,150 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our | 8/15 at 100.00 | A+ | 4,139,776 | ||||
| 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 | A3 | 2,812,798 | ||||
| Series 2007A, 5.500%, 5/15/47 | ||||||||
| Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006: | ||||||||
| 1,480 | 4.750%, 5/01/39 – FSA Insured (UB) | 5/16 at 100.00 | AAA | 1,359,972 | ||||
| 15,820 | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | AA– | 13,518,665 | ||||
| 170 | Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 14.252%, 5/01/41 – | 5/16 at 100.00 | AA– | 71,080 | ||||
| FGIC Insured (IF) | ||||||||
| 3,365 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, | 6/09 at 100.00 | AAA | 3,374,590 | ||||
| 5.950%, 11/01/14 – FSA Insured | ||||||||
|
| ||||||||
| 31,535 | Total Louisiana | 27,146,704 | ||||||
|
| ||||||||
| Maryland – 2.2% (1.4% of Total Investments) | ||||||||
| 1,815 | Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, | 7/09 at 100.00 | Aa2 | 1,817,940 | ||||
| 5.875%, 7/01/16 | ||||||||
| 2,900 | Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%, | 7/09 at 100.00 | Aa2 | 2,813,174 | ||||
| 7/01/39 (Alternative Minimum Tax) | ||||||||
| 50 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, | 8/14 at 100.00 | A– | 47,182 | ||||
| Series 2004, 5.375%, 8/15/24 | ||||||||
| 2,210 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland | 7/16 at 100.00 | AA | 1,727,226 | ||||
| Health, Series 2006A, 4.750%, 7/01/36 – MBIA Insured | ||||||||
| 1,935 | Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured | 7/09 at 100.00 | Aa2 | 1,964,547 | ||||
| Multifamily Housing Revenue Bonds, Series 1996B, 6.400%, 7/01/28 | ||||||||
| (Alternative Minimum Tax) | ||||||||
| 2,315 | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing | 7/10 at 100.00 | Aaa | 2,349,031 | ||||
| Development Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 11,225 | Total Maryland | 10,719,100 | ||||||
|
| ||||||||
| Massachusetts – 1.4% (0.8% of Total Investments) | ||||||||
| 3,585 | Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, | 3/15 at 100.00 | BBB | 2,541,299 | ||||
| 3/01/35 – ACA Insured | ||||||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, | 10/12 at 102.00 | BB– | 610,990 | ||||
| 5.250%, 10/01/26 | ||||||||
| 1,000 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital | 7/15 at 100.00 | BBB– | 610,520 | ||||
| Project, Series 2005D, 5.375%, 7/01/35 | ||||||||
| 3,465 | Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 – | 2/17 at 100.00 | AAA | 2,940,053 | ||||
| FSA Insured (UB) | ||||||||
|
| ||||||||
| 9,050 | Total Massachusetts | 6,702,862 | ||||||
|
| ||||||||
| Michigan – 6.3% (3.8% of Total Investments) | ||||||||
| 6,000 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, | 7/15 at 100.00 | AA | 4,886,700 | ||||
| 7/01/35 – MBIA Insured | ||||||||
| 8,915 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, | 4/09 at 100.00 | AA – | 7,906,089 | ||||
| 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 | AA | 4,102,056 | ||||
| 7/01/34 – FGIC Insured | ||||||||
| 5,000 | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, | 10/13 at 100.00 | AA | 4,560,300 | ||||
| 5.000%, 10/15/29 – MBIA Insured | ||||||||
| 10,500 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center | 2/09 at 101.00 | BB | 6,707,085 | ||||
| Obligated Group, Series 1998A, 5.250%, 8/15/23 | ||||||||
| 1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series | 5/15 at 100.00 | BBB | 699,770 | ||||
| 2005, 5.000%, 5/15/30 | ||||||||
| 2,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series | 12/16 at 100.00 | AA | 1,767,620 | ||||
| 2006A, 5.000%, 12/01/31 (UB) | ||||||||
|
| ||||||||
| 38,815 | Total Michigan | 30,629,620 | ||||||
|
| ||||||||
| Minnesota – 1.2% (0.7% of Total Investments) | ||||||||
| 595 | Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed | 5/09 at 101.00 | AAA | 577,775 | ||||
| Securities 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 | 3,776,150 | ||||
| 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 | 1,550,975 | ||||
| Project, Series 2007-1, 5.000%, 8/01/36 | ||||||||
|
| ||||||||
| 6,970 | Total Minnesota | 5,904,900 | ||||||
|
| ||||||||
| Mississippi – 2.0% (1.2% of Total Investments) | ||||||||
| 2,975 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial | 9/14 at 100.00 | AA | 2,888,666 | ||||
| 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 | 6,183,159 | ||||
| 1,000 | Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company, | 8/11 at 100.00 | BBB | 521,620 | ||||
| Series 2006A, 4.800%, 8/01/30 | ||||||||
|
| ||||||||
| 9,155 | Total Mississippi | 9,593,445 | ||||||
|
| ||||||||
| Missouri – 0.7% (0.4% of Total Investments) | ||||||||
| 1,450 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue | 6/17 at 100.00 | N/R | 1,024,063 | ||||
| Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 | ||||||||
| 2,450 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series | 5/13 at 100.00 | AA | 2,409,281 | ||||
| 2003, 5.125%, 5/15/24 | ||||||||
|
| ||||||||
| 3,900 | Total Missouri | 3,433,344 | ||||||
|
| ||||||||
| Nebraska – 2.0% (1.2% of Total Investments) | ||||||||
| 9,000 | NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan Program, Series 1993A-5A, | No Opt. Call | A2 | 9,720,180 | ||||
| 6.250%, 6/01/18 – MBIA Insured (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| Nevada – 2.6% (1.6% of Total Investments) | ||||||||
| 4,500 | Clark County School District, Nevada, General Obligation School Improvement Bonds, Series | No Opt. Call | AA | 4,839,345 | ||||
| 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 | AA– | 7,116,130 | ||||
| 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 | A | 837,295 | ||||
| Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 – AMBAC Insured | ||||||||
|
| ||||||||
| 16,925 | Total Nevada | 12,792,770 | ||||||
|
| ||||||||
| New Jersey – 5.2% (3.2% of Total Investments) | ||||||||
| 500 | Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The | 1/18 at 100.00 | N/R | 286,870 | ||||
| Evergreens Project, Series 2007, 5.625%, 1/01/38 | ||||||||
| 1,100 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital | 7/10 at 101.00 | BBB– (4) | 1,214,267 | ||||
| Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10) | ||||||||
| 880 | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – MBIA Insured | No Opt. Call | AA | 1,090,998 | ||||
| New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | ||||||||
| 300 | 6.500%, 1/01/16 – MBIA Insured (ETM) | No Opt. Call | AA (4) | 386,937 | ||||
| 2,345 | 6.500%, 1/01/16 – MBIA Insured (ETM) | No Opt. Call | AA (4) | 2,775,190 | ||||
| 11,070 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/12 at 100.00 | AAA | 12,076,152 | ||||
| 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 | 4,833,830 | ||||
| Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) | ||||||||
| 5,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/17 at 100.00 | BBB | 2,667,950 | ||||
| Series 2007-1A, 4.750%, 6/01/34 | ||||||||
|
| ||||||||
| 25,190 | Total New Jersey | 25,332,194 | ||||||
|
| ||||||||
| New York – 8.1% (4.9% of Total Investments) | ||||||||
| 855 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter | 4/17 at 100.00 | N/R | 528,612 | ||||
| Schools, Series 2007A, 5.000%, 4/01/32 | ||||||||
| 1,200 | Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding | No Opt. Call | Baa3 | 1,153,716 | ||||
| Bonds, American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 | ||||||||
| (Mandatory put 6/01/10) | ||||||||
| 4,070 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, | 2/17 at 100.00 | AA | 3,014,567 | ||||
| 2/15/47 – MBIA Insured | ||||||||
| 3,300 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, | 11/16 at 100.00 | AA | 2,573,736 | ||||
| 5/01/33 – MBIA Insured | ||||||||
| 6,740 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal | 5/10 at 100.00 | AAA | 6,757,322 | ||||
| Series 1998C, 5.000%, 5/01/26 | ||||||||
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal | ||||||||
| Series 2000C: | ||||||||
| 220 | 5.875%, 11/01/16 (Pre-refunded 5/01/10) | 5/10 at 101.00 | AAA | 236,843 | ||||
| 5,000 | 5.500%, 11/01/24 (Pre-refunded 5/01/10) | 5/10 at 101.00 | AAA | 5,359,450 | ||||
| New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and | ||||||||
| State Contingency Contract-Backed Bonds, Series 2003A-1: | ||||||||
| 10,800 | 5.500%, 6/01/16 | 6/10 at 100.00 | AA– | 11,000,988 | ||||
| 2,500 | 5.500%, 6/01/18 | 6/12 at 100.00 | AA– | 2,584,300 | ||||
| 6,250 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air | No Opt. Call | AA | 5,992,438 | ||||
| Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 40,935 | Total New York | 39,201,972 | ||||||
|
| ||||||||
| North Carolina – 3.3% (2.0% of Total Investments) | ||||||||
| 750 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, | 1/17 at 100.00 | AA– | 686,003 | ||||
| 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+ | 2,570,013 | ||||
| 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 | AA | 2,130,340 | ||||
| 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 | AA | 10,478,500 | ||||
| 1/01/18 – MBIA Insured | ||||||||
|
| ||||||||
| 15,195 | Total North Carolina | 15,864,856 | ||||||
|
| ||||||||
| Ohio – 3.3% (2.0% of Total Investments) | ||||||||
| 5,830 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | 6/17 at 100.00 | BBB | 4,276,480 | ||||
| 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 – FSA Insured | 1/10 at 101.00 | AAA | 7,834,583 | ||||
| 3,000 | Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999, | 10/09 at 101.00 | A+ | 3,076,920 | ||||
| 5.800%, 10/01/14 | ||||||||
| 1,000 | Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek | 7/09 at 100.00 | Aa2 | 991,770 | ||||
| Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax) | ||||||||
|
| ||||||||
| 17,895 | Total Ohio | 16,179,753 | ||||||
|
| ||||||||
| Oklahoma – 1.0% (0.6% of Total Investments) | ||||||||
| 260 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan | 3/10 at 101.00 | Aaa | 261,292 | ||||
| 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 | 12/16 at 100.00 | AA | 4,620,752 | ||||
| Health System, Series 2006, 5.000%, 12/15/36 (UB) | ||||||||
| 88 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis | 12/16 at 100.00 | AA | 59,640 | ||||
| Health System, Series 2006, Trust 3500, 8.406%, 12/15/36 (IF) | ||||||||
|
| ||||||||
| 5,963 | Total Oklahoma | 4,941,684 | ||||||
|
| ||||||||
| Pennsylvania – 2.7% (1.6% of Total Investments) | ||||||||
| 500 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, | 3/17 at 100.00 | BBB | 301,995 | ||||
| School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | ||||||||
| 5,410 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond | 10/17 at 100.00 | AA+ | 5,450,305 | ||||
| Trust 3212, 13.596%, 10/01/38 (IF) | ||||||||
| 5,490 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of | 12/16 at 100.00 | AAA | 4,664,030 | ||||
| Philadelphia, Series 2006B, 4.500%, 6/01/32 – FSA Insured (UB) | ||||||||
| 2,600 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – | 12/14 at 100.00 | Aa3 | 2,642,562 | ||||
| AMBAC Insured | ||||||||
|
| ||||||||
| 14,000 | Total Pennsylvania | 13,058,892 | ||||||
|
| ||||||||
| Puerto Rico – 2.7% (1.6% of Total Investments) | ||||||||
| 12,390 | Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, | No Opt. Call | AA | 12,993,144 | ||||
| 7/01/13 – MBIA Insured | ||||||||
|
| ||||||||
| Rhode Island – 2.6% (1.6% of Total Investments) | ||||||||
| 20,000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, | 6/12 at 100.00 | BBB | 12,864,599 | ||||
| Series 2002A, 6.250%, 6/01/42 | ||||||||
|
| ||||||||
| South Carolina – 4.7% (2.9% of Total Investments) | ||||||||
| 4,120 | Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, | 8/14 at 100.00 | AA | 4,057,994 | ||||
| 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 | AA | 2,487,510 | ||||
| 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 | AA | 5,367,450 | ||||
| 5,750 | 4.000%, 1/01/23 – MBIA Insured | 7/09 at 100.00 | AA | 5,386,773 | ||||
| 5,085 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series | No Opt. Call | AA | 5,485,240 | ||||
| 1998A, 5.500%, 1/01/13 – MBIA Insured | ||||||||
|
| ||||||||
| 22,955 | Total South Carolina | 22,784,967 | ||||||
|
| ||||||||
| 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– | 1,616,510 | ||||
| Hospitals, Series 2004A, 5.500%, 11/01/31 | ||||||||
|
| ||||||||
| Tennessee – 0.4% (0.2% of Total Investments) | ||||||||
| 5,075 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue | 1/17 at 30.07 | A– | 338,706 | ||||
| Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41 | ||||||||
| 680 | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, | 9/16 at 100.00 | BBB+ | 399,452 | ||||
| Wellmont Health System, Series 2006C, 5.250%, 9/01/36 | ||||||||
| Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding | ||||||||
| Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||
| 860 | 5.500%, 11/01/37 | 11/17 at 100.00 | N/R | 426,620 | ||||
| 1,500 | 5.500%, 11/01/46 | 11/17 at 100.00 | N/R | 723,060 | ||||
|
| ||||||||
| 8,115 | Total Tennessee | 1,887,838 | ||||||
|
| ||||||||
| Texas – 21.2% (12.9% of Total Investments) | ||||||||
| 3,000 | Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., | 12/12 at 100.00 | CCC+ | 1,177,890 | ||||
| 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 | 4,608,387 | ||||
| 4.250%, 8/15/36 (UB) | ||||||||
| 4,000 | Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue | 1/15 at 100.00 | AA | 2,892,560 | ||||
| Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured | ||||||||
| 2,250 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, | 11/14 at 100.00 | AAA | 1,923,953 | ||||
| 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 | AA | 8,160,320 | ||||
| Series 2001A, 5.875%, 11/01/19 – FGIC Insured (Alternative Minimum Tax) | ||||||||
| 6,000 | Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe | 12/11 at 101.00 | N/R | 5,655,420 | ||||
| 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 | 6,392,330 | ||||
| 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 | A | 9,097,227 | ||||
| Project, Series 2001B, 0.000%, 9/01/28 – AMBAC Insured | ||||||||
| 7,500 | Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, | No Opt. Call | AAA | 8,794,575 | ||||
| 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 | 5,619,794 | ||||
| Bonds, Series 2006, 0.000%, 8/15/39 | ||||||||
| 46 | Midland Housing Finance Corporation, Texas, Single Family Mortgage Revenue Refunding Bonds, | 5/09 at 100.00 | Aaa | 46,371 | ||||
| Series 1992A, 8.450%, 12/01/11 | ||||||||
| Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School | ||||||||
| Building and Refunding Bonds, Series 2001: | ||||||||
| 730 | 5.500%, 2/15/21 | 2/11 at 100.00 | AAA | 756,236 | ||||
| 760 | 5.500%, 2/15/23 | 2/11 at 100.00 | AAA | 780,558 | ||||
| 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 | 1,709,416 | ||||
| 1,640 | 5.500%, 2/15/23 (Pre-refunded 2/15/11) | 2/11 at 100.00 | Aaa | 1,785,632 | ||||
| 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 | 3,058,638 | ||||
| 2,300 | 5.125%, 2/15/31 | 8/11 at 100.00 | Aaa | 2,307,820 | ||||
| 700 | Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding | 8/11 at 100.00 | Aaa | 770,518 | ||||
| Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11) | ||||||||
| 2,500 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, | 1/18 at 100.00 | A3 | 2,206,725 | ||||
| 5.750%, 1/01/38 | ||||||||
| 6,000 | Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State | 8/12 at 100.00 | Baa1 (4) | 6,671,640 | ||||
| University – Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) – | ||||||||
| MBIA Insured | ||||||||
| 3,410 | Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park | 12/12 at 100.00 | AAA | 4,218,784 | ||||
| Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/12) (5) | ||||||||
| 1,800 | Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, | 10/12 at 100.00 | A3 | 1,751,742 | ||||
| Series 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 | 5,071,958 | ||||
| Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) | ||||||||
| 460 | Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, | 2/17 at 100.00 | AA– | 285,297 | ||||
| Texas Health Resources Project, Trust 1031, 9.591%, 2/15/36 (IF) | ||||||||
| 5,200 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, | 2/17 at 100.00 | AA– | 4,289,896 | ||||
| Series 2007A, 5.000%, 2/15/36 (UB) | ||||||||
| 3,395 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.225%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 3,633,804 | ||||
| 8,500 | Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, | 5/09 at 100.00 | Aaa | 9,011,360 | ||||
| Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) | ||||||||
|
| ||||||||
| 151,736 | Total Texas | 102,678,851 | ||||||
|
| ||||||||
| Utah – 2.3% (1.4% of Total Investments) | ||||||||
| 4,845 | Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community | 6/09 at 101.00 | N/R | 3,860,787 | ||||
| Hospital Project, Series 1998, 5.750%, 12/15/18 | ||||||||
| 4,995 | Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, | 4/09 at 100.00 | Aa3 (4) | 5,166,129 | ||||
| 7/01/14 (ETM) | ||||||||
| 465 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 | 7/10 at 100.00 | AA | 467,544 | ||||
| (Alternative Minimum Tax) | ||||||||
| Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C: | ||||||||
| 1,165 | 5.500%, 1/01/18 (Alternative Minimum Tax) | 1/11 at 100.00 | AA– | 1,181,974 | ||||
| 450 | 5.650%, 1/01/21 (Alternative Minimum Tax) | 1/11 at 100.00 | Aaa | 453,699 | ||||
|
| ||||||||
| 11,920 | Total Utah | 11,130,133 | ||||||
|
| ||||||||
| Virginia – 1.5% (0.9% of Total Investments) | ||||||||
| 8,190 | Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 – | 1/13 at 100.00 | A1 | 7,469,362 | ||||
| AMBAC Insured | ||||||||
|
| ||||||||
| Washington – 9.2% (5.6% of Total Investments) | ||||||||
| 1,855 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, | 7/09 at 101.00 | AA | 1,738,079 | ||||
| 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 | 2,765,075 | ||||
| Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured | ||||||||
| 220 | Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric | 1/15 at 100.00 | Aa2 (4) | 259,292 | ||||
| Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) – FGIC Insured | ||||||||
| 5,780 | Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric | 1/15 at 100.00 | Aa2 | 5,302,341 | ||||
| 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 | AA | 1,690,770 | ||||
| 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 | 8,955,495 | ||||
| (Pre-refunded 1/01/11) – FSA Insured | ||||||||
| 11,000 | Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series | No Opt. Call | Aaa | 11,291,060 | ||||
| 1993B, 7.000%, 7/01/09 | ||||||||
| 2,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and | No Opt. Call | N/R | 1,237,860 | ||||
| Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | ||||||||
| 1,000 | Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, | 8/13 at 102.00 | A | 784,270 | ||||
| Series 1998, 5.000%, 8/15/28 – AMBAC Insured | ||||||||
| 5,500 | Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services, | 11/10 at 100.00 | Baa1 | 5,558,025 | ||||
| Series 1998, 5.500%, 11/15/14 – AMBAC Insured | ||||||||
| 1,460 | Washington State Healthcare Facilities Authority, Revenue Bonds, Virginia Mason Medical | 8/17 at 100.00 | BBB | 1,029,723 | ||||
| Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured | ||||||||
| 4,300 | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, | 6/13 at 100.00 | BBB | 3,806,747 | ||||
| Series 2002, 6.500%, 6/01/26 | ||||||||
|
| ||||||||
| 45,270 | Total Washington | 44,418,737 | ||||||
|
| ||||||||
| Wisconsin – 2.9% (1.8% of Total Investments) | ||||||||
| 500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of | 4/09 at 100.00 | AA | 500,090 | ||||
| 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 | AA | 6,115,275 | ||||
| Inc., Series 2002A, 5.250%, 2/15/32 – MBIA Insured | ||||||||
| 4,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan | 8/16 at 100.00 | BBB+ | 2,386,360 | ||||
| Healthcare System, Series 2006, 5.250%, 8/15/34 | ||||||||
| 5,000 | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – | 5/16 at 100.00 | AA | 5,050,700 | ||||
| FGIC Insured (UB) | ||||||||
|
| ||||||||
| 17,000 | Total Wisconsin | 14,052,425 | ||||||
|
| ||||||||
| $ 985,060 | Total Investments (cost $843,257,168) – 164.4% | 797,686,169 | ||||||
|
|
| |||||||
| Floating Rate Obligations – (11.5)% | (55,843,000) | |||||||
|
| ||||||||
| Other Assets Less Liabilities – 7.4% | 35,712,204 | |||||||
|
| ||||||||
| Preferred Shares, at Liquidation Value – (60.3)% (6) | (292,400,000) | |||||||
|
| ||||||||
| Net Assets Applicable to Common Shares – 100% | $ | 485,155,373 | ||||||
|
| ||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common | |
| shares unless otherwise noted. | ||
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. | |
| There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities | ||
| may be subject to periodic principal paydowns. | ||
| (3) | Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, | |
| Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be | ||
| below investment grade. | ||
| The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AGC, AMBAC, | ||
| CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of January 31, 2009. Subsequent to January 31, 2009, | ||
| and during the period this Portfolio of Investments was prepared, there may have been reductions to the | ||
| ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the | ||
| period and after period end. Such reductions would likely reduce the effective rating of many of the | ||
| bonds insured by that insurer or insurers presented at period end. | ||
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities | |
| which ensure the timely payment of principal and interest. Such investments are normally considered to | ||
| be equivalent to AAA rated securities. | ||
| (5) | The issuer has received a formal adverse determination from the Internal Revenue Service (the “IRS”) | |
| regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon | ||
| payments as tax-exempt income until such time that it is formally determined that the interest on the | ||
| bonds should be treated as taxable. | ||
| (6) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 36.7%. | |
| N/R | Not rated. | |
| (ETM) | Escrowed to maturity. | |
| (IF) | Inverse floating rate investment. | |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the | |
| provisions of SFAS No. 140. |
Fair Value Measurements
During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:
| Level 1 – Quoted prices in active markets for identical securities. |
| Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, |
| prepayment speeds, credit risk, etc.). |
| Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair |
| value of investments). |
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the Fund's fair value measurements as of January 31, 2009:
| Level 1 | Level 2 | Level 3 | Total | |||||
|
| ||||||||
| Investments | $ — | $797,686,169 | $ — | $797,686,169 | ||||
|
| ||||||||
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 transactions subject to SFAS No. 140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
At January 31, 2009, the cost of investments was $787,328,985.
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2009, were as follows:
|
| ||
| Gross unrealized: | ||
| Appreciation | $ 30,185,262 | |
| Depreciation | (75,623,689) | |
|
| ||
| Net unrealized appreciation (depreciation) of investments | $(45,438,427) | |
|
| ||
Item 2. Controls and Procedures.
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.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Premium Income Municipal Fund 4, Inc.
By (Signature and Title)
/s/ Kevin J.
McCarthy
Kevin
J.
McCarthy
Vice President and Secretary
Date April 1, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
/s/ Gifford R.
Zimmerman
Gifford R.
Zimmerman
Chief Administrative Officer (principal executive officer)
Date April 1, 2009
By (Signature and Title)
/s/ Stephen D.
Foy
Stephen
D.
Foy
Vice President and Controller (principal financial officer)
Date April 1, 2009