nq2.htm
 
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:         7/31/15         
 
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)
     
   
July 31, 2015 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 143.0% (100.0% of Total Investments)
     
 
   
MUNICIPAL BONDS – 142.7% (99.8% of Total Investments)
     
 
   
Alabama – 0.4% (0.3% of Total Investments)
     
$ 1,785
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill
4/25 at 100.00
N/R
$ 1,646,502
   
College Project, Series 2015, 5.875%, 4/15/45
     
   
Alaska – 0.6% (0.4% of Total Investments)
     
3,035
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
12/15 at 100.00
B
2,607,460
   
Series 2006A, 5.000%, 6/01/32
     
   
Arizona – 2.1% (1.5% of Total Investments)
     
1,435
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,
12/24 at 100.00
A2
1,555,669
   
Series 2014A, 5.000%, 12/01/42
     
6,000
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project,
No Opt. Call
AA
7,528,380
   
Series 2005B, 5.500%, 7/01/37 – FGIC Insured
     
7,435
 
Total Arizona
   
9,084,049
   
California – 15.2% (10.6% of Total Investments)
     
2,165
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate
No Opt. Call
BBB+
1,935,791
   
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
3,419,465
   
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)
1,497,088
1,565
 
5.000%, 10/01/27 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
Aa3 (4)
1,577,739
10,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/22 at 100.00
AA
10,915,500
   
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
 
9.368%, 2/15/20 (IF) (5)
No Opt. Call
AA
992,723
375
 
9.368%, 2/15/20 (IF) (5)
No Opt. Call
AA
435,405
340
 
9.361%, 2/15/20 (IF) (5)
No Opt. Call
AA
394,716
14,345
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
No Opt. Call
AA
4,949,455
   
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
2,037,896
3,600
 
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
A2
2,778,480
   
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–
1,396,267
1,210
 
6.000%, 1/15/49
1/24 at 100.00
BBB–
1,418,132
2,425
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,
9/15 at 100.00
A
2,429,365
   
5.000%, 9/01/27 – AMBAC 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+
1,878,088
1,270
 
5.000%, 6/01/33
6/17 at 100.00
B
1,065,047
1,000
 
5.750%, 6/01/47
6/17 at 100.00
B
855,850
365
 
5.125%, 6/01/47
6/17 at 100.00
B
285,404
   
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
4,051,539
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA
1,372,226
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
8/29 at 100.00
AA
2,786,039
   
AGC Insured
     
4,150
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of
10/25 at 100.00
AA
4,505,697
   
Participation, Refunding 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–
180,910
   
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–
6,968,335
   
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
4,295,648
   
Series 2006, 3.500%, 7/01/29 – AGM Insured
     
79,130
 
Total California
   
64,422,805
   
Colorado – 3.1% (2.2% of Total Investments)
     
750
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 –
10/16 at 100.00
BBB–
768,128
   
SYNCORA GTY Insured
     
170
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
6/23 at 100.00
BBB+
187,869
   
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%,
No Opt. Call
AA–
12,215,180
   
9/01/25 – NPFG Insured
     
17,920
 
Total Colorado
   
13,171,177
   
District of Columbia – 2.8% (1.9% of Total Investments)
     
900
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC
10/22 at 100.00
BB+
855,612
   
Issue, Series 2013, 5.000%, 10/01/45
     
6,810
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 –
4/17 at 100.00
A–
7,059,859
   
AMBAC Insured
     
2,635
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue
4/22 at 100.00
BBB+
2,734,208
   
Bonds, Dulles 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+
1,041,431
   
Tender Option Bond Trust 1606, 11.856%, 10/01/30 – AMBAC Insured (IF) (5)
     
11,280
 
Total District of Columbia
   
11,691,110
   
Florida – 7.7% (5.4% 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
3,341,460
   
AGM Insured
     
1,030
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 (WI/DD,
9/25 at 100.00
AA–
1,145,473
   
Settling 8/05/15)
     
1,430
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University,
11/23 at 100.00
BBB–
1,582,867
   
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
3,934,948
1,720
 
5.625%, 4/01/43
4/23 at 100.00
Baa1
1,916,097
   
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
     
165
 
5.250%, 12/01/17
12/15 at 100.00
AA–
165,589
100
 
5.250%, 12/01/18
12/15 at 100.00
AA–
100,337
   
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,
     
   
Senior Lien Series 2015A:
     
2,195
 
5.000%, 10/01/40 (WI/DD, Settling 8/13/15) (Alternative Minimum Tax)
10/24 at 100.00
AA–
2,395,382
1,430
 
5.000%, 10/01/44 (WI/DD, Settling 8/13/15) (Alternative Minimum Tax)
10/24 at 100.00
AA–
1,552,480
5,825
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B, 5.000%, 10/01/38
10/18 at 100.00
Aa2
6,385,249
2,335
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM
8/21 at 100.00
AA
2,611,838
   
Insured (Alternative Minimum Tax)
     
1,545
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A,
2/21 at 100.00
AA
1,837,345
   
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+
2,621,568
   
5.000%, 10/01/37
     
750
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,
4/22 at 100.00
A
785,198
   
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
68,284
   
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
1,046,130
   
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 (Pre-refunded
10/15 at 100.00
AA (4)
1,008,080
   
10/01/15) – NPFG Insured
     
29,430
 
Total Florida
   
32,498,325
   
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)
7,036,770
   
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
5,673,250
7,030
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%,
2/18 at 100.00
AAA
7,763,862
   
2/01/36 (Pre-refunded 2/01/18) (5)
     
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,
10/22 at 100.00
Baa2
1,115,230
   
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
1,872,929
   
Medical Center Project, Series 2011B, 5.000%, 10/01/41
     
21,665
 
Total Georgia
   
23,462,041
   
Guam – 0.2% (0.2% of Total Investments)
     
150
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
175,628
   
(Alternative Minimum Tax)
     
650
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
7/23 at 100.00
A–
735,833
   
5.500%, 7/01/43
     
800
 
Total Guam
   
911,461
   
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
5,717,650
   
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–
3,107,638
   
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 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
A+ (4)
3,133,620
1,130
 
5.000%, 7/15/24 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
A+ (4)
1,180,330
7,025
 
Total Idaho
   
7,421,588
   
Illinois – 13.9% (9.7% of Total Investments)
     
3,745
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014,
No Opt. Call
AA
3,983,519
   
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–
3,667,536
   
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
917,025
2,000
 
0.000%, 2/01/34
2/21 at 100.00
AA
680,100
2,845
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City
12/23 at 100.00
AA
3,162,929
   
Colleges, Series 2013, 5.250%, 12/01/43
     
3,920
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A,
7/25 at 100.00
AA–
4,349,985
   
5.000%, 1/01/40
     
1,000
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012,
No Opt. Call
AA
1,080,950
   
5.000%, 6/01/42
     
4,000
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A,
9/24 at 100.00
BBB
4,185,600
   
5.000%, 9/01/42
     
1,245
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
8/25 at 100.00
Baa1
1,328,502
   
Refunding Series 2015C, 5.000%, 8/15/44
     
5,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
10/21 at 100.00
AA+
5,328,950
   
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– (4)
3,732,400
   
2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
     
   
Illinois State, General Obligation Bonds, Refunding Series 2012:
     
635
 
5.000%, 8/01/21
No Opt. Call
A–
688,061
500
 
5.000%, 8/01/22
No Opt. Call
A–
540,435
685
 
5.000%, 8/01/23
No Opt. Call
A–
740,067
4,035
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
9/15 at 100.00
A–
4,048,073
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
482,828
   
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
AA
5,948,500
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AA
3,942,549
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/20 at 100.00
BBB+
3,568,617
   
Project, Tender Option Bond Trust 2015-XF0081, 13.553%, 6/15/42 (IF)
     
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
AA
4,274,829
1,680
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
11/23 at 100.00
BB+
2,086,829
   
Inc., Series 2013, 7.625%, 11/01/48
     
91,045
 
Total Illinois
   
58,738,284
   
Indiana – 6.8% (4.7% of Total Investments)
     
1,050
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric
6/22 at 100.00
BBB–
1,111,215
   
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
5,683,178
   
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:
     
1,830
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
BBB
1,959,527
7,250
 
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
BBB
7,628,015
1,850
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/22 at 100.00
AA
2,044,213
   
2012A, 5.000%, 10/01/37
     
3,240
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
AA–
3,386,189
   
NPFG Insured
     
5,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,
1/19 at 100.00
AA
5,635,100
   
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
350,466
   
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
929,437
   
7.000%, 1/01/44 (Alternative Minimum Tax)
     
26,670
 
Total Indiana
   
28,727,340
   
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–
523,310
   
Project, Series 2013, 5.250%, 12/01/25
     
450
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
12/15 at 100.00
B+
393,939
   
5.500%, 6/01/42
     
2,800
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
2,644,236
   
5.600%, 6/01/34
     
3,730
 
Total Iowa
   
3,561,485
   
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–
4,286,585
   
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
718,507
1,775
 
0.000%, 7/01/46
7/31 at 100.00
Baa3
1,237,903
   
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
1,057,767
190
 
6.000%, 7/01/53
7/23 at 100.00
Baa3
216,091
2,415
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series
2/19 at 100.00
AA
2,740,904
   
2009, 5.250%, 2/01/20 – AGC Insured
     
6,355
 
Total Kentucky
   
5,971,172
   
Louisiana – 6.9% (4.9% of Total Investments)
     
1,175
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing
7/23 at 100.00
N/R
1,288,787
   
(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
1,163,040
   
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
5,703,050
   
Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
     
6,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36
5/16 at 100.00
Aa1 (4)
6,213,300
   
(Pre-refunded 5/01/16) – AGM Insured
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
     
1,050
 
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
Aa1 (4)
1,085,364
8,270
 
4.500%, 5/01/41 (Pre-refunded 5/01/16) – NPFG Insured (UB)
5/16 at 100.00
Aa1 (4)
8,533,068
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.192%,
5/16 at 100.00
Aa1 (4)
3,756
   
5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
     
5,055
 
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B,
1/25 at 100.00
A–
5,411,327
   
5.000%, 1/01/45 (Alternative Minimum Tax)
     
27,553
 
Total Louisiana
   
29,401,692
   
Massachusetts – 2.5% (1.7% of Total Investments)
     
1,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
AA+
1,127,100
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
     
1,000
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta
11/17 at 100.00
BB+
1,012,010
   
Energy Project, Series 2012B, 4.875%, 11/01/42
     
   
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:
     
3,200
 
5.000%, 1/01/45
1/25 at 100.00
BBB+
3,369,312
755
 
4.500%, 1/01/45
1/25 at 100.00
BBB+
745,268
1,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye
7/20 at 100.00
BBB–
1,081,870
   
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
     
400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A,
8/17 at 100.00
AA+
428,628
   
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+
2,821,898
   
8/01/46 – AGM Insured
     
10,130
 
Total Massachusetts
   
10,586,086
   
Michigan – 3.4% (2.4% of Total Investments)
     
1,055
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
Aa1
1,116,264
   
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+
1,377,707
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
1,500
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
No Opt. Call
AA–
1,607,445
   
Healthcare, 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
3,554,938
   
5.000%, 12/01/39
     
1,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
1,058,970
1,225
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
12/16 at 100.00
AA
1,288,039
   
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)
291,445
   
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
3,052,737
   
2009C, 5.000%, 12/01/48
     
1,250
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation
6/16 at 100.00
AA–
1,270,238
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35
     
13,680
 
Total Michigan
   
14,617,783
   
Missouri – 0.6% (0.5% of Total Investments)
     
2,460
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
5/23 at 100.00
BBB+
2,672,913
   
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–
111,703
   
of Sunset Hills, Series 2013A, 5.875%, 9/01/43
     
2,560
 
Total Missouri
   
2,784,616
   
Nebraska – 3.2% (2.2% of Total Investments)
     
900
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
11/25 at 100.00
A–
971,478
   
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/48
     
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32
9/15 at 100.00
AA (4)
6,385,885
   
(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 (4)
6,251,820
   
2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured
     
13,260
 
Total Nebraska
   
13,609,183
   
Nevada – 2.8% (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
2,631,107
   
AGM Insured
     
6,885
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
AA
7,717,878
   
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+
1,431,651
   
5.000%, 6/01/42
     
10,535
 
Total Nevada
   
11,780,636
   
New Jersey – 1.8% (1.2% of Total Investments)
     
1,900
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series
1/16 at 100.00
AA–
1,927,398
   
2004A, 5.000%, 7/01/29 – NPFG Insured
     
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series
No Opt. Call
A–
2,371,472
   
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
1,468,872
   
AGM Insured
     
200
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.019%,
7/22 at 100.00
A+
281,730
   
1/01/43 (IF) (5)
     
2,025
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B–
1,512,857
   
Series 2007-1A, 4.750%, 6/01/34
     
7,475
 
Total New Jersey
   
7,562,329
   
New York – 4.7% (3.3% of Total Investments)
     
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
8/15 at 100.00
AA–
1,124,390
   
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
 
13.891%, 2/15/33 (IF)
2/19 at 100.00
AAA
2,667,220
1,335
 
13.879%, 2/15/39 (IF)
2/19 at 100.00
AAA
1,779,288
850
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
968,805
   
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–
3,118,740
   
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
556,259
390
 
5.000%, 9/01/44
9/24 at 100.00
A–
427,222
1,575
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%,
5/21 at 100.00
AA
1,740,155
   
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–
2,156,780
   
5.000%, 9/01/42
     
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B,
11/15 at 100.00
AA– (4)
486,067
   
5.000%, 11/15/30 (Pre-refunded 11/15/15) – AMBAC Insured
     
1,435
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
3/19 at 100.00
AA
1,697,103
   
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
2,241,356
   
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
1,025,810
   
Health Center Project, Series 2012, 5.000%, 7/01/42
     
17,955
 
Total New York
   
19,989,195
   
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
250,465
   
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–
2,326,537
   
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 (4)
638,744
   
(Pre-refunded 6/01/19) – AGC Insured
     
2,940
 
Total North Carolina
   
3,215,746
   
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
658,734
   
Project, Series 2013, 7.750%, 9/01/38
     
   
Ohio – 4.6% (3.2% of Total Investments)
     
2,455
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
5/22 at 100.00
A1
2,628,937
   
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–
1,063,258
   
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–
2,113,890
710
 
5.875%, 6/01/30
6/17 at 100.00
B–
587,802
3,665
 
5.750%, 6/01/34
6/17 at 100.00
B–
2,925,916
1,115
 
5.875%, 6/01/47
6/17 at 100.00
B
897,029
1,870
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
5/22 at 100.00
Aa2
2,009,296
   
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+
2,873,056
   
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+
1,405,107
   
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+
1,039,938
   
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
BB
214,486
210
 
6.000%, 12/01/42
12/22 at 100.00
BB
226,619
1,330
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities
3/25 at 100.00
N/R
1,335,692
   
Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45
     
   
(WI/DD, Settling 8/03/15)
     
20,375
 
Total Ohio
   
19,321,026
   
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
2,410,049
   
5.000%, 2/15/37 (DD1, Settling 8/31/15) DD1
     
50
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,
2/17 at 100.00
N/R (4)
53,383
   
5.000%, 2/15/37 (Pre-refunded 2/15/17)
     
2,375
 
Total Oklahoma
   
2,463,432
   
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
3,428,250
   
5.000%, 11/15/33 (Pre-refunded 5/15/19)
     
   
Pennsylvania – 5.9% (4.1% of Total Investments)
     
1,050
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
AA
1,164,713
   
5.000%, 1/01/40 – AGM Insured
     
1,500
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession,
12/23 at 100.00
A
1,674,300
   
Series 2013A, 5.125%, 12/01/47
     
1,500
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds,
1/25 at 100.00
Baa2
1,585,245
   
Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
     
100
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
11/24 at 100.00
N/R
102,327
   
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
5,404,669
   
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
4,258,318
   
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+ (4)
1,091,276
   
(Pre-refunded 6/01/16) – AMBAC Insured
     
6,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
7,131,900
   
6/01/33 – AGM Insured
     
400
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
7/22 at 100.00
BB+
420,172
   
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
2,043,100
   
5.000%, 1/15/19 – AGM Insured
     
22,425
 
Total Pennsylvania
   
24,876,020
   
Puerto Rico – 0.4% (0.3% of Total Investments)
     
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA
1,211,060
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
     
2,645
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
CCC–
272,938
1,855
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
CCC–
125,584
5,725
 
Total Puerto Rico
   
1,609,582
   
Rhode Island – 0.3% (0.2% of Total Investments)
     
1,000
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England
9/23 at 100.00
BBB
1,115,000
   
Health System, Series 2013A, 6.000%, 9/01/33
     
   
South Carolina – 2.6% (1.8% of Total Investments)
     
6,000
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series
12/16 at 100.00
AA
6,346,740
   
2006, 5.000%, 12/01/24
     
1,950
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series
12/16 at 100.00
AA (4)
2,068,112
   
2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
     
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds,
10/15 at 100.00
AA (4)
1,007,980
   
Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 (Pre-refunded 10/01/15) –
     
   
AGM Insured
     
20
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series
1/19 at 100.00
AA–
22,427
   
2008A, 5.500%, 1/01/38
     
1,310
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A,
12/23 at 100.00
AA–
1,449,004
   
5.125%, 12/01/43
     
10,280
 
Total South Carolina
   
10,894,263
   
Tennessee – 0.9% (0.7% of Total Investments)
     
3,635
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,
1/23 at 100.00
A+
3,954,407
   
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
     
   
Texas – 14.8% (10.4% of Total Investments)
     
5,480
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%,
11/25 at 100.00
AA–
6,084,718
   
11/15/45 (UB) (5)
     
   
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–
729,649
375
 
4.400%, 12/01/47
12/22 at 100.00
BBB–
353,404
3,300
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C,
11/22 at 100.00
A+
3,535,717
   
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+
2,946,024
   
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+
1,530,667
   
Trust 2015-XF0228, 17.950%, 4/01/53 (IF)
     
1,935
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston
6/25 at 100.00
AA
2,142,374
   
Methodist Hospital System, Series 2015, 5.000%, 12/01/45 (WI/DD, Settling 8/06/15)
     
1,100
 
Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series
10/16 at 100.00
AAA
1,159,554
   
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+
2,145,542
   
Option Bond Trust 1014, 13.422%, 11/01/41 (IF) (5)
     
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust
No Opt. Call
AAA
7,374,396
   
2015-XF0074, 14.503%, 8/15/27 – AGM Insured (IF)
     
185
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.
7/24 at 100.00
BB–
193,941
   
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
     
1,195
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission
5/25 at 100.00
A+
1,314,321
   
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45
     
   
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
     
740
 
5.750%, 12/01/33
12/25 at 100.00
Baa2
812,187
740
 
6.125%, 12/01/38
12/25 at 100.00
Baa2
813,704
2,820
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
8/22 at 100.00
Aa2
3,143,257
   
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
3,537,975
   
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+
2,353,481
3,910
 
0.000%, 9/01/45
9/31 at 100.00
AA+
3,905,621
1,870
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
9/23 at 100.00
A
2,049,183
   
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
7,452,879
   
2012, 5.000%, 3/01/52
     
355
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
381,678
   
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–
1,303,605
   
Refunding Series 2015B, 5.000%, 8/15/37
     
7,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier
8/24 at 100.00
BBB+
7,499,030
   
Refunding Series 2015C, 5.000%, 8/15/42
     
54,925
 
Total Texas
   
62,762,907
   
Utah – 3.2% (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
A+
3,499,008
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193,
No Opt. Call
AAA
6,550,285
   
13.650%, 12/15/15 – AGM Insured (IF)
     
3,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded
6/18 at 100.00
AAA
3,346,650
   
6/15/18) – AGM Insured
     
11,065
 
Total Utah
   
13,395,943
   
Vermont – 1.9% (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)
7,903,739
   
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–
1,888,950
2,050
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
No Opt. Call
BBB–
906,100
700
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC
1/22 at 100.00
BBB–
731,549
   
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
     
4,545
 
Total Virginia
   
3,526,599
   
Washington – 9.5% (6.6% 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)
5,466,018
   
7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured
     
5,000
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding
7/25 at 100.00
Aa1
5,741,150
   
Series 2015A, 5.000%, 7/01/38 (UB) (5)
     
1,100
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015C, 5.000%, 4/01/40
10/24 at 100.00
A+
1,194,215
   
(WI/DD, Settling 8/06/15) (Alternative Minimum Tax)
     
10,000
 
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37
6/17 at 100.00
Aaa
10,800,600
   
(Pre-refunded 6/01/17) – AMBAC Insured (UB)
     
6,760
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services
7/25 at 100.00
Baa1
6,513,530
   
Association, Refunding Series 2015, 4.000%, 7/01/36
     
10,000
 
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded
7/16 at 100.00
AA+ (4)
10,429,400
   
7/01/16) – AGM Insured
     
38,125
 
Total Washington
   
40,144,913
   
West Virginia – 2.1% (1.4% of Total Investments)
     
7,800
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health
6/23 at 100.00
A
8,772,192
   
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
183,420
   
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–
1,662,161
   
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+
2,486,134
   
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–
8,095,667
   
Inc, Series 2015, 5.000%, 12/15/44
     
11,390
 
Total Wisconsin
   
12,427,382
$ 627,408
 
Total Municipal Bonds (cost $555,345,343)
   
604,720,689
 
Shares
 
Description (1), (6)
   
Value
   
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
     
13,600
 
BlackRock MuniEnhanced Fund Inc.
   
$ 153,408
8,134
 
BlackRock MuniHoldings Fund Inc.
   
131,933
3,500
 
Deutsche Municipal Income Trust
   
44,590
7,920
 
Dreyfus Strategic Municipal Fund
   
64,073
9,500
 
Invesco Advantage Municipal Income Fund II
   
105,165
9,668
 
Invesco Quality Municipal Income Trust
   
115,436
28,980
 
Invesco VK Investment Grade Municipal Trust
   
371,234
26,280
 
PIMCO Municipal Income Fund II
   
311,418
   
Total Investment Companies (cost $1,353,712)
   
1,297,257
   
Total Long-Term Investments (cost $556,699,055)
   
606,017,946
   
Floating Rate Obligations – (5.3)%
   
(22,313,334)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.2)% (7)
   
(179,000,000)
   
Other Assets Less Liabilities – 4.5% (8)
   
19,083,582
   
Net Assets Applicable to Common Shares – 100%
   
$ 423,788,194
 
 
Investments in Derivatives as of July 31, 2015 
         
Interest Rate Swaps outstanding:
             
 
   
Fund
   
Fixed Rate
   
Unrealized
 
Notional
Pay/Receive
Floating Rate
Fixed Rate
Payment
Effective
Termination
Appreciation
Counterparty
Amount
Floating Rate
Index
(Annualized)
Frequency
Date (9)
Date
(Depreciation)
JPMorgan
$45,600,000
Receive
Weekly USD-SIFMA
2.030%
Quarterly
6/08/16
6/08/26
$(543,843)
 
 
Fair Value Measurements
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
       
Municipal Bonds
$           —
$604,720,689
$ —
$604,720,689
Investment Companies
1,297,257
1,297,257
Investments in Derivatives:
       
Interest Rate Swaps*
(543,843)
(543,843)
Total
$1,297,257
$604,176,846
$ —
$605,474,103
*Represents net unrealized appreciation (depreciation).
 
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of July 31, 2015, the cost of investments (excluding investments in derivatives) was $540,187,167.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of July 31, 2015, were as follows:
   
Gross unrealized:
 
Appreciation
$51,757,941
Depreciation
(8,241,182)
Net unrealized appreciation (depreciation) of investments
$43,516,759
 
 
(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 derivatives and/or inverse floating rate transactions.
(6)
 
A copy of the most recent financial statements for these investment companies 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 29.5%.
(8)
 
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter
   
derivatives as well as the exchange-cleared and exchange-traded derivatives, when applicable.
(9)
 
Effective date represents the date on which both the Fund and Counterparty commence interest payment
   
accruals on each contract.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD)
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-SIFMA
 
United States Dollar-Securities Industry and Financial Market Association

 
 
 

 
 
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:         September 29, 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:         September 29, 2015        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         September 29, 2015