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 811-09475
 
Nuveen Dividend Advantage Municipal Income Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/15         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
 
Portfolio of Investments
  
 
 
Nuveen Dividend Advantage Municipal Income Fund (NVG)
  
 
January 31, 2015 (Unaudited)
  
 
Principal
Amount (000)
  
Description (1)
Optional Call
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 140.8% (100.0% of Total Investments)
      
 
   
MUNICIPAL BONDS – 140.5% (99.8% of Total Investments)
      
 
   
Alaska – 0.6% (0.4% of Total Investments)
      
$ 3,035
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
4/15 at 100.00
B2
$ 2,720,999
   
Series 2006A, 5.000%, 6/01/32
      
   
Arizona – 2.2% (1.6% of Total Investments)
      
1,435
  
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,
12/24 at 100.00
A2
1,659,850
   
Series 2014A, 5.000%, 12/01/42
      
6,000
  
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project,
No Opt. Call
AA
8,184,060
   
Series 2005B, 5.500%, 7/01/37 – FGIC Insured
      
7,435
  
Total Arizona
    
9,843,910
   
California – 19.2% (13.6% of Total Investments)
      
2,000
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate
No Opt. Call
BBB+
1,803,240
   
Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
      
6,135
  
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
No Opt. Call
AA
3,612,840
   
Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
      
   
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
      
1,485
  
5.000%, 10/01/26 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
Aa3 (4)
1,533,470
1,565
  
5.000%, 10/01/27 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
Aa3 (4)
1,616,082
10,000
  
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/22 at 100.00
AA
11,240,300
   
Children’s Hospital, Series 2012A, 5.000%, 8/15/51
      
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
      
   
Clinics, Tender Option Bond Trust 3294:
      
855
  
9.333%, 2/15/20 (IF) (5)
No Opt. Call
AA
1,089,219
375
  
9.333%, 2/15/20 (IF) (5)
No Opt. Call
AA
477,728
340
  
9.325%, 2/15/20 (IF) (5)
No Opt. Call
AA
433,055
255
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
12/24 at 100.00
BBB
285,651
   
University Medical Center, Series 2014A, 5.250%, 12/01/44
      
14,345
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
No Opt. Call
AA
5,576,619
   
Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
      
   
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds,
      
   
Election 2010 Series 2011A:
      
2,615
  
0.000%, 8/01/31 – AGM Insured
8/28 at 100.00
A2
2,133,186
3,600
  
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
A2
2,902,572
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
      
   
Refunding Series 2013A:
      
1,210
  
5.750%, 1/15/46
1/24 at 100.00
BBB–
1,435,181
1,210
  
6.000%, 1/15/49
1/24 at 100.00
BBB–
1,452,218
2,425
  
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,
9/15 at 100.00
A
2,462,854
   
5.000%, 9/01/27 – AMBAC Insured
      
16,665
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A1
16,934,806
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
      
   
Bonds, Series 2007A-1:
      
1,965
  
4.500%, 6/01/27
6/17 at 100.00
B
1,932,027
1,270
  
5.000%, 6/01/33
6/17 at 100.00
B
1,106,081
1,000
  
5.750%, 6/01/47
6/17 at 100.00
B
889,310
365
  
5.125%, 6/01/47
6/17 at 100.00
B
297,095
   
Oceanside Unified School District, San Diego County, California, General Obligation Bonds,
      
   
Series 2009A:
      
5,905
  
0.000%, 8/01/26 – AGC Insured
No Opt. Call
AA
4,209,497
2,220
  
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA
1,439,337
2,675
  
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
8/29 at 100.00
AA
2,927,600
   
AGC Insured
      
4,150
  
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of
10/25 at 100.00
AA
4,535,826
   
Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
      
160
  
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series
6/23 at 100.00
BBB–
188,280
   
2013A, 5.750%, 6/01/48
      
6,820
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
AA–
6,984,362
   
Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
      
4,275
  
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds,
7/16 at 100.00
Aa1
4,328,224
   
Series 2006, 3.500%, 7/01/29 – AGM Insured
      
1,690
  
Ventura County Community College District, California, General Obligation Bonds, Series 2005B,
8/15 at 100.00
AA (4)
1,731,608
   
5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
      
97,575
  
Total California
    
85,558,268
   
Colorado – 6.8% (4.9% of Total Investments)
      
16,655
  
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center,
8/15 at 100.00
AA– (4)
17,061,715
   
Series 2005, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – NPFG Insured
      
750
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 –
10/16 at 100.00
BBB–
765,195
   
SYNCORA GTY Insured
      
170
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
6/23 at 100.00
A3
198,795
   
Samaritan Society Project, Series 2013, 5.625%, 6/01/43
      
17,000
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 –
No Opt. Call
AA–
12,448,930
   
NPFG Insured
      
34,575
  
Total Colorado
    
30,474,635
   
District of Columbia – 2.7% (1.9% of Total Investments)
      
900
  
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC
10/22 at 100.00
BBB–
947,160
   
Issue, Series 2013, 5.000%, 10/01/45
      
6,805
  
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 –
4/17 at 100.00
A–
7,194,110
   
AMBAC Insured
      
2,635
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
4/22 at 100.00
BBB+
2,906,089
   
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,
      
   
5.000%, 10/01/53
      
935
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
10/16 at 100.00
AA+
1,095,025
   
Tender Option Bond Trust 1606, 11.921%, 10/01/30 – AMBAC Insured (IF) (5)
      
11,275
  
Total District of Columbia
    
12,142,384
   
Florida – 6.3% (4.5% of Total Investments)
      
3,000
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 –
10/21 at 100.00
AA
3,476,760
   
AGM Insured
      
1,430
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University,
11/23 at 100.00
BBB–
1,623,465
   
Series 2013, 6.125%, 11/01/43
      
   
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project,
      
   
Refunding Series 2013A:
      
3,445
  
6.000%, 4/01/42
4/23 at 100.00
Baa1
4,122,494
1,720
  
5.625%, 4/01/43
4/23 at 100.00
Baa1
2,005,572
   
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
      
165
  
5.250%, 12/01/17
4/15 at 100.00
AA–
165,607
100
  
5.250%, 12/01/18
4/15 at 100.00
AA–
100,350
5,825
  
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B, 5.000%, 10/01/38
10/18 at 100.00
Aa2
6,527,379
2,335
  
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM
8/21 at 100.00
AA
2,655,455
   
Insured (Alternative Minimum Tax)
      
1,545
  
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A,
2/21 at 100.00
AA
1,808,067
   
6.000%, 2/01/31 – AGM Insured
      
2,400
  
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B,
10/22 at 100.00
A+
2,760,264
   
5.000%, 10/01/37
      
750
  
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,
4/22 at 100.00
A
825,998
   
Inc., Series 2012A, 5.000%, 10/01/42
      
60
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of
6/22 at 102.00
N/R
69,365
   
Boca Raton Project, Series 2014A, 7.250%, 6/01/34
      
1,000
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System
8/17 at 100.00
AA
1,071,660
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
      
1,000
  
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
1,032,850
24,775
  
Total Florida
    
28,245,286
   
Georgia – 5.5% (3.9% of Total Investments)
      
6,925
  
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park
12/15 at 100.00
AA (4)
7,206,086
   
Improvement, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/15) – NPFG Insured
      
5,000
  
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/29
No Opt. Call
Aa3
5,824,150
   
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004:
      
500
  
5.000%, 11/01/34 – AGM Insured
No Opt. Call
AA
501,690
10
  
5.000%, 11/01/43 – AGM Insured
No Opt. Call
AA
10,033
7,000
  
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008,
2/18 at 100.00
AAA
7,806,540
   
5.000%, 2/01/36
      
1,000
  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University
10/22 at 100.00
Baa2
1,155,310
   
Project, Refunding Series 2012C, 5.250%, 10/01/27
      
1,710
  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia
10/21 at 100.00
Aa2
1,941,808
   
Medical Center Project, Series 2011B, 5.000%, 10/01/41
      
22,145
  
Total Georgia
    
24,445,617
   
Guam – 0.2% (0.1% of Total Investments)
      
150
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
180,506
   
(Alternative Minimum Tax)
      
650
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
7/23 at 100.00
A–
769,035
   
5.500%, 7/01/43
      
800
  
Total Guam
    
949,541
   
Hawaii – 1.3% (0.9% of Total Investments)
      
5,000
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health
7/23 at 100.00
A
5,929,950
   
Obligated Group, Series 2013A, 5.500%, 7/01/43
      
   
Idaho – 1.7% (1.2% of Total Investments)
      
2,895
  
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series
3/22 at 100.00
A–
3,238,376
   
2012A, 5.000%, 3/01/47 – AGM Insured
      
   
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway
      
   
Trust Funds, Series 2006:
      
3,000
  
5.000%, 7/15/23 – NPFG Insured
7/16 at 100.00
A+
3,192,000
1,130
  
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
A+
1,200,953
7,025
  
Total Idaho
    
7,631,329
   
Illinois – 11.7% (8.3% of Total Investments)
      
3,745
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014,
No Opt. Call
AA
4,409,363
   
5.250%, 12/01/49
      
3,600
  
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/16 at 100.00
AA–
3,761,784
   
Series 2005A, 5.250%, 1/01/24 – NPFG Insured
      
   
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and
      
   
Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
      
2,500
  
0.000%, 2/01/33
2/21 at 100.00
AA
923,525
2,000
  
0.000%, 2/01/34
2/21 at 100.00
AA
684,500
2,845
  
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City
12/23 at 100.00
AA
3,309,731
   
Colleges, Series 2013, 5.250%, 12/01/43
      
1,000
  
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012,
No Opt. Call
AA
1,127,270
   
5.000%, 6/01/42
      
5,000
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
10/21 at 100.00
AA+
5,566,650
   
5.000%, 10/01/51
      
3,500
  
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%,
2/17 at 100.00
AA–
3,745,805
   
2/01/35 – FGIC Insured
      
   
Illinois State, General Obligation Bonds, Refunding Series 2012:
      
635
  
5.000%, 8/01/21
No Opt. Call
A–
730,942
500
  
5.000%, 8/01/22
No Opt. Call
A–
576,475
685
  
5.000%, 8/01/23
No Opt. Call
A–
793,600
4,000
  
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
4/15 at 100.00
A–
4,015,840
455
  
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
518,359
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
      
   
Project, Capital Appreciation Refunding Series 2010B-1:
      
25,000
  
0.000%, 6/15/44 – AGM Insured
No Opt. Call
AAA
6,872,000
17,465
  
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
4,580,720
3,335
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/20 at 100.00
AAA
4,104,485
   
Project, Tender Option Bond Trust 3861, 13.770%, 6/15/42 (IF) (5)
      
3,900
  
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
AA
4,430,049
1,680
  
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
11/23 at 100.00
BB+
2,123,016
   
Inc., Series 2013, 7.625%, 11/01/48
      
81,845
  
Total Illinois
    
52,274,114
   
Indiana – 7.7% (5.5% of Total Investments)
      
1,050
  
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric
6/22 at 100.00
BBB–
1,138,347
   
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
      
5,370
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
7/23 at 100.00
BBB
6,000,223
   
Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
      
   
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
      
   
Series 2014:
      
550
  
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
BBB
616,842
7,250
  
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
BBB
7,924,975
1,850
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/22 at 100.00
AA
2,127,704
   
2012A, 5.000%, 10/01/37
      
6,035
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,
5/15 at 100.00
N/R (4)
6,109,593
   
Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
      
3,215
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
AA–
3,424,554
   
NPFG Insured
      
5,000
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,
1/19 at 100.00
AA
5,697,000
   
5.500%, 1/01/38 – AGC Insured
      
315
  
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series
11/23 at 100.00
N/R
359,078
   
2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
      
765
  
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013,
1/24 at 100.00
N/R
956,594
   
7.000%, 1/01/44 (Alternative Minimum Tax)
      
31,400
  
Total Indiana
    
34,354,910
   
Iowa – 0.8% (0.6% of Total Investments)
      
480
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
12/23 at 100.00
BB–
532,181
   
Project, Series 2013, 5.250%, 12/01/25
      
450
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
6/15 at 100.00
B+
404,375
   
5.500%, 6/01/42
      
2,800
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
2,677,220
   
5.600%, 6/01/34
      
3,730
  
Total Iowa
    
3,613,776
   
Kansas – 1.0% (0.7% of Total Investments)
      
3,880
  
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health
1/20 at 100.00
AA–
4,362,633
   
Services Corporation, Series 2010A, 5.000%, 1/01/40
      
   
Kentucky – 1.4% (1.0% of Total Investments)
      
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
      
   
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
      
1,030
  
0.000%, 7/01/43
7/31 at 100.00
Baa3
765,393
1,775
  
0.000%, 7/01/46
7/31 at 100.00
Baa3
1,320,511
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
      
   
Downtown Crossing Project, Series 2013A:
      
945
  
5.750%, 7/01/49
7/23 at 100.00
Baa3
1,114,051
190
  
6.000%, 7/01/53
7/23 at 100.00
Baa3
225,874
2,415
  
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series
2/19 at 100.00
AA
2,823,884
   
2009, 5.250%, 2/01/20 – AGC Insured
      
6,355
  
Total Kentucky
    
6,249,713
   
Louisiana – 5.4% (3.8% of Total Investments)
      
1,175
  
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing
7/23 at 100.00
N/R
1,299,068
   
(US) LLC Project, Series 2013, 6.000%, 7/01/36
      
1,000
  
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical
1/21 at 100.00
AA
1,188,720
   
Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
      
5,000
  
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities
10/20 at 100.00
AA
5,821,150
   
Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
      
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
      
770
  
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
Aa1
806,975
8,270
  
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
8,627,678
3
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.102%,
5/16 at 100.00
Aa1
3,908
   
5/01/34 – NPFG (IF)
      
6,000
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36
5/16 at 100.00
Aa1
6,357,180
   
(Pre-refunded 5/01/16) – AGM Insured
      
22,218
  
Total Louisiana
    
24,104,679
   
Massachusetts – 3.4% (2.4% of Total Investments)
      
1,000
  
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
AA+
1,153,050
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
      
1,000
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds,
11/17 at 100.00
BB+
1,032,810
   
Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
      
1,000
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye
7/20 at 100.00
BBB–
1,121,940
   
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
      
8,200
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA (4)
8,417,546
   
5.000%, 8/15/30 (Pre-refunded 8/15/15)
      
400
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A,
8/17 at 100.00
AA+
437,468
   
5.000%, 8/15/37 – AMBAC Insured
      
2,775
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,
2/17 at 100.00
AA+
2,871,653
   
8/01/46 – AGM Insured
      
14,375
  
Total Massachusetts
    
15,034,467
   
Michigan – 4.3% (3.1% of Total Investments)
      
1,055
  
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA
1,138,187
   
5.000%, 5/01/31 – AGM Insured
      
1,290
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BBB+
1,422,173
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
      
1,500
  
Grand Traverse County Hospital Financal Authority, Michigan, Revenue Bonds, Munson Healthcare,
No Opt. Call
AA–
1,721,655
   
Series 2014A, 5.000%, 7/01/47
      
3,230
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
AA
3,634,977
   
5.000%, 12/01/39
      
4,000
  
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B,
7/16 at 100.00
AAA
4,265,760
   
5.000%, 7/01/22
      
1,000
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
1,101,770
1,225
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
12/16 at 100.00
AA–
1,296,148
   
2006A, 5.000%, 12/01/31
      
275
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
12/16 at 100.00
Aa2 (4)
298,293
   
2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
      
2,855
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
6/22 at 100.00
AA
3,171,334
   
2009C, 5.000%, 12/01/48
      
1,250
  
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation
6/16 at 100.00
BBB
1,292,325
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35
      
17,680
  
Total Michigan
    
19,342,622
   
Missouri – 0.7% (0.5% of Total Investments)
      
2,460
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
5/23 at 100.00
BBB+
2,794,781
   
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
      
100
  
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village
9/23 at 100.00
A–
113,314
   
of Sunset Hills, Series 2013A, 5.875%, 9/01/43
      
2,560
  
Total Missouri
    
2,908,095
   
Nebraska – 2.9% (2.0% of Total Investments)
      
6,360
  
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32
9/15 at 100.00
AA (4)
6,541,578
   
(Pre-refunded 9/01/15)
      
6,000
  
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series
1/17 at 100.00
A2
6,243,720
   
2007A, 5.000%, 1/01/37 – AMBAC Insured
      
12,360
  
Total Nebraska
    
12,785,298
   
Nevada – 2.7% (1.9% of Total Investments)
      
2,350
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 –
7/19 at 100.00
AA
2,702,641
   
AGM Insured
      
6,885
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
AA
7,890,072
   
International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
      
1,300
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B,
6/22 at 100.00
AA+
1,496,807
   
5.000%, 6/01/42
      
10,535
  
Total Nevada
    
12,089,520
   
New Jersey – 1.8% (1.3% of Total Investments)
      
1,900
  
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series
4/15 at 100.00
AA–
1,930,590
   
2004A, 5.000%, 7/01/29 – NPFG Insured
      
2,150
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series
No Opt. Call
A2
2,531,432
   
2006A, 5.250%, 12/15/20
      
1,200
  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –
No Opt. Call
AA
1,537,416
   
AGM Insured
      
200
  
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.639%,
7/22 at 100.00
A+
308,310
   
1/01/43 (IF) (5)
      
2,025
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B2
1,607,688
   
Series 2007-1A, 4.750%, 6/01/34
      
7,475
  
Total New Jersey
    
7,915,436
   
New York – 4.6% (3.3% of Total Investments)
      
1,120
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
2/15 at 100.00
AA–
1,124,357
   
Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
      
   
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender
      
   
Option Bond Trust 3518:
      
2,000
  
13.663%, 2/15/33 (IF)
2/19 at 100.00
AAA
2,785,420
1,335
  
13.652%, 2/15/33 (IF)
2/19 at 100.00
AAA
1,858,000
850
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
1,000,391
   
2011A, 5.750%, 2/15/47
      
3,000
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C,
9/16 at 100.00
AA–
3,185,850
   
5.000%, 9/01/35 – NPFG Insured
      
   
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
      
550
  
4.000%, 9/01/39 – AGM Insured
9/24 at 100.00
AA
586,064
390
  
5.000%, 9/01/44
9/24 at 100.00
A–
448,590
1,575
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%,
5/21 at 100.00
AA
1,783,042
   
5/01/36 – AGM Insured
      
2,000
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,
9/22 at 100.00
A–
2,260,860
   
5.000%, 9/01/42
      
480
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,
11/15 at 100.00
AA–
495,331
   
5.000%, 11/15/30 – AMBAC Insured
      
1,435
  
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
3/19 at 100.00
AA
1,737,182
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
      
2,220
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
11/24 at 100.00
N/R
2,383,370
   
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
      
1,000
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital
7/22 at 100.00
BB
1,040,810
   
Health Center Project, Series 2012, 5.000%, 7/01/42
      
17,955
  
Total New York
    
20,689,267
   
North Carolina – 0.8% (0.5% of Total Investments)
      
250
  
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
8/15 at 100.00
N/R
250,840
   
National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%,
      
   
8/01/35 (Alternative Minimum Tax)
      
2,150
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
2,433,908
   
WakeMed, Series 2012A, 5.000%, 10/01/38
      
540
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 –
6/19 at 100.00
AA
640,764
   
AGC Insured
      
2,940
  
Total North Carolina
    
3,325,512
   
North Dakota – 0.2% (0.1% of Total Investments)
      
630
  
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC
9/23 at 100.00
N/R
671,334
   
Project, Series 2013, 7.750%, 9/01/38
      
   
Ohio – 4.2% (3.0% of Total Investments)
      
2,455
  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
5/22 at 100.00
A1
2,741,081
   
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
      
985
  
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and
5/22 at 100.00
AA–
1,109,090
   
Improvement Series 2012A, 5.000%, 5/01/42
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
      
   
Bonds, Senior Lien, Series 2007A-2:
      
2,540
  
5.125%, 6/01/24
6/17 at 100.00
B–
2,200,910
710
  
5.875%, 6/01/30
6/17 at 100.00
B–
617,594
3,665
  
5.750%, 6/01/34
6/17 at 100.00
B–
3,104,365
1,115
  
5.875%, 6/01/47
6/17 at 100.00
B
953,793
1,870
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
5/22 at 100.00
Aa2
2,092,661
   
Improvement Series 2012A, 5.000%, 11/01/42
      
2,765
  
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated
2/23 at 100.00
BB+
2,890,531
   
Group Project, Series 2013, 5.000%, 2/15/48
      
1,290
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
1,481,991
   
2013A-1, 5.000%, 2/15/48
      
1,240
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien
2/31 at 100.00
A+
1,083,115
   
Convertible Series 2013A-3, 0.000%, 2/15/36
      
   
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System
      
   
Obligated Group Project, Refunding and Improvement Series 2012:
      
200
  
5.750%, 12/01/32
12/22 at 100.00
N/R
217,236
210
  
6.000%, 12/01/42
12/22 at 100.00
N/R
228,138
19,045
  
Total Ohio
    
18,720,505
   
Oklahoma – 0.6% (0.4% of Total Investments)
      
2,325
  
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,
2/17 at 100.00
AA
2,465,267
   
5.000%, 2/15/37
      
50
  
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,
2/17 at 100.00
N/R (4)
54,562
   
5.000%, 2/15/37 (Pre-refunded 2/15/17)
      
2,375
  
Total Oklahoma
    
2,519,829
   
Oregon – 0.8% (0.6% of Total Investments)
      
3,000
  
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A,
5/19 at 100.00
AAA
3,519,480
   
5.000%, 11/15/33 (Pre-refunded 5/15/19)
      
   
Pennsylvania – 5.3% (3.8% of Total Investments)
      
1,050
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
AA
1,194,228
   
5.000%, 1/01/40 – AGM Insured
      
1,470
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown
12/23 at 100.00
A
1,722,090
   
Concession, Series 2013A, 5.125%, 12/01/47
      
100
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
11/24 at 100.00
N/R
103,853
   
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
      
4,700
  
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue
No Opt. Call
Aaa
5,544,214
   
Bonds, Series 2012A, 5.000%, 7/01/19
      
4,125
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA
4,326,630
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
      
1,050
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –
6/16 at 100.00
A+
1,112,055
   
AMBAC Insured
      
6,000
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
7,290,360
   
6/01/33 – AGM Insured
      
400
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
7/22 at 100.00
BB+
433,348
   
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
      
2,000
  
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005,
1/16 at 100.00
AA
2,091,180
   
5.000%, 1/15/19 – AGM Insured
      
20,895
  
Total Pennsylvania
    
23,817,958
   
Puerto Rico – 0.7% (0.5% of Total Investments)
      
1,225
  
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA
1,236,748
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
      
2,645
  
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
BBB
338,639
19,430
  
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
BBB
1,549,737
23,300
  
Total Puerto Rico
    
3,125,124
   
Rhode Island – 1.4% (1.0% of Total Investments)
      
1,000
  
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England
9/23 at 100.00
BBB
1,142,530
   
Health System, Series 2013A, 6.000%, 9/01/33
      
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
      
   
Series 2002A:
      
820
  
6.125%, 6/01/32
4/15 at 100.00
BBB+
823,526
4,310
  
6.250%, 6/01/42
4/15 at 100.00
BBB–
4,329,611
6,130
  
Total Rhode Island
    
6,295,667
   
South Carolina – 2.5% (1.8% of Total Investments)
      
   
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds,
      
   
Series 2006:
      
6,000
  
5.000%, 12/01/24
12/16 at 100.00
AA
6,482,460
1,950
  
5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA
2,088,158
1,000
  
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds,
10/15 at 100.00
AA (4)
1,032,300
   
Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 (Pre-refunded 10/01/15) –
      
   
AGM Insured
      
1,310
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A,
12/23 at 100.00
AA–
1,523,858
   
5.125%, 12/01/43
      
10,260
  
Total South Carolina
    
11,126,776
   
Tennessee – 0.9% (0.6% of Total Investments)
      
3,395
  
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,
1/23 at 100.00
A+
3,923,330
   
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
      
   
Texas – 11.4% (8.1% of Total Investments)
      
   
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education
      
   
Charter School, Series 2013A:
      
765
  
4.350%, 12/01/42
12/22 at 100.00
BBB–
769,835
375
  
4.400%, 12/01/47
12/22 at 100.00
BBB–
377,366
3,300
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C,
11/22 at 100.00
A+
3,725,700
   
5.125%, 11/01/43 (Alternative Minimum Tax)
      
2,700
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement
11/21 at 100.00
A+
3,047,112
   
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
      
1,140
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond
10/23 at 100.00
AA+
1,720,283
   
Trust 2013-9A, 18.425%, 4/01/53 (IF)
      
1,100
  
Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series
10/16 at 100.00
AAA
1,185,250
   
2006, 5.000%, 10/01/26 (Pre-refunded 10/01/16)
      
1,545
  
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender
11/21 at 100.00
AA+
2,308,941
   
Option Bond Trust 1014, 13.993%, 11/01/41 (IF) (5)
      
4,080
  
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AAA
8,521,406
   
3418, 14.406%, 8/15/27 – AGM Insured (IF)
      
185
  
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.
7/24 at 100.00
B
202,281
   
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
      
   
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
      
740
  
5.750%, 12/01/33
12/25 at 100.00
Baa2
858,230
740
  
6.125%, 12/01/38
12/25 at 100.00
Baa2
859,088
2,820
  
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
8/22 at 100.00
Aa2
3,251,545
   
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
      
3,220
  
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%,
12/21 at 100.00
AA
3,670,929
   
12/15/36 – AGM Insured
      
   
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
      
2,590
  
0.000%, 9/01/43
9/31 at 100.00
AA+
2,542,266
3,910
  
0.000%, 9/01/45
9/31 at 100.00
AA+
4,206,183
1,870
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
9/23 at 100.00
A2
2,147,489
   
Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
      
6,700
  
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series
3/22 at 100.00
AAA
7,637,732
   
2012, 5.000%, 3/01/52
      
355
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
396,538
   
2012, 5.000%, 12/15/32
      
1,180
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/24 at 100.00
A–
1,371,360
   
Refunding Series 2015B, 5.000%, 8/15/37 (WI/DD, Settling 2/04/15)
      
1,845
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier
8/24 at 100.00
BBB+
2,099,923
   
Refunding Series 2015C, 5.000%, 8/15/42 (WI/DD, Settling 2/04/15)
      
41,160
  
Total Texas
    
50,899,457
   
Utah – 3.1% (2.2% of Total Investments)
      
3,200
  
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
A1
3,650,048
4,865
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193,
6/18 at 100.00
AAA
6,615,476
   
13.725%, 12/15/15 – AGM Insured (IF)
      
3,000
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 – AGM Insured
6/18 at 100.00
AAA
3,360,060
11,065
  
Total Utah
    
13,625,584
   
Vermont – 1.8% (1.3% of Total Investments)
      
7,840
  
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%,
10/15 at 100.00
AA– (4)
8,095,349
   
10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
      
   
Virginia – 0.8% (0.6% of Total Investments)
      
1,795
  
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
BBB–
1,938,168
2,050
  
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
No Opt. Call
BBB–
958,046
700
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC
1/22 at 100.00
BBB–
756,860
   
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
      
4,545
  
Total Virginia
    
3,653,074
   
Washington – 6.1% (4.3% of Total Investments)
      
5,265
  
Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%,
7/16 at 100.00
A (4)
5,581,478
   
7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured
      
10,000
  
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 –
6/17 at 100.00
Aaa
10,948,100
   
AMBAC Insured (UB)
      
10,000
  
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded
7/16 at 100.00
AA+ (4)
10,667,399
   
7/01/16) – AGM Insured
      
25,265
  
Total Washington
    
27,196,977
   
West Virginia – 2.1% (1.5% of Total Investments)
      
7,800
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health
6/23 at 100.00
A
9,200,100
   
System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
      
   
Wisconsin – 2.9% (2.1% of Total Investments)
      
180
  
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum
11/24 at 100.00
N/R
187,003
   
Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
      
1,530
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc.
10/22 at 100.00
AA–
1,735,952
   
Obligated Group, Series 2012A, 5.000%, 4/01/42
      
2,220
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,
10/21 at 100.00
A+
2,516,325
   
Series 2011A, 5.250%, 10/15/39
      
7,460
  
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare
12/24 at 100.00
AA–
8,619,731
   
Inc, Series 2015, 5.000%, 12/15/44
      
11,390
  
Total Wisconsin
    
13,059,011
$ 647,043
  
Total Municipal Bonds (cost $550,584,663)
    
626,441,516
 
Shares
  
Description (1), (6)
Value
   
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
  
       
13,600
  
BlackRock MuniEnhanced Fund Inc.
$ 163,880
8,134
  
BlackRock MuniHoldings Fund Inc.
143,890
3,500
  
Deutsche Municipal Income Trust
49,455
7,920
  
Dreyfus Strategic Municipal Fund
67,954
9,500
  
Invesco Advantage Municipal Income Fund II
114,950
9,668
  
Invesco Quality Municipal Income Trust
126,651
28,980
  
Invesco VK Investment Grade Municipal Trust
401,953
26,280
  
PIMCO Municipal Income Fund II
334,544
   
Total Investment Companies (cost $1,353,712)
1,403,277
   
Total Long-Term Investments (cost $551,938,375)
627,844,793
   
Floating Rate Obligations – (3.2)%
(14,453,334)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (40.1)% (7)
(179,000,000)
   
Other Assets Less Liabilities – 2.5%
11,523,603
   
Net Assets Applicable to Common Shares – 100%
$ 445,915,062
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$           —
$626,441,516
$ —
$626,441,516
Investment Companies
1,403,277
—
—
1,403,277
Total
$1,403,277
$626,441,516
$ —
$627,844,793
 
 
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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
 
As of January 31, 2015, the cost of investments was $542,891,351.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2015, were as follows:
   
Gross unrealized:
  
Appreciation
$77,414,344
Depreciation
(6,914,729)
Net unrealized appreciation (depreciation) of investments
$70,499,615
 
(1)
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
   
shares unless otherwise noted.
(2)
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
   
may be subject to periodic principal paydowns.
(3)
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(4)
  
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)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
  
A copy of the most recent financial statements for the investment companies in which the Fund
   
invests can be obtained directly from the Securities and Exchange Commission on its website at
   
http://www.sec.gov.
(7)
  
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments
   
is 28.5%.
WI/DD
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
  
Inverse floating rate investment.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

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

 
 
 
 
 
SIGNATURES

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