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 811-05120
 
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:         7/31/10         
 
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 (Unaudited)
      
   
Nuveen Municipal Value Fund, Inc. (NUV)
      
   
   July 31, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Alabama – 0.1%
      
$     1,750 
  
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31 
6/11 at 101.00 
A1 (4) 
$     1,847,265 
   
(Pre-refunded 6/01/11) 
      
   
Alaska – 0.4%
      
3,335 
  
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 
12/14 at 100.00 
AA 
3,422,944 
   
12/01/30 – FGIC Insured 
      
3,000 
  
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 
9/13 at 100.00 
AA (4) 
3,403,800 
   
9/01/13) – FGIC Insured 
      
6,335 
  
Total Alaska 
    
6,826,744 
   
Arizona – 0.6%
      
1,400 
  
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/12 at 101.00 
N/R (4) 
1,541,960 
   
Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12) 
      
2,500 
  
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 
7/18 at 100.00 
AA– 
2,551,500 
   
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 
N/R 
2,121,465 
   
2008, 7.000%, 12/01/27 
      
5,600 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A 
4,992,512 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
      
1,000 
  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/13 at 100.00 
A– 
996,260 
   
Healthcare, Series 2008A, 5.250%, 9/01/30 
      
13,075 
  
Total Arizona 
    
12,203,697 
   
Arkansas – 0.1%
      
2,000 
  
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 
12/12 at 100.00 
Aa2 
2,041,840 
   
12/01/32 – FGIC Insured 
      
   
California – 13.0%
      
   
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 
      
10,000 
  
5.125%, 5/01/19 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,936,300 
10,000 
  
5.250%, 5/01/20 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,958,200 
   
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, 
      
   
Series 2006: 
      
5,000 
  
5.000%, 4/01/37 – BHAC Insured 
4/16 at 100.00 
AA+ 
5,078,550 
6,000 
  
5.000%, 4/01/37 
4/16 at 100.00 
A+ 
5,802,300 
6,830 
  
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone 
10/11 at 101.00 
A– 
6,728,301 
   
Institutes, Series 2001, 5.250%, 10/01/34 
      
2,335 
  
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa1 
2,308,521 
   
2010A, 5.750%, 7/01/40 (WI/DD, Settling 8/11/10) 
      
1,500 
  
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric 
6/17 at 100.00 
A3 
1,465,440 
   
Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax) 
      
10,390 
  
California Statewide Community Development Authority, Certificates of Participation, Internext 
10/10 at 100.50 
BBB 
10,449,639 
   
Group, Series 1999, 5.375%, 4/01/17 
      
3,500 
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
AA 
3,904,740 
   
Project, Series 2009, 6.750%, 2/01/38 
      
3,600 
  
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
3,727,728 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
      
   
California, General Obligation Bonds, Series 2003: 
      
14,600 
  
5.250%, 2/01/28 
8/13 at 100.00 
A1 
14,887,912 
11,250 
  
5.000%, 2/01/33 
8/13 at 100.00 
A1 
11,115,225 
16,000 
  
California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37 
6/17 at 100.00 
A1 
15,743,360 
5,000 
  
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
AAA 
4,163,000 
   
2006C, 0.000%, 8/01/32 – AGM Insured 
      
16,045 
  
Desert Community College District, Riverside County, California, General Obligation Bonds, 
8/17 at 42.63 
AAA 
3,815,982 
   
Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured 
      
30,000 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
20,276,400 
   
1995A, 0.000%, 1/01/22 (ETM) 
      
21,150 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/13 at 100.00 
AAA 
23,678,906 
   
Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured 
      
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
      
   
Asset-Backed Revenue Bonds, Series 2005A: 
      
5,280 
  
5.000%, 6/01/38 – FGIC Insured 
6/15 at 100.00 
A2 
4,926,926 
10,000 
  
5.000%, 6/01/45 
6/15 at 100.00 
A2 
9,141,100 
3,540 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
4,128,136 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
7,550 
  
5.000%, 6/01/33 
6/17 at 100.00 
BBB 
5,770,088 
1,500 
  
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
968,490 
4,500 
  
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 
8/16 at 102.00 
AAA 
4,620,285 
   
2008B, 5.125%, 8/01/37 – AGC Insured 
      
9,000 
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, 
7/11 at 100.00 
AA 
9,048,690 
   
Series 2001A, 5.125%, 7/01/41 
      
4,000 
  
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, 
12/12 at 102.00 
B– 
4,016,360 
   
Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 
      
   
7.500%, 12/01/24 (Alternative Minimum Tax) 
      
   
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 
A+ 
1,232,775 
2,555 
  
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
A+ 
1,174,840 
2,365 
  
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
818,361 
   
Series 2004, 0.000%, 8/01/27 – FGIC Insured 
      
3,550 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 
No Opt. Call 
A 
3,900,243 
   
6.500%, 11/01/39 
      
4,900 
  
Ontario, California, Certificates of Participation, Water System Improvement Project, 
7/14 at 100.00 
AA– 
4,979,919 
   
Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured 
      
2,350 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa2 
2,569,443 
   
6.750%, 11/01/39 
      
8,000 
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa1 (4) 
9,498,400 
   
Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14) 
      
15,505 
  
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds, 
8/17 at 100.00 
A 
13,297,243 
   
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 
1,223,408 
2,660 
  
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA 
1,176,864 
14,605 
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
A 
2,053,025 
   
Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured 
      
5,000 
  
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured 
3/17 at 100.00 
A 
5,198,950 
   
(Alternative Minimum Tax) 
      
13,220 
  
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
Aaa 
4,959,483 
   
2006B, 0.000%, 9/01/28 – NPFG Insured 
      
844 
  
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and 
9/10 at 100.00 
Baa1 
825,938 
   
Electric Company, Series 1966A, 4.000%, 3/01/16 
      
299,199 
  
Total California 
    
250,569,471 
   
Colorado – 4.7%
      
5,000 
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
10/16 at 100.00 
BBB 
4,609,950 
   
SYNCORA GTY Insured 
      
1,800 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/11 at 100.00 
AAA 
1,937,214 
   
Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11) 
      
5,000 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
9/16 at 100.00 
AA 
4,784,650 
   
Series 2006A, 4.500%, 9/01/38 
      
11,825 
  
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of 
No Opt. Call 
AA 
11,868,634 
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
      
2,100 
  
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 
3/12 at 100.00 
AA (4) 
2,270,142 
   
2002A, 5.500%, 3/01/32 (ETM) 
      
750 
  
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 
12/16 at 100.00 
Baa2 
707,993 
   
5.000%, 12/01/23 – RAAI Insured 
      
1,700 
  
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 
9/18 at 102.00 
AAA 
1,722,100 
   
2005C, 5.250%, 3/01/40 – AGM Insured 
      
500 
  
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001, 
1/12 at 100.00 
BBB+ 
505,750 
   
5.750%, 1/15/22 
      
18,915 
  
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 – 
11/13 at 100.00 
A+ 
18,976,095 
   
SYNCORA GTY Insured 
      
5,000 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35 
9/10 at 102.00 
AAA 
5,123,450 
   
(Pre-refunded 9/01/10) – NPFG Insured 
      
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
      
24,200 
  
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A 
5,872,130 
16,500 
  
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A 
3,696,000 
39,700 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28 
9/10 at 31.42 
Aaa 
12,469,373 
   
(Pre-refunded 9/01/10) – NPFG Insured 
      
7,600 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A 
958,208 
   
9/01/39 – NPFG Insured 
      
10,000 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – 
9/20 at 41.72 
A 
1,721,000 
   
NPFG Insured 
      
5,000 
  
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
N/R 
3,575,350 
   
5.350%, 12/01/37 – RAAI Insured 
      
1,450 
  
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 
6/11 at 102.00 
N/R (4) 
1,544,424 
   
5.500%, 6/15/19 (Pre-refunded 6/15/11) – AMBAC Insured 
      
7,000 
  
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 
6/16 at 100.00 
N/R (4) 
7,987,070 
   
0.000%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured 
      
164,040 
  
Total Colorado 
    
90,329,533 
   
Connecticut – 0.2%
      
8,670 
  
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 
11/17 at 100.00 
N/R 
4,182,408 
   
2007A, 5.750%, 9/01/34 
      
   
District of Columbia – 0.5%
      
10,000 
  
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax 
10/16 at 100.00 
A1 
9,724,100 
   
Revenue Bonds, Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
      
   
Florida – 4.2%
      
4,000 
  
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit 
11/12 at 101.00 
Aa1 
4,145,320 
   
Group, Series 2002C, 5.750%, 11/15/32 
      
10,000 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 
6/15 at 101.00 
AAA 
10,063,200 
   
4.500%, 6/01/35 (UB) 
      
1,750 
  
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa 
10/16 at 100.00 
A3 
1,718,255 
   
General Hospital, Series 2006, 5.250%, 10/01/41 
      
10,690 
  
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 
10/11 at 100.00 
Aa2 
10,785,996 
   
10/01/30 – AMBAC Insured 
      
3,000 
  
JEA, Florida, Electric System Revenue Bonds, Series 2006A, 5.000%, 10/01/41 – AGM Insured 
4/15 at 100.00 
AAA 
3,059,820 
4,880 
  
Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – AGM Insured 
10/10 at 101.00 
AAA 
4,937,974 
   
(Alternative Minimum Tax) 
      
5,000 
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
4,712,150 
   
Series 2007, 5.000%, 10/01/34 
      
4,000 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A2 
4,050,640 
   
5.000%, 10/01/29 (WI/DD, Settling 8/05/10) 
      
8,250 
  
Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%, 
8/12 at 100.00 
AA– 
8,339,183 
   
8/01/27 – NPFG Insured 
      
2,900 
  
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – 
10/16 at 100.00 
A+ 
2,927,376 
   
SYNCORA GTY Insured 
      
9,250 
  
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
A 
8,386,328 
   
Series 2007, 5.000%, 7/01/40 – NPFG Insured 
      
2,500 
  
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 
10/17 at 100.00 
BBB 
2,205,950 
14,730 
  
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of 
8/17 at 100.00 
AA– 
14,613,338 
   
South Florida, Series 2007, 5.000%, 2/15/35 (UB) 
      
80,950 
  
Total Florida 
    
79,945,530 
   
Georgia – 1.0%
      
10,240 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – 
5/11 at 100.00 
A1 
10,240,717 
   
FGIC Insured 
      
2,500 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – 
5/12 at 100.00 
A1 
2,499,800 
   
NPFG Insured 
      
4,000 
  
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – 
10/14 at 100.00 
AAA 
4,168,960 
   
AGM Insured 
      
2,250 
  
Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare 
1/11 at 101.00 
N/R 
2,093,018 
   
System Inc., Series 1999, 6.500%, 7/01/27 
      
18,990 
  
Total Georgia 
    
19,002,495 
   
Hawaii – 1.1%
      
7,140 
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
10/12 at 101.00 
A 
7,209,401 
   
Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured 
      
12,325 
  
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 – 
3/13 at 100.00 
Aa1 
13,064,130 
   
NPFG Insured 
      
19,465 
  
Total Hawaii 
    
20,273,531 
   
Illinois – 12.7%
      
2,060 
  
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20 
1/11 at 100.00 
A+ 
2,064,553 
17,205 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Aa2 
8,488,775 
   
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured 
      
400 
  
Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital 
No Opt. Call 
Aaa 
410,188 
   
Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM) 
      
5,000 
  
Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%, 
7/12 at 100.00 
Aaa 
5,482,750 
   
7/01/18 (Pre-refunded 7/01/12) 
      
285 
  
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 
7/12 at 100.00 
Aa2 
299,227 
9,715 
  
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded 
7/12 at 100.00 
Aa2 (4) 
10,699,421 
   
7/01/12) – AMBAC Insured 
      
2,575 
  
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International 
1/11 at 101.00 
A2 
2,578,373 
   
Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax) 
      
3,020 
  
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, 
12/16 at 100.00 
AAA 
3,393,483 
   
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 
9,376,704 
385 
  
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa2 
427,997 
   
Series 2003B, 5.250%, 11/01/20 – AGM Insured 
      
1,615 
  
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa2 (4) 
1,850,790 
   
Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured 
      
5,000 
  
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke 
11/13 at 101.00 
A1 
5,143,600 
   
Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured 
      
   
(Alternative Minimum Tax) 
      
28,030 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and 
No Opt. Call 
Aa3 
20,214,956 
   
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured 
      
1,800 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and 
No Opt. Call 
Aa3 
1,282,248 
   
Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured 
      
3,180 
  
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, 
12/12 at 100.00 
N/R (4) 
3,578,549 
   
Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12) 
      
1,450 
  
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ 
1,365,146 
   
2001, 5.125%, 9/01/35 – AMBAC Insured 
      
6,550 
  
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ (4) 
6,871,933 
   
2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured 
      
1,875 
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 
11/19 at 100.00 
AA 
1,962,000 
5,245 
  
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond 
7/17 at 100.00 
AA 
5,590,646 
   
Trust 1137, 9.052%, 7/01/46 (IF) 
      
5,000 
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 
8/14 at 100.00 
N/R (4) 
5,903,400 
   
5.500%, 8/15/43 (Pre-refunded 8/15/14) 
      
5,030 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
5,096,346 
   
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+ 
5,576,016 
3,975 
  
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
3,685,898 
   
5.500%, 8/01/37 
      
15,000 
  
Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series 
2/11 at 101.00 
AAA 
15,557,550 
   
2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) – AGM Insured 
      
8,180 
  
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 
8/10 at 100.00 
BBB 
8,135,419 
   
5.250%, 8/01/22 – AMBAC Insured 
      
3,985 
  
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 
No Opt. Call 
N/R (4) 
4,816,351 
   
7.000%, 2/15/18 (ETM) 
      
5,000 
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
6/15 at 101.00 
A 
5,233,000 
   
AMBAC Insured 
      
5,000 
  
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue 
1/16 at 100.00 
B– 
3,296,500 
   
Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured 
      
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
      
   
Project, Series 1993A: 
      
18,955 
  
0.000%, 6/15/17 – FGIC Insured 
No Opt. Call 
A 
14,413,572 
12,830 
  
0.000%, 6/15/18 – FGIC Insured 
No Opt. Call 
A 
9,174,605 
   
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 
AAA 
5,184,403 
3,385 
  
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
AAA 
2,016,783 
5,190 
  
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
AAA 
1,861,290 
11,610 
  
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
AAA 
3,881,339 
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
      
   
Project, Series 2002A: 
      
10,000 
  
0.000%, 6/15/24 – NPFG Insured 
6/22 at 101.00 
AAA 
7,754,800 
21,375 
  
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
AAA 
5,174,888 
21,000 
  
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
AAA 
4,639,320 
21,070 
  
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
AAA 
4,495,706 
25,825 
  
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
AAA 
4,580,839 
8,460 
  
5.250%, 6/15/42 – NPFG Insured 
6/12 at 101.00 
AAA 
8,524,465 
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
      
   
Expansion Project, Series 1996A: 
      
16,700 
  
0.000%, 12/15/21 – NPFG Insured 
No Opt. Call 
A 
9,705,038 
1,650 
  
5.250%, 6/15/27 – AMBAC Insured 
12/10 at 100.00 
A2 
1,651,172 
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
      
   
Expansion Project, Series 2002B: 
      
3,775 
  
0.000%, 6/15/20 – NPFG Insured 
6/17 at 101.00 
AAA 
3,758,352 
5,715 
  
0.000%, 6/15/21 – NPFG Insured 
6/17 at 101.00 
AAA 
5,651,506 
1,000 
  
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, 
3/17 at 100.00 
AAA 
996,100 
   
Series 2007, 4.700%, 3/01/33 – AGC Insured 
      
1,050 
  
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding 
No Opt. Call 
N/R 
910,655 
   
Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax) 
      
1,575 
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R 
1,137,875 
   
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 
N/R (4) 
585,353 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) 
      
359,370 
  
Total Illinois 
    
244,479,880 
   
Indiana – 2.0%
      
300 
  
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 
4/14 at 100.00 
N/R 
286,485 
   
5.000%, 10/01/24 
      
8,010 
  
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
N/R (4) 
8,992,186 
   
(Alternative Minimum Tax) 
      
1,990 
  
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
AAA 
2,189,498 
3,000 
  
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., 
3/14 at 100.00 
A 
3,010,020 
   
Series 2004A, 5.375%, 3/01/34 – AMBAC Insured 
      
4,450 
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
4,507,094 
   
NPFG Insured 
      
   
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
      
12,500 
  
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
8,407,500 
14,595 
  
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
6,980,059 
4,425 
  
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development 
7/20 at 100.00 
N/R 
4,450,267 
   
Project, Series 2010, 6.750%, 1/15/32 
      
49,270 
  
Total Indiana 
    
38,823,109 
   
Iowa – 1.1%
      
5,045 
  
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 
7/16 at 100.00 
AAA 
4,948,489 
   
(Alternative Minimum Tax) 
      
3,500 
  
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg 
10/12 at 100.00 
N/R (4) 
3,875,900 
   
College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured 
      
7,000 
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
5,064,710 
   
5.625%, 6/01/46 
      
6,160 
  
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 
6/11 at 101.00 
AAA 
6,492,517 
   
2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11) 
      
21,705 
  
Total Iowa 
    
20,381,616 
   
Kansas – 0.6%
      
10,000 
  
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 
3/14 at 100.00 
AAA 
10,982,000 
   
Kentucky – 0.1%
      
1,035 
  
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
1/11 at 100.00 
A 
1,036,211 
   
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 
      
1,000 
  
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AAA 
1,093,570 
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 
      
2,035 
  
Total Kentucky 
    
2,129,781 
   
Louisiana – 2.8%
      
1,000 
  
East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation 
10/10 at 100.00 
Ba3 
1,000,200 
   
Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax) 
      
2,310 
  
Louisiana Local Government Environment Facilities and Community Development Authority, 
8/20 at 100.00 
BB+ 
2,381,910 
   
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
      
   
(Mandatory put 8/01/20) 
      
12,000 
  
Louisiana Local Government Environmental Facilities & Community Development Authority, 
11/17 at 100.00 
BB+ 
12,453,720 
   
Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
      
5,150 
  
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
5,154,378 
   
Lady Health System, Series 2005A, 5.250%, 8/15/32 
      
4,515 
  
Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist 
11/10 at 100.00 
AAA 
4,835,114 
   
Hospital, Series 1986, 8.000%, 5/15/12 (ETM) 
      
27,890 
  
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
BBB 
27,487,266 
   
Series 2001B, 5.875%, 5/15/39 
      
52,865 
  
Total Louisiana 
    
53,312,588 
   
Maryland – 0.4%
      
3,500 
  
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
10/10 at 100.00 
N/R 
3,501,575 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
      
4,600 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
4,686,480 
   
Series 2004, 5.500%, 8/15/33 
      
8,100 
  
Total Maryland 
    
8,188,055 
   
Massachusetts – 2.1%
      
10,000 
  
Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series 
7/12 at 100.00 
AAA 
10,887,700 
   
2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12) 
      
1,720 
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill 
12/10 at 100.00 
BBB 
1,666,439 
   
Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax) 
      
4,340 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care 
11/11 at 101.00 
BBB 
4,044,880 
   
Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured 
      
500 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A3 
494,485 
   
Series 2008E-1 &2, 5.125%, 7/01/38 
      
2,000 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
7/14 at 100.00 
BB 
1,524,860 
   
Community Services Inc., Series 2004A, 6.375%, 7/01/34 
      
   
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
      
   
Community Services Inc., Series 2004B: 
      
1,340 
  
6.250%, 7/01/24 
7/14 at 100.00 
BB 
1,149,653 
1,000 
  
6.375%, 7/01/34 
7/14 at 100.00 
BB 
762,430 
2,300 
  
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,380,132 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
12,650 
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA– 
12,935,005 
4,250 
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
8/10 at 101.00 
AAA 
4,305,293 
   
5.500%, 8/01/30 
      
40,100 
  
Total Massachusetts 
    
40,150,877 
   
Michigan – 4.5%
      
12,290 
  
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/10 at 100.00 
B– 
6,813,945 
   
5.500%, 5/01/21 
      
5,000 
  
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D, 
7/16 at 100.00 
AAA 
4,809,800 
   
4.625%, 7/01/32 – AGM Insured 
      
8,000 
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
7,876,400 
   
7/01/35 – NPFG Insured 
      
5,240 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series 
10/12 at 100.00 
AAA 
5,685,976 
   
2002, 5.250%, 10/01/19 
      
   
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of 
      
   
Arts and Sciences Charter School, Series 2001A: 
      
900 
  
7.500%, 10/01/12 
10/11 at 100.00 
B1 
908,244 
5,000 
  
7.900%, 10/01/21 
10/10 at 102.00 
B1 
4,999,700 
3,500 
  
8.000%, 10/01/31 
10/10 at 102.00 
B1 
3,405,640 
8,460 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 
10/15 at 100.00 
Aa3 
8,955,671 
   
10/15/22 – AMBAC Insured 
      
22,235 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
8/10 at 100.00 
BB– 
20,482,882 
   
Obligated Group, Series 1998A, 5.250%, 8/15/28 
      
100 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical 
10/10 at 100.00 
BB– 
92,604 
   
Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured 
      
   
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center 
      
   
Obligated Group, Series 1993A: 
      
895 
  
6.250%, 8/15/13 
8/10 at 100.00 
BB– 
895,233 
12,925 
  
6.500%, 8/15/18 
8/10 at 100.00 
BB– 
12,923,191 
7,200 
  
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit 
12/12 at 100.00 
Baa1 
7,223,400 
   
Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured 
      
1,150 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,377,390 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
      
92,895 
  
Total Michigan 
    
86,450,076 
   
Minnesota – 0.6%
      
1,750 
  
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
1,793,750 
   
5.000%, 5/01/30 
      
6,375 
  
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A 
7,195,080 
   
Services, Series 2008A, 6.625%, 11/15/28 
      
355 
  
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 – 
8/10 at 100.00 
AA+ 
356,505 
   
NPFG Insured 
      
2,000 
  
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue 
11/16 at 100.00 
A3 
1,889,280 
   
Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 
      
10,480 
  
Total Minnesota 
    
11,234,615 
   
Missouri – 3.5%
      
40,000 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 
5/13 at 100.00 
Aa2 
40,660,400 
   
2003, 5.250%, 5/15/32 (UB) 
      
12,000 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, 
6/20 at 100.00 
AA– 
12,308,760 
   
Series 2010B, 5.000%, 6/01/30 
      
6,000 
  
Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax 
10/13 at 100.00 
AAA 
6,071,400 
   
Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 
      
   
10/01/32 – AGM Insured 
      
4,000 
  
Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., 
6/13 at 101.00 
BBB– 
3,734,440 
   
Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) 
      
   
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, 
      
   
Ozark Medical Center, Series 1997: 
      
1,105 
  
5.500%, 11/15/12 
11/10 at 100.00 
B+ 
1,105,376 
1,000 
  
5.600%, 11/15/17 
11/10 at 100.00 
B+ 
959,240 
3,175 
  
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, 
11/10 at 100.00 
B+ 
3,070,257 
   
Ozark Medical Center, Series 1999, 6.750%, 11/15/24 
      
67,280 
  
Total Missouri 
    
67,909,873 
   
Montana – 0.2%
      
3,750 
  
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound 
3/13 at 101.00 
A– 
3,759,600 
   
Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured 
      
   
Nebraska – 0.3%
      
5,000 
  
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 
2/18 at 100.00 
Aa1 
5,456,600 
   
5.500%, 2/01/39 
      
   
Nevada – 1.1%
      
2,500 
  
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 
9/13 at 100.00 
BBB 
2,312,050 
   
9/01/29 – RAAI Insured 
      
5,000 
  
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,346,550 
   
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
      
   
Monorail Project, First Tier, Series 2000: 
      
15,095 
  
0.000%, 1/01/24 – AMBAC Insured 
No Opt. Call 
N/R 
1,665,582 
11,000 
  
0.000%, 1/01/25 – AMBAC Insured 
No Opt. Call 
N/R 
1,144,440 
4,000 
  
5.625%, 1/01/32 – AMBAC Insured (5) 
1/12 at 100.00 
N/R 
958,760 
22,010 
  
5.375%, 1/01/40 – AMBAC Insured (5) 
1/11 at 100.00 
N/R 
5,276,017 
2,500 
  
Reno, Neveda, Health Facilty Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.164%, 
7/17 at 100.00 
AA+ 
2,845,200 
   
7/01/31 – BHAC Insured (IF) 
      
1,500 
  
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
6/18 at 100.00 
Ba3 
1,421,040 
   
Revenue Bonds Series 2008A, 6.750%, 6/15/28 
      
63,605 
  
Total Nevada 
    
20,969,639 
   
New Hampshire – 0.1%
      
1,500 
  
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
BBB+ 
1,536,285 
   
Issue, Series 2009A, 6.125%, 10/01/39 
      
   
New Jersey – 5.1%
      
23,625 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
9/10 at 100.50 
B 
22,645,271 
   
Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 
      
9,000 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
11/10 at 101.00 
B 
9,022,230 
   
Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 
      
4,740 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health 
1/17 at 41.49 
BB+ 
777,881 
   
Care System, Series 2006A, 0.000%, 7/01/34 
      
7,500 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 
6/13 at 100.00 
AAA 
8,566,500 
   
5.500%, 6/15/24 (Pre-refunded 6/15/13) 
      
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 
      
30,000 
  
0.000%, 12/15/31 – FGIC Insured 
No Opt. Call 
AA– 
8,765,100 
27,000 
  
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AAA 
7,571,340 
310 
  
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured 
No Opt. Call 
A+ 
374,660 
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: 
      
105 
  
6.500%, 1/01/16 – MBIA Insured (ETM) 
No Opt. Call 
A+ (4) 
132,258 
1,490 
  
6.500%, 1/01/16 – MBIA Insured (ETM) 
No Opt. Call 
A+ (4) 
1,718,879 
27,185 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
AAA 
30,044,044 
   
Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12) 
      
7,165 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
AAA 
8,306,456 
   
Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13) 
      
138,120 
  
Total New Jersey 
    
97,924,619 
   
New Mexico – 0.6%
      
1,500 
  
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21 
No Opt. Call 
AA 
1,798,335 
9,600 
  
University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series 
6/12 at 100.00 
AA 
9,730,464 
   
2002A, 5.000%, 6/01/32 
      
11,100 
  
Total New Mexico 
    
11,528,799 
   
New York – 7.1%
      
8,500 
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida 
2/14 at 100.00 
AAA 
8,882,670 
   
Health, Series 2004, 5.050%, 2/15/25 
      
15,500 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 
9/11 at 100.00 
AAA 
16,370,170 
   
5.375%, 9/01/25 (Pre-refunded 9/01/11) 
      
2,000 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 
6/16 at 100.00 
A– 
2,052,260 
   
5.000%, 12/01/35 
      
1,510 
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn 
12/16 at 100.00 
BB+ 
1,183,402 
   
College of Aeronautics, Series 2006B, 5.000%, 12/01/31 
      
10,000 
  
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK 
8/12 at 101.00 
B– 
10,356,300 
   
Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 
      
5,500 
  
New York City Municipal Water Finance Authority, New York, Water and Sewerage System 
12/14 at 100.00 
AAA 
5,707,295 
   
Revenue Bonds, Series 2004B, 5.000%, 6/15/30 – AGM Insured (UB) 
      
5 
  
New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16 
10/10 at 100.00 
AA 
5,022 
   
New York City, New York, General Obligation Bonds, Fiscal Series 2003J: 
      
1,450 
  
5.500%, 6/01/21 
6/13 at 100.00 
AA 
1,592,492 
385 
  
5.500%, 6/01/22 
6/13 at 100.00 
AA 
419,623 
   
New York City, New York, General Obligation Bonds, Fiscal Series 2004C: 
      
8,000 
  
5.250%, 8/15/24 
8/14 at 100.00 
AA 
8,751,360 
6,000 
  
5.250%, 8/15/25 
8/14 at 100.00 
AA 
6,522,300 
10,000 
  
New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 
8/16 at 100.00 
BB+ 
9,410,000 
   
2006, 4.700%, 2/15/35 
      
   
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
      
   
State Contingency Contract-Backed Bonds, Series 2003A-1: 
      
10,000 
  
5.500%, 6/01/17 
6/11 at 100.00 
AA– 
10,328,300 
11,190 
  
5.500%, 6/01/18 
6/12 at 100.00 
AA– 
11,936,933 
28,810 
  
5.500%, 6/01/19 
6/13 at 100.00 
AA– 
31,669,679 
2,500 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
No Opt. Call 
A 
2,523,800 
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 – NPFG Insured (Alternative Minimum Tax) 
      
8,500 
  
Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 
11/10 at 100.00 
Aa2 
8,524,565 
129,850 
  
Total New York 
    
136,236,171 
   
North Carolina – 0.6%
      
1,500 
  
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
6/13 at 100.00 
AA+ 
1,537,530 
   
Series 2003G, 5.000%, 6/01/33 
      
3,000 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
3,037,170 
   
Bonds, Series 2008A, 5.000%, 1/15/47 
      
2,500 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 
1/13 at 100.00 
A– 
2,547,975 
   
2003D, 5.125%, 1/01/26 
      
1,500 
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ 
1,654,710 
   
Facilities, Series 2004A, 5.000%, 2/01/20 
      
2,000 
  
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s 
10/17 at 100.00 
AA 
1,962,400 
   
Health System, Series 2007, 4.500%, 10/01/31 
      
10,500 
  
Total North Carolina 
    
10,739,785 
   
Ohio – 2.3%
      
10,000 
  
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
10,291,300 
   
Series 2008A, 5.250%, 2/15/43 
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
2,860 
  
5.375%, 6/01/24 
6/17 at 100.00 
BBB 
2,461,144 
475 
  
5.125%, 6/01/24 
6/17 at 100.00 
BBB 
398,316 
5,500 
  
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
4,342,030 
17,165 
  
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
12,846,629 
11,785 
  
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
8,352,619 
9,150 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
BBB 
5,969,735 
   
Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 
      
56,935 
  
Total Ohio 
    
44,661,773 
   
Oklahoma – 0.8%
      
9,955 
  
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 
2/14 at 100.00 
A 
9,988,250 
   
5.125%, 2/15/31 
      
5,045 
  
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 
2/14 at 100.00 
AAA 
5,802,557 
   
5.125%, 2/15/31 (Pre-refunded 2/15/14) 
      
15,000 
  
Total Oklahoma 
    
15,790,807 
   
Oregon – 0.3%
      
2,600 
  
Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health 
5/11 at 101.00 
A+ 
2,656,940 
   
System, Series 2001, 5.250%, 5/01/21 
      
2,860 
  
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 
10/17 at 100.00 
A 
2,840,867 
   
5.000%, 10/01/32 
      
5,460 
  
Total Oregon 
    
5,497,807 
   
Pennsylvania – 1.9%
      
10,300 
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn 
11/17 at 100.00 
BB– 
8,156,158 
   
Allegheny Health System, Series 2007A, 5.000%, 11/15/28 
      
6,500 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – 
12/14 at 100.00 
Aa3 
6,904,430 
   
AMBAC Insured 
      
8,000 
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%, 
6/14 at 100.00 
Aa2 (4) 
9,268,960 
   
6/01/34 (Pre-refunded 6/01/14) – FGIC Insured 
      
10,075 
  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AAA 
11,322,990 
   
District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured 
      
34,875 
  
Total Pennsylvania 
    
35,652,538 
   
Puerto Rico – 2.8%
      
8,340 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
8,704,958 
   
6.000%, 7/01/44 
      
13,000 
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
A3 
13,028,340 
   
5.250%, 7/01/39 – FGIC Insured 
      
5,450 
  
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
12/10 at 101.00 
Baa3 
5,493,873 
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 
      
   
(Alternative Minimum Tax) 
      
4,345 
  
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, 
10/10 at 101.00 
AAA 
4,427,468 
   
5.500%, 10/01/40 
      
11,000 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/26 at 100.00 
A+ 
9,073,130 
   
2009A, 0.000%, 8/01/32 
      
4,310 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
A+ 
4,331,636 
   
2010C, 5.250%, 8/01/41 
      
70,300 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
4,390,235 
   
8/01/54 – AMBAC Insured 
      
5,000 
  
Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – NPFG Insured 
10/10 at 100.00 
A 
5,005,450 
121,745 
  
Total Puerto Rico 
    
54,455,090 
   
Rhode Island – 1.3%
      
6,250 
  
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
11/10 at 100.00 
A 
6,250,750 
   
Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured 
      
19,195 
  
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
18,157,894 
   
Series 2002A, 6.250%, 6/01/42 
      
25,445 
  
Total Rhode Island 
    
24,408,644 
   
South Carolina – 3.0%
      
7,000 
  
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, 
12/14 at 100.00 
AA– 
7,264,320 
   
GROWTH, Series 2004, 5.250%, 12/01/29 
      
3,000 
  
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 
6/14 at 100.00 
A+ 
3,003,930 
   
5.000%, 6/01/36 – FGIC Insured 
      
11,550 
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
AAA 
4,620,000 
   
0.000%, 1/01/28 – AMBAC Insured 
      
8,475 
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 
10/10 at 100.00 
A– 
8,479,238 
   
1986, 5.000%, 1/01/25 
      
4,320 
  
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A3 (4) 
4,815,936 
   
Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 
      
16,430 
  
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A– 
16,514,286 
   
Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 
      
8,000 
  
South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health 
12/10 at 102.00 
Baa2 (4) 
8,370,320 
   
Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10) 
      
4,215 
  
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B, 
3/14 at 100.00 
AA– 
4,272,071 
   
5.000%, 3/01/38 – NPFG Insured 
      
62,990 
  
Total South Carolina 
    
57,340,101 
   
Tennessee – 1.1%
      
10,300 
  
Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital 
4/18 at 100.00 
A+ 
10,468,920 
   
Project, Series 2008, 5.625%, 4/01/38 
      
   
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
      
   
Bonds, Baptist Health System of East Tennessee Inc., Series 2002: 
      
3,000 
  
6.375%, 4/15/22 
4/12 at 101.00 
A1 
3,226,200 
2,605 
  
6.500%, 4/15/31 
4/12 at 101.00 
A1 
2,771,954 
2,000 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
3/13 at 100.00 
N/R 
1,856,020 
   
Wellmont Health System, Refunding Series 2006A, 5.440%, 9/01/32 
      
3,000 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
2,806,110 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
      
20,905 
  
Total Tennessee 
    
21,129,204 
   
Texas – 7.8%
      
5,000 
  
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
CCC+ 
3,575,250 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 
      
2,000 
  
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier 
1/17 at 100.00 
BB 
1,779,040 
   
Series 2006B, 5.750%, 1/01/34 
      
5,110 
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/13 at 101.00 
Caa3 
2,732,624 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
      
   
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue 
      
   
Bonds, Series 2005: 
      
4,000 
  
5.000%, 1/01/35 – FGIC Insured 
1/15 at 100.00 
A 
3,618,480 
31,550 
  
5.000%, 1/01/45 – FGIC Insured 
1/15 at 100.00 
A 
28,277,317 
11,850 
  
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 
No Opt. Call 
A 
3,842,600 
   
0.000%, 11/15/27 – NPFG Insured 
      
2,950 
  
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 
11/11 at 100.00 
A 
2,815,156 
   
5.250%, 11/15/30 – NPFG Insured 
      
13,270 
  
Harris County-Houston Sports Authority, Texas, Third Lien Revenue Bonds, Series 2004-A3., 
11/24 at 59.10 
A 
2,560,579 
   
0.000%, 11/15/33 – NPFG Insured 
      
24,660 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
7,979,236 
   
Project, Series 2001B, 0.000%, 9/01/29 – AMBAC Insured 
      
10,045 
  
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 – 
1/11 at 100.00 
AAA 
10,077,445 
   
AGM Insured (Alternative Minimum Tax) 
      
3,470 
  
Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997, 
No Opt. Call 
AAA 
3,459,868 
   
0.000%, 2/15/11 
      
5,000 
  
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
No Opt. Call 
BBB– 
4,646,350 
   
Memorial Hospital Project, Series 2005, 5.375%, 8/15/35 
      
22,060 
  
Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax 
10/10 at 33.89 
AAA 
7,391,865 
   
School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27 
      
   
North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation 
      
   
Series 2008I: 
      
30,000 
  
0.000%, 1/01/42 – AGC Insured 
1/25 at 100.00 
AAA 
24,200,698 
5,220 
  
0.000%, 1/01/43 
1/25 at 100.00 
A2 
4,155,172 
15,450 
  
North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation 
No Opt. Call 
AAA 
3,720,669 
   
Series 2008, 0.000%, 1/01/36 – AGC Insured 
      
4,650 
  
Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero 
10/10 at 100.00 
BBB 
4,639,817 
   
Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18 
      
5,000 
  
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, 
12/13 at 100.00 
Baa2 
4,844,200 
   
Series 2004, 6.000%, 12/01/34 
      
2,000 
  
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/13 at 101.00 
CCC 
1,004,320 
   
Company, Series 2003A, 5.800%, 7/01/22 
      
3,000 
  
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured 
5/15 at 100.00 
Aa1 
3,027,960 
11,585 
  
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
11,712,898 
   
Texas Health Resources Trust 1201, 9.059%, 2/15/36 (IF) 
      
4,810 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/20 at 100.00 
A1 
4,831,982 
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45 
      
5,000 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding 
1/19 at 100.00 
AAA 
5,499,200 
   
Bonds, Christus Health, Series 2008, 6.500%, 7/01/37 – AGC Insured 
      
227,680 
  
Total Texas 
    
150,392,726 
   
Utah – 0.4%
      
3,260 
  
Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 – 
6/15 at 100.00 
N/R 
3,230,888 
   
RAAI Insured 
      
390 
  
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%, 
1/11 at 100.75 
AAA 
391,463 
   
7/01/30 (Alternative Minimum Tax) 
      
3,700 
  
Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%, 
4/14 at 100.00 
AA (4) 
4,225,400 
   
4/01/35 (Pre-refunded 4/01/14) – MBIA Insured 
      
7,350 
  
Total Utah 
    
7,847,751 
   
Virgin Islands – 0.1%
      
2,500 
  
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 
1/14 at 100.00 
Baa3 
2,533,600 
   
2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 
      
   
Virginia – 0.7%
      
3,000 
  
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
N/R 
2,937,270 
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 
      
4,125 
  
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A, 
10/12 at 100.00 
AA– 
4,449,844 
   
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax) 
      
10,000 
  
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
6,016,000 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
      
17,125 
  
Total Virginia 
    
13,403,114 
   
Washington – 4.1%
      
6,400 
  
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, 
9/14 at 100.00 
A1 
6,438,464 
   
Series 2004, 5.000%, 9/01/34 – FGIC Insured 
      
12,500 
  
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – 
7/12 at 100.00 
Aaa 
13,690,125 
   
Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 – AMBAC Insured 
      
4,000 
  
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 
7/13 at 100.00 
Aaa 
4,472,360 
   
2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured 
      
8,200 
  
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 
No Opt. Call 
Aaa 
7,697,504 
   
1989B, 0.000%, 7/01/14 
      
2,500 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
2,100,725 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
      
5,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care 
10/16 at 100.00 
AA 
4,799,300 
   
Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured 
      
2,815 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
A 
2,698,712 
   
Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured 
      
7,685 
  
Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A, 
12/15 at 100.00 
Aaa 
7,709,438 
   
5.000%, 12/01/37 (Alternative Minimum Tax) 
      
19,240 
  
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
BBB 
19,160,731 
   
Series 2002, 6.625%, 6/01/32 
      
   
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C: 
      
9,000 
  
0.000%, 6/01/29 – NPFG Insured 
No Opt. Call 
AA+ 
3,753,630 
16,195 
  
0.000%, 6/01/30 – NPFG Insured 
No Opt. Call 
AA+ 
6,348,764 
93,535 
  
Total Washington 
    
78,869,753 
   
Wisconsin – 2.4%
      
   
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2002: 
      
4,365 
  
6.125%, 6/01/27 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
4,696,740 
14,750 
  
6.375%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
16,320,728 
6,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
6,923,940 
   
Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) 
      
1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/16 at 100.00 
BBB+ 
1,043,690 
   
Series 2006A, 5.000%, 2/15/17 
      
10,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/20 at 100.00 
AA– 
10,257,300 
   
Series 2010, 5.000%, 6/01/30 
      
3,750 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
2/12 at 101.00 
AAA 
4,091,025 
   
Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12) 
      
2,755 
  
Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series 
9/14 at 100.00 
AA 
2,693,811 
   
2005C, 4.875%, 3/01/36 (Alternative Minimum Tax) 
      
42,620 
  
Total Wisconsin 
    
46,027,234 
   
Wyoming – 0.1%
      
2,035 
  
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A+ 
2,234,165 
   
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
      
$ 2,438,199 
  
Total Investments (cost $1,883,503,457) – 100.5% 
    
1,929,384,889 
   
Floating Rate Obligations – (2.0)% 
    
(38,250,000)
   
Other Assets Less Liabilities – 1.5% 
    
28,760,572 
   
Net Assets – 100% 
    
$ 1,919,895,461 


 
 
 
 
Fair Value Measurements
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – 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 risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of July 31, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments: 
        
Municipal Bonds 
$ — 
$1,929,384,889 
$ — 
$1,929,384,889 

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.
 
At July 31, 2010, the cost of investments was $1,844,391,030.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2010, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$129,918,105 
Depreciation 
(83,174,424)
Net unrealized appreciation (depreciation) of investments 
$ 46,743,681 

   
(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 Investor 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. 
(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. Such investments are normally considered to 
 
be equivalent to AAA rated securities. 
(5) 
The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations 
 
and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. 
N/R 
Not rated. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
(ETM) 
Escrowed to maturity. 
(IF) 
Inverse floating rate investment. 
(UB) 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
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. 
 
 
 
 
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 Municipal Value Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         September 29, 2010        
 
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         September 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         September 29, 2010