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 811-05120

 

Nuveen Municipal Value Fund, Inc.

(Exact name of registrant as specified in charter)

 

Nuveen Investments

        333 West Wacker Drive, Chicago, Illinois 60606         

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Vice President and Secretary

        333 West Wacker Drive, Chicago, Illinois 60606         

(Name and address of agent for service)

 

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

 

Date of fiscal year end:            10/31          

 

Date of reporting period:         7/31/16         

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments

		Portfolio of Investments
		Nuveen Municipal Value Fund, Inc. (NUV)
		July 31, 2016 (Unaudited)
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 99.6%
		MUNICIPAL BONDS – 99.6%
		Alaska – 0.1%
$ 2,710		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,	10/16 at 100.00	B3	$ 2,674,824
		Series 2006A, 5.000%, 6/01/32
		Arizona – 0.8%
2,500		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series	7/18 at 100.00	AA–	2,691,900
		2008A, 5.000%, 7/01/38
2,575		Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series	12/17 at 102.00	B–	2,547,937
		2008, 7.000%, 12/01/27
5,600		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc	No Opt. Call	BBB+	7,210,728
		Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
4,240		Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale	9/20 at 100.00	AA	4,767,117
		Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
14,915		Total Arizona			17,217,682
		Arkansas – 0.3%
1,150		Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding &	10/17 at 100.00	A (4)	1,206,350
		Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured
5,650		Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 –	No Opt. Call	AA	5,710,850
		AGM Insured
6,800		Total Arkansas			6,917,200
		California – 12.1%
4,615		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement	No Opt. Call	AA	4,021,373
		Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured
5,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series	4/23 at 100.00	AA–	5,987,650
		2013S-4, 5.000%, 4/01/38
4,800		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold	10/16 at 38.45	CCC	1,827,552
		Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33
		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
		Angeles County Securitization Corporation, Series 2006A:
3,275		5.450%, 6/01/28	12/18 at 100.00	B3	3,332,214
4,200		5.600%, 6/01/36	12/18 at 100.00	B3	4,273,206
13,625		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,	11/26 at 100.00	AA–	16,787,362
		Refunding Series 2016B, 5.000%, 11/15/46 (WI/DD, Settling 8/17/16)
3,850		California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,	7/23 at 100.00	AA–	4,628,932
		Series 2013A, 5.000%, 7/01/33
2,335		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series	7/20 at 100.00	Baa2	2,611,697
		2010A, 5.750%, 7/01/40
2,130		California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric	6/17 at 100.00	A3	2,199,587
		Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
1,625		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series	11/23 at 100.00	A+	1,959,977
		2013I, 5.000%, 11/01/38
4,400		California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30	2/17 at 100.00	AA–	4,481,312
		California State, General Obligation Bonds, Various Purpose Series 2007:
9,730		5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00	Aaa	10,104,021
6,270		5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00	Aaa	6,511,019
5,000		California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41	10/21 at 100.00	AA–	5,950,000
275		California Statewide Community Development Authority, Certificates of Participation, Internext	10/16 at 100.00	BBB+	276,160
		Group, Series 1999, 5.375%, 4/01/17
3,125		California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital	8/19 at 100.00	N/R (4)	3,694,187
		Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
3,600		California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,	7/18 at 100.00	AA–	3,953,448
		Series 2007A, 5.750%, 7/01/47 – FGIC Insured
6,120		Chino Valley Unified School District, San Bernardino County, California, General Obligation	8/16 at 51.12	Aa2	3,137,785
		Bonds, Series 2006D, 0.000%, 8/01/30
5,000		Coast Community College District, Orange County, California, General Obligation Bonds, Series	8/18 at 100.00	Aa1 (4)	5,447,750
		2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured
4,505		Covina-Valley Unified School District, Los Angeles County, California, General Obligation	No Opt. Call	AA–	3,062,229
		Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
16,045		Desert Community College District, Riverside County, California, General Obligation Bonds,	8/17 at 42.63	AA	6,764,893
		Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
2,180		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,	1/31 at 100.00	BBB–	1,942,860
		Refunding Series 2013A, 6.850%, 1/15/42
30,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series	No Opt. Call	Aaa	27,972,000
		1995A, 0.000%, 1/01/22 (ETM)
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
		Bonds, Series 2007A-1:
23,995		4.500%, 6/01/27	6/17 at 100.00	B	24,424,750
14,475		5.000%, 6/01/33	6/17 at 100.00	B–	14,588,339
1,500		5.125%, 6/01/47	6/17 at 100.00	B–	1,500,375
		Merced Union High School District, Merced County, California, General Obligation Bonds,
		Series 1999A:
2,500		0.000%, 8/01/23 – FGIC Insured	No Opt. Call	AA–	2,157,775
2,555		0.000%, 8/01/24 – FGIC Insured	No Opt. Call	AA–	2,124,201
2,365		Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,	No Opt. Call	AA–	1,782,500
		Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured
		Mount San Antonio Community College District, Los Angeles County, California, General
		Obligation Bonds, Election of 2008, Series 2013A:
3,060		0.000%, 8/01/28 (5)	2/28 at 100.00	AA	2,992,772
2,315		0.000%, 8/01/43 (5)	8/35 at 100.00	AA	2,037,061
3,550		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series	No Opt. Call	A	5,293,831
		2009C, 6.500%, 11/01/39
		Napa Valley Community College District, Napa and Sonoma Counties, California, General
		Obligation Bonds, Election 2002 Series 2007C:
7,200		0.000%, 8/01/29 – NPFG Insured	8/17 at 54.45	Aa2	3,883,752
11,575		0.000%, 8/01/31 – NPFG Insured	8/17 at 49.07	Aa2	5,619,547
2,350		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,	11/19 at 100.00	Ba1	2,632,493
		6.750%, 11/01/39
10,150		Placer Union High School District, Placer County, California, General Obligation Bonds, Series	No Opt. Call	AA	6,142,780
		2004C, 0.000%, 8/01/33 – AGM Insured
4,000		Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical	7/17 at 100.00	Baa2	4,123,880
		Center, Refunding Series 2007A, 5.000%, 7/01/47
15,505		Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor,	8/17 at 100.00	AA–	16,045,194
		Series 2007C, 5.000%, 8/01/37 – NPFG Insured
		San Bruno Park School District, San Mateo County, California, General Obligation Bonds,
		Series 2000B:
2,575		0.000%, 8/01/24 – FGIC Insured	No Opt. Call	AA	2,204,483
2,660		0.000%, 8/01/25 – FGIC Insured	No Opt. Call	AA	2,211,710
250		San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,	2/21 at 100.00	BBB+ (4)	318,645
		Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
		(Pre-refunded 2/01/21)
12,095		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue	No Opt. Call	AA–	9,615,404
		Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
5,000		San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured	3/17 at 100.00	A2	5,149,350
		(Alternative Minimum Tax)
13,220		San Mateo County Community College District, California, General Obligation Bonds, Series	No Opt. Call	AAA	10,516,246
		2006A, 0.000%, 9/01/28 – NPFG Insured
5,000		San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,	No Opt. Call	Aaa	4,317,800
		Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
5,815		San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding	No Opt. Call	AA	1,312,562
		Series 2015, 0.000%, 8/01/48
2,000		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed	6/17 at 100.00	B+	2,006,760
		Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
		University of California, General Revenue Bonds, Series 2009O:
370		5.250%, 5/15/39 (Pre-refunded 5/15/19)	5/19 at 100.00	N/R (4)	417,908
720		5.250%, 5/15/39 (Pre-refunded 5/15/19)	5/19 at 100.00	AA (4)	812,369
210		5.250%, 5/15/39 (Pre-refunded 5/15/19)	5/19 at 100.00	N/R (4)	236,941
298,715		Total California			265,396,642
		Colorado – 5.3%
5,000		Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –	10/16 at 100.00	BBB–	5,025,300
		SYNCORA GTY Insured
5,200		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,	9/16 at 100.00	A–	5,217,108
		Series 2006A, 4.500%, 9/01/38
7,105		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,	1/23 at 100.00	A–	8,168,832
		Series 2013A, 5.250%, 1/01/45
1,700		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System,	9/18 at 102.00	AA	1,853,918
		Series 2005C, 5.250%, 3/01/40 – AGM Insured
2,845		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of	1/20 at 100.00	AA–	3,249,644
		Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B,
		5.000%, 1/01/21
15,925		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of	1/20 at 100.00	AA–	17,749,209
		Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
750		Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B,	12/16 at 100.00	AA (4)	761,527
		5.000%, 12/01/23 (Pre-refunded 12/01/16) – RAAI Insured
2,000		Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System	3/22 at 100.00	Aa2	2,337,640
		Revenue Bonds, Series 2012A, 5.000%, 3/01/41
		Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:
2,750		5.000%, 11/15/25	No Opt. Call	A+	3,360,692
2,200		5.000%, 11/15/29	11/22 at 100.00	A+	2,642,684
5,160		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,	11/23 at 100.00	A	6,060,214
		5.000%, 11/15/43
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
9,660		0.000%, 9/01/29 – NPFG Insured	No Opt. Call	AA–	6,711,575
24,200		0.000%, 9/01/31 – NPFG Insured	No Opt. Call	AA–	15,730,968
17,000		0.000%, 9/01/32 – NPFG Insured	No Opt. Call	AA–	10,688,750
7,600		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,	9/26 at 52.09	AA–	2,810,556
		9/01/39 – NPFG Insured
		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
7,700		0.000%, 9/01/27 – NPFG Insured	9/20 at 67.94	AA–	4,623,542
10,075		0.000%, 3/01/36 – NPFG Insured	9/20 at 41.72	AA–	3,651,079
5,000		Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,	12/17 at 100.00	AA (4)	5,323,600
		5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured
5,000		Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding	11/21 at 100.00	Baa1	5,951,100
		Series 2011, 6.000%, 11/01/26
3,750		Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private	7/20 at 100.00	BBB+	4,351,875
		Activity Bonds, Series 2010, 6.000%, 1/15/41
140,620		Total Colorado			116,269,813
		Connecticut – 0.1%
1,500		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare,	7/21 at 100.00	A	1,683,345
		Series 2011A, 5.000%, 7/01/41
8,608		Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series	No Opt. Call	N/R	344,061
		2013A, 6.050%, 7/01/31 (6)
10,108		Total Connecticut			2,027,406
		District of Columbia – 0.6%
15,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,	10/16 at 16.11	N/R	2,021,400
		Series 2006A, 0.000%, 6/15/46
10,000		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,	10/16 at 100.00	A1	10,057,200
		Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
25,000		Total District of Columbia			12,078,600
		Florida – 6.4%
3,000		Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 –	10/21 at 100.00	AA	3,514,080
		AGM Insured
565		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance	6/25 at 100.00	N/R	601,318
		Charter School Income Projects, Series 2015A, 6.000%, 6/15/35
2,845		Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding	No Opt. Call	AA–	3,194,907
		Series 2009C, 5.000%, 10/01/34
2,290		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,	10/24 at 100.00	A+	2,718,161
		Subordinate Lien Series 2015B, 5.000%, 10/01/40
2,650		Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa	10/16 at 100.00	A	2,667,384
		General Hospital, Series 2006, 5.250%, 10/01/41
5,000		Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,	10/17 at 100.00	BBB+ (4)	5,262,000
		Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
5,090		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A,	7/20 at 100.00	A	5,802,600
		5.000%, 7/01/40
9,500		Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s	8/21 at 100.00	A+	11,288,945
		Hospital, Series 2010A, 6.000%, 8/01/46
2,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding	10/24 at 100.00	A	2,411,740
		Series 2014B, 5.000%, 10/01/37
6,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B,	10/19 at 100.00	A	6,851,520
		5.500%, 10/01/36
4,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,	10/20 at 100.00	A	4,622,000
		5.000%, 10/01/29
4,000		Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012,	7/22 at 100.00	AA	4,703,680
		5.000%, 7/01/42
9,590		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%,	10/20 at 100.00	AA	10,995,702
		10/01/39 – AGM Insured
5,520		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,	10/26 at 100.00	A	5,983,018
		Inc., Series 2016B, 4.000%, 10/01/45
2,900		Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31	10/16 at 100.00	AA (4)	2,922,852
		(Pre-refunded 10/01/16) – SYNCORA GTY Insured
10,725		Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A,	5/24 at 100.00	AA+	12,728,966
		5.000%, 11/01/44
3,250		Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center,	11/22 at 100.00	BBB+	3,621,020
		Series 2013A, 5.000%, 11/01/43
9,440		Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,	7/17 at 100.00	AA–	9,800,419
		Series 2007, 5.000%, 7/01/40 – NPFG Insured
8,175		Saint John’s County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36	10/16 at 100.00	AA+ (4)	8,239,092
		(Pre-refunded 10/01/16) – BHAC Insured
2,500		Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27	10/17 at 100.00	BBB	2,602,500
6,865		South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015,	5/25 at 100.00	AA	7,560,219
		4.000%, 5/01/34
3,035		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System	8/17 at 100.00	AA–	3,173,335
		Obligation Group, Refunding Series 2007, 5.000%, 8/15/19
14,730		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System	8/17 at 100.00	AA–	15,252,768
		Obligation Group, Refunding Series 2007, 5.000%, 8/15/42 (UB) (7)
3,300		Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A,	5/22 at 100.00	Aa2	3,866,115
		5.000%, 11/15/33
126,970		Total Florida			140,384,341
		Georgia – 0.1%
2,500		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/34	5/25 at 100.00	AA–	3,072,500
		Guam – 0.0%
330		Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43	10/23 at 100.00	BBB	403,999
		(Alternative Minimum Tax)
		Hawaii – 0.2%
3,625		Honolulu City and County, Hawaii, General Obligation Bonds, Series 2009A, 5.250%, 4/01/32	4/19 at 100.00	Aa1 (4)	4,068,591
		(Pre-refunded 4/01/19)
		Illinois – 14.3%
5,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series	12/25 at 100.00	B+	5,301,600
		2016A, 7.000%, 12/01/44
17,725		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax	No Opt. Call	AA–	13,186,691
		Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
7,495		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax	No Opt. Call	AA–	3,869,219
		Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
1,500		Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A,	1/22 at 100.00	AA+	1,633,395
		5.000%, 1/01/36
		Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
2,750		4.750%, 1/01/30 – AGM Insured	10/16 at 100.00	AA	2,758,882
5,000		4.625%, 1/01/31 – AGM Insured	10/16 at 100.00	AA	5,015,600
595		Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2006A, 5.000%,	10/16 at 100.00	AA	598,826
		1/01/17 – AGM Insured
230		Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 –	10/16 at 100.00	AA	230,849
		AGM Insured
285		Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured	10/16 at 100.00	AA–	285,883
7,750		Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured	10/16 at 100.00	AA	7,776,582
3,320		Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation	No Opt. Call	AA–	3,116,683
		Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
3,020		Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds,	12/16 at 100.00	AA	3,063,699
		Series 2004, 5.000%, 12/01/19 – AGM Insured
8,875		Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33	11/20 at 100.00	AA–	9,790,279
3,260		Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International	10/20 at 100.00	Caa1	3,278,028
		Corporation Project, Series 2010, 6.500%, 10/15/40
5,000		Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37	No Opt. Call	AAA	5,767,750
13,070		Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and	No Opt. Call	Aa3	12,513,349
		DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
14,960		Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and	No Opt. Call	Aa3 (4)	14,661,099
		DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM)
1,800		Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and	No Opt. Call	A2	1,723,878
		Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
1,875		Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B,	11/19 at 100.00	AA+	2,145,862
		5.500%, 11/01/39
3,000		Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39	11/19 at 100.00	AA+	3,355,050
4,845		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A,	5/20 at 100.00	A	5,638,320
		6.000%, 5/15/39
4,800		Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34	8/19 at 100.00	BBB	5,765,088
2,000		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B,	5/18 at 100.00	AA	2,111,460
		5.000%, 5/15/19 – AGM Insured
5,000		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,	5/25 at 100.00	A+	5,944,250
		Series 2015A, 5.000%, 11/15/38
4,260		Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%,	8/17 at 100.00	N/R (4)	4,468,229
		8/01/37 (Pre-refunded 8/01/17)
4,475		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,	8/18 at 100.00	BBB+	4,762,563
		Refunding Series 2008A, 5.500%, 8/15/30
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
		Refunding Series 2015C:
560		5.000%, 8/15/35	8/25 at 100.00	Baa1	653,201
825		5.000%, 8/15/44	8/25 at 100.00	Baa1	954,492
2,500		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series	2/21 at 100.00	AA–	2,870,075
		2011C, 5.500%, 8/15/41
3,000		Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,	10/21 at 100.00	AA+	3,400,200
		5.000%, 10/01/51
5,245		Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust	7/17 at 100.00	AA+ (4)	5,678,237
		2015-XF0248, 8.954%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7)
1,205		Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,	No Opt. Call	N/R (4)	1,278,662
		7.000%, 2/15/18 (ETM)
3,750		Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 –	10/16 at 100.00	A	3,764,662
		AMBAC Insured
655		Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25	8/22 at 100.00	BBB+	723,854
5,590		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,	1/23 at 100.00	AA–	6,486,245
		5.000%, 1/01/38
5,000		Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel	10/16 at 100.00	D	4,253,100
		Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
16,800		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	No Opt. Call	AA–	14,660,688
		Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
		Project, Refunding Series 2002B:
3,070		5.500%, 6/15/20 – NPFG Insured	6/17 at 101.00	AA–	3,225,342
3,950		5.550%, 6/15/21 – NPFG Insured	6/17 at 101.00	AA–	4,150,699
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
		Project, Refunding Series 2002B:
705		5.500%, 6/15/20 (Pre-refunded 6/15/17) – NPFG Insured	6/17 at 101.00	AA– (4)	742,689
1,765		5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured	6/17 at 101.00	AA– (4)	1,860,133
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
		Project, Series 1993A:
9,415		0.000%, 6/15/17 – NPFG Insured	No Opt. Call	AA–	9,311,529
9,270		0.010%, 6/15/18 – FGIC Insured	No Opt. Call	BBB	8,996,720
2,905		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	No Opt. Call	AA– (4)	2,886,844
		Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
		Project, Series 1994B:
7,250		0.000%, 6/15/18 – NPFG Insured	No Opt. Call	AA–	7,036,270
3,635		0.000%, 6/15/21 – NPFG Insured	No Opt. Call	AA–	3,223,154
5,190		0.000%, 6/15/28 – NPFG Insured	No Opt. Call	AA–	3,476,470
11,670		0.000%, 6/15/29 – FGIC Insured	No Opt. Call	AA–	7,471,251
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
		Project, Series 2002A:
10,000		0.000%, 6/15/24 – NPFG Insured (5)	6/22 at 101.00	AA–	11,309,100
4,950		0.000%, 12/15/32 – NPFG Insured	No Opt. Call	AA–	2,717,599
21,375		0.000%, 6/15/34 – NPFG Insured	No Opt. Call	AA–	10,819,384
21,000		0.000%, 12/15/35 – NPFG Insured	No Opt. Call	AA–	9,925,650
21,970		0.000%, 6/15/36 – NPFG Insured	No Opt. Call	AA–	10,105,980
10,375		0.000%, 12/15/36 – NPFG Insured	No Opt. Call	AA–	4,680,059
25,825		0.000%, 6/15/39 – NPFG Insured	No Opt. Call	AA–	10,494,763
6,095		Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,	No Opt. Call	AA	9,014,993
		Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
1,160		Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4,	3/17 at 100.00	AA	1,185,532
		Series 2007, 4.700%, 3/01/33 – AGC Insured
5,020		Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville	No Opt. Call	AA	4,176,690
		Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
3,100		Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22	3/17 at 100.00	AA– (4)	3,181,065
		(Pre-refunded 3/01/17) – NPFG Insured
615		University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,	10/23 at 100.00	A	750,761
		6.000%, 10/01/42
1,575		Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School	No Opt. Call	A3	1,526,632
		Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
720		Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School	No Opt. Call	A3 (4)	712,325
		Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
		Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
		Bonds, Capital Appreciation Series 2004:
3,560		0.000%, 11/01/16 – NPFG Insured	No Opt. Call	AA–	3,552,560
2,550		0.000%, 11/01/22 – NPFG Insured	No Opt. Call	AA–	2,205,979
		Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
		Bonds, Capital Appreciation Series 2004:
120		0.000%, 11/01/16 – NPFG Insured (ETM)	No Opt. Call	AA– (4)	119,848
780		0.000%, 11/01/22 – NPFG Insured (ETM)	No Opt. Call	AA– (4)	714,581
376,635		Total Illinois			313,061,132
		Indiana – 2.8%
300		Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007,	4/17 at 100.00	BB+	301,062
		5.000%, 10/01/24
5,010		Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series	5/23 at 100.00	A	5,745,318
		2012A, 5.000%, 5/01/42
2,250		Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group,	6/25 at 100.00	AA	2,450,857
		Refunding 2015A, 4.000%, 12/01/40
5,740		Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing	7/23 at 100.00	BBB+	6,433,622
		Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
6,400		Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,	9/24 at 100.00	BBB–	6,990,848
		Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
2,250		Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint	5/18 at 100.00	Aa3 (4)	2,434,410
		Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured
970		Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest	3/17 at 100.00	A+	993,231
		Indiana, Series 2007, 5.500%, 3/01/37
1,030		Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest	3/17 at 100.00	N/R (4)	1,059,530
		Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
8,235		Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42	1/17 at 100.00	AA– (4)	8,389,489
		(Pre-refunded 1/01/17) – NPFG Insured
		Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
12,550		0.000%, 2/01/21 – AMBAC Insured	No Opt. Call	AA	11,742,282
2,400		0.000%, 2/01/25 – AMBAC Insured	No Opt. Call	AA	2,008,008
14,595		0.000%, 2/01/27 – AMBAC Insured	No Opt. Call	AA	11,526,693
850		Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development	7/20 at 100.00	N/R	944,435
		Project, Series 2010, 6.750%, 1/15/32
62,580		Total Indiana			61,019,785
		Iowa – 1.2%
14,500		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company	12/18 at 100.00	B+	15,091,745
		Project, Series 2013, 5.500%, 12/01/22
		Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
175		5.375%, 6/01/38	10/16 at 100.00	B+	175,012
7,000		5.625%, 6/01/46	10/16 at 100.00	B+	7,018,410
4,965		Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,	6/17 at 100.00	B+	5,006,607
		5.600%, 6/01/34
26,640		Total Iowa			27,291,774
		Kansas – 0.0%
45		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital	No Opt. Call	A–	34,382
		Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex
		Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
		Kentucky – 0.6%
685		Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue	1/17 at 100.00	AA–	687,124
		Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
		Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky
		International Airport, Series 2016:
1,530		5.000%, 1/01/27	1/26 at 100.00	A+	1,904,529
1,600		5.000%, 1/01/28	1/26 at 100.00	A+	1,971,680
1,750		Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,	6/18 at 100.00	AA	1,882,072
		Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
1,170		Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series	9/17 at 100.00	AA– (4)	1,226,464
		2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
6,000		Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,	7/31 at 100.00	Baa3	5,340,240
		Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5)
12,735		Total Kentucky			13,012,109
		Louisiana – 2.0%
12,000		Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue	11/17 at 100.00	BBB+	12,849,480
		Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
2,310		Louisiana Local Government Environmental Facilities and Community Development Authority,	8/20 at 100.00	BBB+	2,755,899
		Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
5,450		Louisiana Local Government Environmental Facilities and Community Development Authority,	11/20 at 100.00	BBB+	6,571,664
		Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
5,075		Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court	6/17 at 100.00	AA– (4)	5,288,657
		Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
		Series 2007A:
2,640		5.250%, 5/15/38	5/17 at 100.00	A–	2,720,071
1,415		5.375%, 5/15/43	5/17 at 100.00	A–	1,459,771
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
		Series 2007A:
1,005		5.250%, 5/15/38 (Pre-refunded 5/15/17)	5/17 at 100.00	N/R (4)	1,043,079
525		5.375%, 5/15/43 (Pre-refunded 5/15/17)	5/17 at 100.00	N/R (4)	545,412
5,000		Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and	9/16 at 100.00	AA– (4)	5,021,550
		Technology, Series 2006, 5.250%, 3/01/37 (Pre-refunded 9/01/16) – NPFG Insured
4,420		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A,	7/23 at 100.00	A	5,265,281
		5.000%, 7/01/28
39,840		Total Louisiana			43,520,864
		Maine – 0.2%
3,450		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical	7/23 at 100.00	BBB	3,916,405
		Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33
1,050		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical	7/21 at 100.00	BBB–	1,203,037
		Center, Series 2011, 6.750%, 7/01/41
4,500		Total Maine			5,119,442
		Maryland – 0.8%
		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
1,300		5.250%, 9/01/17 – SYNCORA GTY Insured	9/16 at 100.00	Ba1	1,304,797
3,240		4.600%, 9/01/30 – SYNCORA GTY Insured	9/16 at 100.00	Ba1	3,250,141
1,545		5.250%, 9/01/39 – SYNCORA GTY Insured	9/16 at 100.00	Ba1	1,549,820
2,500		Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,	9/16 at 100.00	BB	2,506,625
		5.875%, 9/01/39
1,050		Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds,	7/25 at 100.00	BBB	1,239,871
		Meritus Medical Center, Series 2015, 5.000%, 7/01/40
1,500		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist	1/22 at 100.00	Baa2	1,806,585
		Healthcare, Series 2011A, 6.125%, 1/01/36
3,510		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical	7/26 at 100.00	BBB	3,779,533
		Center, Series 2016A, 4.000%, 7/01/42
1,050		Maryland State Economic Development Corporation, Private Activity Revenue Bonds, Purple Line	9/26 at 100.00	BBB+	1,273,881
		Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax)
15,695		Total Maryland			16,711,253
		Massachusetts – 1.8%
3,550		Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34	7/18 at 100.00	Aaa	3,856,791
		(Pre-refunded 7/01/18)
1,450		Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34	7/18 at 100.00	N/R (4)	1,578,513
		(Pre-refunded 7/01/18)
2,100		Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare	11/23 at 100.00	A	2,499,000
		Obligated Group, Series 2013, 5.250%, 11/15/41
2,765		Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue,	12/26 at 100.00	A1	3,375,761
		Series 2016N, 5.000%, 12/01/41
500		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,	7/18 at 100.00	A– (4)	543,525
		Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18)
2,300		Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk	7/19 at 100.00	BBB	2,566,179
		University Issue, Series 2009A, 5.750%, 7/01/39
11,400		Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40	12/18 at 100.00	AA–	12,051,282
		(Alternative Minimum Tax)
9,110		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series	5/23 at 100.00	AA+	10,857,116
		2013A, 5.000%, 5/15/43
980		Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series	No Opt. Call	AA–	776,258
		1997A, 0.000%, 1/01/29 – NPFG Insured
320		Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,	10/16 at 100.00	Aaa	321,357
		5.500%, 8/01/30
34,475		Total Massachusetts			38,425,782
		Michigan – 3.9%
		Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding
		Series 2013:
2,065		6.000%, 10/01/33	10/23 at 100.00	N/R	2,049,512
2,520		6.000%, 10/01/43	10/23 at 100.00	N/R	2,453,926
7,150		Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,	11/16 at 100.00	B–	7,149,499
		5.500%, 5/01/21
1,415		Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,	7/22 at 100.00	A–	1,623,741
		Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
3,700		Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010,	11/20 at 100.00	AA	4,044,803
		4.500%, 11/01/23
15		Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%,	10/16 at 100.00	AA–	15,045
		7/01/35 – NPFG Insured
3,000		Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,	No Opt. Call	AA–	3,861,840
		7/01/29 – FGIC Insured
3,395		Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,	7/18 at 100.00	AA+	3,640,594
		7/01/36 – BHAC Insured
7,525		Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 –	7/18 at 100.00	AA+	8,069,509
		FGIC Insured
5		Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%,	10/16 at 100.00	AA–	5,017
		7/01/34 – NPFG Insured
3,060		Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C,	No Opt. Call	AA	3,072,026
		5.000%, 7/01/33 – AGM Insured
5		Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,	10/16 at 100.00	Baa1	5,016
		7/01/34 – NPFG Insured
2,200		Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%,	No Opt. Call	AA+	2,316,050
		7/01/34 – BHAC Insured
		Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
165		5.000%, 7/01/32 – AGM Insured	10/16 at 100.00	AA	165,670
5,250		4.625%, 7/01/32 – AGM Insured	10/16 at 100.00	AA	5,268,848
2,000		Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson	5/20 at 100.00	A2	2,253,100
		Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
1,950		Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &	7/22 at 100.00	A–	2,199,600
		Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
4,585		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,	12/21 at 100.00	AA–	5,351,474
		5.000%, 12/01/39
15		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,	12/21 at 100.00	N/R (4)	18,197
		5.000%, 12/01/39 (Pre-refunded 12/01/21)
5,000		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015,	6/22 at 100.00	AA	5,840,650
		5.000%, 12/01/35
2,155		Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010,	10/20 at 100.00	AAA	2,492,947
		5.000%, 10/01/29
5,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/21 at 100.00	Aa2	5,851,500
		2011-II-A, 5.375%, 10/15/41
10,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I,	10/25 at 100.00	Aa2	12,379,200
		5.000%, 4/15/30
2,890		Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42	No Opt. Call	A1	3,316,593
1,150		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont	9/18 at 100.00	Aaa	1,333,253
		Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
1,100		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County	12/25 at 100.00	A	1,297,615
		Airport, Series 2015D, 5.000%, 12/01/45
77,315		Total Michigan			86,075,225
		Minnesota – 0.7%
1,670		Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,	10/16 at 100.00	A–	1,675,979
		5.000%, 5/01/30
6,375		Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare	11/18 at 100.00	A+ (4)	7,247,674
		Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
6,730		Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds,	11/16 at 100.00	Aaa	6,826,037
		HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16)
14,775		Total Minnesota			15,749,690
		Missouri – 0.9%
3,465		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,	11/23 at 100.00	A2	4,001,729
		CoxHealth, Series 2013A, 5.000%, 11/15/48
12,000		Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System,	6/20 at 100.00	AA–	13,448,760
		Series 2010B, 5.000%, 6/01/30
725		Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 – NPFG Insured	12/16 at 100.00	AA–	735,636
1,875		Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25	12/16 at 100.00	AA– (4)	1,903,594
		(Pre-refunded 12/15/16)
18,065		Total Missouri			20,089,719
		Nebraska – 0.3%
1,400		Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska	11/25 at 100.00	A–	1,650,166
		Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
5,000		Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%,	2/18 at 100.00	AA (4)	5,372,800
		2/01/39 (Pre-refunded 2/01/18)
6,400		Total Nebraska			7,022,966
		Nevada – 3.0%
2,000		Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%,	No Opt. Call	A+	2,067,800
		7/01/26 – AMBAC Insured (Alternative Minimum Tax)
5,075		Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42	1/20 at 100.00	A+	5,876,546
		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
5,220		5.000%, 6/01/33	12/24 at 100.00	Aa1	6,417,155
10,000		5.000%, 6/01/34	12/24 at 100.00	Aa1	12,250,400
9,000		5.000%, 6/01/39	12/24 at 100.00	Aa1	10,925,370
5,000		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water	6/26 at 100.00	Aa1	6,157,700
		Improvement Series 2016A, 5.000%, 6/01/41
275		Nevada State, General Obligation Bonds, Municipal Bond Bank Projects R9A-R12, Refunding Series	10/16 at 100.00	AA+	276,064
		2005F, 5.000%, 12/01/16 – AGM Insured
10,000		North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured	10/16 at 100.00	AA–	9,974,300
10,000		Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%,	7/17 at 100.00	AA+	10,366,500
		7/01/31 – BHAC Insured (UB) (7)
1,500		Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax	6/18 at 100.00	B1	1,592,280
		Revenue Bonds Series 2008A, 6.750%, 6/15/28
58,070		Total Nevada			65,904,115
		New Hampshire – 0.1%
1,500		New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group	10/19 at 100.00	Baa1	1,697,385
		Issue, Series 2009A, 6.125%, 10/01/39
		New Jersey – 4.0%
930		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge	1/24 at 100.00	AA	1,082,102
		Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
2,550		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series	10/16 at 100.00	AA–	2,577,923
		2004A, 5.250%, 7/01/33 – NPFG Insured
5,990		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series	No Opt. Call	AA	7,483,307
		2005N-1, 5.500%, 9/01/25 – AGM Insured
4,000		New Jersey Economic Development Authority, School Facilities Construction Financing Program	3/23 at 100.00	A–	4,517,560
		Bonds, Refunding Series 2013NN, 5.000%, 3/01/25
3,300		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters	7/18 at 100.00	BB+	3,526,743
		University Hospital, Series 2007, 5.750%, 7/01/37
4,740		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health	1/17 at 41.49	A–	1,937,570
		Care System, Refunding Series 2006B, 0.000%, 7/01/34
9,420		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital	No Opt. Call	A–	5,065,699
		Appreciation Series 2010A, 0.000%, 12/15/31
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
		Series 2006C:
30,000		0.000%, 12/15/30 – FGIC Insured	No Opt. Call	AA–	18,074,400
27,000		0.000%, 12/15/32 – AGM Insured	No Opt. Call	AA	14,966,910
6,095		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B,	No Opt. Call	A–	6,592,352
		5.000%, 6/15/42
4,500		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA,	6/23 at 100.00	A–	5,015,880
		5.000%, 6/15/29
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
2,750		5.250%, 6/15/32	6/25 at 100.00	A–	3,136,953
2,150		5.250%, 6/15/34	6/25 at 100.00	A–	2,442,723
1,135		Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43	5/23 at 100.00	Aa3	1,339,697
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
		Series 2007-1A:
4,335		4.625%, 6/01/26	6/17 at 100.00	B+	4,381,515
6,215		4.750%, 6/01/34	6/17 at 100.00	B–	6,097,350
115,110		Total New Jersey			88,238,684
		New Mexico – 0.0%
910		University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21	No Opt. Call	AA	1,024,769
		New York – 4.5%
9,490		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,	2/17 at 100.00	A	9,705,518
		2/15/47 – FGIC Insured
5,160		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%,	5/19 at 100.00	AA+ (4)	5,838,024
		5/01/33 (Pre-refunded 5/01/19) – BHAC Insured
12,855		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,	5/21 at 100.00	A–	14,539,648
		5.000%, 5/01/38
5,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1,	11/26 at 100.00	AA–	6,138,400
		5.000%, 11/15/39
1,510		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn	12/16 at 100.00	BB–	1,520,781
		College of Aeronautics, Series 2006B, 5.000%, 12/01/31
9,850		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium	9/16 at 100.00	AA–	9,886,150
		Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
3,525		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	No Opt. Call	AA+	3,967,035
		Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
1,680		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal	5/17 at 100.00	AAA	1,732,030
		Series 2007B, 4.750%, 11/01/27
3,320		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal	5/17 at 100.00	N/R (4)	3,425,344
		Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
10,000		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade	11/24 at 100.00	N/R	11,506,100
		Center Project, Class 1 Series 2014, 5.000%, 11/15/44
2,700		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade	No Opt. Call	A+	3,269,619
		Center Project, Series 2011, 5.750%, 11/15/51
8,270		New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport	7/24 at 100.00	BBB	9,611,146
		Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50 (Alternative Minimum Tax)
3,250		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty	8/17 at 100.00	AA (4)	3,400,833
		Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured
9,925		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air	12/20 at 100.00	Baa1	11,698,002
		Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
3,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding	5/25 at 100.00	AA–	3,633,510
		Series 2015A, 5.000%, 11/15/50
89,535		Total New York			99,872,140
		North Carolina – 0.6%
3,000		Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA	1/18 at 100.00	AA–	3,133,380
		Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
1,500		Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA	1/21 at 100.00	AA–	1,716,330
		Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
		North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes
		Project, Series 2015:
905		5.000%, 12/31/37 (Alternative Minimum Tax)	6/25 at 100.00	BBB–	1,040,361
2,025		5.000%, 6/30/54 (Alternative Minimum Tax)	6/25 at 100.00	BBB–	2,282,398
2,010		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University	6/20 at 100.00	AA	2,242,738
		Health System, Series 2010A, 5.000%, 6/01/42
1,255		North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined	10/17 at 100.00	AA–	1,303,794
		Group, Series 2007, 4.500%, 10/01/31
745		North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined	10/17 at 100.00	N/R (4)	779,873
		Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17)
11,440		Total North Carolina			12,498,874
		North Dakota – 0.4%
7,820		Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011,	11/21 at 100.00	A+	9,654,572
		6.250%, 11/01/31
		Ohio – 4.6%
9,405		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series	2/18 at 100.00	N/R (4)	10,083,101
		2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
595		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series	2/18 at 100.00	A1	632,604
		2008A, 5.250%, 2/15/43
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
		Bonds, Senior Lien, Series 2007A-2:
6,615		5.375%, 6/01/24	6/17 at 100.00	B–	6,541,706
6,075		5.125%, 6/01/24	6/17 at 100.00	B–	6,000,217
12,205		5.875%, 6/01/30	6/17 at 100.00	B–	12,206,221
17,165		5.750%, 6/01/34	6/17 at 100.00	B–	17,087,758
4,020		6.000%, 6/01/42	6/17 at 100.00	B–	4,020,925
11,940		5.875%, 6/01/47	6/17 at 100.00	B–	11,933,791
16,415		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue	6/22 at 100.00	B–	16,770,877
		Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
1,730		Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series	11/21 at 100.00	AA	2,119,821
		2011A, 6.000%, 11/15/41
4,000		Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16	No Opt. Call	AA+	4,017,040
4,110		Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth	6/25 at 100.00	AA	4,805,083
		Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax)
4,975		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series	2/23 at 100.00	A+	5,771,199
		2013A-1, 5.000%, 2/15/48
99,250		Total Ohio			101,990,343
		Oklahoma – 0.3%
1,400		Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue	8/21 at 100.00	N/R	1,695,302
		Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
2,000		Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007,	9/17 at 100.00	BBB	2,054,920
		5.125%, 9/01/37
		Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical
		Center, Refunding Series 2015A:
1,590		5.000%, 8/15/27	8/25 at 100.00	AA–	1,997,867
1,250		5.000%, 8/15/29	8/25 at 100.00	AA–	1,554,600
6,240		Total Oklahoma			7,302,689
		Oregon – 0.1%
2,860		Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A,	10/17 at 100.00	A	2,989,930
		5.000%, 10/01/32
		Pennsylvania – 0.8%
		Pennsylvania State University, Revenue Bonds, Series 2016A:
1,325		5.000%, 9/01/35	9/26 at 100.00	Aa1	1,652,209
1,675		5.000%, 9/01/36	9/26 at 100.00	Aa1	2,081,807
1,250		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special	No Opt. Call	AA–	1,124,350
		Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
2,715		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special	12/21 at 100.00	AA–	3,104,711
		Revenue, Series 2011B, 5.000%, 12/01/41
7,500		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special	12/22 at 100.00	AA–	8,750,475
		Revenue, Series 2013A, 5.000%, 12/01/43
14,465		Total Pennsylvania			16,713,552
		Rhode Island – 0.3%
6,250		Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,	11/16 at 100.00	AA–	6,271,375
		Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured
		South Carolina – 1.8%
		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
12,760		0.000%, 1/01/28 – AMBAC Insured	No Opt. Call	AA	9,504,924
9,535		0.000%, 1/01/29 – AMBAC Insured	No Opt. Call	AA	6,879,598
3,000		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,	No Opt. Call	AA–	3,046,800
		Refunding Series 2011B, 5.000%, 12/01/16
		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding &
		Improvement Series 2015A:
5,500		5.000%, 12/01/50	6/25 at 100.00	AA–	6,422,680
8,000		5.000%, 12/01/55	6/25 at 100.00	AA–	9,362,560
3,455		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A,	6/24 at 100.00	AA–	4,165,832
		5.500%, 12/01/54
42,250		Total South Carolina			39,382,394
		Tennessee – 0.6%
2,780		Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project,	4/18 at 100.00	A+	2,987,833
		Refunding Series 2008, 5.625%, 4/01/38
7,520		Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project,	4/18 at 100.00	N/R (4)	8,152,357
		Refunding Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18)
3,000		Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,	9/16 at 100.00	BBB+	3,011,130
		Wellmont Health System, Series 2006C, 5.250%, 9/01/36
13,300		Total Tennessee			14,151,320
		Texas – 14.0%
2,000		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier	1/17 at 100.00	BB	2,025,700
		Series 2006B, 5.750%, 1/01/34
5,560		Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds,	2/17 at 100.00	AAA	5,687,491
		Series 2008, 5.000%, 2/15/38
5,110		Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric	10/16 at 100.00	C	86,666
		Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
2,100		Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General	No Opt. Call	AAA	2,147,208
		Obligation Bonds, Series 2007, 4.500%, 2/15/17
2,420		Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A,	1/23 at 100.00	BBB+	2,746,119
		5.000%, 1/01/43
5,355		Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series	1/26 at 100.00	BBB	5,736,008
		2016, 4.000%, 1/01/41 (WI/DD, Settling 8/09/16)
7,500		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D,	No Opt. Call	A+	8,540,625
		5.000%, 11/01/38 (Alternative Minimum Tax)
240		Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A,	9/24 at 100.00	BB+	261,761
		5.250%, 9/01/44
5,000		El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation,	8/23 at 100.00	AA–	5,745,300
		Series 2013, 5.000%, 8/15/39
1,965		Fort Worth Independent School District, Tarrant County, Texas, General Obligation Bonds,	No Opt. Call	AAA	1,972,447
		Refunding Series 2006, 5.000%, 2/15/18
6,005		Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds,	2/18 at 100.00	AAA	6,415,622
		Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18)
27,340		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien	10/23 at 100.00	AA+	31,997,096
		Series 2013B, 5.000%, 4/01/53
2,845		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston	6/25 at 100.00	AA	3,105,943
		Methodist Hospital System, Series 2015, 4.000%, 12/01/45
5,000		Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –	2/17 at 100.00	AA+	5,121,700
		NPFG Insured
5,000		Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A,	8/26 at 100.00	Aa2	6,164,200
		5.000%, 8/15/41
7,295		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding	11/31 at 39.79	AA	1,716,222
		Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured
11,900		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,	No Opt. Call	AA–	8,213,261
		0.000%, 11/15/27 – NPFG Insured
1,845		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series	11/24 at 100.00	A3	2,185,495
		2014C, 5.000%, 11/15/32
14,905		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,	11/24 at 59.10	AA–	6,573,552
		0.000%, 11/15/33 – NPFG Insured
		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
		Project, Series 2001B:
24,755		0.000%, 9/01/29 – AMBAC Insured	No Opt. Call	A2	16,440,043
12,940		0.000%, 9/01/30 – AMBAC Insured	No Opt. Call	A2	8,321,326
10,000		0.000%, 9/01/31 – AMBAC Insured	No Opt. Call	A2	6,143,500
5,120		Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation	8/25 at 100.00	AAA	6,285,210
		Bonds, Refunding Series 2015A, 5.000%, 8/15/39
3,750		Lewisville Independent School District, Denton County, Texas, General Obligation Bonds,	No Opt. Call	Aaa	3,749,288
		Refunding Series 1996, 0.000%, 8/15/16
2,000		Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,	11/22 at 100.00	Baa1	2,304,080
		Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%,
		11/01/28 (Alternative Minimum Tax)
1,750		Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series	4/21 at 100.00	BBB	1,990,450
		2011A, 7.250%, 4/01/36
5,420		North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement	3/22 at 100.00	AAA	6,475,111
		Series 2012, 5.000%, 9/01/26
		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation
		Series 2008I:
30,000		6.200%, 1/01/42 – AGC Insured	1/25 at 100.00	AA	40,283,400
5,220		6.500%, 1/01/43	1/25 at 100.00	A1	6,913,368
3,130		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,	1/18 at 100.00	AA+	3,358,396
		5.750%, 1/01/40
3,190		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,	1/18 at 100.00	AA+ (4)	3,423,476
		5.750%, 1/01/40 (Pre-refunded 1/01/18)
15,450		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,	No Opt. Call	AA	8,590,509
		0.000%, 1/01/36 – AGC Insured
9,020		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,	1/23 at 100.00	A1	10,583,797
		5.000%, 1/01/40
9,100		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A,	1/25 at 100.00	A2	11,002,355
		5.000%, 1/01/32
2,000		Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric	10/16 at 100.00	C	33,920
		Company, Series 2003A, 5.800%, 7/01/22 (6)
11,585		Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,	2/17 at 100.00	AA	12,079,216
		Tender Option Bond Trust 2016-XG0013, Formerly Tender Option Bond Trust 1201,
		8.923%, 2/15/36 (IF) (7)
		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
		Bonds, Scott & White Healthcare Project, Series 2010:
355		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00	N/R (4)	420,806
4,455		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00	AA– (4)	5,290,580
1,620		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue	5/26 at 100.00	AA–	1,775,277
		Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
3,970		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,	1/19 at 100.00	AA	4,455,571
		Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured
1,030		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,	1/19 at 100.00	AA (4)	1,171,223
		Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
6,435		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas	No Opt. Call	AA	6,591,628
		Health Resources, Refunding Series 2007A, 5.000%, 2/15/20
		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
		Series 2012:
2,500		5.000%, 12/15/26	No Opt. Call	A3	2,933,850
10,400		5.000%, 12/15/32	No Opt. Call	A3	11,792,560
7,180		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier	8/22 at 100.00	A–	8,364,987
		Refunding Series 2012A, 5.000%, 8/15/41
3,000		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier	8/24 at 100.00	A–	3,560,250
		Refunding Series 2015B, 5.000%, 8/15/37
1,750		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier	8/24 at 100.00	BBB+	2,064,213
		Refunding Series 2015C, 5.000%, 8/15/33
5,500		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series	No Opt. Call	A–	4,431,130
		2002A, 0.000%, 8/15/25 – AMBAC Insured
322,010		Total Texas			307,271,936
		Virginia – 2.5%
1,500		Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage	10/17 at 100.00	BBB	1,552,665
		Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles	10/28 at 100.00	BBB+	12,085,200
		Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5)
14,110		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles	4/22 at 100.00	BBB+	15,835,794
		Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,
		5.000%, 10/01/53
870		Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds,	2/17 at 100.00	N/R	879,457
		Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C,
		5.000%, 2/01/37 – SYNCORA GTY Insured
400		Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds,	2/17 at 100.00	N/R (4)	409,028
		Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C,
		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
		Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds,
		Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:
640		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00	N/R (4)	654,445
845		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00	N/R (4)	864,072
1,415		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00	N/R (4)	1,447,304
2,505		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00	N/R (4)	2,561,538
4,355		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,	6/17 at 100.00	B–	4,256,925
		Series 2007B1, 5.000%, 6/01/47
3,350		Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2011A,	No Opt. Call	AA+	3,350,871
		5.000%, 8/01/16
		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
		Crossing, Opco LLC Project, Series 2012:
4,180		5.250%, 1/01/32 (Alternative Minimum Tax)	7/22 at 100.00	BBB	4,809,048
1,650		6.000%, 1/01/37 (Alternative Minimum Tax)	7/22 at 100.00	BBB	1,976,073
3,770		5.500%, 1/01/42 (Alternative Minimum Tax)	7/22 at 100.00	BBB	4,375,387
49,590		Total Virginia			55,057,807
		Washington – 2.5%
		Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016:
1,930		5.000%, 2/01/29 (WI/DD, Settling 8/02/16)	2/26 at 100.00	A+	2,424,119
1,000		5.000%, 2/01/30 (WI/DD, Settling 8/02/16)	2/26 at 100.00	A+	1,247,540
3,780		Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research	1/21 at 100.00	A	4,301,262
		Center, Series 2011A, 5.625%, 1/01/35
2,400		Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center,	12/20 at 100.00	N/R (4)	2,863,296
		Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20)
12,000		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,	10/22 at 100.00	AA	14,191,080
		Refunding Series 2012A, 5.000%, 10/01/33
2,500		Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and	12/17 at 100.00	N/R (4)	2,669,675
		Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)
5,000		Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care	10/16 at 100.00	AA	5,019,200
		Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured
2,185		Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical	8/17 at 100.00	AA–	2,272,313
		Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured
		Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
9,100		0.000%, 6/01/29 – NPFG Insured	No Opt. Call	AA+	7,041,489
16,195		0.000%, 6/01/30 – NPFG Insured	No Opt. Call	AA+	12,223,662
56,090		Total Washington			54,253,636
		West Virginia – 0.2%
3,000		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health	6/23 at 100.00	A	3,584,280
		System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
		Wisconsin – 3.6%
5,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health	No Opt. Call	AA+	5,820,900
		Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41
10,350		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health	5/26 at 100.00	AA+	11,369,889
		Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46
7,115		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior	11/19 at 100.00	AA+	8,056,599
		Credit Group, Series 2010E, 5.000%, 11/15/33
2,375		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,	2/22 at 100.00	A–	2,689,141
		Series 2012B, 5.000%, 2/15/40
4,410		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc.,	6/22 at 100.00	A3	5,006,629
		Series 2012, 5.000%, 6/01/39
2,500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc.,	12/18 at 100.00	N/R (4)	2,814,300
		Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18)
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc.,
		Series 2011A:
3,500		5.750%, 5/01/35 (Pre-refunded 5/01/21)	5/21 at 100.00	N/R (4)	4,296,740
5,000		6.000%, 5/01/41 (Pre-refunded 5/01/21)	5/21 at 100.00	N/R (4)	6,196,300
6,600		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care,	8/22 at 100.00	AA (4)	8,142,684
		Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22)
10,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,	6/20 at 100.00	AA–	11,286,700
		Series 2010A, 5.000%, 6/01/30
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
2,550		5.750%, 5/01/33	5/19 at 100.00	AA–	2,882,852
8,945		6.250%, 5/01/37	5/19 at 100.00	AA–	10,228,697
68,345		Total Wisconsin			78,791,431
		Wyoming – 0.2%
2,035		Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power	7/19 at 100.00	A+	2,299,224
		Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
1,850		West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40	6/21 at 100.00	BBB	2,208,956
3,885		Total Wyoming			4,508,180
$ 2,293,913		Total Municipal Bonds (cost $1,921,920,922)			2,188,805,133

Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$    841		Las Vegas Monorail Company, Senior Interest Bonds (8), (9)	5.500%	7/15/19	N/R	$ 252,302
224		Las Vegas Monorail Company, Senior Interest Bonds (8), (9)	5.500%	7/15/55	N/R	67,102
$ 1,065		Total Corporate Bonds (cost $95,463)				319,404
		Total Long-Term Investments (cost $1,922,016,385)				2,189,124,537

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		SHORT-TERM INVESTMENTS – 0.9%
		MUNICIPAL BONDS – 0.9%
		California – 0.1%
$ 2,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender	4/18 at 100.00	Aa3	$ 2,000,000
		Option Bonds Floater 1043, 0.480%, 4/01/39 (10)
		New Jersey – 0.7%
16,250		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Tender Option	No Opt. Call	AA	16,250,000
		Bond Floater 2016-ZF0468, 0.313%, 6/15/19 (10)
		New York – 0.0%
700		New York State Thruway Authority, General Revenue Bonds, Tender Option Bond Floater	No Opt. Call	A–1	700,000
		2016-ZF0482, 0.510%, 7/01/17
		Utah – 0.1%
1,100		Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Floater 1050,	6/18 at 100.00	Aa2	1,100,000
		0.500%, 6/15/36 (10)
$ 20,050		Total Short-Term Investments (cost $20,050,000)			20,050,000
		Total Investments (cost $1,942,066,385) – 100.5%			2,209,174,537
		Floating Rate Obligations – (0.6)%			(14,130,000)
		Other Assets Less Liabilities – 0.1%			3,473,634
		Net Assets – 100%			$ 2,198,518,171

	Level 1	Level 2	Level 3	Total
Long-Term Investments:
Municipal Bonds	$ —	$2,188,805,133	$        —	$2,188,805,133
Corporate Bonds	—	—	319,404	319,404
Short-Term Investments:
Municipal Bonds	—	20,050,000	—	20,050,000
Total	$ —	$2,208,855,133	$319,404	$2,209,174,537

Gross unrealized:
Appreciation	$291,936,271
Depreciation	(17,760,308)
Net unrealized appreciation (depreciation) of investments	$274,175,963

(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)		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.
(5)		Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)		As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income
		producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the
		payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s
		Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has
		ceased accruing additional income on the Fund’s records.
(7)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
		investments in inverse floating rate transactions.
(8)		During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
		protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
		of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
		surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two
		senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019
		and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on
		July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(9)		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.
(10)		Investment has a maturity of greater than one year, but has variable rate and/or demand features which
		qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting
		period. This rate changes periodically based on market conditions or a specified market index.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD)		Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
		These investments may only be resold in transactions exempt from registration, which are normally those
		transactions with qualified institutional buyers.