Nuveen AMT-Free Municipal Credit Income Fund

Regulatory Filings • Apr 1, 2015

N-Q 1 nq2.htm NVG Unassociated Document Licensed to: fgs Document Created using EDGARizerAgent 5.4.5.0 Copyright 1995 - 2013 Thomson Reuters. All rights reserved.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09475

Nuveen Dividend Advantage Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 1/31/15

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

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

Item 1. Schedule of Investments

Portfolio of Investments
Nuveen Dividend Advantage Municipal Income Fund (NVG)
January 31, 2015 (Unaudited)

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

6,700	Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series	3/22 at 100.00	AAA	7,637,732
	2012, 5.000%, 3/01/52
355	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series	No Opt. Call	A3	396,538
	2012, 5.000%, 12/15/32
1,180	Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier	8/24 at 100.00	A–	1,371,360
	Refunding Series 2015B, 5.000%, 8/15/37 (WI/DD, Settling 2/04/15)
1,845	Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier	8/24 at 100.00	BBB+	2,099,923
	Refunding Series 2015C, 5.000%, 8/15/42 (WI/DD, Settling 2/04/15)
41,160	Total Texas			50,899,457
	Utah – 3.1% (2.2% of Total Investments)
3,200	Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42	6/22 at 100.00	A1	3,650,048
4,865	Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193,	6/18 at 100.00	AAA	6,615,476
	13.725%, 12/15/15 – AGM Insured (IF)
3,000	Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 – AGM Insured	6/18 at 100.00	AAA	3,360,060
11,065	Total Utah			13,625,584
	Vermont – 1.8% (1.3% of Total Investments)
7,840	University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%,	10/15 at 100.00	AA– (4)	8,095,349
	10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
	Virginia – 0.8% (0.6% of Total Investments)
1,795	Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52	No Opt. Call	BBB–	1,938,168
2,050	Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32	No Opt. Call	BBB–	958,046
700	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC	1/22 at 100.00	BBB–	756,860
	Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
4,545	Total Virginia			3,653,074
	Washington – 6.1% (4.3% of Total Investments)
5,265	Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%,	7/16 at 100.00	A (4)	5,581,478
	7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured
10,000	University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 –	6/17 at 100.00	Aaa	10,948,100
	AMBAC Insured (UB)
10,000	Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded	7/16 at 100.00	AA+ (4)	10,667,399
	7/01/16) – AGM Insured
25,265	Total Washington			27,196,977
	West Virginia – 2.1% (1.5% of Total Investments)
7,800	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health	6/23 at 100.00	A	9,200,100
	System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
	Wisconsin – 2.9% (2.1% of Total Investments)
180	Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum	11/24 at 100.00	N/R	187,003
	Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
1,530	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc.	10/22 at 100.00	AA–	1,735,952
	Obligated Group, Series 2012A, 5.000%, 4/01/42
2,220	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,	10/21 at 100.00	A+	2,516,325
	Series 2011A, 5.250%, 10/15/39
7,460	Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare	12/24 at 100.00	AA–	8,619,731
	Inc, Series 2015, 5.000%, 12/15/44
11,390	Total Wisconsin			13,059,011
$ 647,043	Total Municipal Bonds (cost $550,584,663)			626,441,516

Shares	Description (1), (6)	Value
	INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
13,600	BlackRock MuniEnhanced Fund Inc.	$ 163,880
8,134	BlackRock MuniHoldings Fund Inc.	143,890
3,500	Deutsche Municipal Income Trust	49,455

7,920	Dreyfus Strategic Municipal Fund	67,954
9,500	Invesco Advantage Municipal Income Fund II	114,950
9,668	Invesco Quality Municipal Income Trust	126,651
28,980	Invesco VK Investment Grade Municipal Trust	401,953
26,280	PIMCO Municipal Income Fund II	334,544
	Total Investment Companies (cost $1,353,712)	1,403,277
	Total Long-Term Investments (cost $551,938,375)	627,844,793
	Floating Rate Obligations – (3.2)%	(14,453,334)
	Variable Rate Demand Preferred Shares, at Liquidation Value – (40.1)% (7)	(179,000,000)
	Other Assets Less Liabilities – 2.5%	11,523,603
	Net Assets Applicable to Common Shares – 100%	$ 445,915,062

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

	Level 1	Level 2	Level 3	Total
Long-Term Investments:
Municipal Bonds	$ —	$626,441,516	$ —	$626,441,516
Investment Companies	1,403,277	—	—	1,403,277
Total	$1,403,277	$626,441,516	$ —	$627,844,793

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of January 31, 2015, the cost of investments was $542,891,351.

Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2015, were as follows:

Gross unrealized:
Appreciation	$77,414,344
Depreciation	(6,914,729)
Net unrealized appreciation (depreciation) of investments	$70,499,615

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common
	shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
	There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
	may be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
	Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
	BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
	of these national rating agencies.
(4)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
	which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
	agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
	investments in inverse floating rate transactions.
(6)	A copy of the most recent financial statements for the investment companies in which the Fund
	invests can be obtained directly from the Securities and Exchange Commission on its website at
	http://www.sec.gov.
(7)	Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments
	is 28.5%.
WI/DD	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction.

Item 2. Controls and Procedures.

a. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

b. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Dividend Advantage Municipal Income Fund

By (Signature and Title) /s/ Kevin J. McCarthy

Kevin J. McCarthy

Vice President and Secretary

Date: April 1, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman

Gifford R. Zimmerman

Chief Administrative Officer (principal executive officer)

Date: April 1, 2015

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date: April 1, 2015