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 811-09297
 
Nuveen Dividend Advantage Municipal 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:         1/31/16         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
 
   
Portfolio of Investments
     
 
   
Nuveen Dividend Advantage Municipal Fund (NAD)
     
   
January 31, 2016 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 143.4% (100.0% of Total Investments)
     
 
   
MUNICIPAL BONDS – 143.3% (99.9% of Total Investments)
     
 
   
Arizona – 3.3% (2.3% of Total Investments)
     
$    2,000
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A,
7/20 at 100.00
A+
$     2,245,960
   
5.000%, 7/01/40
     
   
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A:
     
2,350
 
5.000%, 7/01/33
7/18 at 100.00
AA–
2,551,959
8,200
 
5.000%, 7/01/38
7/18 at 100.00
AA–
8,904,708
   
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
     
   
Prepay Contract Obligations, Series 2007:
     
500
 
5.500%, 12/01/29
No Opt. Call
BBB+
628,385
5,000
 
5.000%, 12/01/37
No Opt. Call
BBB+
6,018,150
18,050
 
Total Arizona
   
20,349,162
   
California – 14.0% (9.7% of Total Investments)
     
1,535
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A,
No Opt. Call
AA–
668,155
   
0.000%, 10/01/37 – NPFG Insured
     
   
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project,
     
   
Series 1997C:
     
7,150
 
0.000%, 9/01/28 – AGM Insured
No Opt. Call
AA
4,750,031
200
 
0.000%, 9/01/35 – AGM Insured
No Opt. Call
AA
98,000
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
AA–
5,840,950
   
2013S-4, 5.000%, 4/01/38
     
3,335
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
3,439,986
   
5.000%, 11/15/42
     
5,000
 
California State, General Obligation Bonds, Refunding Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A+ (4)
5,021,500
   
(Pre-refunded 3/01/16)
     
4,300
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
2/17 at 100.00
AA–
4,462,540
65
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
4/16 at 100.00
AA–
65,273
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
AA–
4,983,040
2,250
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System
11/20 at 100.00
AA–
2,581,178
   
Obligated Group, Series 2010, 5.250%, 11/01/30
     
6,025
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
8/19 at 100.00
N/R (4)
7,256,751
   
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
     
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
8/17 at 100.00
AA (4)
5,340,000
   
Election 2006 Series 2007A, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured
     
2,000
 
Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series
8/17 at 49.41
Aa2
964,560
   
2007C, 0.000%, 8/01/31 – NPFG Insured
     
3,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
1/24 at 100.00
BBB–
3,560,700
   
Refunding Series 2013A, 6.000%, 1/15/49
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
     
   
Asset-Backed Revenue Bonds, Series 2005A:
     
3,455
 
0.000%, 6/01/24 – AMBAC Insured
No Opt. Call
A+
2,834,033
3,500
 
0.000%, 6/01/26 – AGM Insured
No Opt. Call
AA
2,709,945
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
4,680
 
4.500%, 6/01/27
6/17 at 100.00
B+
4,694,087
12,805
 
5.000%, 6/01/33
6/17 at 100.00
B
11,961,279
1,000
 
5.125%, 6/01/47
6/17 at 100.00
B
894,100
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation
No Opt. Call
Aa2
1,406,575
   
Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
     
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
No Opt. Call
A
3,176,756
   
2009C, 6.500%, 11/01/39
     
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax
9/16 at 100.00
AA
2,053,040
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
     
7,660
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll
No Opt. Call
Aaa
6,717,054
   
Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM)
     
2,410
 
Victor Elementary School District, San Bernardino County, California, General Obligation
No Opt. Call
AA–
1,797,643
   
Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured
     
91,320
 
Total California
   
87,277,176
   
Colorado – 11.6% (8.1% of Total Investments)
     
1,125
 
Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series
12/17 at 100.00
AA
1,142,100
   
2007, 5.000%, 12/01/37 – RAAI Insured
     
3,475
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
7/19 at 100.00
A+
3,923,345
   
Series 2009A, 5.500%, 7/01/34
     
2,300
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
2/21 at 100.00
A+
2,518,477
   
Series 2011A, 5.000%, 2/01/41
     
4,890
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
1/23 at 100.00
A+
5,509,514
   
Series 2013A, 5.250%, 1/01/45
     
4,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
1/20 at 100.00
AA–
4,437,680
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
     
8,765
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
No Opt. Call
AA–
6,742,213
   
9/01/25 – NPFG Insured
     
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
No Opt. Call
AA–
14,679,000
   
9/01/31 – NPFG Insured
     
12,500
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%,
9/26 at 54.77
AA–
4,588,625
   
9/01/38 – NPFG Insured
     
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%,
No Opt. Call
AA–
28,642,197
   
3/01/36 – NPFG Insured
     
122,055
 
Total Colorado
   
72,183,151
   
Connecticut – 0.4% (0.3% of Total Investments)
     
2,235
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University,
7/16 at 100.00
AAA
2,276,705
   
Series 2007Z-1, 5.000%, 7/01/42
     
4,178
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series
No Opt. Call
N/R
274,720
   
2013A, 6.050%, 7/01/31 (5)
     
6,413
 
Total Connecticut
   
2,551,425
   
Florida – 7.0% (4.9% of Total Investments)
     
2,735
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015,
11/24 at 100.00
A2
3,079,501
   
5.000%, 11/15/35
     
2,500
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,
10/17 at 100.00
BBB+ (4)
2,682,075
   
Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
     
2,005
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic
2/24 at 100.00
AA
2,255,084
   
Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
     
3,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012,
7/22 at 100.00
AA
3,421,080
   
5.000%, 7/01/42
     
1,665
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc.,
10/19 at 100.00
A
1,857,058
   
Series 2009, 5.125%, 10/01/26
     
22,000
 
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of
8/17 at 100.00
AA
22,984,940
   
South Florida, Series 2007, 5.000%, 8/15/37 (UB)
     
7,370
 
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of
8/17 at 100.00
AA
7,682,709
   
South Florida, Series 2007, 5.000%, 8/15/42 (UB)
     
41,275
 
Total Florida
   
43,962,447
   
Georgia – 2.3% (1.6% of Total Investments)
     
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/32
5/25 at 100.00
AA–
6,008,650
5,000
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real
7/17 at 100.00
N/R (4)
5,331,850
   
Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 (Pre-refunded 7/15/17) –
     
   
AMBAC Insured
     
3,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,
2/20 at 100.00
AA–
3,341,130
   
Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37
     
13,000
 
Total Georgia
   
14,681,630
   
Illinois – 20.5% (14.3% of Total Investments)
     
3,790
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
AA–
1,899,321
   
Revenues, Series 1998B-1, 0.000%, 12/01/29 – FGIC Insured
     
7,250
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
AA–
8,110,430
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
     
   
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments,
     
   
Series 1999A:
     
320
 
5.500%, 12/20/19 (Alternative Minimum Tax)
4/16 at 100.00
AA–
320,902
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
4/16 at 100.00
AA–
1,212,287
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
4/16 at 100.00
AA–
1,927,676
3,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/33 –
No Opt. Call
AA–
1,272,030
   
FGIC Insured
     
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series
No Opt. Call
AA–
25,329,849
   
1999, 5.500%, 1/01/23 – FGIC Insured
     
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA+
1,719,450
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,
8/18 at 100.00
AA
2,148,880
   
8/15/47 – AGC Insured (UB)
     
1,120
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A,
2/18 at 100.00
A
1,195,768
   
5.500%, 2/01/40 – AMBAC Insured
     
1,800
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B,
5/18 at 100.00
AA
1,952,712
   
5.000%, 5/15/19 – AGM Insured
     
2,000
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,
5/25 at 100.00
A+
2,276,160
   
Series 2015B, 5.000%, 11/15/39
     
   
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
     
   
Refunding Series 2015C:
     
560
 
5.000%, 8/15/35
8/25 at 100.00
Baa1
632,257
410
 
5.000%, 8/15/44
8/25 at 100.00
Baa1
453,743
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
7/17 at 100.00
AA+ (4)
1,302,212
   
(Pre-refunded 7/01/17)
     
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers,
8/18 at 100.00
BBB+
4,394,880
   
Series 2008A, 6.000%, 8/15/23
     
5,930
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
5/17 at 100.00
BBB+
6,059,748
   
Refunding Series 2007A, 5.250%, 5/01/34
     
2,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1,
7/16 at 100.00
AA (4)
2,039,840
   
5.000%, 1/01/20 (Pre-refunded 7/01/16) – AGM Insured
     
2,000
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds,
No Opt. Call
Aa3
1,745,720
   
Series 2006, 0.000%, 12/01/21 – NPFG Insured
     
3,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue
4/16 at 100.00
N/R
1,406,970
   
Bonds, Series 2005A-1, 7.125%, 1/01/36 (6)
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
     
   
Project, Refunding Series 1996A:
     
12,250
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
AA–
9,901,063
13,000
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
AA–
10,067,850
1,840
 
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 (Pre-refunded
5/16 at 55.54
AA (4)
1,020,979
   
5/01/16) – SYNCORA GTY Insured
     
   
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois,
     
   
General Obligation Bonds, Series 1999:
     
22,650
 
5.750%, 6/01/19 – AGM Insured
No Opt. Call
AA
26,131,984
3,500
 
5.750%, 6/01/23 – AGM Insured
No Opt. Call
AA
4,316,830
2,250
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/29
3/25 at 100.00
A
2,669,243
4,930
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds,
No Opt. Call
A1
4,121,332
   
Series 2006, 0.000%, 1/01/23 – AGM Insured
     
2,475
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B,
No Opt. Call
A2
2,365,531
   
0.000%, 11/01/18 – AGM Insured
     
130,685
 
Total Illinois
   
127,995,647
   
Indiana – 3.7% (2.6% of Total Investments)
     
3,400
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group,
6/25 at 100.00
AA
3,914,250
   
Refunding 2015A, 5.000%, 12/01/40
     
4,670
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A,
12/19 at 100.00
AA
5,257,533
   
5.250%, 12/01/38
     
970
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
A+
1,007,229
   
Indiana, Series 2007, 5.500%, 3/01/37
     
1,030
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
N/R (4)
1,085,836
   
Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
     
2,895
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds,
1/17 at 100.00
Aaa
3,010,163
   
Tender Option Bond Trust 2015-XF0068, 7.803%, 1/01/25 (Alternative Minimum Tax) (IF)
     
8,675
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42
1/17 at 100.00
AA– (4)
9,029,981
   
(Pre-refunded 1/01/17) – NPFG Insured
     
21,640
 
Total Indiana
   
23,304,992
   
Iowa – 1.7% (1.2% of Total Investments)
     
1,335
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
12/23 at 100.00
BB–
1,461,692
   
Project, Series 2013, 5.250%, 12/01/25
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
2,420
 
5.500%, 6/01/42
4/16 at 100.00
B+
2,350,352
7,000
 
5.625%, 6/01/46
4/16 at 100.00
B+
6,999,300
10,755
 
Total Iowa
   
10,811,344
   
Kansas – 0.0% (0.0% of Total Investments)
     
450
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
No Opt. Call
A–
337,919
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex
     
   
Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
     
   
Kentucky – 0.3% (0.2% of Total Investments)
     
2,670
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown
7/31 at 100.00
Baa3
2,023,379
   
Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43
     
   
Louisiana – 3.9% (2.7% of Total Investments)
     
3,950
 
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court
6/17 at 100.00
AA– (4)
4,210,068
   
Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
     
6,525
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/17 at 100.00
Baa1
6,820,974
   
Series 2007A, 5.500%, 5/15/47
     
2,475
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/17 at 100.00
N/R (4)
2,632,905
   
Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
     
5,445
 
Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41
5/16 at 100.00
AA (4)
5,504,078
   
(Pre-refunded 5/01/16) – FGIC Insured (UB)
     
5,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/41
5/16 at 100.00
Aa1 (4)
5,060,650
   
(Pre-refunded 5/01/16) – AGM Insured
     
23,395
 
Total Louisiana
   
24,228,675
   
Maine – 0.2% (0.1% of Total Investments)
     
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical
7/21 at 100.00
BBB–
1,197,693
   
Center, Series 2011, 6.750%, 7/01/41
     
   
Maryland – 0.5% (0.3% of Total Investments)
     
3,000
 
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
3,049,110
   
General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 6/01/16
     
   
Massachusetts – 3.0% (2.1% of Total Investments)
     
1,440
 
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds,
4/16 at 100.00
N/R
14
   
Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) (5)
     
2,840
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
AAA
3,134,252
1,160
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
N/R (4)
1,286,394
   
(Pre-refunded 7/01/18)
     
4,365
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health
4/16 at 100.00
AA
4,380,758
   
System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
     
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
7/18 at 100.00
A–
661,782
   
Series 2008E-1 &2, 5.125%, 7/01/33
     
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk
7/19 at 100.00
BBB
2,577,426
   
University Issue, Series 2009A, 5.750%, 7/01/39
     
2,685
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
AA–
2,829,426
2,280
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series
5/23 at 100.00
AA+
2,649,588
   
2013A, 5.000%, 5/15/43
     
1,100
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series
No Opt. Call
AA–
941,402
   
1997A, 0.000%, 1/01/24 – NPFG Insured
     
18,790
 
Total Massachusetts
   
18,461,042
   
Michigan – 5.4% (3.8% of Total Investments)
     
885
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
A–
985,200
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
1,600
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%,
7/18 at 100.00
AA+
1,743,136
   
7/01/31 – BHAC Insured
     
4,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D,
7/16 at 100.00
AA
4,039,080
   
5.000%, 7/01/32 – AGM Insured
     
405
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
7/24 at 100.00
AA
455,892
   
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series
     
   
2014D-1,5.000%, 7/01/37 – AGM Insured
     
3,670
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015,
6/22 at 100.00
AA
4,239,547
   
5.000%, 12/01/32
     
2,695
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
No Opt. Call
AAA
2,780,539
   
5.000%, 10/01/16
     
2,500
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I,
No Opt. Call
AA
2,838,175
   
5.000%, 10/15/23 – AGC Insured
     
10,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding
10/25 at 100.00
Aa2
11,905,700
   
Series 2015-I, 5.000%, 4/15/34
     
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
Aaa
1,368,903
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
     
3,000
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
No Opt. Call
A
3,323,370
   
Airport, Series 2012A, 5.000%, 12/01/37
     
29,905
 
Total Michigan
   
33,679,542
   
Minnesota – 1.4% (1.0% of Total Investments)
     
6,375
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare
11/18 at 100.00
A+ (4)
7,383,653
   
Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
     
1,575
 
Minnesota Public Facilities Authority, Water Pollution Control Revolving Fund Bonds, Series 2004B,
No Opt. Call
AAA
1,582,261
   
5.250%, 3/01/16
     
7,950
 
Total Minnesota
   
8,965,914
   
Missouri – 3.1% (2.2% of Total Investments)
     
   
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
     
7,000
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
AA–
4,958,520
5,000
 
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
3,280,750
5,545
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth,
11/23 at 100.00
A2
6,188,442
   
Series 2013A, 5.000%, 11/15/48
     
5,025
 
Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Senior
No Opt. Call
AAA
5,256,803
   
Lien Series 2010C, 5.000%, 2/01/17
     
22,570
 
Total Missouri
   
19,684,515
   
Nebraska – 0.1% (0.1% of Total Investments)
     
470
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
11/25 at 100.00
A–
529,681
   
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
     
   
Nevada – 7.8% (5.5% of Total Investments)
     
4,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A,
No Opt. Call
AAA
4,514,320
   
5.250%, 7/01/38
     
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
11,621,100
9,725
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
A+
10,930,997
   
International Airport, Series 2010A, 5.250%, 7/01/42
     
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West,
7/17 at 100.00
AA+
4,490,550
   
Tender Option Bond Trust 2633, 19.408%, 7/01/31 – BHAC Insured (IF) (7)
     
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,
6/19 at 100.00
BBB
1,703,565
   
8.000%, 6/15/30
     
   
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
     
5,000
 
5.000%, 6/01/32
12/24 at 100.00
AA+
6,034,100
4,000
 
5.000%, 6/01/39
12/24 at 100.00
AA+
4,691,520
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
AA–
4,999,750
42,975
 
Total Nevada
   
48,985,902
   
New Jersey – 5.3% (3.7% of Total Investments)
     
1,100
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
AA
1,214,697
   
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
     
405
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital
7/25 at 100.00
AA
456,682
   
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
     
   
Series 2006C:
     
20,000
 
0.000%, 12/15/28 – AMBAC Insured
No Opt. Call
A–
11,808,600
20,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
A–
7,699,400
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A,
No Opt. Call
A–
4,321,880
   
5.750%, 6/15/18
     
875
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA,
6/25 at 100.00
A–
964,828
   
5.250%, 6/15/33
     
570
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
Aa3
650,991
6,025
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B+
6,041,027
   
Series 2007-1A, 4.625%, 6/01/26
     
52,975
 
Total New Jersey
   
33,158,105
   
New Mexico – 0.8% (0.6% of Total Investments)
     
5,000
 
State of New Mexico, State Severance Tax Revenue Bonds, Series 2013A, 5.000%, 7/01/16
No Opt. Call
Aa1
5,101,650
   
New York – 7.5% (5.2% of Total Investments)
     
1,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
1,258,323
   
2011A, 5.250%, 2/15/47
     
6,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International
8/16 at 101.00
N/R
6,257,460
   
Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
     
4,755
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
3/19 at 100.00
AA
5,573,050
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
     
2,500
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
No Opt. Call
AA+
2,833,125
   
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
     
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate
5/23 at 100.00
AAA
5,801,150
   
Fiscal 2013 Series I, 5.000%, 5/01/38
     
5,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
11/24 at 100.00
N/R
5,329,150
   
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
     
2,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade
No Opt. Call
A+
2,341,460
   
Center Project, Series 2011, 5.750%, 11/15/51
     
   
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
     
   
Terminal LLC Project, Eighth Series 2010:
     
5,000
 
6.500%, 12/01/28
4/16 at 100.00
BBB
5,026,250
1,670
 
6.000%, 12/01/36
12/20 at 100.00
BBB
1,959,728
10,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
6/16 at 100.00
AA–
10,348,000
   
Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
     
43,025
 
Total New York
   
46,727,696
   
North Carolina – 0.9% (0.6% of Total Investments)
     
1,500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
1,611,180
   
Carolinas HealthCare System, Series 2008A, 5.250%, 1/15/24 – AGC Insured
     
3,400
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
3,846,692
   
WakeMed, Series 2012A, 5.000%, 10/01/31
     
4,900
 
Total North Carolina
   
5,457,872
   
North Dakota – 0.8% (0.5% of Total Investments)
     
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011,
11/21 at 100.00
A+
4,794,716
   
6.250%, 11/01/31
     
   
Ohio – 5.7% (3.9% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
1,820
 
5.375%, 6/01/24
6/17 at 100.00
B–
1,694,038
210
 
5.125%, 6/01/24
6/17 at 100.00
B–
192,505
6,315
 
5.875%, 6/01/30
6/17 at 100.00
B–
5,695,751
1,890
 
5.750%, 6/01/34
6/17 at 100.00
B–
1,675,277
1,000
 
6.500%, 6/01/47
6/17 at 100.00
B
953,620
3,930
 
5.875%, 6/01/47
6/17 at 100.00
B
3,481,430
6,135
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
6/22 at 100.00
B–
5,708,372
   
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
     
6,000
 
Butler County, Ohio,Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
A
7,069,620
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
4/16 at 100.00
A+
3,662,593
   
5.000%, 5/01/30
     
1,000
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation
No Opt. Call
BBB–
1,117,720
   
Project, Series 2009E, 5.625%, 10/01/19
     
   
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
     
   
Series 2013A-1:
     
1,500
 
5.250%, 2/15/39
2/23 at 100.00
A+
1,753,290
1,845
 
5.000%, 2/15/48
2/23 at 100.00
A+
2,079,739
270
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
6/16 at 100.00
Aa1
271,247
35,565
 
Total Ohio
   
35,355,202
   
Oklahoma – 0.7% (0.5% of Total Investments)
     
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue
8/21 at 100.00
N/R
1,179,830
   
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
     
   
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical
     
   
Center, Refunding Series 2015A:
     
1,000
 
5.000%, 8/15/26
8/25 at 100.00
AA–
1,240,860
1,750
 
5.000%, 8/15/28
8/25 at 100.00
AA–
2,144,415
3,750
 
Total Oklahoma
   
4,565,105
   
Pennsylvania – 3.0% (2.1% of Total Investments)
     
160
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%,
12/18 at 100.00
AA (4)
178,702
   
12/01/43 (Pre-refunded 12/01/18) – AGM Insured
     
1,090
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%,
12/18 at 100.00
AA
1,193,942
   
12/01/43 – AGM Insured
     
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2008-96A,
10/16 at 100.00
AA+
1,513,440
   
4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
     
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,
12/27 at 100.00
A–
9,607,366
   
0.000%, 12/01/38
     
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
6,301,850
   
6/01/33 – AGM Insured
     
15,950
 
Total Pennsylvania
   
18,795,300
   
Puerto Rico – 0.7% (0.5% of Total Investments)
     
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,
4/16 at 100.00
AA–
4,339,130
   
4.500%, 12/01/23
     
   
South Carolina – 1.4% (1.0% of Total Investments)
     
1,950
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center,
11/20 at 100.00
AA
2,175,576
   
Refunding Series 2010A, 5.000%, 11/01/37
     
1,250
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
No Opt. Call
AA
768,688
   
0.000%, 1/01/31 – AMBAC Insured
     
5,000
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding &
6/25 at 100.00
AA–
5,580,200
   
Improvement Series 2015A, 5.000%, 12/01/55
     
8,200
 
Total South Carolina
   
8,524,464
   
South Dakota – 0.1% (0.0% of Total Investments)
     
365
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,
11/25 at 100.00
A+
415,235
   
Series 2015, 5.000%, 11/01/45
     
   
Tennessee – 0.4% (0.3% of Total Investments)
     
2,310
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,
9/16 at 100.00
BBB+
2,360,219
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36
     
   
Texas – 12.1% (8.5% of Total Investments)
     
2,560
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company,
4/16 at 100.00
C
76,544
   
Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (5)
     
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The
4/20 at 100.00
Baa1
2,304,340
   
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
     
3,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E,
No Opt. Call
A+
3,281,670
   
5.000%, 11/01/42 (Alternative Minimum Tax)
     
2,140
 
Grapevine-Colleyville Independent School District, Tarrant and Dallas Counties, Texas, General
No Opt. Call
AAA
1,766,484
   
Obligation Bonds, Capital Appreciation, Refunding Series 1998, 0.000%, 8/15/25
     
1,545
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston
6/25 at 100.00
AA
1,784,104
   
Methodist Hospital System, Series 2015, 5.000%, 12/01/45
     
730
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
No Opt. Call
AA–
389,864
   
0.000%, 11/15/30 – NPFG Insured
     
1,000
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series
11/24 at 100.00
A2
1,179,910
   
2014A, 5.000%, 11/15/30
     
2,305
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien
No Opt. Call
AA
2,137,611
   
Series 2001A, 0.000%, 11/15/20 – NPFG Insured
     
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A,
No Opt. Call
AA
4,495,040
   
5.125%, 11/15/32 – AGC Insured
     
1,100
 
Houston, Texas, General Obligation Bonds, Series 2007A, 5.000%, 3/01/32 – NPFG Insured
No Opt. Call
AA+
1,147,146
   
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
     
   
Project, Series 2001B:
     
3,130
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
A2
1,861,192
12,030
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
6,818,965
2,275
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/25 at 100.00
AAA
2,689,528
   
Bonds, Refunding Series 2015A, 5.000%, 8/15/40
     
65
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/17 at 100.00
AAA
69,479
   
Bonds, Series 2008, 5.000%, 8/15/23
     
1,500
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/17 at 100.00
N/R (4)
1,600,650
   
Bonds, Series 2008, 5.000%, 8/15/23 (Pre-refunded 8/15/17)
     
1,105
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,
1/18 at 100.00
AA+
1,195,179
   
5.750%, 1/01/40
     
1,120
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,
1/18 at 100.00
AA+ (4)
1,227,453
   
5.750%, 1/01/40 (Pre-refunded 1/01/18)
     
4,105
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
1/23 at 100.00
A
4,666,851
   
5.000%, 1/01/40
     
7,855
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A,
1/25 at 100.00
A2
9,197,262
   
5.000%, 1/01/33
     
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue
No Opt. Call
AA
3,768,063
   
Bonds, Tender Option Bond Trust 1760-3, 17.314%, 8/15/16 (IF)
     
   
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
     
   
Series 2012:
     
2,050
 
5.000%, 12/15/26
No Opt. Call
A3
2,386,016
8,230
 
5.000%, 12/15/29
No Opt. Call
A3
9,405,079
5,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/22 at 100.00
A–
5,515,150
   
Refunding Series 2012A, 5.000%, 8/15/41
     
2,100
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier
8/24 at 100.00
BBB+
2,412,753
   
Refunding Series 2015C, 5.000%, 8/15/33
     
   
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School
     
   
Building Series 2010:
     
5,165
 
0.000%, 8/15/34
No Opt. Call
AAA
2,252,663
6,135
 
0.000%, 8/15/37
No Opt. Call
AAA
2,239,950
85,540
 
Total Texas
   
75,868,946
   
Virginia – 2.0% (1.4% of Total Investments)
     
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage
10/17 at 100.00
BBB
1,558,155
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
     
1,500
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health
No Opt. Call
A2
1,717,170
   
System Obligated Group, Series 2013, 5.000%, 11/01/30
     
2,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
No Opt. Call
AA
917,780
   
Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
     
3,000
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue
11/22 at 100.00
AA–
3,334,260
   
Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B,
     
   
5.000%, 11/01/46
     
6,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
6/17 at 100.00
B–
4,754,100
   
Series 2007B1, 5.000%, 6/01/47
     
14,000
 
Total Virginia
   
12,281,465
   
Washington – 7.1% (4.9% of Total Investments)
     
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,
10/22 at 100.00
AA
4,661,680
   
Series 2012A, 5.000%, 10/01/32
     
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
7/19 at 100.00
A (4)
2,337,440
   
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
     
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 –
No Opt. Call
AA+
3,291,107
   
AGM Insured
     
   
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
     
17,650
 
0.000%, 1/01/20
No Opt. Call
AA+
16,811,448
18,470
 
0.000%, 1/01/21
No Opt. Call
AA+
17,231,586
45,470
 
Total Washington
   
44,333,261
   
Wisconsin – 4.6% (3.2% of Total Investments)
     
7,620
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series
11/16 at 100.00
AA+
7,880,909
   
2006A, 5.000%, 11/15/36
     
600
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital
No Opt. Call
A2
626,586
   
Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured
     
4,330
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of
2/20 at 100.00
AA
4,950,359
   
Wisconsin Inc., Series 2008B, 5.500%, 8/15/29
     
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
2/22 at 100.00
A–
1,416,413
   
Series 2012B, 5.000%, 2/15/32
     
   
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
     
6,744
 
6.000%, 5/01/36
5/19 at 100.00
AA–
7,803,830
5,100
 
6.250%, 5/01/37
5/19 at 100.00
AA–
5,941,245
25,644
 
Total Wisconsin
   
28,619,342
$ 959,322
 
Total Municipal Bonds (cost $812,236,973)
   
894,958,054
 
Principal
           
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
Value
   
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
       
             
   
Transportation – 0.0% (0.0% of Total Investments)
       
$       266
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
5.500%
7/15/19
N/R
$           7,974
71
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
5.500%
7/15/55
N/R
2,121
$       337
 
Total Corporate Bonds ($30,169)
     
10,095
 
Shares
 
Description (1), (10)
     
Value
   
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments)
       
8,812
 
BlackRock MuniHoldings Fund Inc.
     
$        151,919
32,524
 
Invesco Quality Municipal Income Trust
     
421,836
   
Total Investment Companies (cost $530,611)
     
573,755
   
Total Long-Term Investments (cost $812,797,753)
     
895,541,904
   
Floating Rate Obligations – (4.1)%
     
(25,650,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (42.4)% (11)
     
(265,000,000)
   
Other Assets Less Liabilities – 3.1%
     
19,674,403
   
Net Assets Applicable to Common Shares – 100%
     
$  624,566,307
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive 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 January 31, 2016:
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
       
Municipal Bonds
$        —
$894,958,054
$      —
$894,958,054
Corporate Bonds
10,095
10,095
Investment Companies
573,755
573,755
Total
$573,755
$894,958,054
$10,095
$895,541,904
 
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of January 31, 2016, the cost of investments was $785,847,332.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2016, were as follows:
   
Gross unrealized:
 
Appreciation
$93,536,273
Depreciation
(9,491,648)
Net unrealized appreciation (depreciation) of investments
$84,044,625
 
     
(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)
 
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income
   
producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on
   
the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the
   
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations
   
and has ceased accruing additional income on the Fund’s records.
(6)
 
On January 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its
   
entire obligation on this security, and therefore reduced the security’s interest rate of accrual from
   
7.125% to 5.700%. On November 11, 2015, the Fund’s Adviser determined it was unlikely that this
   
borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest
   
rate of accrual from 5.700% to 4.275%.
(7)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(8)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(9)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
   
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
   
of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
   
surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received
   
two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15,
   
2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing
   
on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior
   
interest corporate bond.
(10)
 
A copy of the most recent financial statements for these investment companies can be obtained directly
   
from the Securities and Exchange Commission (“SEC”) on its website at http://www.sec.gov.
(11)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments
   
is 29.6%.
(ETM)
 
Escrowed to maturity.
(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 Fund 
 
By (Signature and Title) /s/ Kevin J. McCarthy                    
       Kevin J. McCarthy
     Vice President and Secretary
                                         
Date:         March 31, 2016        
 
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:         March 31, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         March 31, 2016