Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-09297
 
Nuveen Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/12         
 
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) 
      
   
January 31, 2012 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Municipal Bonds – 148.2% (99.9% of Total Investments) 
      
   
Alabama – 0.3% (0.2% of Total Investments) 
      
$    1,600 
  
Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 5.750%, 12/01/20 
6/12 at 100.00 
A1 
$     1,606,560 
   
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+ 
776,063 
   
12/01/34 – FGIC Insured (UB) 
      
   
Arizona – 2.8% (1.9% of Total Investments) 
      
   
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– 
2,553,064 
8,200 
  
5.000%, 7/01/38 
7/18 at 100.00 
AA– 
8,815,820 
   
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– 
530,000 
5,000 
  
5.000%, 12/01/37 
No Opt. Call 
A– 
4,971,300 
16,050 
  
Total Arizona 
    
16,870,184 
   
California – 10.1% (6.8% of Total Investments) 
      
1,535 
  
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 
No Opt. Call 
A 
313,938 
   
1999A, 0.000%, 10/01/37 – NPFG Insured 
      
6,000 
  
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public 
No Opt. Call 
AA– 
2,372,040 
   
Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured 
      
3,000 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
AA– 
3,087,870 
   
5.000%, 11/15/42 
      
5,000 
  
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31 
3/16 at 100.00 
A1 
5,281,950 
4,250 
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40 
11/20 at 100.00 
A1 
4,693,190 
6,750 
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
Aa2 
8,070,570 
   
Project, Series 2009, 6.750%, 2/01/38 
      
2,000 
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
8/12 at 100.00 
AA– 
2,057,000 
   
2002B, 5.625%, 8/15/42 
      
65 
  
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured 
4/12 at 100.00 
A1 
65,200 
5,000 
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, 
No Opt. Call 
Aa2 
5,451,900 
   
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 
711,760 
   
2007C, 0.000%, 8/01/31 – NPFG Insured 
      
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
      
   
Asset-Backed Revenue Bonds, Series 2005A: 
      
3,500 
  
0.000%, 6/01/26 – AGM Insured 
No Opt. Call 
Aa3 
1,919,260 
9,925 
  
5.000%, 6/01/45 – AGC Insured 
6/15 at 100.00 
AA– 
9,974,228 
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
5,860 
  
5.000%, 6/01/33 
6/17 at 100.00 
B– 
4,390,078 
1,000 
  
5.125%, 6/01/47 
6/17 at 100.00 
B– 
681,210 
2,200 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39 
No Opt. Call 
A– 
2,676,476 
2,000 
  
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax 
9/16 at 100.00 
AA– 
2,151,200 
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured 
      
765 
  
Palmdale Civic Authority, California, Revenue Refinancing Bonds, Civic Center Project, Series 
No Opt. Call 
BBB 
766,974 
   
1997A, 5.375%, 7/01/12 – NPFG Insured 
      
2,000 
  
Riverside Unified School District, Riverside County, California, General Obligation Bonds, 
8/15 at 101.00 
Aa2 
2,137,240 
   
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: 
      
2,000 
  
0.000%, 1/15/29 – NPFG Insured 
No Opt. Call 
BBB 
581,480 
17,000 
  
0.000%, 1/15/35 – NPFG Insured 
No Opt. Call 
BBB 
3,192,260 
575 
  
Seaside Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 
8/13 at 100.00 
A 
594,355 
   
2003, 5.375%, 8/01/18 – NPFG Insured 
      
82,425 
  
Total California 
    
61,170,179 
   
Colorado – 5.3% (3.6% of Total Investments) 
      
1,125 
  
Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 
12/17 at 100.00 
N/R 
872,156 
   
2007, 5.000%, 12/01/37 – RAAI Insured 
      
3,330 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
7/19 at 100.00 
AA 
3,691,638 
   
Series 2009A, 5.500%, 7/01/34 
      
675 
  
Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car 
7/12 at 100.00 
A– 
677,788 
   
Projects, Series 1999A, 6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax) 
      
8,665 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
BBB 
4,160,326 
   
9/01/25 – NPFG Insured 
      
25,000 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 
No Opt. Call 
BBB 
7,788,250 
   
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 
BBB 
13,003,800 
   
NPFG Insured 
      
12,500 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006B, 0.000%, 9/01/38 – 
9/26 at 54.77 
BBB 
2,215,375 
   
NPFG Insured 
      
111,295 
  
Total Colorado 
    
32,409,333 
   
Connecticut – 0.3% (0.2% of Total Investments) 
      
4,335 
  
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 
11/17 at 100.00 
N/R 
1,592,072 
   
2007A, 5.750%, 9/01/34 
      
   
Florida – 10.3% (6.9% of Total Investments) 
      
15,000 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 
6/15 at 101.00 
AAA 
15,515,250 
   
6/01/35 (UB) 
      
2,500 
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
2,548,600 
   
Series 2007, 5.000%, 10/01/34 
      
13,625 
  
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
6/12 at 100.00 
BB+ 
13,672,688 
   
Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 
      
   
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 
22,988,460 
7,370 
  
5.000%, 8/15/42 (UB) 
8/17 at 100.00 
AA 
7,682,562 
60,495 
  
Total Florida 
    
62,407,560 
   
Georgia – 2.2% (1.5% of Total Investments) 
      
5,000 
  
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real 
7/17 at 100.00 
Baa2 
5,050,600 
   
Estate Foundation LLC Project, 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 
5,274,050 
   
Medical Center Project, Series 2010, 8.000%, 12/01/40 
      
3,000 
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/20 at 100.00 
A+ 
3,248,070 
   
Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 
      
13,000 
  
Total Georgia 
    
13,572,720 
   
Idaho – 0.1% (0.0% of Total Investments) 
      
95 
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 
7/12 at 100.00 
Aa2 
99,701 
   
1/01/21 (Alternative Minimum Tax) 
      
125 
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 
7/12 at 100.00 
Aa2 
127,559 
   
7/01/22 (Alternative Minimum Tax) 
      
155 
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 
7/12 at 100.00 
Aaa 
156,455 
   
7/01/20 (Alternative Minimum Tax) 
      
375 
  
Total Idaho 
    
383,715 
   
Illinois – 28.7% (19.4% of Total Investments) 
      
550 
  
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12 
6/12 at 100.00 
BBB+ 
551,524 
2,205 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
AA– 
1,003,231 
   
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– 
8,858,703 
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured 
      
   
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, 
      
   
Series 1999A: 
      
570 
  
5.500%, 12/20/19 (Alternative Minimum Tax) 
4/12 at 100.00 
AA– 
570,838 
1,210 
  
5.600%, 12/20/29 (Alternative Minimum Tax) 
4/12 at 100.00 
AA– 
1,211,016 
1,925 
  
5.650%, 12/20/40 (Alternative Minimum Tax) 
4/12 at 100.00 
AA– 
1,926,309 
22,750 
  
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 
No Opt. Call 
Aa3 
29,154,572 
   
1999, 5.500%, 1/01/23 – FGIC Insured 
      
1,135 
  
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – 
No Opt. Call 
AA+ 
1,198,208 
   
AMBAC Insured 
      
5,320 
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/15 at 100.00 
A1 
5,559,560 
   
Series 2004A, 5.000%, 1/01/28 – NPFG Insured 
      
3,340 
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/16 at 100.00 
A1 
3,458,036 
   
Series 2005A, 5.000%, 1/01/33 – FGIC Insured 
      
190 
  
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa3 
203,104 
   
Series 2003B, 5.250%, 11/01/20 – AGM Insured 
      
810 
  
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa3 (4) 
879,296 
   
Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured 
      
3,935 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County 
No Opt. Call 
Baa2 
3,627,952 
   
School District 116 – Round Lake, Series 1999A, 0.000%, 1/01/15 – NPFG Insured 
      
5,000 
  
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding 
7/13 at 100.00 
Aa1 
5,116,900 
   
Series 2003A, 5.000%, 7/01/33 
      
1,500 
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 
11/19 at 100.00 
AA 
1,642,815 
   
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– 
2,117,420 
   
8/15/47 – AGC Insured (UB) 
      
1,000 
  
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 
2/18 at 100.00 
A+ 
1,040,080 
   
5.500%, 2/01/40 – AMBAC Insured 
      
5,640 
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 
7/14 at 100.00 
Aa1 
6,041,963 
1,225 
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19 
7/17 at 100.00 
Aa1 
1,448,636 
4,000 
  
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical 
8/18 at 100.00 
BBB– 
4,294,400 
   
Centers, Series 2008A, 6.000%, 8/15/23 
      
5,980 
  
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
5,818,839 
   
Refunding Series 2007A, 5.250%, 5/01/34 
      
9,780 
  
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project, 
8/12 at 102.50 
Aa1 
10,095,405 
   
Series 1985A, 5.500%, 8/01/20 
      
1,500 
  
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – 
1/15 at 100.00 
AA 
1,510,890 
   
FGIC Insured 
      
2,000 
  
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 
7/16 at 100.00 
AA– 
2,284,700 
   
5.000%, 1/01/20 – AGM Insured 
      
2,000 
  
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation Bonds, 
No Opt. Call 
Aa3 
1,384,320 
   
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 
Aa3 
6,051,650 
   
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 
1,948,650 
   
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– 
8,274,875 
13,000 
  
0.000%, 12/15/23 – NPFG Insured 
No Opt. Call 
AA– 
8,361,470 
3,000 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
6/12 at 101.00 
AAA 
3,079,710 
   
Expansion Project, Series 2002B, 5.750%, 6/15/23 – NPFG Insured 
      
1,840 
  
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA 
11/15 at 54.14 
Aa2 
849,970 
   
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 
28,618,955 
3,500 
  
5.750%, 6/01/23 – AGM Insured 
No Opt. Call 
AA 
4,476,220 
1,300 
  
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured 
12/14 at 100.00 
Aaa 
1,428,427 
10,000 
  
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
Aa2 
6,792,100 
   
Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured 
      
4,500 
  
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 
No Opt. Call 
Aa3 
3,668,625 
   
0.000%, 11/01/18 – AGM Insured 
      
179,200 
  
Total Illinois 
    
174,549,369 
   
Indiana – 3.7% (2.5% of Total Investments) 
      
1,360 
  
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal 
2/12 at 100.00 
N/R 
1,357,729 
   
Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured 
      
4,000 
  
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 
12/19 at 100.00 
AA 
4,351,400 
   
5.250%, 12/01/38 
      
2,000 
  
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., 
3/14 at 100.00 
A 
2,036,940 
   
Series 2004A, 5.375%, 3/01/34 – AMBAC Insured 
      
2,000 
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest 
3/17 at 100.00 
BBB+ 
2,057,400 
   
Indiana, Series 2007, 5.500%, 3/01/37 
      
5,555 
  
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, 
1/17 at 100.00 
Aaa 
5,795,420 
   
Tender Option Bond Trust 1847, 7.966%, 1/01/25 (Alternative Minimum Tax) (IF) 
      
6,675 
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
7,044,728 
   
NPFG Insured 
      
21,590 
  
Total Indiana 
    
22,643,617 
   
Iowa – 1.2% (0.8% of Total Investments) 
      
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
      
2,420 
  
5.500%, 6/01/42 
6/15 at 100.00 
B+ 
1,826,326 
7,000 
  
5.625%, 6/01/46 
6/15 at 100.00 
B+ 
5,270,300 
9,420 
  
Total Iowa 
    
7,096,626 
   
Kansas – 0.7% (0.5% of Total Investments) 
      
1,750 
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, 
12/15 at 100.00 
N/R 
1,864,660 
   
Redevelopment Project Area B, Series 2005, 5.000%, 12/01/20 
      
3,730 
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital 
No Opt. Call 
BBB 
2,472,132 
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic 
      
   
Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 
      
5,480 
  
Total Kansas 
    
4,336,792 
   
Kentucky – 1.1% (0.7% of Total Investments) 
      
   
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and 
      
   
Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997: 
      
1,850 
  
5.850%, 10/01/17 
4/12 at 100.00 
BB 
1,834,479 
4,990 
  
5.875%, 10/01/22 
4/12 at 100.00 
BB 
4,806,717 
6,840 
  
Total Kentucky 
    
6,641,196 
   
Louisiana – 7.8% (5.2% of Total Investments) 
      
1,750 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA 
6/12 at 105.00 
Aaa 
1,848,893 
   
Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 
      
   
6.500%, 6/20/37 
      
5,350 
  
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 
7/14 at 100.00 
BBB 
5,570,688 
   
2004, 5.250%, 7/01/33 – NPFG Insured 
      
9,000 
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
9,207,000 
   
Series 2007A, 5.500%, 5/15/47 
      
5,000 
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2002A, 5.000%, 6/01/32 – 
6/12 at 100.00 
Aa1 
5,059,450 
   
AMBAC Insured 
      
5,445 
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – 
5/16 at 100.00 
Aa1 
5,602,687 
   
FGIC Insured (UB) 
      
13,570 
  
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%, 
6/12 at 100.00 
AA– 
5,589,890 
   
12/01/28 – AMBAC Insured 
      
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2001B: 
      
7,340 
  
5.500%, 5/15/30 
5/12 at 100.00 
A1 
7,447,164 
6,750 
  
5.875%, 5/15/39 
5/12 at 100.00 
A– 
6,812,100 
54,205 
  
Total Louisiana 
    
47,137,872 
   
Maine – 0.2% (0.1% of Total Investments) 
      
1,050 
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical 
7/21 at 100.00 
Baa3 
1,136,573 
   
Center, Series 2011, 6.750%, 7/01/41 
      
   
Massachusetts – 2.8% (1.9% of Total Investments) 
      
1,440 
  
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds, 
9/12 at 102.00 
N/R 
496,397 
   
Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) 
      
4,365 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health 
10/15 at 100.00 
AA– 
4,715,946 
   
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– 
648,923 
   
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 
2,415,138 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
2,875 
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA– 
3,021,453 
820 
  
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 
3/12 at 100.00 
BBB 
818,245 
   
1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax) 
      
4,000 
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 
8/15 at 100.00 
AA+ 
4,469,720 
   
5.000%, 8/15/30 – AGM Insured 
      
1,000 
  
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 
No Opt. Call 
A+ 
650,220 
   
1997A, 0.000%, 1/01/24 – NPFG Insured 
      
17,420 
  
Total Massachusetts 
    
17,236,042 
   
Michigan – 2.8% (1.9% of Total Investments) 
      
4,000 
  
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior 
No Opt. Call 
AA– 
4,112,200 
   
Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured 
      
6,000 
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A 
6,045,600 
   
7/01/35 – NPFG Insured 
      
1,500 
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 
7/18 at 100.00 
AA+ 
1,706,100 
   
7/01/31 – BHAC Insured 
      
3,215 
  
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – 
7/16 at 100.00 
A2 
3,565,403 
   
NPFG Insured 
      
1,150 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,424,735 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
      
15,865 
  
Total Michigan 
    
16,854,038 
   
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 
7,529,003 
   
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 
A 
3,159,000 
   
Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/25 – FGIC Insured 
      
370 
  
Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1998H-1, 5.650%, 
7/12 at 100.00 
AA+ 
383,250 
   
7/01/31 (Alternative Minimum Tax) 
      
9,745 
  
Total Minnesota 
    
11,071,253 
   
Missouri – 1.0% (0.7% 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– 
3,635,730 
5,000 
  
0.000%, 4/15/29 – AMBAC Insured 
No Opt. Call 
AA– 
2,311,450 
12,000 
  
Total Missouri 
    
5,947,180 
   
Montana – 0.2% (0.1% of Total Investments) 
      
160 
  
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 
6/12 at 100.00 
AA+ 
162,883 
   
(Alternative Minimum Tax) 
      
1,000 
  
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, 
6/12 at 100.00 
A2 
991,370 
   
Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax) 
      
1,160 
  
Total Montana 
    
1,154,253 
   
Nevada – 6.0% (4.1% 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 
Aa3 
11,238,400 
9,675 
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
10,416,976 
   
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+ 
4,984,500 
   
Series 2007B, Trust 2633, 19.048%, 7/01/31 – BHAC Insured (IF) 
      
1,500 
  
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A 
1,792,905 
   
8.000%, 6/15/30 
      
3,000 
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding, 
12/12 at 100.00 
AA+ (4) 
3,126,390 
   
5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured 
      
5,040 
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 
12/12 at 100.00 
AA+ 
5,106,528 
   
2003A Refunding, 5.000%, 6/01/32 – FGIC Insured 
      
32,965 
  
Total Nevada 
    
36,665,699 
   
New Jersey – 6.4% (4.3% of Total Investments) 
      
6,850 
  
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine 
No Opt. Call 
Baa1 
7,720,978 
   
and Dentistry of New Jersey, Series 2009B, 5.750%, 12/01/15 
      
1,830 
  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 
6/12 at 100.00 
Aaa 
1,836,716 
   
6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax) 
      
4,130 
  
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration 
No Opt. Call 
Aa3 
4,403,323 
   
Grants, Series 2002A, 5.500%, 9/15/13 – AMBAC Insured 
      
4,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 
No Opt. Call 
A+ 
4,982,840 
   
5.750%, 6/15/18 
      
20,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 
No Opt. Call 
A+ 
9,462,800 
   
0.000%, 12/15/28 – AMBAC Insured 
      
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2002: 
      
5,955 
  
5.750%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
Aaa 
6,066,120 
3,165 
  
6.125%, 6/01/42 (Pre-refunded 6/01/12) 
6/12 at 100.00 
Aaa 
3,228,015 
1,365 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
Aaa 
1,483,837 
   
Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
      
47,295 
  
Total New Jersey 
    
39,184,629 
   
New Mexico – 0.7% (0.4% of Total Investments) 
      
3,730 
  
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 5.000%, 
7/14 at 100.00 
AA– 
3,990,354 
   
7/01/32 – AGM Insured 
      
   
New York – 8.9% (6.0% of Total Investments) 
      
1,905 
  
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health 
7/12 at 100.00 
A3 
1,908,848 
   
Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 
      
   
7/01/17 – RAAI Insured 
      
7,500 
  
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, 
2/12 at 100.00 
AA– 
7,516,800 
   
Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured 
      
1,000 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
No Opt. Call 
A 
1,081,800 
   
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 
5,425,860 
   
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– 
5,635,198 
   
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 Revenue 
12/14 at 100.00 
AAA 
5,465,700 
   
Bonds, 2004B, 5.000%, 6/15/36 – AGM Insured (UB) 
      
8,800 
  
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local 
10/14 at 100.00 
AAA 
9,597,544 
   
Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 – AMBAC Insured (UB) 
      
   
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– 
5,328,200 
1,670 
  
6.000%, 12/01/36 
12/20 at 100.00 
BBB– 
1,812,768 
10,000 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
6/12 at 100.00 
Baa1 
10,013,100 
   
Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax) 
      
51,630 
  
Total New York 
    
53,785,818 
   
North Carolina – 1.0% (0.7% of Total Investments) 
      
1,500 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
1,720,215 
   
Bonds, Series 2008A, 5.250%, 1/15/24 – AGC Insured 
      
3,830 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA 
1/15 at 100.00 
AA+ (4) 
4,338,624 
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15) 
      
5,330 
  
Total North Carolina 
    
6,058,839 
   
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 
AA– 
4,661,307 
   
6.250%, 11/01/31 
      
   
Ohio – 3.2% (2.1% of Total Investments) 
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
210 
  
5.125%, 6/01/24 
6/17 at 100.00 
B– 
165,633 
1,655 
  
5.375%, 6/01/24 
6/17 at 100.00 
B– 
1,337,703 
1,800 
  
5.875%, 6/01/30 
6/17 at 100.00 
B– 
1,399,986 
1,740 
  
5.750%, 6/01/34 
6/17 at 100.00 
B– 
1,295,656 
3,930 
  
5.875%, 6/01/47 
6/17 at 100.00 
B– 
2,920,540 
6,000 
  
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
6,456,480 
   
5.250%, 11/01/29 
      
3,650 
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
3,766,873 
   
5.000%, 5/01/30 
      
1,000 
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
1,148,280 
   
Project, Series 2009E, 5.625%, 10/01/19 
      
740 
  
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 
6/12 at 100.00 
Aa1 
743,093 
20,725 
  
Total Ohio 
    
19,234,244 
   
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 
1,013,910 
   
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 
      
   
Pennsylvania – 3.0% (2.0% of Total Investments) 
      
1,250 
  
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – 
12/18 at 100.00 
AA– 
1,340,638 
   
AGM Insured 
      
1,500 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 
10/16 at 100.00 
AA+ 
1,512,750 
   
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– 
7,127,440 
   
0.000%, 12/01/38 
      
5,000 
  
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 
6/26 at 100.00 
AA– 
4,748,700 
   
6/01/33 – AGM Insured 
      
3,205 
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%, 
8/12 at 100.00 
Aa2 (4) 
3,292,464 
   
8/01/16 (Pre-refunded 8/01/12) – FGIC Insured 
      
19,155 
  
Total Pennsylvania 
    
18,021,992 
   
Puerto Rico – 5.6% (3.8% of Total Investments) 
      
2,500 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa2 
2,707,600 
   
6.000%, 7/01/44 
      
4,300 
  
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
12/13 at 100.00 
AA+ 
4,408,489 
   
4.500%, 12/01/23 (UB) 
      
8,200 
  
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
12/13 at 100.00 
Aaa 
8,806,882 
   
4.500%, 12/01/23 (Pre-refunded 12/01/13) (UB) 
      
12,845 
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 
No Opt. Call 
BBB+ 
1,868,819 
   
0.000%, 7/01/42 – FGIC Insured 
      
10,000 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/19 at 100.00 
A+ 
11,329,900 
   
2009A, 6.000%, 8/01/42 
      
4,310 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
A+ 
4,680,445 
   
2010C, 5.250%, 8/01/41 
      
42,155 
  
Total Puerto Rico 
    
33,802,135 
   
Rhode Island – 3.7% (2.5% of Total Investments) 
      
2,015 
  
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 – 
5/12 at 100.00 
Caa1 
1,504,359 
   
RAAI Insured 
      
5,815 
  
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – 
No Opt. Call 
AA– 
6,070,337 
   
AGM Insured 
      
   
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond 
      
   
Program, Series 2008, Trust 1177: 
      
1,500 
  
9.629%, 4/01/23 (Alternative Minimum Tax) (IF) 
4/17 at 100.00 
AA+ 
1,593,450 
1,000 
  
9.729%, 4/01/23 (Alternative Minimum Tax) (IF) 
4/17 at 100.00 
AA+ 
1,054,800 
12,500 
  
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
12,510,625 
   
Series 2002A, 6.125%, 6/01/32 
      
22,830 
  
Total Rhode Island 
    
22,733,571 
   
South Carolina – 0.6% (0.4% of Total Investments) 
      
2,045 
  
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, 
11/14 at 100.00 
AA– 
2,148,191 
   
Series 2004A, 5.250%, 11/01/27 – AGM Insured 
      
1,500 
  
Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 2001, 5.000%, 5/01/31 – 
5/12 at 100.00 
AA– 
1,504,605 
   
AMBAC Insured 
      
3,545 
  
Total South Carolina 
    
3,652,796 
   
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+ 
2,359,365 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
      
1,500 
  
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
11/17 at 100.00 
N/R 
110,865 
   
Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (5) (6) 
      
3,810 
  
Total Tennessee 
    
2,470,230 
   
Texas – 10.3% (7.0% of Total Investments) 
      
2,560 
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/13 at 101.00 
Ca 
467,866 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
      
2,000 
  
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
4/20 at 100.00 
Baa2 
2,164,500 
   
The Roman Catholic Diocese of Austin, Series 2005B, Remarketed, 6.125%, 4/01/45 
      
2,845 
  
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, 
8/15 at 100.00 
AAA 
3,164,550 
   
Refunding School Building Series 2005, 5.000%, 8/15/34 
      
2,820 
  
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue 
1/15 at 100.00 
BBB 
2,692,987 
   
Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured 
      
2,100 
  
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding 
8/14 at 100.00 
AAA 
2,205,336 
   
Series 2004, 5.000%, 8/15/33 
      
3,370 
  
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 
8/12 at 100.00 
AAA 
3,449,734 
   
2002, 5.000%, 8/15/33 
      
2,305 
  
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 
No Opt. Call 
BBB 
1,329,501 
   
2001A, 0.000%, 11/15/20 – NPFG 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 
1,228,838 
12,030 
  
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
4,423,190 
30,095 
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/12 at 27.94 
AAA 
8,324,578 
   
Bonds, Series 2004, 0.000%, 8/15/34 
      
9,345 
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/15 at 37.33 
AAA 
3,004,885 
   
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 
8,151,391 
   
Bonds, Series 2006, 0.000%, 8/15/38 
      
1,500 
  
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12 
No Opt. Call 
A1 
1,520,610 
5,250 
  
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 
2/15 at 100.00 
Aaa 
5,547,255 
   
2005, 5.000%, 2/15/34 
      
3,755 
  
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 
2/12 at 100.00 
AAA 
3,767,579 
   
2001A, 5.000%, 8/01/31 
      
1,000 
  
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured 
5/15 at 100.00 
Aa1 
1,044,000 
3,295 
  
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
3,844,705 
   
Series 2007, Residuals 1761, 17.074%, 2/15/36 (IF) 
      
7,000 
  
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, 
8/15 at 34.92 
AAA 
2,135,070 
   
Series 2005, 0.000%, 8/15/35 
      
   
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005: 
      
3,000 
  
0.000%, 8/15/20 
8/15 at 78.46 
AAA 
2,229,900 
3,000 
  
0.000%, 8/15/22 
8/15 at 70.77 
AAA 
1,991,640 
133,560 
  
Total Texas 
    
62,688,115 
   
Utah – 0.0% (0.0% of Total Investments) 
      
210 
  
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 
7/12 at 100.00 
AA– 
210,355 
   
1/01/15 (Alternative Minimum Tax) 
      
   
Virginia – 0.2% (0.2% of Total Investments) 
      
1,500 
  
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
N/R 
1,526,070 
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 
      
   
Washington – 7.8% (5.3% of Total Investments) 
      
4,000 
  
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 
7/13 at 100.00 
Aa1 
4,263,400 
   
2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured 
      
1,825 
  
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 
6/13 at 100.00 
A1 (4) 
1,940,869 
   
5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured 
      
2,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A 
2,205,200 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
      
5,935 
  
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
A3 
6,197,446 
   
Series 2002, 6.500%, 6/01/26 
      
3,350 
  
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – 
No Opt. Call 
AA+ 
3,063,810 
   
AGM Insured 
      
   
Washington, General Obligation Compound Interest Bonds, Series 1999S-3: 
      
17,650 
  
0.000%, 1/01/20 
No Opt. Call 
AA+ 
15,047,684 
18,470 
  
0.000%, 1/01/21 
No Opt. Call 
AA+ 
14,963,655 
53,230 
  
Total Washington 
    
47,682,064 
   
Wisconsin – 5.9% (4.0% of Total Investments) 
      
1,690 
  
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 (Pre-refunded 
11/14 at 100.00 
Aa2 (4) 
1,903,633 
   
11/01/14) – AGM Insured 
      
560 
  
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured 
11/14 at 100.00 
Aa2 
588,342 
7,410 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
AA+ 
7,760,864 
   
2006A, 5.000%, 11/15/36 
      
4,330 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of 
2/20 at 100.00 
AA– 
4,946,852 
   
Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 
      
12,725 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Health System 
2/12 at 100.00 
A2 
12,742,052 
   
Corporation, Series 1999, 5.500%, 8/15/25 – AMBAC Insured 
      
2,200 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/13 at 100.00 
BBB+ 
2,188,582 
   
Services Inc., Series 2003A, 5.125%, 8/15/33 
      
5,000 
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
AA– 
5,950,850 
   
6.000%, 5/01/36 
      
33,915 
  
Total Wisconsin 
    
36,081,175 
$ 1,104,795 
  
Total Municipal Bonds (cost $844,580,426) 
    
900,056,500 
           
Shares 
  
Description (1) 
    
Value 
   
Investment Companies – 0.1% (0.1% of Total Investments) 
      
8,812 
  
BlackRock MuniHoldings Fund Inc. 
    
$      158,175 
32,332 
  
Invesco Quality Municipal Income Trust 
    
449,738 
   
Total Investment Companies (cost $528,388) 
    
607,913 
   
Total Investments (cost $845,108,814) – 148.3% 
    
900,664,413 
   
Floating Rate Obligations – (8.5)% 
    
(51,605,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (23.8)% (7) 
    
(144,300,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.8)% (7) 
    
(120,400,000) 
   
Other Assets Less Liabilities – 3.8% 
    
22,996,076 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 607,355,489 
 
 
 
 

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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – 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 risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of January 31, 2012:
 
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                        
Municipal Bonds 
   $ —     $ 899,945,635     $ 110,865     $ 900,056,500  
Investment Companies 
     607,913       —       —       607,913  
Total 
   $ 607,913     $ 899,945,635     $ 110,865     $ 900,664,413  
 
 
The following is a reconciliation of the Fund's Level 3 investments held at the beginning and end of the measurement period:
 
       
   
Level 3
  
   
Investments
  
Balance at the beginning of period 
   $ 111,150  
Gains (losses): 
        
Net realized gains (losses) 
     —  
Net change in unrealized appreciation (depreciation) 
     (285 ) 
Purchases at cost 
     —  
Sales at proceeds 
     —  
Net discounts (premiums) 
     —  
Transfers in to 
     —  
Transfers out of 
     —  
Balance at the end of period 
   $ 110,865  
 
During the period ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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.
 
At January 31, 2012, the cost of investments was $792,878,378.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2012, were as follows:
 
       
Gross unrealized: 
      
Appreciation 
   $ 79,745,107  
Depreciation 
     (23,563,657 ) 
Net unrealized appreciation (depreciation) of investments 
   $ 56,181,450  
 

     
(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) 
  
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 bond, 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. 
(6) 
  
For fair value measurement disclosure purposes, investment categorized as Level 3. 
(7) 
  
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value 
   
as a percentage of Total Investments are 16.0% and 13.4%, respectively. 
N/R 
  
Not rated. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 

 
 
 
 
Item 2. Controls and Procedures.

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

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

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Dividend Advantage Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         March 30, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         March 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         March 30, 2012