Unassociated Document



 
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:         1/31/15         
 
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)
     
   
January 31, 2015 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 104.1%
     
           
   
MUNICIPAL BONDS – 103.0%
     
           
   
Alabama – 0.9%
     
$ 2,000
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds,
7/15 at 100.00
AA
$    2,008,800
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured
     
1,000
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%,
10/23 at 102.00
AA
1,136,570
   
10/01/48 – AGM Insured
     
3,000
 
Total Alabama
   
3,145,370
   
Arizona – 3.9%
     
1,585
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender
1/22 at 100.00
AA–
2,403,320
   
Option Bond Trust 3256, 18.465%, 7/01/36 (IF) (4)
     
2,000
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA
2,297,360
2,500
 
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General
7/19 at 100.00
AA
2,939,000
   
Obligation Bonds, Series 2009, 6.500%, 7/15/31 – BAM Insured
     
1,030
 
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts
7/21 at 100.00
BB
1,126,624
   
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–
312,822
   
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
2,300,280
   
Series 2012A, 9.750%, 5/01/25
     
50
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
No Opt. Call
A–
59,960
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
     
1,798
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
7/16 at 100.00
N/R
1,849,836
   
2005, 6.000%, 7/01/30
     
11,283
 
Total Arizona
   
13,289,202
   
California – 16.8%
     
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/19 at 100.00
AA (5)
5,877,400
   
2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)
     
920
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California,
No Opt. Call
Aa1
1,446,626
   
Tender Option Bond Trust 3144, 12.608%, 10/01/16 (IF)
     
2,040
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/19 at 100.00
AA
3,808,354
   
Tender Option Bond Trust 3878, 25.113%, 10/01/33 (IF) (4)
     
   
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option
     
   
Bond Trust 3248:
     
1,700
 
24.988%, 2/15/23 (IF) (4)
8/20 at 100.00
AA–
3,456,185
300
 
24.988%, 2/15/23 (IF) (4)
8/20 at 100.00
AA–
601,110
1,000
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series
11/19 at 100.00
A3
1,260,590
   
2009, 8.000%, 11/01/29
     
500
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist
10/19 at 100.00
BBB+
570,765
   
Homes 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+
502,876
   
Subordinate Series 2011A, 7.000%, 12/01/36
     
275
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates
7/16 at 100.00
AA+
290,928
   
of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured
     
490
 
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities
9/19 at 100.00
N/R
563,505
   
District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32
     
3,030
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
AA
3,077,904
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured
     
2,065
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A1
2,224,955
   
Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011, 21.856%, 6/01/38 – AMBAC
     
   
Insured (IF) (4)
     
2,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/17 at 100.00
B
1,778,620
   
Bonds, Series 2007A-1, 5.750%, 6/01/47
     
2,550
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust
No Opt. Call
Aa2
6,263,081
   
3253, 33.637%, 1/15/19 (IF) (4)
     
1,710
 
Los Angeles Community College District, Los Angeles County, California, General Obligation
8/18 at 100.00
AA+ (5)
3,147,717
   
Bonds, Tender Option Bond Trust 3237, 25.045%, 8/01/27 (Pre-refunded 8/01/18) (IF)
     
1,600
 
Los Angeles County, California, Community Development Commission Headquarters Office
9/21 at 100.00
Aa3
2,859,760
   
Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc.,
     
   
Tender Option Bond Trust Series 2011-23B, 23.109%, 9/01/42 (IF) (4)
     
525
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
5/20 at 100.00
AA
616,214
   
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–
1,389,420
   
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+
1,438,659
   
Project, Series 2011, 6.750%, 9/01/40
     
1,255
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation,
4/15 at 102.00
BB
1,240,492
   
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
296,482
   
6.750%, 11/01/39
     
250
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation
6/20 at 100.00
A–
295,090
   
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
2/21 at 100.00
A–
625,995
700
 
6.750%, 8/01/33
2/21 at 100.00
A–
867,258
500
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
2/21 at 100.00
BBB+
629,515
   
Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27
     
360
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax
2/21 at 100.00
A
443,549
   
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
AA–
1,152,810
   
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+
4,232,952
   
California, Revenue Bonds, Tender Option Bond Trust 3584, 22.347%, 6/01/17 (IF) (4)
     
3,110
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds,
8/17 at 100.00
AA
3,364,429
   
Series 2007, 5.000%, 8/01/31 – AGM Insured
     
1,045
 
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project,
6/21 at 100.00
A
1,298,245
   
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
1,169,889
   
Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
     
40,755
 
Total California
   
56,791,375
   
Colorado – 3.7%
     
1,941
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of
12/15 at 100.00
N/R
1,967,398
   
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)
No Opt. Call
N/R
251,343
41
 
5.000%, 9/01/16 (Alternative Minimum Tax) (6)
No Opt. Call
N/R
36,834
2,000
 
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation
12/17 at 100.00
N/R
1,977,840
   
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–
1,270,640
   
9/01/39 – 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
632,349
4,030
 
6.500%, 11/15/38
No Opt. Call
A
5,691,932
815
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax
12/20 at 100.00
N/R
888,122
   
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
     
13,552
 
Total Colorado
   
12,716,458
   
Connecticut – 0.7%
     
915
 
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A,
1/20 at 100.00
N/R
950,758
   
7.750%, 1/01/43
     
1,107
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
4/20 at 100.00
N/R
1,338,418
   
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
     
2,022
 
Total Connecticut
   
2,289,176
   
Delaware – 0.2%
     
660
 
Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds,
6/15 at 100.00
N/R
660,548
   
Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16
     
   
District of Columbia – 0.5%
     
1,500
 
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc.,
3/21 at 100.00
BBB–
1,665,045
   
Series 2011, 6.375%, 3/01/31
     
   
Florida – 6.9%
     
1,825
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series
5/16 at 100.00
N/R
1,799,231
   
2006A, 5.125%, 5/01/38
     
2,000
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University,
6/23 at 100.00
BBB–
2,205,240
   
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
988,241
   
Revenue Bonds, Series 2007, 5.200%, 5/01/38
     
920
 
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003,
5/15 at 100.00
N/R
920,874
   
6.625%, 5/01/34
     
1,000
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
6/21 at 100.00
BB–
1,116,470
   
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
BB+
620,328
   
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
1,176,930
   
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
1,906,808
   
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
4,077,277
   
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
1,727,655
   
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+
1,113,590
2,000
 
5.000%, 11/01/43
11/22 at 100.00
BBB+
2,177,260
475
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
AA–
514,473
   
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
58,713
   
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
     
230
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
5/19 at 100.00
N/R
137,602
   
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
     
95
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
5/22 at 100.00
N/R
42,110
   
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
     
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 (7)
     
15
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing
5/18 at 100.00
N/R
15,503
   
ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (7)
     
245
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
5/17 at 100.00
N/R
251,056
   
2012A-1, 6.650%, 5/01/40
     
945
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,
5/15 at 100.00
N/R
947,750
   
5.400%, 5/01/37
     
565
 
Tolomato Community Development District, Florida, Special Assessment Bonds,
5/18 at 100.00
N/R
336,864
   
Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (7)
     
1,080
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue
5/22 at 100.00
N/R
1,159,963
   
Bonds, Series 2012-A2, 5.500%, 5/01/34
     
21,970
 
Total Florida
   
23,293,939
   
Georgia – 6.0%
     
12,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 –
1/21 at 100.00
AA
14,115,480
   
AGM Insured (UB)
     
690
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed,
1/19 at 100.00
A2
826,303
   
7.500%, 1/01/31
     
670
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed,
1/19 at 100.00
A2
807,444
   
6.750%, 1/01/20
     
1,250
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air
6/20 at 100.00
BB–
1,575,138
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
     
2,460
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air
6/15 at 100.00
BB–
2,513,923
   
Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)
     
90
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
No Opt. Call
A
103,843
260
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
No Opt. Call
A
322,231
17,420
 
Total Georgia
   
20,264,362
   
Guam – 1.5%
     
1,760
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
1/22 at 100.00
A
1,960,974
1,500
 
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
AA
1,775,010
1,250
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
7/23 at 100.00
A–
1,478,913
   
5.500%, 7/01/43
     
4,510
 
Total Guam
   
5,214,897
   
Illinois – 10.5%
     
3,125
 
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004,
12/15 at 100.00
N/R
3,132,094
   
3.840%, 6/15/23
     
2,000
 
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series
12/21 at 100.00
AA
2,421,640
   
2005, 6.000%, 12/01/24 – AGM Insured
     
645
 
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010,
5/20 at 100.00
N/R
712,164
   
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)
445,138
   
6.125%, 5/15/27 (Pre-refunded 5/15/20)
     
3,000
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
10/20 at 100.00
B3
3,288,570
   
Corporation Project, Series 2010, 6.500%, 10/15/40
     
   
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond
     
   
Trust 1122:
     
1,605
 
21.830%, 9/01/38 (IF) (4)
9/22 at 100.00
BBB
2,258,139
1,540
 
17.610%, 9/01/38 (IF) (4)
9/22 at 100.00
BBB
2,042,379
1,000
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A,
2/15 at 100.00
BB–
1,000,580
   
5.375%, 2/15/25
     
4,000
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
4/16 at 100.00
Baa3
4,005,120
   
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
1,023,000
   
5.500%, 5/15/26
     
   
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option
     
   
Bond Trust 4285:
     
690
 
18.026%, 8/15/20 (IF) (4)
No Opt. Call
AA+
1,080,043
150
 
18.026%, 8/15/20 (IF) (4)
No Opt. Call
AA+
226,992
1,975
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds
8/19 at 100.00
AA+
3,813,824
   
Trust 11-16B, 27.782%, 8/15/39 (IF) (4)
     
1,000
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,
5/20 at 100.00
AA–
1,127,200
   
5.125%, 5/15/35
     
500
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc.,
3/20 at 100.00
AA
571,955
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
     
455
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust
No Opt. Call
AA
878,778
   
3908, 26.782%, 2/15/19 – AGM Insured (IF) (4)
     
1,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation,
5/19 at 100.00
BBB+
1,154,500
   
Series 2009, 6.125%, 5/15/25
     
2,235
 
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois
6/15 at 100.00
Caa2
2,067,420
   
IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (7)
     
   
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel
     
   
Revenue Bonds, Series 2005B:
     
2,685
 
5.250%, 1/01/30
1/16 at 100.00
D
791,538
1,515
 
5.250%, 1/01/36
1/16 at 100.00
D
446,622
980
 
Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge
3/15 at 102.00
N/R
1,000,374
   
Lakes Project, Series 2005-2, 6.000%, 3/01/35
     
1,000
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series
6/21 at 100.00
A–
1,198,910
   
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
1,058,770
   
Assessment Bonds, Series 2009, 7.875%, 3/01/32
     
33,455
 
Total Illinois
   
35,745,750
   
Indiana – 1.6%
     
1,395
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For
10/19 at 100.00
BB–
1,422,774
   
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
1,659,360
   
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
2,466,240
   
2011, 7.750%, 9/01/31
     
4,895
 
Total Indiana
   
5,548,374
   
Kansas – 2.4%
     
3,000
 
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding
5/20 at 100.00
A
3,299,910
   
Series 2010S, 5.000%, 5/15/30
     
1,245
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
1/17 at 100.00
BB+
1,269,203
   
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
3,619,723
   
Project, Series 2012, 6.000%, 12/15/32
     
7,810
 
Total Kansas
   
8,188,836
   
Kentucky – 0.3%
     
1,000
 
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series
8/23 at 100.00
AA
1,161,950
   
2013, 5.700%, 8/01/39 – AGM Insured
     
   
Louisiana – 3.2%
     
2,000
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General
5/20 at 100.00
A3
2,229,380
   
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
3,487,271
   
4.250%, 12/01/38
     
2,710
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation
12/21 at 100.00
N/R
3,138,017
   
Project, Series 2011A, 7.750%, 12/15/31
     
1,165
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899,
5/20 at 100.00
AA
1,858,326
   
18.400%, 5/01/33 (IF)
     
9,180
 
Total Louisiana
   
10,712,994
   
Massachusetts – 1.4%
     
625
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series
1/20 at 100.00
AA
725,088
   
2010A, 5.500%, 1/01/22
     
590
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series
1/20 at 100.00
AA
616,786
   
2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)
     
3,000
 
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center
1/18 at 100.00
N/R
7,740
   
Issue, Series 2008A, 6.250%, 1/15/28 (7)
     
2,385
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital,
8/15 at 100.00
N/R
2,417,627
   
Series 2005E, 5.000%, 8/15/35 – RAAI Insured
     
1,000
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30
6/20 at 100.00
AA–
1,063,620
   
(Alternative Minimum Tax)
     
7,600
 
Total Massachusetts
   
4,830,861
   
Michigan – 5.7%
     
9,650
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005,
No Opt. Call
AA
11,854,929
   
5.250%, 5/01/27 – AGM Insured (UB) (4)
     
1,900
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,
7/15 at 100.00
A3
1,906,631
   
7/01/34 – NPFG Insured
     
2,865
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds,
5/17 at 100.00
AA
3,089,587
   
Series 2007, 5.000%, 5/01/32 – AGM Insured
     
2,100
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
11/19 at 100.00
A–
2,415,525
   
Refunding Series 2009, 5.750%, 11/15/39
     
16,515
 
Total Michigan
   
19,266,672
   
Mississippi – 0.1%
     
500
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System
4/15 at 100.00
BBB
500,595
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
     
   
Missouri – 0.2%
     
640
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village
9/17 at 100.00
BBB–
672,883
   
of West County, Series 2007A, 5.375%, 9/01/21
     
   
Nebraska – 0.8%
     
1,565
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012,
9/22 at 100.00
A
1,766,854
   
5.000%, 9/01/32
     
1,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A,
2/17 at 100.00
AA
1,071,670
   
5.000%, 2/01/43
     
2,565
 
Total Nebraska
   
2,838,524
   
Nevada – 1.7%
     
2,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
A+
2,285,800
   
International Airport, Series 2010A, 5.000%, 7/01/30
     
1,670
 
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 33.244%,
No Opt. Call
AA
3,426,790
   
4/01/17 (IF)
     
3,670
 
Total Nevada
   
5,712,590
   
New Jersey – 1.7%
     
   
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
     
   
Airlines Inc., Series 1999:
     
1,000
 
5.125%, 9/15/23 (Alternative Minimum Tax)
3/15 at 100.00
B
1,096,580
1,650
 
5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
B
1,793,286
1,410
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A,
12/19 at 100.00
AA
1,489,454
   
5.000%, 12/01/26
     
1,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B+
1,444,140
   
Series 2007-1A, 4.625%, 6/01/26
     
5,560
 
Total New Jersey
   
5,823,460
   
New York – 3.4%
     
   
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–
1,319,362
1,225
 
6.250%, 7/15/40
1/20 at 100.00
BBB–
1,481,172
2,000
 
6.375%, 7/15/43
1/20 at 100.00
BBB–
2,427,920
1,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher
6/21 at 100.00
BBB+
1,149,490
   
College, Series 2011, 6.000%, 6/01/34
     
2,500
 
New York City Industrial Development Agency, New York, American Airlines-JFK International
8/16 at 101.00
N/R
2,729,625
   
Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
     
265
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
12/20 at 100.00
BBB
315,859
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
     
2,000
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26
6/16 at 100.00
BB–
2,010,260
10,090
 
Total New York
   
11,433,688
   
Ohio – 6.4%
     
   
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–
866,500
6,000
 
5.750%, 6/01/34
6/17 at 100.00
B–
5,082,180
6,500
 
5.875%, 6/01/47
6/17 at 100.00
B
5,560,230
760
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement
7/21 at 100.00
BBB–
841,844
   
Services, Improvement Series 2010A, 5.625%, 7/01/26
     
3,000
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
11/21 at 100.00
AA
3,704,580
   
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–
1,117,030
   
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+
3,240,485
   
3260, 29.618%, 5/01/29 (IF)
     
1,200
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation
No Opt. Call
BBB–
1,372,500
   
Project, Series 2009E, 5.625%, 10/01/19
     
21,130
 
Total Ohio
   
21,785,349
   
Pennsylvania – 5.9%
     
1,412
 
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds,
No Opt. Call
N/R
1,480,331
   
Subordinated Series 2013, 5.000%, 5/15/26
     
1,000
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
11/19 at 100.00
BB–
1,146,280
   
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009,
     
   
6.750%, 11/01/24
     
1,500
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
12/21 at 100.00
BB–
1,760,985
   
Improvement 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
4/15 at 100.00
Ba3
1,335,200
   
General Hospital, Series 2005A, 5.125%, 4/01/35
     
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
1/19 at 100.00
BBB+
1,685,355
   
Ministries Project, Series 2009, 6.125%, 1/01/29
     
2,000
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds,
12/19 at 100.00
N/R
2,100,180
   
Series 2009, 7.750%, 12/15/27
     
1,080
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage
8/20 at 100.00
AA
1,836,421
   
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 18.064%,
     
   
8/01/38 (IF) (4)
     
25
 
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds,
2/15 at 100.00
N/R
13,322
   
NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29
     
1,000
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds
6/15 at 100.00
B–
1,000,200
   
(USG 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
1,117,030
   
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
1,319,820
   
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30
     
1,000
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
No Opt. Call
AA
1,192,010
   
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
     
3,480
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,
12/27 at 100.00
A–
3,917,575
   
0.000%, 12/01/30
     
17,532
 
Total Pennsylvania
   
19,904,709
   
Puerto Rico – 1.0%
     
1,500
 
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds,
12/18 at 100.00
A+
1,600,875
   
Modernization Series 2008, 5.125%, 12/01/27
     
1,000
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
3/16 at 100.00
BBB–
784,880
   
Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University
     
   
System, Series 2006, 5.000%, 3/01/36
     
1,000
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C,
No Opt. Call
BB
1,011,170
   
5.500%, 7/01/27 – AMBAC Insured
     
3,500
 
Total Puerto Rico
   
3,396,925
   
Tennessee – 0.2%
     
500
 
Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing
12/20 at 100.00
A
533,305
   
Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30
     
50
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24
No Opt. Call
A
60,282
155
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
No Opt. Call
A
182,105
705
 
Total Tennessee
   
775,692
   
Texas – 4.3%
     
3,500
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
7/18 at 100.00
N/R
175,000
   
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (7)
     
1,050
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos
5/21 at 100.00
BBB
1,314,674
   
Foundation, Inc., Series 2011A, 6.500%, 5/15/31
     
265
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. –
3/15 at 100.00
B (5)
265,928
   
Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Pre-refunded 3/26/15) (Alternative
     
   
Minimum Tax)
     
1,800
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AA+
3,658,410
   
11947, 25.405%, 3/01/19 (IF)
     
1,000
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden
12/21 at 100.00
N/R
948,580
   
Home Inc., Series 2012, 7.250%, 12/15/47
     
2,325
 
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment
7/15 at 100.00
BBB
2,362,593
   
Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)
     
455
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior
No Opt. Call
A–
582,350
   
Lien Series 2008D, 6.250%, 12/15/26
     
810
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility
12/19 at 100.00
Baa2
973,806
   
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
1,227,470
   
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)
1,666,545
   
School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
     
5,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series
3/15 at 25.96
A– (5)
1,297,850
   
2002, 0.000%, 8/15/37 (Pre-refunded 3/06/15) – AMBAC Insured
     
18,705
 
Total Texas
   
14,473,206
   
Utah – 0.3%
     
1,000
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
7/20 at 100.00
BB–
1,015,340
   
School, Series 2010A, 6.250%, 7/15/30
     
   
Vermont – 0.9%
     
   
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
Ba1
1,072,430
1,760
 
6.250%, 1/01/33
1/21 at 100.00
Ba1
1,880,930
2,760
 
Total Vermont
   
2,953,360
   
Virgin Islands – 0.1%
     
250
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate
10/19 at 100.00
Baa3
280,470
   
Lien Series 2009A, 6.000%, 10/01/39
     
   
Virginia – 0.8%
     
2,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
6/17 at 100.00
B–
1,463,560
   
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–
1,123,524
   
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
     
3,010
 
Total Virginia
   
2,587,084
   
Washington – 2.4%
     
275
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds,
4/15 at 100.00
N/R
275,693
   
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
2,219,738
   
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
2,324,760
   
Research Center, Series 2009A, 6.000%, 1/01/33
     
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of
12/16 at 100.00
BBB
1,036,790
   
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
2,207,800
   
Series 2009, 5.625%, 10/01/40
     
7,275
 
Total Washington
   
8,064,781
   
West Virginia – 0.2%
     
750
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc.,
10/18 at 100.00
N/R
792,368
   
Series 2008, 6.500%, 10/01/38
     
   
Wisconsin – 5.6%
     
3,500
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A,
2/19 at 102.00
AA–
4,152,748
   
6.500%, 2/01/31
     
1,000
 
Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A,
No Opt. Call
AA
589,640
   
0.000%, 12/15/31
     
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series
6/20 at 100.00
Baa2
1,155,400
   
2010A, 6.000%, 6/01/30
     
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System,
4/20 at 100.00
A–
543,165
   
Inc., Series 2010B, 5.000%, 4/01/30
     
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community
No Opt. Call
AA–
1,558,900
   
Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 22.636%, 4/01/17 (IF) (4)
     
1,290
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc.
No Opt. Call
AA–
1,579,670
   
Obligated Group, Tender Option Bond Trust 3592, 17.607%, 10/01/20 (IF) (4)
     
1,090
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior
8/23 at 100.00
A–
1,188,362
   
Living Communities, Refunding Series 2013, 5.000%, 8/15/43
     
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
8/16 at 100.00
A–
2,130,360
   
Healthcare System, Series 2006A, 5.250%, 8/15/21
     
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
8/16 at 100.00
A–
522,590
   
Services Inc., Series 2006B, 5.125%, 8/15/30
     
2,500
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust
5/19 at 100.00
AA–
5,449,000
   
10B, 33.414%, 5/01/36 (IF) (4)
     
14,380
 
Total Wisconsin
   
18,869,835
   
Wyoming – 0.8%
     
   
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
819,191
1,600
 
6.500%, 7/01/43
7/21 at 100.00
BBB
1,860,864
2,310
 
Total Wyoming
   
2,680,055
$ 313,459
 
Total Municipal Bonds (cost $292,099,113)
   
349,346,723
 
Shares
 
Description (1)
Value
   
COMMON STOCKS – 1.1%
 
   
Airlines – 1.1%
 
75,333
 
American Airlines Group Inc. (8)
$ 3,697,344
   
Total Common Stocks (cost $2,340,765)
3,697,344
   
Total Long-Term Investments (cost $294,439,878)
353,044,067
   
Floating Rate Obligations – (5.3)%
(18,000,000)
   
Other Assets Less Liabilities – 1.2% (9)
3,962,915
   
Net Assets – 100%
$ 339,006,982
 
 
 
 

 

 
Investments in Derivatives as of January 31, 2015 
         
Interest Rate Swaps outstanding:
               
   
Fund
   
Fixed Rate
   
Unrealized
 
Notional
Pay/Receive
Floating Rate
Fixed Rate
Payment
Effective
Termination
Appreciation
Counterparty
Amount
Floating Rate
Index
(Annualized)
Frequency
Date (10)
Date
(Depreciation)
Barclays Bank PLC
$6,400,000
Receive
Weekly USD-SIFMA
3.254%
Quarterly
5/21/15
5/21/36
$(1,531,568)
 
 
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
$           —
$349,309,889
$36,834
$349,346,723
Common Stocks
3,697,344
3,697,344
Investments in Derivatives:
       
Interest Rate Swaps*
(1,531,568)
(1,531,568)
Total
$3,697,344
$347,778,321
$36,834
$351,512,499
*Represents net unrealized appreciation (depreciation).
       
 
 
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.
 
As of January 31, 2015, the cost of investments (excluding investments in derivatives) was $276,522,673.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of January 31, 2015, were as follows:
   
Gross unrealized:
 
   Appreciation
$63,195,332
   Depreciation
(4,673,939)
Net unrealized appreciation (depreciation) of investments
$58,521,393
 
(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)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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 derivatives and/or 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)
 
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.
 
 
 
 

 
 
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/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         April 1, 2015        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         April 1, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 1, 2015