Abstract: The microstructural and compositional evolution during initial annealing of a superconducting (Bi,Pb)(2)Sr2Ca2Cu3O10+delta/Ag tape is studied using quantitative transmission electron microscopy. Special attention is devoted to the occurrence of Pb-rich liquids, which are crucial for the Bi2Sr2CaCu2O8+delta to (Bi,Pb)(2)Sr2Ca2Cu3O10+delta transformation. Ca and/or Pb-rich (Bi,Pb)(2)Sr2CaCu2O8+delta grains dissolve into a liquid, which reacts with Ca-rich phases to increase the liquid's Ca-content. This leads to (Bi,Pb)(2)Sr2Ca2Cu3O10+delta formation. Apparently, a Ca/Sr ratio of around I is sufficient to keep (Bi,Pb)(2)Sr2Ca2Cu3O10+delta nucleation going. It is confirmed that Ag particles are transported from the Ag-sheath into the oxide core by the liquid and not by mechanical treatment of the tape.