Nuveen Enhanced Municipal Value Fund

 

 

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)

Gifford R. Zimmerman

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:       October 31      

Date of reporting period: January 31, 2018

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

 

 

NEV
Nuveen Enhanced Municipal Value Fund
Portfolio of Investments January 31, 2018 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 118.8%        
    MUNICIPAL BONDS – 118.8%        
    Alabama – 0.4%        
$ 1,350   Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48  –  AGM Insured   10/23 at 102.00 AA $ 1,502,888
    Arizona – 3.2%        
1,585   Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 144A, 14.893%, 1/01/43 (IF) (4)   1/22 at 100.00 AA- 2,118,654
2,000   Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28  –  AGM Insured   10/19 at 100.00 AA 2,117,640
    Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2009:        
1,205   6.500%, 7/15/31 (Pre-refunded 7/15/19)  –  BAM Insured   7/19 at 100.00 AA (5) 1,291,615
1,295   6.500%, 7/15/31  –  BAM Insured   7/19 at 100.00 AA 1,350,102
1,030   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies - Veritas Project, Series 2012, 6.600%, 7/01/47 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R (5) 1,194,831
1,835   Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25   5/22 at 100.00 BB- 2,085,643
50   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32   No Opt. Call BBB+ 58,999
1,558   Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30   4/18 at 100.00 N/R 1,497,721
10,558   Total Arizona       11,715,205
    California – 14.3%        
180   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/37   10/26 at 100.00 BBB+ 203,612
5,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)   4/19 at 100.00 AA (5) 5,212,900
920   California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188, 144A, 15.550%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4)   10/18 at 100.00 Aa1 (5) 1,017,069
2,040   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0120, 144A, 20.282%, 10/01/39 (IF) (4)   10/19 at 100.00 AA- 2,639,474
    California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2016-XG0048, 144A:        
300   20.244%, 8/15/26 (IF) (4)   8/20 at 100.00 AA- 432,684
1,700   20.244%, 8/15/26 (IF) (4)   8/20 at 100.00 AA- 2,451,876
1,000   California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)   11/19 at 100.00 A3 (5) 1,111,280

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 3,450   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 144A, 5.250%, 12/01/56   6/26 at 100.00 BB $3,727,414
500   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25   10/19 at 100.00 BBB+ 530,945
400   Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36   12/21 at 100.00 A+ 474,848
490   Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19)   9/19 at 100.00 N/R (5) 528,519
2,000   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 0.000%, 1/15/29  –  AGM Insured (6)   No Opt. Call AA 1,758,220
1,885   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47   3/18 at 100.00 B3 1,902,983
    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 144A:        
2,445   14.084%, 6/01/40 (IF) (4)   6/25 at 100.00 A+ 3,894,787
1,250   14.095%, 6/01/40 (IF) (4)   6/25 at 100.00 A+ 1,991,837
2,550   Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 2017-XF2453, 144A, 27.925%, 7/15/40 (Pre-refunded 7/15/21) (IF) (4)   7/21 at 100.00 Aaa 4,821,030
905   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21   6/21 at 100.00 N/R 905,371
225   Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007B, 2.399%, 11/15/27   No Opt. Call A 223,187
1,710   Los Angeles Community College District, California, General Obligation Bonds, Tender Option Bond Trust 2016-XG0045, 144A, 19.637%, 8/01/33 (Pre-refunded 8/01/18) (IF)   8/18 at 100.00 AA+ (5) 1,873,134
1,600   Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust 2016-XL0022, 144A, 18.788%, 9/01/42 (IF) (4)   9/21 at 100.00 Aa3 2,438,480
525   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31   5/20 at 100.00 AA 563,798
1,080   National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21)   8/21 at 100.00 A (5) 1,277,737
1,165   Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40   9/21 at 100.00 BBB+ 1,324,547
840   Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25   4/25 at 100.00 CCC+ 831,533
265   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)   11/19 at 100.00 N/R (5) 289,282
250   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37   6/20 at 100.00 A- 269,880
    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) 572,685
700   6.750%, 8/01/33 (Pre-refunded 2/01/21)   2/21 at 100.00 A- (5) 806,869

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 500   San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21)   2/21 at 100.00 BBB+ (5) $574,510
1,000   San Jose, California, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 3/01/42   3/27 at 100.00 A2 1,153,630
360   Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21)   2/21 at 100.00 A (5) 417,013
1,000   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19)   12/19 at 100.00 A+ (5) 1,063,320
2,400   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 144A, 16.834%, 12/01/34 (Pre-refunded 12/01/19) (IF) (4)   12/19 at 100.00 A+ (5) 3,159,504
1,045   Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28   6/21 at 100.00 A+ 1,198,302
1,020   Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 (Pre-refunded 8/01/19)  –  AGM Insured   8/19 at 100.00 AA (5) 1,077,355
43,200   Total California       52,719,615
    Colorado – 2.4%        
26   Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007, 5.000%, 6/01/18 (Alternative Minimum Tax) (7)   No Opt. Call N/R 29,562
250   Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2017, 5.500%, 4/01/22 (Alternative Minimum Tax)   No Opt. Call N/R 230,147
4,000   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39  –  NPFG Insured   9/26 at 52.09 A- 1,498,400
    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 598,809
4,030   6.500%, 11/15/38   No Opt. Call A 5,576,553
815   Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39   12/20 at 100.00 N/R 842,962
9,596   Total Colorado       8,776,433
    Connecticut – 0.2%        
827   Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 (Pre-refunded 4/01/20)   4/20 at 100.00 N/R (5) 896,741
    District of Columbia – 0.5%        
1,500   District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31 (Pre-refunded 3/01/21)   3/21 at 100.00 N/R (5) 1,677,870
    Florida – 5.8%        
1,690   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38   4/18 at 100.00 N/R 1,605,128
1,000   Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34   5/27 at 100.00 N/R 1,018,450

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$ 2,000   Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 5.625%, 6/01/33   6/23 at 100.00 BBB- $2,173,500
950   Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38   4/18 at 100.00 N/R 950,057
1,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33   6/21 at 100.00 BB 1,107,240
250   Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project - South Segment, Series 2017, 144A, 5.625%, 1/01/47 (Alternative Minimum Tax)   1/19 at 105.00 BB- 259,503
    Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A:        
735   6.000%, 8/01/30 (Pre-refunded 8/01/20)   8/20 at 100.00 N/R (5) 810,815
265   6.000%, 8/01/30   8/20 at 100.00 A+ 287,443
1,625   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35   10/20 at 100.00 A 1,768,748
3,660   Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 (Pre-refunded 4/01/19)  –  AGC Insured   4/19 at 100.00 AA (5) 3,814,598
1,500   North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40   10/20 at 100.00 AA 1,628,205
    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+ 1,062,780
2,000   5.000%, 11/01/43   11/22 at 100.00 BBB+ 2,105,900
80   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39   4/18 at 100.00 N/R 79,985
230   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6)   5/19 at 100.00 N/R 214,664
95   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6)   5/22 at 100.00 N/R 74,334
135   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 144A, 6.650%, 5/01/40 (8)   5/18 at 100.00 N/R 1
15   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40   5/18 at 100.00 N/R 14,525
230   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40   5/18 at 100.00 N/R 229,439
350   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (8)   5/18 at 100.00 N/R 279,923
215   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8)   5/18 at 100.00 N/R 141,562
235   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8)   5/18 at 100.00 N/R 2
775   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37   4/18 at 100.00 N/R 775,891
1,080   Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34   5/22 at 100.00 N/R 1,119,560
21,115   Total Florida       21,522,253

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Georgia – 4.3%        
$ 12,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30  –  AGM Insured (UB)   1/21 at 100.00 AA $13,205,880
590   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19)   1/19 at 100.00 A2 (5) 621,388
300   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20 (Pre-refunded 1/01/19)   1/19 at 100.00 A2 (5) 313,929
1,250   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29   6/20 at 100.00 Baa3 1,423,287
90   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22   No Opt. Call A 99,534
260   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26   No Opt. Call A 311,220
14,490   Total Georgia       15,975,238
    Guam – 5.2%        
1,760   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42   1/22 at 100.00 A 1,836,419
1,250   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43   7/23 at 100.00 BBB- 1,382,363
    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:        
2,500   5.000%, 12/01/28 (UB) (4)   12/26 at 100.00 BBB+ 2,796,750
1,750   5.000%, 12/01/30 (UB) (4)   12/26 at 100.00 BBB+ 1,939,420
2,500   5.000%, 12/01/32 (UB) (4)   12/26 at 100.00 BBB+ 2,762,675
1,750   5.000%, 12/01/34 (UB) (4)   12/26 at 100.00 BBB+ 1,924,178
6,000   5.000%, 12/01/46 (UB) (4)   12/26 at 100.00 BBB+ 6,503,160
17,510   Total Guam       19,144,965
    Illinois – 20.6%        
2,400   CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 144A, 4.000%, 6/15/23   6/23 at 100.00 N/R 2,425,512
5,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46   4/27 at 100.00 A 5,905,800
2,255   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project Series 2015C, 5.250%, 12/01/35   12/24 at 100.00 BB- 2,356,069
520   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2008C, 5.000%, 12/01/28   12/18 at 100.00 BB- 521,981
1,335   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46   12/26 at 100.00 B 1,529,790
    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 Baa2 838,890
1,000   0.000%, 12/01/27  –  NPFG Insured   No Opt. Call Baa2 643,190
1,000   Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/33   1/25 at 100.00 BBB+ 1,082,260
    Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C:        
320   5.000%, 1/01/23   1/22 at 100.00 BBB+ 342,362
160   5.000%, 1/01/25   1/22 at 100.00 BBB+ 169,123

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
    Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:        
$ 3,470   5.000%, 1/01/24   No Opt. Call BBB+ $3,782,543
350   5.000%, 1/01/29   1/26 at 100.00 BBB+ 375,742
2,000   Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24  –  AGM Insured   12/21 at 100.00 AA 2,273,720
3,000   Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40   10/20 at 100.00 B2 3,226,770
    Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 2016-XF2339, 144A:        
1,540   13.968%, 9/01/38 (IF) (4)   9/22 at 100.00 BBB- 1,803,371
1,605   16.955%, 9/01/38 (IF) (4)   9/22 at 100.00 BBB- 1,947,395
    Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010:        
355   6.125%, 5/15/27 (Pre-refunded 5/15/20)   5/20 at 100.00 N/R (5) 390,404
645   6.125%, 5/15/27   5/20 at 100.00 BBB- 689,324
4,000   Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36   4/36 at 100.00 Baa3 3,904,600
    Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076, 144A:        
690   14.340%, 8/15/37 (IF)   8/22 at 100.00 AA+ 946,942
150   14.340%, 8/15/43 (IF)   8/22 at 100.00 AA+ 201,593
1,975   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 16-XL0021, 144A, 23.061%, 8/15/39 (Pre-refunded 8/15/19) (IF) (4)   8/19 at 100.00 AA+ (5) 2,656,612
1,000   Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35   5/20 at 100.00 AA- 1,048,880
    Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:        
30   6.125%, 5/15/25 (Pre-refunded 5/15/19)   5/19 at 100.00 N/R (5) 31,760
35   6.125%, 5/15/25 (Pre-refunded 5/15/19)   5/19 at 100.00 N/R (5) 37,053
935   6.125%, 5/15/25 (Pre-refunded 5/15/19)   5/19 at 100.00 BBB- (5) 990,474
500   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20)  –  AGM Insured   3/20 at 100.00 A2 (5) 537,085
455   Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121, 144A, 21.973%, 8/15/41  –  AGM Insured (IF) (4)   8/21 at 100.00 AA 725,921
3,000   Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23  –  AMBAC Insured   No Opt. Call BBB- 2,450,970
465   Illinois State, General Obligation Bonds, December Series 2017A, 5.000%, 12/01/28   12/27 at 100.00 BBB 497,001
20,830   Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (UB) (4)   No Opt. Call BBB 22,322,678
    Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:        
2,685   5.250%, 1/01/30 (Pre-refunded 3/15/18) (9)   3/18 at 98.15 D (5) 751,800
1,515   5.250%, 1/01/36 (9)   3/18 at 100.00 D 424,200
5,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/29  –  NPFG Insured   No Opt. Call BB+ 3,063,550
1,000   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21)   6/21 at 100.00 N/R (5) 1,138,980

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
$ 1,000   Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32   3/19 at 100.00 N/R $1,012,100
2,500   Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding Series 2015, 5.000%, 3/01/33  –  BAM Insured   3/25 at 100.00 AA 2,748,125
75,720   Total Illinois       75,794,570
    Indiana – 1.5%        
1,395   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29   10/19 at 100.00 B 1,412,856
1,500   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)   7/23 at 100.00 A- 1,629,315
2,000   Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21)   9/21 at 100.00 N/R (5) 2,414,680
4,895   Total Indiana       5,456,851
    Iowa – 0.3%        
    Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:        
995   5.000%, 12/01/19   No Opt. Call B- 1,029,069
155   5.250%, 12/01/25   12/23 at 100.00 B- 164,069
1,150   Total Iowa       1,193,138
    Kansas – 2.3%        
3,000   Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30   5/20 at 100.00 A 3,150,480
845   Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22  –  AMBAC Insured   7/18 at 100.00 BB+ 846,445
3,565   Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32   12/22 at 100.00 N/R 3,050,321
1,130   Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35   7/25 at 100.00 A1 1,287,251
8,540   Total Kansas       8,334,497
    Kentucky – 0.3%        
1,000   Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 2013, 5.700%, 8/01/39  –  AGM Insured   8/23 at 100.00 AA 1,128,950
    Louisiana – 3.9%        
1,215   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative Student Facilities Inc. Project,, 5.000%, 10/01/33  –  AGM Insured   10/25 at 100.00 AA 1,371,346
2,000   Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010, 5.500%, 11/01/40   5/20 at 100.00 A- 2,125,520
1,000   Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC - Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/56   7/26 at 100.00 A 1,086,440
3,305   Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38   5/23 at 100.00 A3 3,417,932
2,525   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31   12/21 at 100.00 N/R 2,742,301

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Louisiana (continued)        
$ 985   Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21)   10/21 at 100.00 Aaa $1,110,174
1,165   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, 144A, 14.753%, 5/01/39 (Pre-refunded 5/01/20) (IF)   5/20 at 100.00 AA (5) 1,506,613
1,000   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax)   1/27 at 100.00 A- 1,113,170
13,195   Total Louisiana       14,473,496
    Massachusetts – 1.0%        
800   Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 5.000%, 7/01/47   7/26 at 100.00 BBB- 869,152
1,620   Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2013, 5.000%, 7/01/25 (Alternative Minimum Tax)   7/22 at 100.00 AA 1,721,947
625   Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22   1/20 at 100.00 AA 661,744
555   Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)   6/20 at 100.00 AA 569,230
3,600   Total Massachusetts       3,822,073
    Michigan – 0.6%        
10   Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34  –  NPFG Insured   7/18 at 100.00 A 10,028
2,100   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19)   11/19 at 100.00 A3 (5) 2,253,951
2,110   Total Michigan       2,263,979
    Mississippi – 0.1%        
310   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22   4/18 at 100.00 Baa3 310,983
    Missouri – 0.0%        
55   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36   3/27 at 100.00 BBB- 59,938
    Nevada – 1.2%        
2,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30   1/20 at 100.00 Aa3 2,121,000
1,670   Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, 144A, 27.090%, 4/01/39 (Pre-refunded 4/01/19) (IF) (4)   4/19 at 100.00 AA (5) 2,193,011
3,670   Total Nevada       4,314,011
    New Jersey – 5.3%        
795   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 (UB) (4)   6/25 at 100.00 A- 854,172
    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:        
1,000   5.125%, 9/15/23 (Alternative Minimum Tax)   3/18 at 100.00 BB- 1,108,150
1,650   5.250%, 9/15/29 (Alternative Minimum Tax)   8/22 at 101.00 BB- 1,807,163

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey (continued)        
$ 2,155   New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37 (Alternative Minimum Tax)   10/27 at 100.00 Ba1 $2,349,661
930   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26   12/19 at 100.00 Aaa 975,179
20,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/36  –  AMBAC Insured (UB) (4)   No Opt. Call A- 8,797,600
    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:        
1,500   4.625%, 6/01/26   6/18 at 100.00 Ba3 1,510,110
1,000   5.000%, 6/01/29   6/18 at 100.00 B2 1,007,270
1,000   4.750%, 6/01/34   3/31 at 100.00 B3 986,530
30,030   Total New Jersey       19,395,835
    New York – 4.6%        
    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 (Pre-refunded 1/15/20)   1/20 at 100.00 AA+ (5) 1,192,455
1,225   6.250%, 7/15/40 (Pre-refunded 1/15/20)   1/20 at 100.00 AA+ (5) 1,333,829
2,500   6.375%, 7/15/43 (Pre-refunded 1/15/20)   1/20 at 100.00 AA+ (5) 2,728,075
1,000   Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34   6/21 at 100.00 A- 1,122,380
1,000   New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46  –  AMBAC Insured   4/18 at 100.00 Baa3 1,009,170
500   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 144A, 5.150%, 11/15/34   11/24 at 100.00 N/R 549,105
    New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:        
4,000   4.000%, 7/01/33 (Alternative Minimum Tax)   7/24 at 100.00 BBB 4,141,840
2,105   5.000%, 7/01/46 (Alternative Minimum Tax)   7/24 at 100.00 Baa3 2,296,302
265   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42   12/20 at 100.00 BBB 292,939
2,150   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 2,133,531
15,845   Total New York       16,799,626
    Ohio – 10.2%        
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:        
6,000   5.750%, 6/01/34   3/18 at 100.00 Caa1 5,760,000
6,500   5.875%, 6/01/47   3/18 at 100.00 B- 6,314,555
760   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26   7/20 at 100.00 N/R 806,102
10,000   Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/40 (UB)   5/25 at 100.00 AA+ 11,264,900
3,000   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31 (Pre-refunded 11/15/21)   11/21 at 100.00 AA- (5) 3,442,410

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio (continued)        
$ 1,000   Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30   4/20 at 100.00 BBB- $1,071,890
    Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 2016-XF2311, 144A:        
580   21.923%, 5/01/34 (Pre-refunded 5/01/19) (IF) (4)   5/19 at 100.00 N/R (5) 722,059
1,090   21.923%, 5/01/34 (IF) (4)   5/19 at 100.00 BBB+ 1,356,974
6,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory Put 12/03/18)   No Opt. Call Ca 2,370,000
1,200   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19   No Opt. Call Ba1 1,239,420
    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 1,638,616
1,455   5.000%, 2/15/34   2/26 at 100.00 A2 1,629,716
39,045   Total Ohio       37,616,642
    Pennsylvania – 6.4%        
1,234   Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26 (Pre-refunded 5/15/18)   5/18 at 103.00 N/R (5) 1,283,672
1,390   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24   11/19 at 100.00 B 1,432,659
1,500   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27   12/21 at 100.00 B 1,560,405
1,335   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35   4/35 at 100.00 Caa1 1,226,865
530   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory Put 4/01/21)   No Opt. Call B3 500,876
2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory Put 6/01/20)   No Opt. Call Ca 790,000
    Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009:        
1,350   6.125%, 1/01/29 (Pre-refunded 1/01/19)   1/19 at 100.00 N/R (5) 1,406,943
150   6.125%, 1/01/29   1/19 at 100.00 BBB+ 154,920
2,000   Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19)   12/19 at 100.00 N/R (5) 2,226,380
1,080   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, 144A, 14.736%, 8/01/24 (Pre-refunded 8/01/20) (IF) (4)   8/20 at 100.00 N/R (5) 1,431,518
1,000   Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32   1/20 at 100.00 BBB+ 1,062,090
1,000   Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, USG Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)   6/18 at 100.00 BB+ 1,002,190

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Pennsylvania (continued)        
$ 1,200   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20)   7/20 at 100.00 N/R (5) $1,320,060
130   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31   7/26 at 100.00 Baa3 141,237
1,000   Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27  –  AGM Insured   No Opt. Call AA 1,141,560
    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:        
3,530   6.000%, 12/01/30   12/27 at 100.00 A- 4,364,563
2,000   6.375%, 12/01/38   12/27 at 100.00 A- 2,482,200
22,429   Total Pennsylvania       23,528,138
    Puerto Rico – 0.7%        
1,500   Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27   12/18 at 100.00 A+ 1,535,610
1,000   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 5.500%, 7/01/26  –  AMBAC Insured   No Opt. Call C 1,004,410
2,500   Total Puerto Rico       2,540,020
    South Carolina – 2.3%        
7,500   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/41 (UB)   12/26 at 100.00 A+ 8,432,775
    Tennessee – 0.0%        
155   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24   No Opt. Call A 175,441
    Texas – 3.2%        
80   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership Prep School, Series 2016A, 5.000%, 6/15/46   6/21 at 100.00 BB 80,069
3,500   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (8)   7/18 at 100.00 N/R 35
2,095   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2016, 5.000%, 1/01/35   1/26 at 100.00 BBB 2,330,415
150   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42   11/22 at 100.00 Baa3 154,943
250   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 144A, 5.750%, 10/01/31 (Alternative Minimum Tax)   10/18 at 103.00 BB- 260,957
825   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD - College Station Properties LLC - Texas A&M University Project, Series 2015A, 5.000%, 7/01/47   7/25 at 100.00 B1 689,164
1,800   North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 2016-XF2220, 144A, 20.534%, 9/01/41 (Pre-refunded 9/01/21) (IF)   9/21 at 100.00 AA+ (5) 2,932,884
1,000   Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47 (8)   12/21 at 100.00 N/R 670,000
455   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26   No Opt. Call A- 540,708

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 810   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39   12/19 at 100.00 BBB- $881,523
    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 1,399,695
805   5.000%, 12/31/55 (Alternative Minimum Tax)   12/25 at 100.00 Baa3 880,823
1,000   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34   6/20 at 100.00 Baa3 1,113,340
14,045   Total Texas       11,934,556
    Utah – 0.3%        
1,000   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30   7/20 at 100.00 BB 1,041,600
    Vermont – 0.8%        
    Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:        
1,000   6.125%, 1/01/28 (Pre-refunded 1/01/21)   1/21 at 100.00 N/R (5) 1,124,650
1,760   6.250%, 1/01/33 (Pre-refunded 1/01/21)   1/21 at 100.00 N/R (5) 1,985,614
2,760   Total Vermont       3,110,264
    Virginia – 1.2%        
2,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47   4/18 at 100.00 B- 1,946,160
1,155   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (Alternative Minimum Tax)   6/27 at 100.00 BBB 1,271,447
1,010   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)   7/22 at 100.00 BBB 1,118,040
4,165   Total Virginia       4,335,647
    Washington – 4.3%        
5,000   Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 10/01/31 (Alternative Minimum Tax) (UB)   4/26 at 100.00 Aa2 5,691,950
3,155   Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Refunding & Improvement Series 2016, 5.000%, 12/01/27   12/26 at 100.00 Baa2 3,466,399
215   Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43   4/19 at 100.00 N/R 215,071
2,000   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31   1/21 at 100.00 A 2,136,780
2,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)   7/19 at 100.00 A3 (5) 2,124,540
2,000   Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19)   10/19 at 100.00 Baa1 (5) 2,131,260
14,370   Total Washington       15,766,000
    West Virginia – 0.2%        
750   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38   10/18 at 100.00 N/R 759,593

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin – 10.5%        
$ 3,500   Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011, 144A, 6.500%, 2/01/31   2/19 at 102.00 BBB+ $3,711,820
25   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2017A, 144A, 5.000%, 6/15/37   6/24 at 100.00 N/R 24,490
170   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A, 144A, 5.000%, 6/15/36   6/26 at 100.00 N/R 161,748
1,410   Public Finance Authority of Wisconsin, Revenue Bonds, Denver international Airport Great Hall Project, Series 2017, 5.000%, 9/30/49 (Alternative Minimum Tax)   9/27 at 100.00 BBB 1,557,683
2,905   Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation - Cullowhee LLC - Western California University Project, Series 2015A, 5.000%, 7/01/35   7/25 at 100.00 BBB- 3,093,535
160   Public Finance Authority, Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A, 5.200%, 12/01/37   12/27 at 100.00 BBB- 160,232
1,000   Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, 0.000%, 12/15/31   No Opt. Call AA 642,960
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A:        
10,000   5.000%, 11/15/35 (UB) (4)   5/26 at 100.00 AA+ 11,402,100
5,000   5.000%, 11/15/36 (UB) (4)   5/26 at 100.00 AA+ 5,681,450
3,000   5.000%, 11/15/39 (UB) (4)   5/26 at 100.00 AA+ 3,397,170
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)   6/20 at 100.00 Baa2 (5) 1,098,790
500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30   4/20 at 100.00 A- 520,030
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118, 144A:        
1,000   17.720%, 4/01/34 (Pre-refunded 4/01/19) (IF) (4)   4/19 at 100.00 AA- (5) 1,204,020
1,290   12.703%, 4/01/42 (IF) (4)   10/22 at 100.00 AA- 1,408,203
25   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/28   8/25 at 100.00 A- 28,485
1,090   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43   8/23 at 100.00 A 1,175,042
2,500   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 2016-XL0020, 144A, 27.513%, 5/01/36 (Pre-refunded 5/01/19) (IF) (4)   5/19 at 100.00 Aa2 (5) 3,349,775
34,575   Total Wisconsin       38,617,533
    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 763,996
1,600   6.500%, 7/01/43   7/21 at 100.00 BBB 1,715,840
2,310   Total Wyoming       2,479,836
 
$ 425,870   Total Long-Term Investments (cost $413,241,040)       437,617,200
    Floating Rate Obligations – (20.4)%       (75,280,000)
    Other Assets Less Liabilities – 1.6%       5,976,932
    Net Assets – 100%       $ 368,314,132

Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3  –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $437,587,638 $29,562 $437,617,200
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of January 31, 2018.
Tax cost of investments $337,141,889
Gross unrealized:  
Appreciation $ 36,713,199
Depreciation (11,516,403)
Net unrealized appreciation (depreciation) of investments $ 25,196,796

(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.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(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) 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.  
(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%.  
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.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  

Item 2. Controls and Procedures.

 

  a. The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  b. There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

 

 

SIGNATURES

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

 

(Registrant)    Nuveen Enhanced Municipal Value Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                        
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: March 29, 2018

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/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: March 29, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: March 29, 2018