Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-07432         

        Nuveen Premium Income Municipal Fund 4, Inc.         
(Exact name of registrant as specified in charter)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

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

Date of fiscal year end:            10/31          

Date of reporting period:          07/31/05         

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, 2005               
 
 
 
  Principal        Optional Call          Market 
  Amount (000)    Description(1)     Provisions*    Ratings**      Value 
      Alabama - 3.4% (2.2% of Total Investments)               
$   2,395    Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay Apartments,    2/11 at 102.00    AAA    $   2,532,713 
      Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax)               
  11,895    Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters    11/05 at 101.00    Aaa      12,061,649 
      of Charity National Health System - Providence Hospital and St. Vincent's Hospital, Series 1995,               
      5.000%, 11/01/25               
  5,150    Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001, 5.750%, 12/01/16    12/11 at 101.00    A-      5,586,051 
      Alaska - 0.8% (0.5% of Total Investments)               
  3,065    Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 -    12/13 at 100.00    AAA      3,297,082 
      MBIA Insured               
  1,665    Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,    12/14 at 100.00    AAA      1,741,390 
      12/01/30 - FGIC Insured               
      Arizona - 1.6% (1.0% of Total Investments)               
  5,000    Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project,    7/13 at 100.00    Aaa      5,248,150 
      Series 2003A, 5.000%, 7/01/31 - MBIA Insured               
  4,100    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue    12/13 at 100.00    AAA      4,380,563 
      Bonds, Series 2003, 5.000%, 12/01/18 - MBIA Insured               
      Arkansas - 0.0% (0.0% of Total Investments)               
  75    Arkansas Development Finance Authority, FHA-Insured or VA Guaranteed Single Family Mortgage    8/05 at 100.00    AA      75,217 
      Revenue Refunding Bonds, Series 1991A, 8.000%, 8/15/11               
  81    Jacksonville Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    1/06 at 101.00    Aaa      81,719 
      Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A-2, 7.900%, 1/01/11               
  131    Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities    10/05 at 103.00    Aaa      133,588 
      Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11               
      California - 8.4% (5.5% of Total Investments)               
  17,000    California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health    3/13 at 100.00    A      17,229,500 
      System/West, Series 2003A, 5.000%, 3/01/33               
  2,000    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC,    8/11 at 102.00    A+      2,130,460 
      Series 2001A, 5.550%, 8/01/31               
  12,000    California, General Obligation Bonds, Series 2003, 5.250%, 2/01/22    8/13 at 100.00    A      12,941,280 
  4,500    California, General Obligation Bonds, Series 2004, 5.100%, 2/01/34    2/09 at 100.00    A      4,639,770 
  1,800    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%,    5/12 at 101.00    AAA      2,016,126 
      5/01/14 - AMBAC Insured               
  4,780    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,    No Opt. Call    AAA      3,458,330 
      0.000%, 1/01/14               
  1,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,    6/13 at 100.00    BBB      1,151,800 
      Series 2003A-1, 6.750%, 6/01/39               
    3,000    Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2001A-3,    7/06 at 100.00    AA-        3,048,330 
      5.375%, 7/01/20               
  795    Santa Clara Valley Water District, California, Water Utility System Revenue Bonds, Series 2000A,    6/10 at 100.00    AA      844,171 
      5.000%, 6/01/18               
  1,945    South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series 1996A,    No Opt. Call    AAA      2,248,284 
      6.000%, 10/01/12 - FGIC Insured               
      Colorado - 6.2% (4.0% of Total Investments)               
  6,500    Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 4.750%,    12/15 at 100.00    AAA      6,767,410 
      12/15/23 - FSA Insured               
  2,000    Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives, Series    9/11 at 100.00    AA      2,099,120 
      2001, 5.250%, 9/01/21               
  805    Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 6.750%, 10/01/21    10/09 at 105.00    Aa2      824,578 
  3,040    Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13    No Opt. Call    A      3,553,882 
      (Alternative Minimum Tax)               
      Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel,               
      Series 2003A:               
  2,940    5.000%, 12/01/20 - XLCA Insured    12/13 at 100.00    AAA      3,104,934 
  10,000    5.000%, 12/01/33 - XLCA Insured    12/13 at 100.00    AAA      10,432,200 
  4,345    El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002,    12/12 at 100.00    Aaa      4,780,586 
      5.250%, 12/15/17 - FGIC Insured               
  755    Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%,    12/14 at 100.00    AAA      808,945 
      12/15/22 - FSA Insured               
  4,125    Municipal Subdistrict Northern Colorado Water District, Revenue Bonds, Series 1997G, 5.250%,    12/07 at 101.00    AAA      4,359,011 
      12/01/15 - AMBAC Insured               
      Connecticut - 0.5% (0.3% of Total Investments)               
  3,000    Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 1996C-2,    5/06 at 102.00    AAA      3,096,990 
      6.250%, 11/15/18               
      District of Columbia - 5.4% (3.5% of Total Investments)               
  6,000    District of Columbia, General Obligation Bonds, Series 1993B-2, 5.500%, 6/01/10 - FSA Insured    No Opt. Call    AAA      6,541,020 
  4,250    District of Columbia, Hospital Revenue Refunding Bonds, Medlantic Healthcare Group, Series 1993A,    8/06 at 102.00    AAA      4,445,585 
      5.750%, 8/15/14 - MBIA Insured               
  5    District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/09 - CAPMAC Insured    12/05 at 100.00    AAA      5,014 
      District of Columbia, General Obligation Refunding Bonds, Series 1993A:               
  1,585    6.000%, 6/01/07 - MBIA Insured    No Opt. Call    AAA      1,631,425 
  7,215    6.000%, 6/01/07 - MBIA Insured    No Opt. Call    AAA      7,424,019 
      District of Columbia, Revenue Bonds, Georgetown University, Series 2001A:               
  9,670    0.000%, 4/01/26 - MBIA Insured    4/11 at 42.15    AAA      3,122,346 
  15,235    0.000%, 4/01/30 - MBIA Insured    4/11 at 32.93    AAA      3,816,368 
  5,000    Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue    10/08 at 101.00    AAA      5,330,750 
      Bonds, Series 1998, 5.250%, 10/01/12 - AMBAC Insured               
      Florida - 6.6% (4.3% of Total Investments)               
  5,000    Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/28 -    7/13 at 100.00    AAA      5,255,000 
      MBIA Insured               
  2,500    Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds,    6/06 at 101.00    AAA      2,577,625 
      Series 1996A, 5.250%, 6/01/22 (Pre-refunded to 6/01/06)               
  5,000    Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series    10/13 at 100.00    AAA      5,368,650 
      2003A, 5.250%, 10/01/18 (Alternative Minimum Tax) - MBIA Insured               
  9,000    JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2001A, 5.200%, 10/01/20    10/05 at 100.00    AA-***      9,039,690 
      (Pre-refunded to 10/01/05)               
    5,000    Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,    12/05 at 101.00    BB+        5,083,500 
      Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)               
  1,380    Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay    1/11 at 102.00    AAA      1,468,375 
      Apartments, Series 2000-5A, 5.850%, 7/01/20 (Alternative Minimum Tax) - FSA Insured               
  9,500    Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 - AMBAC Insured    10/18 at 100.00    AAA      10,247,365 
      Georgia - 2.5% (1.6% of Total Investments)               
  4,400    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 - FGIC Insured    No Opt. Call    AAA      5,123,492 
  2,880    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 8.250%, 1/01/11    No Opt. Call    A+      3,529,901 
  5,500    Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 -    No Opt. Call    AAA      6,380,880 
      FGIC Insured               
      Hawaii - 1.0% (0.6% of Total Investments)               
      Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B:               
  1,580    5.000%, 10/01/13    No Opt. Call    Aaa      1,735,914 
  3,720    5.000%, 10/01/13    No Opt. Call    Aa2      4,055,432 
      Illinois - 14.4% (9.3% of Total Investments)               
  4,000    Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%,    No Opt. Call    AAA      4,631,840 
      1/01/15 - MBIA Insured               
  5,550    Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 (Alternative    1/11 at 101.00    AAA      5,748,634 
      Minimum Tax) - FSA Insured               
  5,000    Chicago, Illinois, Sales Tax Revenue Bonds, Series 1998, 5.250%, 1/01/28 - FGIC Insured    7/08 at 102.00    AAA      5,318,450 
      Cook County School District 99, Cicero, Illinois, General Obligation School Bonds, Series 1997:               
  1,455    8.500%, 12/01/13 - FGIC Insured    No Opt. Call    Aaa      1,943,414 
  1,685    8.500%, 12/01/15 - FGIC Insured    No Opt. Call    Aaa      2,347,593 
  6,140    Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek American    4/11 at 105.00    Aaa      6,519,329 
      Nursing Home Committee, Series 2000A, 7.600%, 4/20/40               
  1,385    Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program -    12/14 at 100.00    Aaa      1,489,180 
      Kankakee County, Series 2005B, 5.000%, 12/01/18 - AMBAC Insured               
      Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System,               
      Series 1993C:               
  4,420    7.000%, 4/01/08    No Opt. Call    A+      4,688,073 
  4,075    7.000%, 4/01/14    No Opt. Call    A+      4,949,780 
  4,000    Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32    5/12 at 100.00    Baa2      4,142,800 
  4,000    Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health    8/13 at 100.00    AAA      4,173,480 
      System, Series 2003, 5.150%, 2/15/37               
  2,225    Illinois Housing Development Authority, Multifamily Program Bonds, Series 1994-5, 6.650%, 9/01/14    9/05 at 101.00    A+      2,261,735 
  3,410    Illinois Housing Development Authority, Section 8 Elderly Housing Revenue Bonds, Skyline Towers    11/05 at 100.00    A-      3,519,120 
      Apartments, Series 1992B, 6.875%, 11/01/17               
  9,795    Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois,    No Opt. Call    AAA      11,046,311 
      School Refunding Bonds, Series 2002, 5.250%, 12/01/19 - FSA Insured               
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion               
      Project, Series 2002A:               
  9,500    0.000%, 6/15/24 - MBIA Insured    6/22 at 101.00    AAA      5,829,770 
  4,540    5.000%, 12/15/28 - MBIA Insured    6/12 at 101.00    AAA      4,745,617 
  36,040    0.000%, 6/15/40 - MBIA Insured    No Opt. Call    AAA      6,775,160 
  3,050    Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois,    No Opt. Call    AAA      3,871,457 
      General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 - AMBAC Insured               
  1,362    Wood River Township, Madison County, Illinois, General Obligation Bonds, Series 1993, 6.625%, 2/01/14    8/05 at 101.00    N/R      1,299,504 
      Indiana - 9.0% (5.8% of Total Investments)                 
    22,000    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligated    8/10 at 101.50    AAA        24,059,640 
      Group, Series 2000A, 5.500%, 2/15/30 - MBIA Insured                 
  3,000    Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional    No Opt. Call    AAA        3,610,350 
      Hospital, Series 1993, 7.000%, 8/15/15 - FSA Insured                 
  2,800    Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series    5/15 at 100.00    AAA        2,938,712 
      2005A, 5.000%, 5/01/35 - AMBAC Insured                 
  3,965    Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%,    2/11 at 100.00    AAA        4,309,321 
      2/01/26 - MBIA Insured                 
  1,500    Indiana Educational Facilities Authority, Revenue Bonds, University of Indianapolis, Series 1999,    10/09 at 101.00    AAA        1,645,620 
      5.750%, 10/01/19 - FSA Insured                 
      Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A:                 
  4,000    5.000%, 6/01/23 - FSA Insured    6/13 at 100.00    AAA        4,218,480 
  6,000    5.000%, 6/01/24 - FSA Insured    6/13 at 100.00    AAA        6,315,840 
  710    Kokomo Hospital Authority, Indiana, Hospital Revenue Refunding Bonds, St. Joseph Hospital and    8/05 at 100.00    N/R***        711,093 
      Health Center, Series 1993, 6.250%, 8/15/05                 
  5,000    Metropolitan School District Warren Township Vision 2005 School Building Corporation, Marion    1/11 at 100.00    AAA        5,511,900 
      County, Indiana, First Mortgage Bonds, Series 2000, 5.500%, 7/15/20 (Pre-refunded to 1/15/11) -                 
      FGIC Insured                 
      Iowa - 0.0% (0.0% of Total Investments)                 
  40    Davenport, Iowa, Home Ownership Mortgage Revenue Refunding Bonds, Series 1994, 7.900%, 3/01/10    9/05 at 101.00    Aa2        40,276 
      Kansas - 1.8% (1.2% of Total Investments)                 
  2,000    Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2000A, 5.500%,    9/10 at 100.00    AAA        2,164,560 
      9/01/25 - AMBAC Insured                 
  6,825    Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Series    9/10 at 100.00    AA        6,560,122 
      2000, 3.500%, 9/01/16                 
  1,750    Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004,    6/14 at 100.00    AAA        1,896,055 
      5.300%, 6/01/31 - MBIA Insured                 
      Louisiana - 1.8% (1.1% of Total Investments)                 
  3,070    Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding    12/12 at 100.00    AAA        3,348,510 
      Bonds, Series 2002, 5.250%, 12/01/20 - AMBAC Insured                 
  1,750    Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA    6/12 at 105.00    Aaa        1,943,848 
      Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37                 
  4,915    Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%,    12/05 at 103.00    AAA        5,113,910 
      11/01/14 - FSA Insured                 
      Maine - 2.5% (1.6% of Total Investments)                 
  7,520    Maine Educational Loan Marketing Corporation, Student Loan Revenue Bonds, Subordinate Series    No Opt. Call    A2        7,675,514 
      1994B-2, 6.250%, 11/01/06 (Alternative Minimum Tax)                 
  6,635    Maine State Housing Authority, Mortgage Purchase Bonds, Series 2000C-1, 6.050%, 11/15/31    5/10 at 100.00    AA+        6,947,442 
      (Alternative Minimum Tax)                 
      Maryland - 2.7% (1.7% of Total Investments)                 
  3,135    Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16    1/07 at 102.00    Aa2        3,241,904 
  2,900    Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%,    7/07 at 102.00    Aa2        3,012,230 
      7/01/39 (Alternative Minimum Tax)                 
  6,800    Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily Housing    7/06 at 102.00    Aa2        7,107,836 
      Revenue Bonds, Series 1996B, 6.400%, 7/01/28 (Alternative Minimum Tax)                 
    2,315    Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development   7/10 at 100.00    Aaa      2,448,483 
      Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax)              
      Massachusetts - 0.6% (0.4% of Total Investments)              
  3,585    Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%,   3/15 at 100.00    A      3,637,520 
      3/01/35 - ACA Insured              
      Michigan - 6.3% (4.1% of Total Investments)              
  6,000    Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,   7/15 at 100.00    AAA      6,328,680 
      7/01/35 - MBIA Insured              
  10,450    Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 -   7/07 at 101.00    AAA      10,842,398 
      MBIA Insured              
      Hancock Hospital Finance Authority, Michigan, FHA-Insured Mortgage Hospital Revenue Bonds, Portage              
      Health System Inc., Series 1998:              
  1,050    4.625%, 8/01/18 - MBIA Insured   8/08 at 100.00    AAA      1,059,639 
  4,400    5.450%, 8/01/47 - MBIA Insured   8/08 at 100.00    AAA      4,639,668 
  5,000    Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II,   10/13 at 100.00    AAA      5,248,500 
      5.000%, 10/15/29 - MBIA Insured              
  10,500    Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated   8/08 at 101.00    BB-      9,574,110 
      Group, Series 1998A, 5.250%, 8/15/23              
      Minnesota - 0.9% (0.6% of Total Investments)              
  1,395    Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities Program   11/07 at 102.00    AAA      1,442,095 
      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, Series   1/11 at 100.00    AAA      3,723,545 
      2001A, 5.250%, 1/01/25 - FGIC Insured              
      Mississippi - 1.9% (1.2% of Total Investments)              
  1,285    Jones County, Mississippi, Hospital Revenue Refunding Bonds, South Central Regional Medical Center   12/07 at 100.00    BBB+      1,307,847 
      Project, Series 1997, 5.350%, 12/01/10              
  2,000    Mississippi Higher Education Assistance Corporation, Student Loan Revenue Bonds, Senior Series   9/05 at 100.00    Aaa      2,004,200 
      1993B, 5.800%, 9/01/06 (Alternative Minimum Tax)              
  1,875    Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial   9/14 at 100.00    N/R      1,933,631 
      Healthcare, Series 2004B-1, 5.000%, 9/01/24              
  5,180    Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18   No Opt. Call    AA      5,997,249 
      Missouri - 0.4% (0.2% of Total Investments)              
  2,000    St. Louis, Missouri, Airport Revenue Bonds, Airport Development Program, Series 2001A, 5.000%,   7/11 at 100.00    AAA      2,079,340 
      7/01/26 - MBIA Insured              
      Nebraska - 1.6% (1.0% of Total Investments)              
  9,000    NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan Program, Series 1993A-5A, 6.250%,   No Opt. Call    AAA      9,481,590 
      6/01/18 (Alternative Minimum Tax)- MBIA Insured              
      Nevada - 4.5% (2.9% of Total Investments)              
  7,000    Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003,   7/13 at 100.00    AAA      7,410,130 
      5.000%, 7/01/23 - AMBAC Insured              
  10,420    Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18   6/12 at 100.00    AAA      11,668,108 
      (Pre-refunded to 6/15/12) - MBIA Insured              
  4,500    Clark County School District, Nevada, General Obligation School Improvement Bonds, Series 1991A,   No Opt. Call    AAA      5,208,210 
      7.000%, 6/01/10 - MBIA Insured              
  5,425    Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail   No Opt. Call    AAA      2,153,508 
      Project, First Tier, Series 2000, 0.000%, 1/01/25 - AMBAC Insured              
 
    525    Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 1992B-1, 6.200%, 10/01/15   10/05 at 101.00    A1        530,969 
 
      New Jersey - 4.0% (2.6% of Total Investments)              
 
  1,100    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital Obligated   7/10 at 101.00    BBB-      1,239,799 
      Group, Series 2000, 7.500%, 7/01/30              
 
      New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:              
  2,345    6.500%, 1/01/16 - MBIA Insured   No Opt. Call    AAA      2,813,062 
  1,180    6.500%, 1/01/16 - MBIA Insured   No Opt. Call    AAA      1,417,864 
 
  13,890    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series   6/12 at 100.00    BBB      14,662,979 
      2002, 5.750%, 6/01/32              
 
  3,125    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series   6/13 at 100.00    BBB      3,693,313 
      2003, 6.750%, 6/01/39              
 
      New York - 9.0% (5.8% of Total Investments)              
 
  1,200    Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding Bonds,   No Opt. Call    BB+      1,256,556 
      American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 (Mandatory put 6/01/10)              
 
      New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series              
      1998C:              
  1,350    5.000%, 5/01/26 (Pre-refunded to 5/01/08)   5/08 at 101.00    AAA      1,436,792 
  35    5.000%, 5/01/26 (Pre-refunded to 5/01/08)   5/08 at 101.00    AAA      37,250 
  15,530    5.000%, 5/01/26   5/08 at 101.00    AAA      15,985,495 
 
      New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series              
      2000C:              
  3,630    5.875%, 11/01/16 (Pre-refunded to 5/01/10)   5/10 at 101.00    AAA      4,092,898 
  1,155    5.500%, 11/01/24 (Pre-refunded to 5/01/10)   5/10 at 101.00    AAA      1,282,223 
  3,845    5.500%, 11/01/24   5/10 at 101.00    AAA      4,199,201 
 
  220    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series   5/10 at 101.00    AAA      247,848 
      2000A, 5.875%, 11/01/16 (Pre-refunded to 5/01/10)              
 
  1,590    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds, Hospital   8/05 at 100.00    AAA      1,590,334 
      and Nursing Home Projects, Series 1992B, 6.200%, 8/15/22              
 
  4,200    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds, Kenmore   8/05 at 102.00    AA      4,293,996 
      Mercy Hospital, Series 1995B, 6.150%, 2/15/35              
 
  3,365    New York State Medical Care Facilities Finance Agency, FHA-Insured Hospital and Nursing Home   8/05 at 101.00    AA      3,407,264 
      Mortgage Revenue Bonds, Series 1994A, 6.200%, 2/15/21              
 
  6,250    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal   No Opt. Call    AAA      7,200,062 
      LLC, Sixth Series 1997, 6.250%, 12/01/15 (Alternative Minimum Tax) - MBIA Insured              
 
      New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State              
      Contingency Contract-Backed Bonds, Series 2003A-1:              
  5,400    5.500%, 6/01/16   6/10 at 100.00    AA-      5,895,504 
  2,500    5.500%, 6/01/18   6/12 at 100.00    AA-      2,783,150 
 
      North Carolina - 3.2% (2.0% of Total Investments)              
 
  2,675    Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001, 5.500%, 6/01/13   6/11 at 101.00    AAA      2,985,434 
 
  2,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1992, 6.000%,   No Opt. Call    AAA      2,248,600 
      1/01/11 - MBIA Insured              
 
  10,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,   1/13 at 100.00    AAA      10,896,100 
      1/01/18 - MBIA Insured              
 
  2,445    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional   2/14 at 100.00    AA+      2,584,585 
      Facilities, Series 2004A, 5.000%, 2/01/21              
 
      Ohio - 2.3% (1.5% of Total Investments)              
 
  9,000    Cleveland, Ohio, Airport System Revenue Bonds, Series 2000A, 5.000%, 1/01/31 - FSA Insured   1/10 at 101.00    AAA      9,290,520 
    3,000    Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999,    10/09 at 101.00    A      3,227,850 
      5.800%,10/01/14               
  1,000    Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek    1/06 at 102.00    Aa      1,016,940 
      Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax)               
      Oklahoma - 0.7% (0.4% of Total Investments)               
  380    Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program,    3/10 at 101.00    Aaa      403,153 
      Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax)               
  3,340    Tulsa Industrial Authority, Oklahoma, Hospital Revenue Refunding Bonds, Hillcrest Medical Center,    No Opt. Call    AAA      3,731,415 
      Series 1996, 6.500%, 6/01/09 - CONNIE LEE/AMBAC Insured               
      Pennsylvania - 1.6% (1.0% of Total Investments)               
  1,530    Beaver Area School District, Beaver County, Pennsylvania, General Obligation Bonds, Series 2001,    7/06 at 100.00    AAA      1,558,137 
      5.000%, 1/15/20 - FGIC Insured               
  5,000    Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds,    1/06 at 100.00    BBB-      5,041,500 
      Northampton Generating Project, Series 1994A, 6.400%, 1/01/09 (Alternative Minimum Tax)               
  2,600    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 - AMBAC    12/14 at 100.00    AAA      2,902,354 
      Insured               
      Puerto Rico - 3.2% (2.0% of Total Investments)               
  12,390    Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%,    No Opt. Call    AAA      14,937,136 
      7/01/13 - MBIA Insured               
  3,470    University of Puerto Rico, University System Revenue Bonds, Series 2000O, 5.750%, 6/01/18 - MBIA Insured    6/10 at 100.00    AAA      3,833,274 
      Rhode Island - 3.6% (2.3% of Total Investments)               
  20,000    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB      21,611,600 
      Series 2002A, 6.250%, 6/01/42               
      South Carolina - 4.2% (2.7% of Total Investments)               
  4,120    Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series    8/14 at 100.00    AAA      4,445,892 
      2004A, 5.250%, 2/15/23 - MBIA Insured               
  3,000    Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,    6/14 at 100.00    AAA      3,140,970 
      5.000%, 6/01/36 - FGIC Insured               
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991:               
  5,000    6.250%, 1/01/21 - FGIC Insured    No Opt. Call    AAA      6,145,100 
  5,750    4.000%, 1/01/23 - MBIA Insured    1/06 at 100.00    AAA      5,502,405 
  5,085    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1998A,    No Opt. Call    AAA      5,661,944 
      5.500%, 1/01/13 - MBIA Insured               
      South Dakota - 0.3% (0.2% of Total Investments)               
  1,750    South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospital and    11/14 at 100.00    A+      1,884,593 
      Health System, Series 2004A, 5.500%, 11/01/31               
      Tennessee - 0.3% (0.2% of Total Investments)               
  1,500    Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds,    5/08 at 102.00    AA      1,596,375 
      Series 1998A, 5.200%, 5/15/23               
      Texas - 18.2% (11.8% of Total Investments)               
  4,500    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series    12/05 at 100.00    CCC      4,045,950 
      1990, 7.500%, 12/01/29 (Alternative Minimum Tax)               
  4,000    Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds,    1/15 at 100.00    AAA      4,163,000 
      Series 2005, 5.000%, 1/01/35 - FGIC Insured               
  3,345    Columbia-Brazoria Independent School District, Texas, Unlimited Tax School Building Bonds, Series    2/09 at 100.00    AAA      3,381,026 
      1999, 4.750%, 2/01/25               
 
    8,000    Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds,    11/11 at 100.00    AAA        8,857,360 
      Series 2001A, 5.875%, 11/01/19 (Alternative Minimum Tax) - FGIC Insured               
 
  2,250    Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, 11/01/27    11/14 at 100.00    AAA      2,324,767 
      (Alternative Minimum Tax) - FSA Insured               
 
  6,000    Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe    12/11 at 101.00    N/R      6,180,540 
      Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax) (Optional put 6/01/14)               
 
  7,000    Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO    11/13 at 100.00    AAA      7,298,690 
      Project, Series 2003, 5.000%, 11/15/30 - MBIA Insured               
 
  28,305    Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment    No Opt. Call    AAA      9,408,016 
      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      9,191,025 
      5.750%, 12/01/32 - FSA Insured               
 
  5,000    Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 1997D,    12/07 at 102.00    AAA      5,328,150 
      5.000%, 12/01/25 (Pre-refunded to 12/01/07) - FGIC Insured               
 
  7,015    Liberty County Housing Development Corporation, Texas, Multifamily Housing Revenue Bonds, Series    No Opt. Call    N/R      6,184,564 
      1999, 7.250%, 6/01/34 (Optional put 6/01/09)               
 
  222    Midland Housing Finance Corporation, Texas, Single Family Mortgage Revenue Refunding Bonds, Series    11/05 at 103.00    Aaa      229,079 
      1992A, 8.450%, 12/01/11               
 
      Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School Building and               
      Refunding Bonds, Series 2001:               
  2,300    5.500%, 2/15/21    2/11 at 100.00    AAA      2,504,562 
  2,400    5.500%, 2/15/23    2/11 at 100.00    AAA      2,613,456 
 
      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      3,139,043 
  3,000    5.125%, 2/15/31    8/11 at 100.00    Aaa      3,120,720 
 
  6,000    Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State    8/12 at 100.00    Aaa      6,295,020 
      University - Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 - MBIA Insured               
 
  3,410    Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park Racetrack,    12/12 at 100.00    AAA      4,249,065 
      Series 1993, 8.750%, 12/15/18 (Pre-refunded to 12/15/12)               
 
  1,800    Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series    10/12 at 100.00    AA      1,995,804 
      2002A, 5.750%, 10/01/21 - RAAI Insured               
 
  4,700    Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and    2/11 at 100.00    AAA      4,896,930 
      Refunding Bonds, Series 2001, 5.125%, 2/01/26               
 
  4,150    Texas General Services Commission, Certificates of Participation, Series 1992, 7.500%, 9/01/22    9/05 at 100.00    A      4,214,117 
 
  8,500    Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters    11/05 at 100.00    Aaa      8,798,010 
      of Charity National Health System, Series 1993B, 6.000%, 11/15/22               
 
      Utah - 6.1% (4.0% of Total Investments)               
 
  4,845    Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital    12/08 at 101.00    N/R      4,543,689 
      Project, Series 1998, 5.750%, 12/15/18               
 
  17,570    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA      18,742,622 
      7/01/19 - MBIA Insured               
 
      Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A:               
  5,065    6.150%, 7/01/14    7/06 at 102.00    A+***      5,339,574 
  2,935    6.150%, 7/01/14    7/06 at 102.00    A+      3,063,788 
 
  1,435    Salt Lake City and Sandy Metropolitan Water District, Utah, Water Revenue Bonds, Series 2004,    7/14 at 100.00    Aaa      1,534,517 
      5.000%, 7/01/21 - AMBAC Insured               
 
  590    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27    7/10 at 100.00    AA      595,227 
      (Alternative Minimum Tax)               
      Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C:             
    1,985    5.500%, 1/01/18 (Alternative Minimum Tax)    1/11 at 100.00    AA-       2,053,621 
  600    5.650%, 1/01/21 (Alternative Minimum Tax)    1/11 at 100.00    Aa2     621,090 
      Virginia - 1.7% (1.1% of Total Investments)             
  8,190    Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 - AMBAC    1/13 at 100.00    AAA     8,539,222 
      Insured             
  1,775    Virginia Transportation Board, Transportation Revenue Refunding Bonds, U.S. Route 58 Corridor    5/07 at 101.00    AA+     1,851,733 
      Development Program, Series 1997C, 5.125%, 5/15/19             
      Washington - 10.2% (6.5% of Total Investments)             
  1,855    Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds,    7/09 at 101.00    AA     2,031,392 
      Series 1999A, 6.200%, 7/01/34 (Alternative Minimum Tax)             
  1,655    Everett, Washington, Limited Tax General Obligation Bonds, Series 1997, 5.125%, 9/01/17 - FSA Insured    9/07 at 100.00    Aaa     1,719,098 
  6,000    Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric    1/15 at 100.00    AAA     6,296,280 
      Development, Series 2005A, 5.000%, 1/01/34 - FGIC Insured             
  1,612    Skagit County Housing Authority, Washington, GNMA Collateralized Mortgage Loan Nursing Facility    11/05 at 103.00    AAA     1,679,672 
      Revenue Bonds, Sea Mar Community Health Centers, Series 1993, 7.000%, 6/20/35             
  1,500    Snohomish County School District 6, Mukilteo, Washington, Unlimited Tax General Obligation and    No Opt. Call    AAA     1,699,425 
      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 - FSA    1/11 at 101.00    AAA     9,048,870 
      Insured             
  4,705    Tacoma, Washington, Sewerage Revenue Refunding Bonds, Series 1994B, 8.000%, 12/01/08 - FGIC    No Opt. Call    AAA     5,410,938 
      Insured             
  4,740    Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,    6/13 at 100.00    BBB     5,249,455 
      Series 2002, 6.500%, 6/01/26             
  2,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Highline Community Hospital,    8/08 at 102.00    AA     2,045,540 
      Series 1998, 5.000%, 8/15/21 - RAAI Insured             
  1,000    Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series    8/13 at 102.00    AAA     1,051,920 
      1998, 5.000%, 8/15/28 - AMBAC Insured             
      Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 2, Series 1990A:             
  6,080    7.250%, 7/01/06    No Opt. Call    Aaa     6,330,982 
  395    7.250%, 7/01/06    No Opt. Call    Aaa     410,780 
  11,000    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1993B,    No Opt. Call    Aaa     12,457,390 
      7.000%, 7/01/09             
  4,700    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1998A,    7/08 at 102.00    Aaa     4,995,865 
      5.125%, 7/01/18             
      Wisconsin - 1.3% (0.9% of Total Investments)             
  7,500    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare Inc.,    2/12 at 101.00    AAA     7,944,371 
      Series 2002A, 5.250%, 2/15/32 - MBIA Insured             
$   936,913    Total Long-Term Investments (cost $864,303,742) - 154.7%            919,107,432 
      Short-Term Investments - 0.7% (0.4% of Total Investments)             
  960    Clark County School District, Nevada, General Obligation Bonds, Variable Rate Demand Obligations,        A-1+     960,000 
      Series 2001B, 2.190%, 6/15/21 - FSA Insured †             
  2,950    Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Bethesda Healthcare System,        VMIG-1     2,950,000 
      Adjustable Rate Demand Obligations, Series 2001, 2.330%, 12/01/31 †             
$   3,910    Total Short-Term Investments (cost $3,910,000)            3,910,000 
      Total Investments (cost $868,213,742) - 155.4%            923,017,432 
     Other Assets Less Liabilities - 1.6%            9,358,562  
   
    Preferred Shares, at Liquidation Value - (57.0)%            (338,400,000)
       
    Net Assets Applicable to Common Shares - 100%            $593,975,994 

(1 )    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares 
    unless otherwise noted. 
*     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. 
**     Ratings: Using the higher of Standard & Poor's or Moody's rating. 
***     Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
    securities which ensures the timely payment of principal and interest. Such securities are normally considered 
    to be equivalent to AAA rated securities. 
N/R     Investment is not rated. 
†     Security has a maturity of more than one year, but has variable rate and demand features which qualify it as 
    a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes 
    periodically based on market conditions or a specified market index. 
 
    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 income on taxable market 
    discount securities and timing differences in recognizing certain gains and losses on investment transactions. 
 
    At July 31, 2005, the cost of investments was $867,690,017. 
 
    Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2005, were as 
    follows: 

            Gross unrealized:       
            Appreciation        $57,805,169  
            Depreciation      (2,477,754 ) 
 
            Net unrealized appreciation of investments        $55,327,415  

Item 2. Controls and Procedures.

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

Item 3. Exhibits.

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


SIGNATURES

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

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

By (Signature and Title)*          /s/ Jessica R. Droeger--Vice President and Secretary        

Date         09/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         09/29/05        

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

Date         09/29/05        

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