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:         7/31/14         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
           
   
Portfolio of Investments (Unaudited)
      
 
   
Nuveen Dividend Advantage Municipal Fund (NAD)
      
   
   July 31, 2014
      
 
          
Principal
Amount (000)
  
Description (1)
Optional Call
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 146.7% (99.4% of Total Investments)
      
           
   
MUNICIPAL BONDS – 146.6% (99.4% of Total Investments)
      
           
   
Alaska – 0.1% (0.1% of Total Investments)
      
$ 750
  
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.250%,
12/14 at 100.00
AA+ (4)
$ 762,765
   
12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
      
   
Arizona – 3.3% (2.2% of Total Investments)
      
2,000
  
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series
7/20 at 100.00
A+
2,099,540
   
2010A, 5.000%, 7/01/40
      
   
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds,
      
   
Series 2008A:
      
2,350
  
5.000%, 7/01/33
7/18 at 100.00
AA–
2,602,155
8,200
  
5.000%, 7/01/38
7/18 at 100.00
AA–
8,982,280
   
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
A–
577,830
5,000
  
5.000%, 12/01/37
No Opt. Call
A–
5,473,100
18,050
  
Total Arizona
    
19,734,905
   
California – 15.8% (10.7% of Total Investments)
      
1,535
  
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series
No Opt. Call
AA–
520,887
   
1999A, 0.000%, 10/01/37 – NPFG Insured
      
7,150
  
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public
No Opt. Call
AA
3,916,484
   
Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured
      
5,000
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
A+
5,483,750
   
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–
3,513,523
   
5.000%, 11/15/42
      
65
  
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
10/14 at 100.00
Aa3
65,260
5,000
  
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
Aa3
5,273,150
4,300
  
California State, General Obligation Bonds, Series 2007, 4.500%, 8/01/30
2/17 at 100.00
Aa3
4,579,844
4,250
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
Aa3
4,823,495
2,250
  
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health
11/20 at 100.00
AA–
2,449,440
   
System 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
Aa2
7,264,041
   
Project, Series 2009, 6.750%, 2/01/38
      
5,000
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
8/17 at 100.00
AA
5,503,000
   
Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
      
2,000
  
Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series
8/17 at 49.41
Aa2
862,640
   
2007C, 0.000%, 8/01/31 – NPFG Insured
      
3,000
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
1/24 at 100.00
BBB–
3,435,420
   
Bonds, Series 2013A, 6.000%, 1/15/49
      
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
      
   
Asset-Backed Revenue Bonds, Series 2005A:
      
1,855
  
0.000%, 6/01/24 – AMBAC Insured
No Opt. Call
A1
1,345,598
3,500
  
0.000%, 6/01/26 – AGM Insured
No Opt. Call
AA
2,292,185
10,730
  
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
AA
10,965,202
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
      
   
Bonds, Series 2007A-1:
      
5,030
  
4.500%, 6/01/27
6/17 at 100.00
B
4,479,165
12,805
  
5.000%, 6/01/33
6/17 at 100.00
B
10,315,836
1,000
  
5.125%, 6/01/47
6/17 at 100.00
B
739,170
2,500
  
Huntington Beach Union High School District, Orange County, California, General Obligation
No Opt. Call
Aa2
1,138,100
   
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
2,871,704
   
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
2,163,660
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
      
2,000
  
Riverside Unified School District, Riverside County, California, General Obligation Bonds,
8/15 at 101.00
Aa2
2,093,860
   
Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
      
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
      
   
Refunding Bonds, Series 1997A:
      
2,350
  
0.000%, 1/15/29 – NPFG Insured
No Opt. Call
AA–
1,059,122
17,000
  
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
AA–
5,138,930
575
  
Seaside Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series
10/14 at 100.00
AA–
576,403
   
2003, 5.375%, 8/01/18 – NPFG Insured
      
2,410
  
Victor Elementary School District, San Bernardino County, California, General Obligation
No Opt. Call
AA–
1,539,339
   
Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured
      
114,865
  
Total California
    
94,409,208
   
Colorado – 9.9% (6.7% of Total Investments)
      
1,125
  
Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series
12/17 at 100.00
N/R
1,125,011
   
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+
3,962,230
   
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+
2,444,026
   
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+
5,323,010
   
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–
4,278,320
   
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–
5,772,892
   
9/01/25 – NPFG Insured
      
25,000
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
No Opt. Call
AA–
11,787,000
   
9/01/31 – NPFG Insured
      
60,000
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 –
No Opt. Call
AA–
21,060,600
   
NPFG Insured
      
12,500
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 –
9/26 at 54.77
AA–
3,716,875
   
NPFG Insured
      
122,055
  
Total Colorado
    
59,469,964
   
Connecticut – 0.3% (0.2% of Total Investments)
      
3,820
  
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series
No Opt. Call
N/R
1,908,025
   
2013A, 6.050%, 7/01/31
      
   
District of Columbia – 0.1% (0.1% of Total Investments)
      
2,000
  
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second Senior Lien
No Opt. Call
AA
645,300
   
Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
      
   
Florida – 8.5% (5.7% of Total Investments)
      
15,000
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E,
6/15 at 101.00
AAA
15,540,900
   
4.500%, 6/01/35 (UB)
      
2,500
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,
10/17 at 100.00
BBB+ (4)
2,841,100
   
Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
      
1,665
  
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue
10/19 at 100.00
A
1,792,189
   
Bonds, Series 2009, 5.125%, 10/01/26
      
   
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System
      
   
Obligation Group, Series 2007:
      
22,000
  
5.000%, 8/15/37 (UB)
8/17 at 100.00
AA
22,837,100
7,370
  
5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
7,635,394
48,535
  
Total Florida
    
50,646,683
   
Georgia – 1.9% (1.3% of Total Investments)
      
5,000
  
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II
7/17 at 100.00
Baa2
5,072,900
   
Real Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
      
5,000
  
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional
12/20 at 100.00
N/R
2,889,741
   
Medical Center Project, Series 2010, 8.000%, 12/01/40 (5)
      
3,000
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,
2/20 at 100.00
AA–
3,208,440
   
Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37
      
13,000
  
Total Georgia
    
11,171,081
   
Idaho – 0.0% (0.0% of Total Investments)
      
50
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%,
1/15 at 100.00
AAA
50,814
   
1/01/21 (Alternative Minimum Tax)
      
90
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%,
1/15 at 100.00
Aa2
91,445
   
7/01/22 (Alternative Minimum Tax)
      
75
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%,
1/15 at 100.00
Aaa
75,188
   
7/01/20 (Alternative Minimum Tax)
      
215
  
Total Idaho
    
217,447
   
Illinois – 23.5% (16.0% of Total Investments)
      
2,205
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
AA–
1,029,426
   
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–
8,040,033
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
      
   
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments,
      
   
Series 1999A:
      
415
  
5.500%, 12/20/19 (Alternative Minimum Tax)
10/14 at 100.00
AA–
415,921
1,210
  
5.600%, 12/20/29 (Alternative Minimum Tax)
10/14 at 100.00
AA–
1,211,452
1,925
  
5.650%, 12/20/40 (Alternative Minimum Tax)
10/14 at 100.00
AA–
1,926,559
5,320
  
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding
1/15 at 100.00
AA–
5,401,768
   
Third Lien Series 2004A, 5.000%, 1/01/28 – NPFG Insured
      
3,465
  
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/16 at 100.00
AA–
3,605,714
   
Series 2005A, 5.000%, 1/01/33 – FGIC Insured
      
3,000
  
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/33 –
No Opt. Call
AA–
1,148,910
   
FGIC Insured
      
22,750
  
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series
No Opt. Call
AA–
25,227,475
   
1999, 5.500%, 1/01/23 – FGIC Insured
      
3,935
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County
No Opt. Call
A3
3,919,260
   
School District 116 – Round Lake, Series 1999, 0.000%, 1/01/15 – NPFG Insured
      
1,500
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B,
11/19 at 100.00
AA
1,678,890
   
5.500%, 11/01/39
      
2,000
  
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,
8/18 at 100.00
AA
2,078,740
   
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
1,157,363
   
5.500%, 2/01/40 – AMBAC Insured
      
1,225
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
7/17 at 100.00
AA+
1,360,301
4,000
  
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical
8/18 at 100.00
BBB+
4,405,480
   
Centers, Series 2008A, 6.000%, 8/15/23
      
5,945
  
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
5/17 at 100.00
BBB+
6,034,294
   
Refunding Series 2007A, 5.250%, 5/01/34
      
1,500
  
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 –
1/15 at 100.00
AA
1,504,170
   
FGIC Insured
      
2,000
  
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1,
7/16 at 100.00
AA
2,168,680
   
5.000%, 1/01/20 – AGM Insured
      
2,000
  
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds,
No Opt. Call
Aa3
1,635,180
   
Series 2006, 0.000%, 12/01/21 – NPFG Insured
      
11,345
  
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General
1/15 at 60.14
A1
6,719,190
   
Obligation Bonds, Series 2005B, 0.000%, 1/01/25 – AGM Insured
      
3,000
  
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel
1/16 at 100.00
N/R
1,671,600
   
Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36
      
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
      
   
Expansion Project, Series 1996A:
      
12,250
  
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
AA–
9,257,325
13,000
  
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
AA–
9,426,820
1,840
  
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 –
11/15 at 54.13
AA–
950,194
   
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
27,138,777
3,500
  
5.750%, 6/01/23 – AGM Insured
No Opt. Call
AA
4,330,515
1,300
  
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 (Pre-refunded
12/14 at 100.00
AAA
1,322,074
   
12/01/14) – FGIC Insured
      
4,930
  
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation
No Opt. Call
Aa3
3,742,905
   
Bonds, 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
2,280,911
   
0.000%, 11/01/18 – AGM Insured
      
149,055
  
Total Illinois
    
140,789,927
   
Indiana – 3.3% (2.2% of Total Investments)
      
4,495
  
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A,
12/19 at 100.00
Aa2
4,953,490
   
5.250%, 12/01/38
      
2,000
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
A
2,102,460
   
Indiana, Series 2007, 5.500%, 3/01/37
      
3,145
  
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds,
1/17 at 100.00
Aaa
3,275,266
   
Tender Option Bond Trust 1847, 7.733%, 1/01/25 (Alternative Minimum Tax) (IF)
      
8,675
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%,
1/17 at 100.00
AA–
9,259,782
   
1/01/42 – NPFG Insured
      
18,315
  
Total Indiana
    
19,590,998
   
Iowa – 1.5% (1.1% of Total Investments)
      
1,335
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
12/23 at 100.00
BB–
1,412,203
   
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
6/15 at 100.00
B+
1,997,928
7,000
  
5.625%, 6/01/46
6/15 at 100.00
B+
5,823,300
10,755
  
Total Iowa
    
9,233,431
   
Kansas – 0.2% (0.2% of Total Investments)
      
1,990
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
No Opt. Call
A–
1,388,403
   
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,
7/31 at 100.00
Baa3
1,719,266
   
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43
      
   
Louisiana – 2.8% (1.9% of Total Investments)
      
1,715
  
Louisiana Local Government Environmental Facilities and Community Development Authority,
6/36 at 101.00
Ba3
1,776,637
   
GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A,
      
   
6.500%, 6/20/37
      
9,000
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/17 at 100.00
Baa1
9,422,550
   
Series 2007A, 5.500%, 5/15/47
      
5,445
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 –
5/16 at 100.00
Aa1
5,699,445
   
FGIC Insured (UB)
      
16,160
  
Total Louisiana
    
16,898,632
   
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–
1,150,496
   
Center, Series 2011, 6.750%, 7/01/41
      
   
Massachusetts – 3.1% (2.1% of Total Investments)
      
1,440
  
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds,
9/14 at 100.00
N/R
331,200
   
Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) (6)
      
4,365
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health
10/15 at 100.00
AA
4,557,846
   
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–
650,535
   
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
2,488,094
   
University Issue, Series 2009A, 5.750%, 7/01/39
      
2,760
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
AA–
2,871,256
2,280
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series
5/23 at 100.00
AA+
2,546,760
   
2013A, 5.000%, 5/15/43
      
160
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA+
167,067
   
5.000%, 8/15/30
      
   
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
      
515
  
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
AA (4)
541,002
3,325
  
5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
AA (4)
3,492,879
1,100
  
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series
No Opt. Call
AA–
858,484
   
1997A, 0.000%, 1/01/24 – NPFG Insured
      
18,865
  
Total Massachusetts
    
18,505,123
   
Michigan – 3.9% (2.7% of Total Investments)
      
885
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BB+
869,867
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
      
6,000
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
AA–
5,911,740
   
7/01/35 – NPFG Insured
      
2,500
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
10/14 at 100.00
AA
2,500,325
   
7/01/23 – AGM Insured
      
1,550
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%,
7/18 at 100.00
AA+
1,628,911
   
7/01/31 – BHAC Insured
      
3,215
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 5.250%,
7/16 at 100.00
AA–
3,244,289
   
7/01/18 – NPFG Insured
      
1,000
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2005C,
7/15 at 100.00
AA–
1,005,900
   
5.000%, 7/01/17 – FGIC Insured
      
4,000
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D,
7/16 at 100.00
AA
3,997,480
   
5.000%, 7/01/32 – AGM Insured
      
2,500
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I,
No Opt. Call
AA
2,882,000
   
5.000%, 10/15/23 – AGC Insured
      
1,150
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
Aaa
1,484,593
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
      
22,800
  
Total Michigan
    
23,525,105
   
Minnesota – 1.8% (1.2% of Total Investments)
      
6,375
  
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare
11/18 at 100.00
A
7,545,896
   
Services, Series 2008A, 6.625%, 11/15/28
      
3,000
  
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
1/15 at 100.00
AA–
3,054,270
   
Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/25 – FGIC Insured
      
9,375
  
Total Minnesota
    
10,600,166
   
Missouri – 2.2% (1.5% 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–
4,284,420
5,000
  
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
2,739,750
5,545
  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/23 at 100.00
A2
5,896,109
   
CoxHealth, Series 2013A, 5.000%, 11/15/48
      
17,545
  
Total Missouri
    
12,920,279
   
Nevada – 5.5% (3.8% of Total Investments)
      
10,000
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
11,602,000
9,675
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
A+
10,436,713
   
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+
4,601,550
   
Series 2008, Trust 2633, 19.047%, 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–
1,724,970
   
8.000%, 6/15/30
      
5,000
  
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
AA–
4,804,150
29,925
  
Total Nevada
    
33,169,383
   
New Jersey – 4.0% (2.7% of Total Investments)
      
1,100
  
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
AA
1,179,750
   
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
      
6,850
  
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and
No Opt. Call
N/R (4)
7,359,161
   
Dentistry of New Jersey, Refunding Series 2009B, 5.750%, 12/01/15 (ETM)
      
4,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A,
No Opt. Call
A
4,621,720
   
5.750%, 6/15/18
      
20,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,
No Opt. Call
A
10,301,200
   
0.000%, 12/15/28 – AMBAC Insured
      
570
  
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
AA–
633,709
32,520
  
Total New Jersey
    
24,095,540
   
New Mexico – 0.6% (0.4% of Total Investments)
      
3,730
  
University of New Mexico, FHA-Insured Hospital Mortgage Revenue Bonds, University of Mexico
10/14 at 100.00
AA
3,743,204
   
Hospital Project, Series 2004, 5.000%, 7/01/32 – AGM Insured
      
   
New York – 10.1% (6.8% of Total Investments)
      
7,500
  
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds,
8/14 at 100.00
AA
7,531,500
   
Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
      
1,100
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
1,199,495
   
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
6,628,320
   
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
5,794,823
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
      
5,000
  
New York City Municipal Water Finance Authority, New York, Water and Sewerage System
12/14 at 100.00
AAA
5,082,650
   
Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
      
8,800
  
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds,
10/14 at 100.00
AAA
8,879,552
   
Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 – AMBAC Insured
      
5,000
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate
5/23 at 100.00
AAA
5,554,850
   
Fiscal 2013 Series I, 5.000%, 5/01/38
      
2,000
  
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project,
No Opt. Call
A+
2,245,460
   
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
12/15 at 100.00
BBB
5,331,550
1,670
  
6.000%, 12/01/36
12/20 at 100.00
BBB
1,931,405
10,000
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
12/14 at 100.00
AA–
10,017,700
   
Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
      
56,825
  
Total New York
    
60,197,305
   
North Carolina – 1.6% (1.1% of Total Investments)
      
1,500
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
1,666,710
   
Carolinas HealthCare System, Series 2008A, 5.250%, 1/15/24 – AGC Insured
      
3,830
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,
1/15 at 100.00
AA+ (4)
3,914,835
   
DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
      
3,400
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
3,734,050
   
WakeMed, Series 2012A, 5.000%, 10/01/31
      
8,730
  
Total North Carolina
    
9,315,595
   
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+
4,606,723
   
6.250%, 11/01/31
      
   
Ohio – 5.5% (3.7% 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–
1,545,107
210
  
5.125%, 6/01/24
6/17 at 100.00
B–
175,976
6,315
  
5.875%, 6/01/30
6/17 at 100.00
B
5,140,726
1,890
  
5.750%, 6/01/34
6/17 at 100.00
B
1,508,220
1,000
  
6.500%, 6/01/47
6/17 at 100.00
B
843,640
3,930
  
5.875%, 6/01/47
6/17 at 100.00
B
3,074,478
6,135
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
6/22 at 100.00
B
5,104,872
   
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
      
6,000
  
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010,
11/20 at 100.00
A–
6,580,980
   
5.250%, 11/01/29
      
3,650
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
10/14 at 100.00
A+
3,659,344
   
5.000%, 5/01/30
      
1,000
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation
No Opt. Call
BBB–
1,127,010
   
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+
1,671,780
1,845
  
5.000%, 2/15/48
2/23 at 100.00
A+
1,989,740
520
  
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
12/14 at 100.00
Aa1
522,309
35,815
  
Total Ohio
    
32,944,182
   
Oklahoma – 0.2% (0.1% of Total Investments)
      
1,000
  
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue
8/21 at 100.00
N/R
1,158,800
   
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
      
   
Pennsylvania – 2.8% (1.9% of Total Investments)
      
1,250
  
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%,
12/18 at 100.00
AA
1,317,263
   
12/01/43 – AGM Insured
      
1,500
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A,
10/16 at 100.00
AA+
1,509,435
   
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–
8,463,630
   
0.000%, 12/01/38
      
5,000
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
5,660,650
   
6/01/33 – AGM Insured
      
15,950
  
Total Pennsylvania
    
16,950,978
   
Puerto Rico – 0.7% (0.5% of Total Investments)
      
4,300
  
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,
10/14 at 100.00
AA–
4,270,631
   
4.500%, 12/01/23
      
   
Rhode Island – 2.9% (1.9% of Total Investments)
      
3,000
  
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A,
7/15 at 100.00
AA–
3,012,600
   
4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
      
1,428
  
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond
4/17 at 100.00
AA+
1,531,387
   
Program, Series 2008, Trust 1177, 9.679%, 4/01/23 (Alternative Minimum Tax) (IF)
      
12,500
  
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
10/14 at 100.00
BBB+
12,525,500
   
Series 2002A, 6.125%, 6/01/32
      
16,928
  
Total Rhode Island
    
17,069,487
   
South Carolina – 0.5% (0.3% of Total Investments)
      
2,045
  
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center,
11/14 at 100.00
AA (4)
2,068,722
   
Series 2004A, 5.250%, 11/01/27 (Pre-refunded 11/01/14) – AGM Insured
      
1,250
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
No Opt. Call
AA
615,738
   
0.000%, 1/01/31 – AMBAC Insured
      
3,295
  
Total South Carolina
    
2,684,460
   
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+
2,409,145
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36
      
   
Texas – 11.8% (8.0% of Total Investments)
      
2,560
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
10/14 at 100.00
C
236,800
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
      
2,000
  
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The
4/20 at 100.00
Baa1
2,286,120
   
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
      
1,215
  
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds,
8/15 at 100.00
AAA
1,265,337
   
Refunding School Building Series 2005, 5.000%, 8/15/34
      
1,630
  
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds,
8/15 at 100.00
N/R (4)
1,712,087
   
Refunding School Building Series 2005, 5.000%, 8/15/34 (Pre-refunded 8/15/15)
      
2,820
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%,
1/15 at 100.00
AA– (4)
2,876,879
   
1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
      
3,000
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E,
No Opt. Call
A+
3,132,270
   
5.000%, 11/01/42 (Alternative Minimum Tax)
      
15
  
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding
No Opt. Call
AAA
15,056
   
Series 2004, 5.000%, 8/15/33
      
2,085
  
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding
8/14 at 100.00
N/R (4)
2,088,962
   
Series 2004, 5.000%, 8/15/33 (Pre-refunded 8/15/14)
      
730
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
No Opt. Call
AA–
315,097
   
0.000%, 11/15/30 – NPFG Insured
      
2,305
  
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien
No Opt. Call
AA–
1,751,454
   
Series 2001A, 0.000%, 11/15/20 – NPFG Insured
      
245
  
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Senior Lien Series
10/14 at 100.00
AA–
245,108
   
1998A, 5.000%, 11/15/28 – NPFG Insured
      
4,000
  
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A,
No Opt. Call
AA
4,507,720
   
5.125%, 11/15/32 – AGC Insured
      
   
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
1,501,461
12,030
  
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
5,412,778
9,345
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/15 at 37.33
AA–
3,428,961
   
Bonds, Series 2005, 0.000%, 8/15/33 – FGIC Insured
      
33,160
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/14 at 26.50
AAA
8,777,120
   
Bonds, Series 2006, 0.000%, 8/15/38
      
1,845
  
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series
No Opt. Call
Aaa
1,885,147
   
2005, 5.000%, 2/15/34
      
3,405
  
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series
2/15 at 100.00
N/R (4)
3,494,211
   
2005, 5.000%, 2/15/34 (Pre-refunded 2/15/15)
      
1,000
  
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
5/15 at 100.00
AA+
1,028,770
3,295
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources
2/17 at 100.00
AA
3,830,866
   
Revenue Bonds, Tender Option Bond Trust 1760-3, 17.574%, 2/15/36 (IF)
      
8,230
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
8,858,772
   
2012, 5.000%, 12/15/29
      
5,000
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/22 at 100.00
A–
5,310,750
   
Refunding Series 2012A, 5.000%, 8/15/41
      
7,000
  
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,
8/15 at 34.92
AAA
2,441,110
   
Series 2005, 0.000%, 8/15/35 (Pre-refunded 8/15/15)
      
   
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
      
3,000
  
0.000%, 8/15/20 (Pre-refunded 8/15/15)
8/15 at 78.46
AAA
2,349,600
3,000
  
0.000%, 8/15/22 (Pre-refunded 8/15/15)
8/15 at 70.77
AAA
2,119,290
116,045
  
Total Texas
    
70,871,726
   
Utah – 0.0% (0.0% of Total Investments)
      
35
  
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%,
10/14 at 100.00
AAA
35,113
   
1/01/15 (Alternative Minimum Tax)
      
   
Virginia – 3.3% (2.3% of Total Investments)
      
1,500
  
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage
10/17 at 100.00
BBB
1,538,415
   
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
A–
1,641,930
   
System Obligated Group, Series 2013, 5.000%, 11/01/30
      
3,000
  
Prince William County Industrial Development Authority, Virginia, Health Care Facilities
11/22 at 100.00
AA–
3,199,710
   
Revenue Refunding Bonds, Novant Health Obligated Group-Prince William Hospital, Series
      
   
2013B, 5.000%, 11/01/46
      
   
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
      
2,500
  
5.125%, 7/01/49
No Opt. Call
BBB–
2,566,475
5,455
  
5.000%, 7/01/52
No Opt. Call
BBB–
5,570,864
   
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
      
2,900
  
0.000%, 7/01/34
No Opt. Call
BBB–
1,034,140
1,050
  
0.000%, 7/01/35
No Opt. Call
BBB–
351,729
6,000
  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
6/17 at 100.00
B–
4,002,420
   
Series 2007B1, 5.000%, 6/01/47
      
23,905
  
Total Virginia
    
19,905,683
   
Washington – 7.1% (4.8% of Total Investments)
      
4,000
  
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,
10/22 at 100.00
AA
4,443,080
   
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
2,182,440
   
Research Center, Series 2009A, 6.000%, 1/01/33
      
3,350
  
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 –
No Opt. Call
AA+
3,246,586
   
AGM Insured
      
   
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
      
17,650
  
0.000%, 1/01/20
No Opt. Call
AA+
16,120,804
18,470
  
0.000%, 1/01/21
No Opt. Call
AA+
16,266,160
45,470
  
Total Washington
    
42,259,070
   
Wisconsin – 6.1% (4.1% of Total Investments)
      
1,690
  
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29
11/14 at 100.00
Aa2 (4)
1,710,567
   
(Pre-refunded 11/01/14) – AGM Insured
      
560
  
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 –
11/14 at 100.00
Aa2
565,460
   
AGM Insured
      
7,620
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series
11/16 at 100.00
AA+
8,013,954
   
2006A, 5.000%, 11/15/36
      
950
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital
No Opt. Call
A2
1,019,274
   
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–
4,759,103
   
Wisconsin Inc., Series 2008B, 5.500%, 8/15/29
      
1,965
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc.,
10/14 at 100.00
BBB
1,972,978
   
Series 2004, 6.100%, 5/01/34
      
1,250
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
2/22 at 100.00
A–
1,337,363
   
Series 2012B, 5.000%, 2/15/32
      
3,000
  
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series
7/15 at 100.00
AA+
3,099,840
   
2005A,5.000%, 7/01/35 – AMBAC Insured
      
   
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
      
6,650
  
6.000%, 5/01/36
5/19 at 100.00
AA–
7,854,511
5,100
  
6.250%, 5/01/37
5/19 at 100.00
AA–
6,076,140
33,115
  
Total Wisconsin
    
36,409,190
$ 1,025,678
  
Total Municipal Bonds (cost $821,340,565)
    
877,383,419
 
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)
        
$ 259
  
Las Vegas Monorail Company, Senior Interest Bonds (5), (8)
5.500%
7/15/19
N/R
$ 46,555
71
  
Las Vegas Monorail Company, Senior Interest Bonds (5), (8)
3.000%
7/15/55
N/R
9,454
$ 330
  
Total Corporate Bonds (cost $23,008)
      
56,009
 
Shares
  
Description (1), (9)
      
Value
   
INVESTMENT COMPANIES – 0.1% (0.0% of Total Investments)
        
8,812
  
BlackRock MuniHoldings Fund Inc.
      
$ 139,406
32,524
  
Invesco Quality Municipal Income Trust
      
390,938
   
Total Investment Companies (cost $530,611)
      
530,344
   
Total Long-Term Investments (cost $821,894,184)
      
877,969,772
 
Principal
Amount (000)
  
Description (1)
Optional Call
Provisions (2)
Ratings (3)
Value
   
SHORT-TERM INVESTMENTS – 0.8% (0.6% of Total Investments)
      
           
   
MUNICIPAL BONDS – 0.8% (0.6% of Total Investments)
      
           
   
Washington – 0.8% (0.6% of Total Investments)
      
$ 4,800
  
Washington State, General Obligation Bonds, Variable Rate Demand Obligations, Series 2005A,
7/15 at 100.00
AA+ (4)
$ 5,023,162
   
5.000%, 7/01/30 (Pre-refunded 7/01/15) – AGM Insured (10)
      
   
Total Short-Term Investments (cost $5,023,162)
    
5,023,162
   
Total Investments (cost $826,917,346) – 147.5%
    
882,992,934
   
Floating Rate Obligations – (6.0)%
    
(36,210,000)
   
Variable Rate MuniFund Preferred Shares, at Liquidation Value – (44.3)% (11)
    
(265,000,000)
   
Other Assets Less Liabilities – 2.8%
    
16,742,541
   
Net Assets Applicable to Common Shares – 100%
    
$ 598,525,475
 
 
 
 
 
 
 
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 the end of the reporting period:
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments*:
        
Municipal Bonds
$ —
$874,493,678
$2,889,741
$877,383,419
Corporate Bonds
—
—
56,009
56,009
Investment Companies
530,344
—
—
530,344
Short-Term Investments
      
—
Municipal Bonds
—
5,023,162
—
5,023,162
Total
$530,344
$879,516,840
$2,945,750
$882,992,934
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of July 31, 2014, the cost of investments was $790,208,128.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of July 31, 2014, were as follows:
   
Gross unrealized:
  
Appreciation
$ 71,096,584
Depreciation
(14,521,850)
Net unrealized appreciation (depreciation) of investments
$ 56,574,734
 
(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. 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.
(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 valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Nuveen funds’ Board of Directors/Trustees. For fair value disclosure purposes, investment classified as
   
Level 3.
(6)
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income
   
producing security, 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(8)
  
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.
(9)
  
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.
(10)
  
Investment has a maturity of more than a year, but has variable rate and demand features which qualify it
   
as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate
   
changes periodically based on market conditions or a specified market index.
(11)
  
Variable Rate MuniFund Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%.
(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:         September 29, 2014        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         September 29, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         September 29, 2014