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 811-22323

 

Nuveen Enhanced Municipal Value Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

        333 West Wacker Drive, Chicago, Illinois 60606         

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Vice President and Secretary

        333 West Wacker Drive, Chicago, Illinois 60606         

(Name and address of agent for service)

 

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

 

Date of fiscal year end:            10/31          

 

Date of reporting period:         7/31/16         

 

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
		Nuveen Enhanced Municipal Value Fund (NEV)
		July 31, 2016 (Unaudited)
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENT – 108.8%
		MUNICIPAL BONDS – 108.1%
		Alabama – 0.9%
$     2,000		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds,	10/16 at 100.00	AA	$    2,011,660
		Series 2004A, 5.250%, 1/01/23 – AGM Insured
1,350		Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%,	10/23 at 102.00	AA	1,556,024
		10/01/48 – AGM Insured
3,350		Total Alabama			3,567,684
		Arizona – 3.3%
1,585		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender	1/22 at 100.00	AA–	2,461,854
		Option Bond Trust 2015-XF2046, 16.758%, 1/01/43 (IF) (4)
2,000		Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured	10/19 at 100.00	AA	2,261,880
2,500		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,	7/19 at 100.00	AA	2,816,475
		Series 2009, 6.500%, 7/15/31 – BAM Insured
1,030		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great	7/21 at 100.00	BB	1,164,590
		Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47
320		Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series	12/17 at 102.00	B–	316,637
		2008, 7.000%, 12/01/27
2,000		Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds,	5/22 at 100.00	B+	2,263,580
		Series 2012A, 9.750%, 5/01/25
50		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.	No Opt. Call	BBB+	62,766
		Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
1,719		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series	10/16 at 100.00	N/R	1,721,579
		2005, 6.000%, 7/01/30
11,204		Total Arizona			13,069,361
		California – 15.6%
180		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second	10/26 at 100.00	BBB+	218,929
		Subordinate Lien Series 2016B, 5.000%, 10/01/37
5,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series	4/19 at 100.00	AA (5)	5,583,698
		2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)
920		California Educational Facilities Authority, Revenue Bonds, University of Southern California,	10/18 at 100.00	Aa1	1,276,656
		Tender Option Bond Trust 2015-XF2188. Formerly Tender Option Bond Trust 3144,
		17.602%, 10/01/38 (IF)
2,040		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,	10/19 at 100.00	AA–	3,495,622
		Tender Option Bond Trust 2015-XF0120, 22.943%, 10/01/39 (IF) (4)
		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option
		Bond Trust 2016-XG0048:
300		22.679%, 8/15/26 (IF) (4)	8/20 at 100.00	AA–	573,045
1,700		22.679%, 8/15/26 (IF) (4)	8/20 at 100.00	AA–	3,247,255
1,000		California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series	11/19 at 100.00	A3 (5)	1,231,310
		2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
3,450		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda	6/26 at 100.00	BB+	4,026,909
		University Medical Center, Series 2016A, 5.250%, 12/01/56
500		California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes	10/19 at 100.00	BBB+	565,785
		of the West, Series 2010, 5.750%, 10/01/25
400		Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project,	12/21 at 100.00	A+	511,120
		Subordinate Series 2011A, 7.000%, 12/01/36
490		Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities	9/19 at 100.00	N/R	546,384
		District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32
2,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed	6/17 at 100.00	B–	2,040,660
		Bonds, Series 2007A-1, 5.750%, 6/01/47
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
		Bonds, Tender Option Bond Trust 2015-XF1038:
1,250		15.887%, 6/01/40 (IF) (4)	6/25 at 100.00	A+	2,310,338
2,445		15.874%, 6/01/40 (IF) (4)	6/25 at 100.00	A+	4,517,235
2,550		Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust	7/21 at 100.00	Aaa	6,430,333
		3253, 30.890%, 7/15/40 (Pre-refunded 7/15/21) (IF) (4)
960		Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed	6/17 at 100.00	N/R	965,616
		Bonds, Series 2007, 4.625%, 6/01/21
225		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series	No Opt. Call	A	215,548
		2007B, 1.665%, 11/15/27
1,710		Los Angeles Community College District, California, General Obligation Bonds, Tender Option	8/18 at 100.00	AA+ (5)	2,556,724
		Bond Trust 2016-XG0045, 23.100%, 8/01/33 (Pre-refunded 8/01/18) (IF)
1,600		Los Angeles County, California, Community Development Commission Headquarters Office Building,	9/21 at 100.00	Aa3	3,052,960
		Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option
		Bond Trust 2016-XL0022, 21.017%, 9/01/42 (IF) (4)
525		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International	5/20 at 100.00	AA	605,042
		Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
1,080		National City Community Development Commission, California, Tax Allocation Bonds, National	8/21 at 100.00	A	1,362,830
		City Redevelopment Project, Series 2011, 7.000%, 8/01/32
1,165		Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment	9/21 at 100.00	BBB+	1,420,927
		Project, Series 2011, 6.750%, 9/01/40
945		Palm Drive Health Care District, Sonoma County, California, Certificates of Participation,	10/16 at 100.00	CCC+	938,763
		Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
265		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,	11/19 at 100.00	Ba1	296,856
		6.750%, 11/01/39
250		Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation	6/20 at 100.00	A–	295,163
		Bonds, Refunding Series 2010, 6.125%, 6/30/37
		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
		Mission Bay North Redevelopment Project, Series 2011C:
500		6.500%, 8/01/27 (Pre-refunded 2/01/21)	2/21 at 100.00	A– (5)	626,245
700		6.750%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00	A– (5)	884,478
500		San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,	2/21 at 100.00	BBB+ (5)	629,005
		Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21)
360		Santee Community Development Commission, California, Santee Redevelopment Project Tax	2/21 at 100.00	A	445,536
		Allocation Bonds, Series 2011A, 7.000%, 8/01/31
1,000		Semitrophic Improvement District of Semitrophic Water Storage District, Kern County,	12/19 at 100.00	A+	1,131,630
		California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
2,400		Semitrophic Improvement District of Semitrophic Water Storage District, Kern County,	No Opt. Call	A+	3,978,888
		California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 19.590%, 6/01/17 (IF) (4)
3,110		Stockton Unified School District, San Joaquin County, California, General Obligation Bonds,	8/17 at 100.00	AA (5)	3,252,873
		Election 2005 Series 2007, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured
1,045		Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project,	6/21 at 100.00	A+	1,278,996
		Series 2011A, 6.500%, 12/01/28
1,020		Western Placer Unified School District, Placer County, California, Certificates of	8/19 at 100.00	AA	1,142,471
		Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
43,585		Total California			61,655,830
		Colorado – 3.9%
1,902		Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of	10/16 at 100.00	N/R	1,905,081
		Evergreen, Series 2005A, 6.500%, 12/01/35
		Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project,
		Series 2007:
250		6.200%, 4/01/16 (Alternative Minimum Tax) (6)	No Opt. Call	N/R	224,973
26		5.000%, 9/01/16 (Alternative Minimum Tax) (6), (7)	No Opt. Call	N/R	25,221
2,000		Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation	12/17 at 100.00	AA	2,029,040
		Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured
4,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,	9/26 at 52.09	AA–	1,479,240
		9/01/39 – NPFG Insured
2,860		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –	No Opt. Call	AA–	2,169,281
		NPFG Insured
		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs
		Utilities, Series 2008:
475		6.250%, 11/15/28	No Opt. Call	A	638,020
4,030		6.500%, 11/15/38	No Opt. Call	A	6,104,078
815		Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax	12/20 at 100.00	N/R	884,642
		Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
16,358		Total Colorado			15,459,576
		Connecticut – 0.3%
936		Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue	4/20 at 100.00	N/R	1,055,892
		Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
		District of Columbia – 0.4%
1,500		District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc.,	3/21 at 100.00	BBB–	1,701,705
		Series 2011, 6.375%, 3/01/31
		Florida – 5.9%
1,745		Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series	10/16 at 100.00	N/R	1,745,209
		2006A, 5.125%, 5/01/38
1,000		Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds,	5/27 at 100.00	N/R	1,028,310
		Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34
2,000		Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University,	6/23 at 100.00	BBB–	2,282,440
		Refunding Series 2013A, 5.625%, 6/01/33
975		Copperstone Community Development District, Manatee County, Florida, Capital Improvement	5/17 at 100.00	N/R	981,991
		Revenue Bonds, Series 2007, 5.200%, 5/01/38
1,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance	6/21 at 100.00	BB–	1,185,010
		Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
600		Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds,	11/16 at 100.00	BBB	606,516
		Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series
		2006, 5.000%, 11/15/32
1,000		Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s	8/20 at 100.00	A+	1,168,150
		Hospital, Series 2010A, 6.000%, 8/01/30
1,625		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series	10/20 at 100.00	A	1,877,818
		2010A-1, 5.375%, 10/01/35
3,660		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A,	4/19 at 100.00	AA	3,993,865
		5.125%, 4/01/34 – AGC Insured
1,500		North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010,	10/20 at 100.00	AA	1,715,700
		5.375%, 10/01/40
		Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center,
		Series 2013A:
1,000		5.000%, 11/01/33	11/22 at 100.00	BBB+	1,120,220
2,000		5.000%, 11/01/43	11/22 at 100.00	BBB+	2,228,320
425		Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,	7/17 at 100.00	AA–	441,426
		Series 2007, 5.000%, 7/01/33 – NPFG Insured
80		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,	5/17 at 100.00	N/R	64,851
		Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (8)
230		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,	5/19 at 100.00	N/R	139,566
		Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (8)
95		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,	5/22 at 100.00	N/R	42,808
		Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (8)
135		Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series	5/18 at 100.00	N/R	1
		2007-3, 6.650%, 5/01/40 (6)
15		Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing	5/18 at 100.00	N/R	15,367
		ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (6)
245		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series	5/17 at 100.00	N/R	247,710
		2012A-1, 6.650%, 5/01/40
350		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series	5/18 at 100.00	N/R	219,678
		2015-1, 0.000%, 5/01/40 (6)
215		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series	5/18 at 100.00	N/R	114,412
		2015-2, 0.000%, 5/01/40 (6)
235		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series	5/18 at 100.00	N/R	2
		2015-3, 6.610%, 5/01/40 (6)
865		Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,	10/16 at 100.00	N/R	866,055
		5.400%, 5/01/37
1,080		Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue	5/22 at 100.00	N/R	1,165,514
		Bonds, Series 2012-A2, 5.500%, 5/01/34
22,075		Total Florida			23,250,939
		Georgia – 4.4%
12,000		Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 –	1/21 at 100.00	AA	14,070,000
		AGM Insured (UB)
640		Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed,	1/19 at 100.00	A2	730,995
		7.500%, 1/01/31
555		Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed,	1/19 at 100.00	A2	630,924
		6.750%, 1/01/20
1,250		Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air	6/20 at 100.00	Baa3	1,541,025
		Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
90		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22	No Opt. Call	A	104,094
260		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26	No Opt. Call	A	332,345
14,795		Total Georgia			17,409,383
		Guam – 1.3%
1,760		Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42	1/22 at 100.00	A	1,900,131
1,250		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,	7/23 at 100.00	A–	1,461,863
		Series 2013, 5.500%, 7/01/43
1,500		Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44	10/24 at 100.00	AA	1,773,150
4,510		Total Guam			5,135,144
		Illinois – 13.6%
2,840		CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004,	12/16 at 100.00	N/R	2,845,652
		3.490%, 6/15/23
		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
		Revenues, Series 1998B-1:
1,000		0.000%, 12/01/22 – NPFG Insured	No Opt. Call	AA–	810,860
1,000		0.000%, 12/01/27 – NPFG Insured	No Opt. Call	AA–	642,420
1,000		Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B,	1/25 at 100.00	BBB+	1,047,990
		5.500%, 1/01/33
		Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C:
320		5.000%, 1/01/23	1/22 at 100.00	BBB+	335,133
160		5.000%, 1/01/25	No Opt. Call	BBB+	165,674
		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:
3,470		5.000%, 1/01/24	No Opt. Call	BBB+	3,663,453
350		5.000%, 1/01/29	1/26 at 100.00	BBB+	360,056
2,000		Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series	12/21 at 100.00	AA	2,390,340
		2005, 6.000%, 12/01/24 – AGM Insured
3,000		Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International	10/20 at 100.00	Caa1	3,016,590
		Corporation Project, Series 2010, 6.500%, 10/15/40
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust
		2016-XF2339:
1,605		18.987%, 9/01/38 (IF) (4)	9/22 at 100.00	BBB	2,469,646
1,540		15.476%, 9/01/38 (IF) (4)	9/22 at 100.00	BBB	2,205,080
645		Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010,	5/20 at 100.00	BBB–	727,960
		6.125%, 5/15/27
355		Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010,	5/20 at 100.00	N/R (5)	424,665
		6.125%, 5/15/27 (Pre-refunded 5/15/20)
920		Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A,	10/16 at 100.00	BB–	920,727
		5.375%, 2/15/25
4,000		Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series	10/16 at 100.00	Baa3	4,000,440
		2006A, 5.000%, 4/01/36
1,000		Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A,	5/17 at 100.00	N/R	1,012,250
		5.500%, 5/15/26
		Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option
		Bond Trust 2015-XF0076:
690		16.697%, 8/15/37 (IF)	8/22 at 100.00	AA+	1,099,860
150		16.697%, 8/15/43 (IF)	8/22 at 100.00	AA+	236,916
1,975		Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds	8/19 at 100.00	AA+	3,506,613
		Trust 16-XL0021, 25.749%, 8/15/39 (IF) (4)
1,000		Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,	5/20 at 100.00	AA–	1,108,970
		5.125%, 5/15/35
970		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding	5/19 at 100.00	BBB	1,091,425
		Series 2009, 6.125%, 5/15/25
30		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding	5/19 at 100.00	N/R (5)	34,482
		Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
500		Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc.,	3/20 at 100.00	AA	561,535
		Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
455		Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust	8/21 at 100.00	AA	920,251
		2015-XF0121, 25.135%, 8/15/41 – AGM Insured (IF) (4)
2,235		Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois	10/16 at 100.00	Caa2	2,011,344
		IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (6)
1,590		Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 –	No Opt. Call	A	1,334,932
		AMBAC Insured
4,135		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B,	7/26 at 100.00	AA–	5,010,007
		5.000%, 1/01/41
		Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel
		Revenue Bonds, Series 2005B:
2,685		5.250%, 1/01/30 (9)	10/16 at 100.00	D	818,818
1,515		5.250%, 1/01/36 (9)	10/16 at 100.00	D	462,014
5,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	No Opt. Call	AA–	3,137,800
		Project, Series 2002A, 0.000%, 12/15/29 (WI/DD, Settling 8/01/16) – NPFG Insured
1,000		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series	6/21 at 100.00	A–	1,200,190
		2010, 6.000%, 6/01/28
1,000		Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special	3/17 at 102.00	N/R	1,033,600
		Assessment Bonds, Series 2009, 7.875%, 3/01/32
2,500		Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding	3/25 at 100.00	AA	2,944,400
		Series 2015, 5.000%, 3/01/33 – BAM Insured
52,635		Total Illinois			53,552,093
		Indiana – 1.4%
1,395		Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For	10/19 at 100.00	B–	1,380,966
		Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
1,500		Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing	7/23 at 100.00	BBB+	1,721,565
		Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)
2,000		Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series	9/21 at 100.00	N/R	2,420,480
		2011, 7.750%, 9/01/31
4,895		Total Indiana			5,523,011
		Iowa – 0.0%
155		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company	12/23 at 100.00	B+	167,721
		Project, Series 2013, 5.250%, 12/01/25
		Kansas – 2.4%
3,000		Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding	5/20 at 100.00	A	3,334,740
		Series 2010S, 5.000%, 5/15/30
1,130		Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park	1/17 at 100.00	BB+	1,136,317
		Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
3,565		Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate	No Opt. Call	N/R	3,459,939
		Project, Series 2012, 6.000%, 12/15/32
1,130		Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35	7/25 at 100.00	A1	1,353,650
8,825		Total Kansas			9,284,646
		Kentucky – 0.3%
1,000		Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series	8/23 at 100.00	AA	1,206,690
		2013, 5.700%, 8/01/39 – AGM Insured
		Louisiana – 4.1%
1,215		Louisiana Local Government Environmental Facilities and Community Development Authority,	10/25 at 100.00	AA	1,460,345
		Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative
		Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33
2,000		Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General	5/20 at 100.00	A–	2,207,300
		Medical Center Project, Series 2010, 5.500%, 11/01/40
3,305		Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008,	5/23 at 100.00	A3	3,573,234
		4.250%, 12/01/38
2,665		Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation	12/21 at 100.00	N/R	3,055,956
		Project, Series 2011A, 7.750%, 12/15/31
		Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding
		Series 2011:
985		5.250%, 10/01/28	10/21 at 100.00	BBB+	1,138,640
1,705		5.250%, 10/01/31	No Opt. Call	BBB+	1,960,562
1,165		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035,	5/20 at 100.00	AA	1,813,567
		Formerly Tender Option Bond Trust 11899, 16.901%, 5/01/39 (IF)
1,000		St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,	6/17 at 100.00	BBB	1,022,910
		5.125%, 6/01/37
14,040		Total Louisiana			16,232,514
		Maryland – 0.3%
875		Maryland State Economic Development Corporation, Private Activity Revenue Bonds, Purple Line	9/26 at 100.00	BBB+	1,061,568
		Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax)
		Massachusetts – 1.3%
1,000		Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue,	12/26 at 100.00	A1	1,217,840
		Series 2016N, 5.000%, 12/01/46
1,815		Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series	7/22 at 100.00	AA	1,972,252
		2013, 5.000%, 7/01/25 (Alternative Minimum Tax)
625		Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series	1/20 at 100.00	AA	705,406
		2010A, 5.500%, 1/01/22
445		Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series	1/20 at 100.00	AA	485,001
		2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)
825		Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30	6/20 at 100.00	AA–	874,385
		(Alternative Minimum Tax)
4,710		Total Massachusetts			5,254,884
		Michigan – 1.6%
800		Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%,	10/16 at 100.00	AA–	802,784
		7/01/36 – NPFG Insured
10		Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,	10/16 at 100.00	Baa1	10,033
		7/01/34 – NPFG Insured
2,865		Marysville Public School District, Saint Clair County, Michigan, General Obligation Bonds,	5/17 at 100.00	Aa1 (5)	2,962,639
		School Building & Site Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – AGM Insured
2,100		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,	11/19 at 100.00	A–	2,398,893
		Refunding Series 2009, 5.750%, 11/15/39
5,775		Total Michigan			6,174,349
		Mississippi – 0.1%
310		Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System	10/16 at 100.00	BBB	319,889
		Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
		Missouri – 0.7%
1,765		Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of	4/25 at 100.00	A–	2,090,184
		Independence, Centerpoint Project, Refunding Series 2016B, 5.000%, 4/01/27 (WI/DD,
		Settling 8/02/16)
640		St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village	9/17 at 100.00	BBB–	656,922
		of West County, Series 2007A, 5.375%, 9/01/21
2,405		Total Missouri			2,747,106
		Nebraska – 0.3%
1,000		Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%,	2/17 at 100.00	AA (5)	1,022,870
		2/01/43 (Pre-refunded 2/01/17)
		Nevada – 1.4%
2,000		Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran	1/20 at 100.00	A+	2,245,460
		International Airport, Series 2010A, 5.000%, 7/01/30
1,670		Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, Formerly	4/19 at 100.00	AA (5)	3,086,394
		Tender Option Bond Trust 3265, 30.320%, 4/01/39 (Pre-refunded 4/01/19) (IF) (4)
3,670		Total Nevada			5,331,854
		New Jersey – 2.1%
795		New Jersey Economic Development Authority, School Facilities Construction Financing Program	6/25 at 100.00	A–	903,597
		Bonds, Series 2015, 5.250%, 6/15/40 (UB) (4)
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
		Airlines Inc., Series 1999:
1,000		5.125%, 9/15/23 (Alternative Minimum Tax)	9/16 at 100.00	BB–	1,130,590
1,650		5.250%, 9/15/29 (Alternative Minimum Tax)	9/22 at 101.00	BB–	1,852,406
1,460		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare	7/26 at 100.00	Baa2	1,795,537
		System, Series 2016A, 5.000%, 7/01/34
1,130		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A,	12/19 at 100.00	AA	1,187,867
		5.000%, 12/01/26
1,500		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,	6/17 at 100.00	B+	1,516,095
		Series 2007-1A, 4.625%, 6/01/26
7,535		Total New Jersey			8,386,092
		New York – 3.5%
		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue
		Bonds, Barclays Center Project, Series 2009:
1,100		6.000%, 7/15/30	1/20 at 100.00	BBB–	1,262,525
1,225		6.250%, 7/15/40	1/20 at 100.00	BBB–	1,415,818
2,500		6.375%, 7/15/43	1/20 at 100.00	BBB–	2,882,100
1,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher	6/21 at 100.00	A–	1,179,030
		College, Series 2011, 6.000%, 6/01/34
500		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade	11/24 at 100.00	N/R	564,295
		Center Project, Class 2 Series 2014, 5.150%, 11/15/34
1,000		New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue,	No Opt. Call	A	1,349,020
		Series 2005, 5.250%, 10/01/35
2,105		New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport	7/24 at 100.00	BBB	2,446,368
		Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50 (Alternative Minimum Tax)
265		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air	12/20 at 100.00	Baa1	312,340
		Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
2,000		5.000%, 6/01/26	10/16 at 100.00	BB–	2,004,640
265		5.125%, 6/01/42	10/16 at 100.00	B–	264,041
11,960		Total New York			13,680,177
		Ohio – 9.8%
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
		Bonds, Senior Lien, Series 2007A-2:
1,000		5.125%, 6/01/24	6/17 at 100.00	B–	987,690
6,000		5.750%, 6/01/34	6/17 at 100.00	B–	5,972,998
6,500		5.875%, 6/01/47	6/17 at 100.00	B–	6,496,618
760		Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement	7/21 at 100.00	BBB–	844,140
		Services, Improvement Series 2010A, 5.625%, 7/01/26
10,000		Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015,	5/25 at 100.00	AA+	12,006,100
		5.000%, 5/15/40 (UB)
3,000		Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series	11/21 at 100.00	AA	3,658,500
		2011A, 5.750%, 11/15/31
1,000		Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard,	4/20 at 100.00	BBB–	1,119,990
		Refunding & improvement Series 2010, 6.375%, 4/01/30
1,670		Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust	5/19 at 100.00	A–	2,857,988
		2016-XF2311, Formerly Tender Option Bond Trust 3260, 26.482%, 5/01/29 (IF) (4)
1,200		Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation	No Opt. Call	BBB–	1,337,724
		Project, Series 2009E, 5.625%, 10/01/19
		Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center,
		Refunding Series 2016:
1,460		5.000%, 2/15/33	2/26 at 100.00	A2	1,789,756
1,455		5.000%, 2/15/34	2/26 at 100.00	A2	1,778,054
34,045		Total Ohio			38,849,558
		Pennsylvania – 6.1%
1,337		Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated	No Opt. Call	N/R	1,397,643
		Series 2013, 5.000%, 5/15/26
1,390		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement	11/19 at 100.00	B	1,368,288
		Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
1,500		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement	12/21 at 100.00	B	1,480,050
		Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27
1,335		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley	10/16 at 100.00	B2	1,335,174
		General Hospital, Series 2005A, 5.125%, 4/01/35
1,070		Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States	No Opt. Call	B	1,076,869
		Steel Corporation, Series 2005, 5.500%, 11/01/16
150		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social	1/19 at 100.00	BBB+	167,852
		Ministries Project, Series 2009, 6.125%, 1/01/29
1,350		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social	1/19 at 100.00	N/R (5)	1,526,459
		Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
2,000		Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds,	12/19 at 100.00	N/R	2,158,260
		Series 2009, 7.750%, 12/15/27
1,080		Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue	8/20 at 100.00	N/R (5)	1,797,098
		Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 16.886%, 8/01/24
		(Pre-refunded 8/01/20) (IF) (4)
1,000		Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG	12/16 at 100.00	B+	1,000,460
		Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
1,000		Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds,	1/20 at 100.00	BBB+	1,108,360
		Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1,200		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University	7/20 at 100.00	Baa3	1,312,128
		Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30
130		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties	7/26 at 100.00	Baa3	153,258
		Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A,
		5.000%, 7/01/31 (WI/DD, Settling 8/01/16)
1,000		Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of	No Opt. Call	AA	1,199,940
		Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:
3,530		0.000%, 12/01/30 (8)	12/27 at 100.00	A–	4,467,321
2,000		0.000%, 12/01/38 (8)	12/27 at 100.00	A–	2,529,440
21,072		Total Pennsylvania			24,078,600
		Puerto Rico – 0.7%
1,500		Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds,	12/18 at 100.00	A+	1,614,765
		Modernization Series 2008, 5.125%, 12/01/27
1,000		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C,	No Opt. Call	Ca	1,061,600
		5.500%, 7/01/26 – AMBAC Insured
2,500		Total Puerto Rico			2,676,365
		Rhode Island – 0.3%
1,110		Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal	4/25 at 100.00	Baa2	1,303,384
		Building Projects, Refunding Series 2015A, 5.000%, 4/01/27
		South Carolina – 2.3%
7,500		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series	12/26 at 100.00	AA–	9,107,250
		2016B, 5.000%, 12/01/41 (UB)
		Tennessee – 0.0%
155		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24	No Opt. Call	A	186,778
		Texas – 4.4%
3,500		Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric	7/18 at 100.00	N/R	59,360
		Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (6)
		Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien
		Series 2016:
1,300		5.000%, 1/01/33 (WI/DD, Settling 8/09/16)	1/26 at 100.00	BBB	1,558,544
1,350		5.000%, 1/01/34 (WI/DD, Settling 8/09/16)	1/26 at 100.00	BBB	1,613,507
2,095		5.000%, 1/01/35 (WI/DD, Settling 8/09/16)	1/26 at 100.00	BBB	2,488,588
150		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc.	11/22 at 100.00	Baa3	164,417
		Project, Series 2012B, 4.750%, 11/01/42
250		Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series	10/18 at 103.00	BB–	267,240
		2016B, 5.750%, 10/01/31 (Alternative Minimum Tax)
1,800		North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust	9/21 at 100.00	AA+	3,563,820
		11947, 23.081%, 9/01/41 (IF)
1,000		Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden	12/21 at 100.00	N/R	885,860
		Home Inc., Series 2012, 7.250%, 12/15/47 (6)
455		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior	No Opt. Call	BBB+	578,555
		Lien Series 2008D, 6.250%, 12/15/26
		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds,
		Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:
1,275		5.000%, 12/31/50 (Alternative Minimum Tax)	12/25 at 100.00	Baa3	1,489,697
805		5.000%, 12/31/55 (Alternative Minimum Tax)	12/25 at 100.00	Baa3	936,239
810		Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility	12/19 at 100.00	Baa2	962,191
		Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009,
		6.875%, 12/31/39
1,000		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ	6/20 at 100.00	Baa3	1,201,590
		Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
1,500		Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public	8/17 at 100.00	BBB (5)	1,570,230
		School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
17,290		Total Texas			17,339,838
		Utah – 0.3%
1,000		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High	7/20 at 100.00	BB	1,070,310
		School, Series 2010A, 6.250%, 7/15/30
		Vermont – 0.7%
		Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School
		Project, Series 2011A:
1,000		6.125%, 1/01/28	1/21 at 100.00	N/R	1,060,520
1,760		6.250%, 1/01/33	1/21 at 100.00	N/R	1,860,091
2,760		Total Vermont			2,920,611
		Virgin Islands – 0.4%
1,480		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series	No Opt. Call	BBB+	1,492,254
		2014C, 5.000%, 10/01/20
		Virginia – 0.8%
2,000		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,	6/17 at 100.00	B–	1,954,960
		Series 2007B1, 5.000%, 6/01/47
1,010		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River	7/22 at 100.00	BBB	1,172,186
		Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
3,010		Total Virginia			3,127,146
		Washington – 2.0%
240		Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds,	4/17 at 100.00	N/R	240,869
		Series 2013, 5.750%, 4/01/43
2,000		Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research	1/21 at 100.00	A	2,267,500
		Center, Series 2011A, 5.375%, 1/01/31
2,000		Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer	7/19 at 100.00	A (5)	2,305,760
		Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
1,000		Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of	12/16 at 100.00	AA	1,013,340
		Puget Sound, Series 2006, 5.000%, 12/01/36 – RAAI Insured
2,000		Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University,	10/19 at 100.00	Baa1	2,227,100
		Series 2009, 5.625%, 10/01/40
7,240		Total Washington			8,054,569
		West Virginia – 0.2%
750		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc.,	10/18 at 100.00	N/R	795,173
		Series 2008, 6.500%, 10/01/38
		Wisconsin – 10.3%
3,500		Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A,	2/19 at 102.00	AA–	3,986,430
		6.500%, 2/01/31
2,905		Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing	7/25 at 100.00	BBB–	3,303,944
		Foundation – Cullowhee LLC – Western California University Project, Series 2015A,
		5.000%, 7/01/35
1,000		Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A,	No Opt. Call	AA	685,050
		0.000%, 12/15/31
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health,
		Series 2016A:
10,000		5.000%, 11/15/35 (UB) (4)	5/26 at 100.00	AA+	12,345,500
5,000		5.000%, 11/15/36 (UB) (4)	5/26 at 100.00	AA+	6,143,200
3,000		5.000%, 11/15/39 (UB) (4)	5/26 at 100.00	AA+	3,674,160
1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series	6/20 at 100.00	Baa2	1,132,020
		2010A, 6.000%, 6/01/30
500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System,	4/20 at 100.00	A–	546,065
		Inc., Series 2010B, 5.000%, 4/01/30
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community
		Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:
1,000		20.477%, 4/01/34 (IF) (4)	4/19 at 100.00	AA–	1,426,400
1,290		15.482%, 4/01/42 (IF) (4)	10/22 at 100.00	AA–	1,770,422
25		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc.,	8/25 at 100.00	A3	30,576
		Refunding Series 2016, 5.000%, 2/15/28 (WI/DD, Settling 8/04/16)
1,090		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior	8/23 at 100.00	A–	1,235,995
		Living Communities, Refunding Series 2013, 5.000%, 8/15/43
2,500		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust	5/19 at 100.00	AA–	4,550,950
		2016-XL0020, 30.518%, 5/01/36 (IF) (4)
32,810		Total Wisconsin			40,830,712
		Wyoming – 0.7%
		Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming,
		L.L.C. – University of Wyoming Project, Series 2011:
710		6.250%, 7/01/31	7/21 at 100.00	BBB	806,659
1,600		6.500%, 7/01/43	7/21 at 100.00	BBB	1,833,536
2,310		Total Wyoming			2,640,195
$ 373,135		Total Municipal Bonds (cost $368,679,462)			426,723,721
Shares		Description (1)			Value
		COMMON STOCKS – 0.7%
		Airlines – 0.7%
75,333		American Airlines Group Inc., (10)			$    2,674,322
		Total Common Stocks (cost $2,340,765)			2,674,322
		Total Long-Term Investments (cost $371,020,227)			429,398,043
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		SHORT-TERM INVESTMENTS – 0.2%
		MUNICIPAL BONDS – 0.2%
		Illinois – 0.2%
$     1,000		Chicago Board of Education, Illinois, General Obligation Bonds, Variable Rate Demand Obligations,	10/16 at 100.00	B+	$       999,770
		Dedicated Revenues Series 2011C-1, 0.960%, 3/01/32 (Mandatory put 3/01/16) (11)
		Total Short-Term Investments (cost $996,250)			999,770
		Total Investments (cost $372,016,477) – 109.0%			430,397,813
		Floating Rate Obligations – (9.6)%			(37,720,000)
		Other Assets Less Liabilities – 0.6%			2,098,059
		Net Assets – 100%			$ 394,775,872

	Level 1	Level 2	Level 3	Total
Long-Term Investments:
Municipal Bonds	$           —	$426,698,500	$25,221	$426,723,721
Common Stocks	2,674,322	—	—	2,674,322
Short-Term Investments:
Municipal Bonds	—	999,770	—	999,770
Total	$2,674,322	$427,698,270	$25,221	$430,397,813

Gross unrealized:
Appreciation	$63,110,433
Depreciation	(3,734,344)
Net unrealized appreciation (depreciation) of investments	$59,376,089

(1)		All percentages shown in the Portfolio of Investments are based on net assets.
(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)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group
		(“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment
		of split-rated securities may differ from that used for other purposes, such as for Fund investment policies.
		Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below
		investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
		investments in inverse floating rate transactions.
(5)		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. Certain bonds backed by U.S. Government or
		agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income
		producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on
		the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the
		Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations
		and has ceased accruing additional income on the Fund’s records.
(7)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
		Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(8)		Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(9)		On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire
		obligation on this security, and therefore reduced the security’s interest rate of accrual from
		5.250% to 2.100%.
(10)		On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”)
		filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with
		the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement

		established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a
		distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period.
		Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day
		volume-weighted average price and the amount of preferred shares tendered during the optional preferred
		conversion period.
(11)		Investment has a maturity of greater than one year, but has variable rate and demand features which qualify
		it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period.
		This rate changes periodically based on market conditions or a specified market index.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD)		Investment, or portion of investment purchased on a when-issued or delayed delivery basis.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
		These investments may only be resold in transactions exempt from registration, which are normally those
		transactions with qualified institutional buyers.