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:         7/31/10         
 
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, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Municipal Bonds – 151.1% (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 
12/10 at 102.00 
A– 
$      1,608,416 
   
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+ 
771,743 
   
12/01/34 – FGIC Insured (UB) 
      
   
Arizona – 1.2% (0.8% of Total Investments)
      
2,350 
  
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 
7/18 at 100.00 
AA– 
2,399,985 
   
2008A, 5.000%, 7/01/33 
      
5,000 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A 
4,457,600 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
      
7,350 
  
Total Arizona 
    
6,857,585 
   
California – 6.5% (4.3% of Total Investments)
      
1,535 
  
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 
No Opt. Call 
A 
254,472 
   
1999A, 0.000%, 10/01/37 – NPFG Insured 
      
6,000 
  
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public 
No Opt. Call 
AAA 
1,981,680 
   
Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured 
      
6,750 
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
AA 
7,530,570 
   
Project, Series 2009, 6.750%, 2/01/38 
      
65 
  
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured 
10/10 at 100.00 
A1 
65,153 
5,000 
  
California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31 
3/16 at 100.00 
A1 
4,974,350 
   
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 
AAA 
1,400,560 
9,925 
  
5.000%, 6/01/45 – AGC Insured 
6/15 at 100.00 
AAA 
9,514,105 
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
5,750 
  
5.000%, 6/01/33 
6/17 at 100.00 
BBB 
4,394,438 
1,000 
  
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
645,660 
2,200 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 
No Opt. Call 
A 
2,417,052 
   
6.500%,11/01/39 
      
1,495 
  
Palmdale Civic Authority, California, Revenue Refinancing Bonds, Civic Center Project, Series 
1/11 at 100.00 
A 
1,499,934 
   
1997A, 5.375%, 7/01/12 – NPFG Insured 
      
17,000 
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
A 
2,389,690 
   
Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured 
      
60,220 
  
Total California 
    
37,067,664 
   
Colorado – 5.5% (3.7% of Total Investments)
      
1,125 
  
Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 
12/17 at 100.00 
N/R 
872,685 
   
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 
3,562,201 
   
Series 2009A, 5.500%, 7/01/34 
      
   
Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car 
      
   
Projects, Series 1999A: 
      
2,170 
  
6.000%, 1/01/12 – NPFG Insured (Alternative Minimum Tax) 
1/11 at 100.00 
A 
2,189,074 
675 
  
6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax) 
1/11 at 100.00 
A 
680,670 
1,475 
  
Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 
10/10 at 100.00 
BB+ 
1,457,448 
   
1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) 
      
8,515 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
A 
3,340,349 
   
9/01/25 – NPFG Insured 
      
25,000 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 
No Opt. Call 
A 
6,066,250 
   
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 
A 
10,191,600 
   
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 
A 
1,715,375 
   
NPFG Insured 
      
2,000 
  
Metropolitan Football Stadium District, Colorado, Sales Tax Revenue Bonds, Series 1999A, 
No Opt. Call 
A 
1,960,780 
   
0.000%, 1/01/12 – NPFG Insured 
      
116,790 
  
Total Colorado 
    
32,036,432 
   
Connecticut – 0.4% (0.2% of Total Investments)
      
4,335 
  
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 
11/17 at 100.00 
N/R 
2,091,204 
   
2007A, 5.750%, 9/01/34 
      
   
Florida – 10.9% (7.2% of Total Investments)
      
1,325 
  
Florida Housing Finance Agency, Housing Revenue Bonds, Mar Lago Village Apartments, Series 
12/10 at 100.00 
N/R 
1,325,676 
   
1997F, 5.800%, 12/01/17 – AMBAC Insured (Alternative Minimum Tax) 
      
15,000 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 
6/15 at 101.00 
AAA 
15,094,800 
   
6/01/35 (UB) 
      
2,500 
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
2,356,075 
   
Series 2007, 5.000%, 10/01/34 
      
13,625 
  
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
12/10 at 100.00 
BB+ 
13,624,864 
   
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– 
22,025,300 
7,370 
  
5.000%, 8/15/42 (UB) 
8/17 at 100.00 
AA– 
7,311,630 
61,820 
  
Total Florida 
    
61,738,345 
   
Georgia – 0.8% (0.5% of Total Investments)
      
5,000 
  
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real 
7/17 at 100.00 
Baa2 
4,538,400 
   
Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured 
      
   
Idaho – 0.1% (0.1% of Total Investments)
      
110 
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 
1/11 at 100.50 
Aa2 
114,458 
   
1/01/21 (Alternative Minimum Tax) 
      
140 
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 
1/11 at 100.00 
Aa2 
142,926 
   
7/01/22 (Alternative Minimum Tax) 
      
195 
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 
1/11 at 100.00 
Aaa 
204,750 
   
7/01/20 (Alternative Minimum Tax) 
      
445 
  
Total Idaho 
    
462,134 
   
Illinois – 31.7% (20.9% of Total Investments)
      
1,560 
  
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12 
12/10 at 101.00 
BBB+ 
1,594,772 
2,205 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Aa2 
780,019 
   
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 
Aa2 
8,292,550 
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured 
      
   
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, 
      
   
Series 1999A: 
      
655 
  
5.500%, 12/20/19 (Alternative Minimum Tax) 
10/10 at 101.00 
AA– 
663,319 
1,210 
  
5.600%, 12/20/29 (Alternative Minimum Tax) 
10/10 at 101.00 
AA– 
1,221,834 
1,925 
  
5.650%, 12/20/40 (Alternative Minimum Tax) 
10/10 at 101.00 
AA– 
1,940,400 
22,750 
  
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 
No Opt. Call 
Aa2 
26,407,745 
   
1999, 5.500%, 1/01/23 – FGIC Insured 
      
2,150 
  
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – 
No Opt. Call 
AA+ 
2,311,379 
   
AMBAC Insured 
      
3,340 
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/16 at 100.00 
A1 
3,324,269 
   
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 
Aa2 
211,219 
   
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 
Aa2 (4) 
928,260 
   
Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured 
      
500 
  
Hoffman Estates Park District, Cook County, Illinois, General Obligation Bonds, Series 1999, 
12/11 at 100.00 
AA+ 
506,550 
   
5.375%, 12/01/29 – NPFG Insured 
      
3,935 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County 
No Opt. Call 
Baa1 
3,463,351 
   
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 
1,569,600 
   
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 
AAA 
2,018,480 
   
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+ 
1,005,490 
   
5.500%, 2/01/40 – AMBAC Insured 
      
5,570 
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 
7/14 at 100.00 
Aa1 
5,830,955 
4,000 
  
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical 
8/18 at 100.00 
BBB 
4,148,440 
   
Centers, Series 2008A, 6.000%, 8/15/23 
      
9,800 
  
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project, 
8/11 at 103.00 
Aa1 
10,232,278 
   
Series 1985A, 5.500%, 8/01/20 
      
5,595 
  
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 
1/11 at 100.00 
A 
5,457,811 
   
1997A, 5.000%, 7/01/24 – NPFG Insured 
      
5,490 
  
Illinois Health Facilities Authority, Revenue Bonds, Sarah Bush Lincoln Health Center, Series 
8/10 at 100.00 
A+ 
5,497,466 
   
1996B, 5.500%, 2/15/16 
      
1,500 
  
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – 
1/15 at 100.00 
A+ 
1,446,585 
   
FGIC Insured 
      
2,000 
  
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation 
No Opt. Call 
A1 
1,202,580 
   
Bonds, 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 
5,499,716 
   
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 
2,445,150 
   
Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 
      
22,500 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
12/10 at 100.50 
AAA 
22,810,050 
   
Project, Series 1999A, 5.500%, 12/15/24 – FGIC Insured 
      
   
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 
A 
6,657,263 
13,000 
  
0.000%, 12/15/23 – NPFG Insured 
No Opt. Call 
A 
6,569,160 
3,000 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
6/12 at 101.00 
AAA 
3,217,710 
   
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 54.13 
Aa2 
762,680 
   
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 
AAA 
27,313,635 
3,500 
  
5.750%, 6/01/23 – AGM Insured 
No Opt. Call 
AAA 
4,090,030 
1,300 
  
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured 
12/14 at 100.00 
Aaa 
1,383,031 
10,000 
  
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
Aa2 
5,508,100 
   
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 
3,261,150 
   
0.000%, 11/01/18 – AGM Insured 
      
195,820 
  
Total Illinois 
    
179,573,027 
   
Indiana – 3.7% (2.4% of Total Investments)
      
1,630 
  
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal 
8/10 at 100.00 
N/R 
1,604,800 
   
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 
4,164,440 
   
5.250%, 12/01/38 
      
2,000 
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest 
3/17 at 100.00 
BBB 
1,991,580 
   
Indiana, Series 2007, 5.500%, 3/01/37 
      
6,400 
  
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, 
1/17 at 100.00 
Aaa 
6,365,376 
   
Tender Option Bond Trust 1847, 7.699%, 7/01/25 (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+ 
6,760,640 
   
NPFG Insured 
      
20,705 
  
Total Indiana 
    
20,886,836 
   
Iowa – 0.9% (0.6% of Total Investments)
      
7,000 
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
5,064,710 
   
5.625%, 6/01/46 
      
   
Kansas – 1.6% (1.0% of Total Investments)
      
3,825 
  
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 1999, 4.000%, 10/01/18 – 
10/10 at 100.00 
Aa2 
3,829,475 
   
FGIC Insured 
      
3,000 
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, 
12/15 at 100.00 
N/R 
3,103,350 
   
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 
N/R 
2,044,152 
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic 
      
   
Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 
      
10,555 
  
Total Kansas 
    
8,976,977 
   
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 
10/10 at 100.00 
BB– 
1,762,532 
5,000 
  
5.875%, 10/01/22 
10/10 at 100.00 
BB– 
4,512,250 
6,850 
  
Total Kentucky 
    
6,274,782 
   
Louisiana – 7.1% (4.7% of Total Investments)
      
1,750 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA 
6/12 at 105.00 
Aaa 
1,875,178 
   
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 
A 
5,409,171 
   
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 
8,490,330 
   
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 
5,329,185 
   
FGIC Insured (UB) 
      
13,570 
  
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%, 
12/10 at 38.73 
Aa3 
5,166,235 
   
12/01/28 – AMBAC Insured 
      
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2001B: 
      
8,820 
  
5.500%, 5/15/30 
5/11 at 101.00 
BBB 
8,879,535 
5,000 
  
5.875%, 5/15/39 
5/11 at 101.00 
BBB 
4,927,800 
48,935 
  
Total Louisiana 
    
40,077,434 
   
Massachusetts – 2.2% (1.5% of Total Investments)
      
1,440 
  
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds, 
9/12 at 102.00 
N/R 
803,088 
   
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 
AAA 
4,623,233 
   
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 
A3 
619,560 
   
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 
2,380,132 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
2,950 
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA– 
3,016,464 
785 
  
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 
9/10 at 100.00 
A 
670,877 
   
1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax) 
      
1,000 
  
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 
No Opt. Call 
A 
492,380 
   
1997A, 0.000%, 1/01/24 – NPFG Insured 
      
13,460 
  
Total Massachusetts 
    
12,605,734 
   
Michigan – 4.5% (3.0% of Total Investments)
      
6,000 
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
5,907,300 
   
7/01/35 – NPFG Insured 
      
15,255 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
8/10 at 100.00 
BB– 
14,052,906 
   
Obligated Group, Series 1998A, 5.250%, 8/15/28 
      
1,150 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,377,390 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
      
4,000 
  
Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Wayne County Airport, 
12/10 at 100.00 
A 
4,027,920 
   
Series 1998A, 5.375%, 12/01/16 – NPFG Insured (Alternative Minimum Tax) 
      
26,405 
  
Total Michigan 
    
25,365,516 
   
Minnesota – 1.4% (0.9% of Total Investments)
      
6,375 
  
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A 
7,195,080 
   
Services, Series 2008A, 6.625%, 11/15/28 
      
530 
  
Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1998H-1, 5.650%, 
1/11 at 100.00 
AA+ 
552,361 
   
7/01/31 (Alternative Minimum Tax) 
      
6,905 
  
Total Minnesota 
    
7,747,441 
   
Missouri – 2.3% (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– 
2,892,540 
5,000 
  
0.000%, 4/15/29 – AMBAC Insured 
No Opt. Call 
AA– 
1,817,500 
1,885 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/11 at 101.00 
AA– 
1,981,908 
   
Series 2001A, 5.250%, 6/01/21 – AMBAC Insured 
      
   
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
      
   
Series 2001A: 
      
300 
  
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
315,213 
2,185 
  
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
2,295,801 
3,670 
  
5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured 
6/11 at 101.00 
AA– (4) 
3,856,106 
20,040 
  
Total Missouri 
    
13,159,068 
   
Montana – 0.3% (0.2% of Total Investments)
      
460 
  
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 
12/10 at 100.00 
AA+ 
468,160 
   
(Alternative Minimum Tax) 
      
1,000 
  
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, 
12/10 at 100.00 
A2 
989,580 
   
Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax) 
      
1,460 
  
Total Montana 
    
1,457,740 
   
Nevada – 5.2% (3.4% of Total Investments)
      
10,000 
  
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
10,693,100 
9,675 
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
9,699,478 
   
International Airport, Series 2010A, 5.250%, 7/01/42 
      
   
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
      
   
Monorail Project, First Tier, Series 2000: 
      
8,000 
  
0.000%, 1/01/19 – AMBAC Insured 
No Opt. Call 
N/R 
1,188,960 
4,000 
  
5.625%, 1/01/32 – AMBAC Insured (5) 
1/12 at 100.00 
N/R 
958,760 
3,000 
  
5.375%, 1/01/40 – AMBAC Insured (5) 
1/11 at 100.00 
N/R 
719,130 
3,750 
  
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, 
7/17 at 100.00 
AA+ 
4,411,950 
   
Trust 2633, 18.437%, 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 
1,746,660 
   
8.000%, 6/15/30 
      
39,925 
  
Total Nevada 
    
29,418,038 
   
New Jersey – 6.8% (4.5% of Total Investments)
      
6,850 
  
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine 
No Opt. Call 
Baa1 
7,673,850 
   
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, 
12/10 at 101.00 
Aaa 
1,854,083 
   
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 
4,564,352 
   
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 
AA– 
4,771,240 
   
5.750%, 6/15/18 
      
20,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 
No Opt. Call 
AA– 
7,197,400 
   
0.000%, 12/15/28 – AMBAC Insured 
      
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2002: 
      
6,940 
  
5.750%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
7,438,223 
3,165 
  
6.125%, 6/01/42 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
3,497,863 
1,365 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
AAA 
1,601,636 
   
Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
      
48,280 
  
Total New Jersey 
    
38,598,647 
   
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 
AAA 
3,810,978 
   
7/01/32 – AGM Insured 
      
   
New York – 8.1% (5.4% of Total Investments)
      
2,170 
  
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health 
1/11 at 100.00 
A3 
2,171,845 
   
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, 
8/10 at 100.00 
AA– 
7,509,450 
   
Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured 
      
6,000 
  
New York City Industrial Development Agency, New York, American Airlines-JFK International 
8/16 at 101.00 
B– 
6,240,780 
   
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 
AAA 
5,531,444 
   
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 
5,188,450 
   
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, Local 
10/14 at 100.00 
AAA 
9,258,744 
   
Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 – AMBAC Insured (UB) 
      
10,000 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/10 at 100.00 
A 
10,057,000 
   
Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax) 
      
44,225 
  
Total New York 
    
45,957,713 
   
North Carolina – 1.1% (0.7% of Total Investments)
      
1,500 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
1,607,865 
   
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 
AAA 
4,467,580 
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15) 
      
5,330 
  
Total North Carolina 
    
6,075,445 
   
Ohio – 3.1% (2.0% of Total Investments)
      
2,300 
  
Amherst Exempted Village School District, Ohio, Unlimited Tax General Obligation School 
12/11 at 100.00 
Aa2 (4) 
2,448,764 
   
Improvement Bonds, Series 2001, 5.125%, 12/01/21 (Pre-refunded 12/01/11) – FGIC Insured 
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
160 
  
5.125%, 6/01/24 
6/17 at 100.00 
BBB 
134,170 
1,275 
  
5.375%, 6/01/24 
6/17 at 100.00 
BBB 
1,097,189 
1,800 
  
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
1,421,028 
1,740 
  
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
1,302,251 
3,930 
  
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
2,785,388 
3,635 
  
Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek 
1/11 at 100.00 
Aa2 
3,637,108 
   
Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax) 
      
3,650 
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
3,752,711 
   
5.000%, 5/01/30 
      
935 
  
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 
12/10 at 100.00 
Aa1 
938,693 
19,425 
  
Total Ohio 
    
17,517,302 
   
Oregon – 0.4% (0.3% of Total Investments)
      
2,355 
  
Portland, Oregon, Downtown Waterfront Urban Renewal and Redevelopment Revenue Bonds, Series 
12/10 at 101.00 
Aa3 
2,386,180 
   
2000A, 5.500%, 6/15/20 – AMBAC Insured 
      
   
Pennsylvania – 6.8% (4.5% of Total Investments)
      
3,480 
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn 
11/10 at 102.00 
AAA 
3,640,150 
   
Allegheny Health System, Series 2000B, 9.250%, 11/15/22 (Pre-refunded 11/15/10) 
      
1,250 
  
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – 
12/18 at 100.00 
AAA 
1,285,088 
   
AGM Insured 
      
1,500 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 
10/16 at 100.00 
AA+ 
1,438,620 
   
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– 
5,916,874 
   
0.000%, 12/01/38 
      
5,000 
  
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 
6/26 at 100.00 
AAA 
3,891,550 
   
6/01/33 – AGM Insured 
      
18,900 
  
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 1998A, 5.500%, 6/15/18 – FGIC 
12/10 at 100.00 
A+ 
18,924,948 
   
Insured (Alternative Minimum Tax) 
      
3,205 
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%, 
8/12 at 100.00 
Aa2 (4) 
3,542,198 
   
8/01/16 (Pre-refunded 8/01/12) – FGIC Insured 
      
41,535 
  
Total Pennsylvania 
    
38,639,428 
   
Puerto Rico – 5.8% (3.8% of Total Investments)
      
2,500 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
2,609,400 
   
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+ 
4,361,232 
   
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 
9,153,906 
   
4.500%, 12/01/23 (Pre-refunded 12/01/13) 
      
12,845 
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 
No Opt. Call 
A3 
1,486,295 
   
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+ 
10,747,800 
   
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+ 
4,331,636 
   
2010C, 5.250%, 8/01/41 
      
42,155 
  
Total Puerto Rico 
    
32,690,269 
   
Rhode Island – 2.9% (1.9% of Total Investments)
      
2,015 
  
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 – 
11/10 at 101.00 
B3 
1,522,836 
   
RAAI Insured 
      
   
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond 
      
   
Program, Series 2008, Trust 1177: 
      
1,500 
  
9.529%, 4/01/23 (Alternative Minimum Tax) (IF) 
4/17 at 100.00 
AA+ 
1,582,950 
1,000 
  
9.629%, 4/01/23 (Alternative Minimum Tax) (IF) 
4/17 at 100.00 
AA+ 
1,038,080 
12,500 
  
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
12,372,625 
   
Series 2002A, 6.125%, 6/01/32 
      
17,015 
  
Total Rhode Island 
    
16,516,491 
   
South Carolina – 0.3% (0.2% of Total Investments)
      
1,500 
  
Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 2001, 5.000%, 5/01/31 – 
5/11 at 101.00 
AA– 
1,506,870 
   
AMBAC Insured 
      
   
Tennessee – 1.4% (1.0% of Total Investments)
      
2,250 
  
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 
9/10 at 101.00 
A2 
2,276,033 
   
6.000%, 3/01/24 – AMBAC Insured (Alternative Minimum Tax) 
      
2,425 
  
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2001B, 
3/11 at 100.00 
AAA 
2,443,091 
   
5.125%, 3/01/26 – AGM Insured 
      
2,310 
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
2,160,705 
   
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 
1,291,050 
   
Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (6) 
      
8,485 
  
Total Tennessee 
    
8,170,879 
   
Texas – 6.4% (4.3% of Total Investments)
      
2,560 
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/13 at 101.00 
Caa3 
1,368,986 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
      
2,000 
  
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman 
4/20 at 100.00 
Baa2 
2,020,860 
   
Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 
      
2,820 
  
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue 
1/15 at 100.00 
A 
2,527,481 
   
Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured 
      
820 
  
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%, 
12/11 at 100.00 
AAA 
871,668 
   
12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured 
      
2,205 
  
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 
No Opt. Call 
A 
1,229,861 
   
2001A, 0.000%, 11/15/20 – NPFG Insured 
      
3,130 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
947,232 
   
Project, Series 2001B, 0.000%, 9/01/30 – AMBAC Insured 
      
30,095 
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/12 at 27.94 
AAA 
7,615,239 
   
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 
AA– 
2,719,769 
   
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 
7,158,249 
   
Bonds, Series 2006, 0.000%, 8/15/38 
      
1,000 
  
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured 
5/15 at 100.00 
Aa1 
1,009,320 
3,295 
  
Tarrant County, Texas, Cultural & Educational Facilities Financing Corporation, Revenue Bonds, 
2/17 at 100.00 
AA– 
3,367,754 
   
Series 2007, Residuals 1760-3, 16.975%, 2/15/36 (IF) 
      
7,000 
  
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, 
8/15 at 34.92 
AAA 
1,910,370 
   
Series 2005, 0.000%, 8/15/35 
      
   
Wylie Independent School District, Taylor County, Texas, General Obligation Bonds, Series 2005: 
      
3,000 
  
0.000%, 8/15/20 
8/15 at 78.46 
AAA 
1,987,800 
3,000 
  
0.000%, 8/15/22 
8/15 at 70.77 
AAA 
1,766,430 
103,430 
  
Total Texas 
    
36,501,019 
   
Utah – 0.1% (0.1% of Total Investments)
      
   
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1999C-2, Class II: 
      
135 
  
5.700%, 7/01/19 (Alternative Minimum Tax) 
1/11 at 100.75 
Aaa 
140,831 
40 
  
5.750%, 7/01/21 (Alternative Minimum Tax) 
1/11 at 100.75 
Aa2 
40,538 
310 
  
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 
1/11 at 100.00 
AA– 
310,366 
   
1/01/15 (Alternative Minimum Tax) 
      
485 
  
Total Utah 
    
491,735 
   
Virginia – 0.5% (0.3% of Total Investments)
      
3,000 
  
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
N/R 
2,937,270 
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 
      
   
Washington – 11.3% (7.5% of Total Investments)
      
4,000 
  
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 
7/13 at 100.00 
Aaa 
4,472,360 
   
2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured 
      
   
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B: 
      
1,755 
  
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax) 
9/10 at 101.00 
A 
1,776,165 
2,590 
  
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax) 
9/10 at 101.00 
A 
2,620,484 
   
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C: 
      
875 
  
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax) 
9/10 at 101.00 
A 
885,553 
1,260 
  
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax) 
9/10 at 101.00 
A 
1,274,830 
3,595 
  
Seattle, Washington, Municipal Light and Power Revenue Refunding and Improvement Bonds, Series 
3/11 at 100.00 
AAA 
3,706,014 
   
2001, 5.500%, 3/01/19 (Pre-refunded 3/01/11) – AGM Insured 
      
1,225 
  
Seattle, Washington, Municipal Light and Power Revenue Refunding and Improvement Bonds, Series 
3/11 at 100.00 
AAA 
1,255,735 
   
2001, 5.500%, 3/01/19 – AGM Insured 
      
2,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A 
2,079,640 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
      
5,960 
  
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
BBB 
6,131,290 
   
Series 2002, 6.500%, 6/01/26 
      
11,605 
  
Washington, Certificates of Participation, Washington Convention and Trade Center, Series 
1/11 at 100.00 
AA 
11,643,180 
   
1999, 5.250%, 7/01/16 – NPFG Insured 
      
3,350 
  
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – 
No Opt. Call 
AAA 
2,682,010 
   
AGM Insured 
      
   
Washington, General Obligation Compound Interest Bonds, Series 1999S-3: 
      
17,650 
  
0.000%, 1/01/20 
No Opt. Call 
AA+ 
12,823,961 
18,470 
  
0.000%, 1/01/21 
No Opt. Call 
AA+ 
12,761,476 
74,335 
  
Total Washington 
    
64,112,698 
   
Wisconsin – 7.6% (5.1% 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) 
1,969,288 
   
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 
580,338 
3,810 
  
La Crosse, Wisconsin, Industrial Development Revenue Refunding Bonds, Dairyland Power 
12/10 at 100.00 
A3 
3,860,329 
   
Cooperative, Series 1997C, 5.550%, 2/01/15 – AMBAC Insured 
      
7,410 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
Aa1 
7,545,528 
   
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– 
4,662,803 
   
Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 
      
4,380 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Kenosha Hospital and 
11/10 at 100.00 
A 
4,381,532 
   
Medical Center Inc., Series 1999, 5.625%, 5/15/29 
      
12,700 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Health System 
8/10 at 100.50 
A2 
12,764,388 
   
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+ 
1,984,069 
   
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– 
5,567,899 
   
6.000%, 5/01/36 
      
42,080 
  
Total Wisconsin 
    
43,316,174 
$ 1,113,735 
  
Total Municipal Bonds (cost $846,103,913) 
    
857,008,324 
            
Shares
  
Description (1)
    
Value
   
Investment Companies – 0.1% (0.1% of Total Investments)
      
8,812 
  
BlackRock MuniHoldings Fund Inc. 
    
$       141,521 
32,332 
  
Invesco Quality Municipal Income Trust 
    
423,873 
   
Total Investment Companies (cost $528,388) 
    
565,394 
   
Total Investments (cost $846,632,301) – 151.2% 
    
857,573,718 
   
Floating Rate Obligations – (9.1)% 
    
(51,605,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (25.4)% (7) 
    
(144,300,000)
   
Other Assets Less Liabilities – 4.5% 
    
25,426,032 
   
Auction Rate Preferred Shares, at Liquidation Value – (21.2)% (7) 
    
(120,075,000)
   
Net Assets Applicable to Common Shares – 100% 
    
$ 567,019,750 

 
 
 
 
 
Fair Value Measurements
 
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 July 31, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments: 
        
Municipal Bonds 
$        — 
$855,717,274 
$1,291,050 
$857,008,324 
Investment Companies 
565,394 
— 
— 
565,394 
Total 
$565,394 
$855,717,274 
$1,291,050 
$857,573,718 

 
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 
$           — 
Gains (losses): 
— 
Net realized gains (losses) 
— 
Net change in unrealized appreciation (depreciation) 
— 
Net purchases at cost (sales at proceeds) 
— 
Net discounts (premiums) 
— 
Net transfers in to (out of) at end of period fair value 
1,291,050 
Balance at the end of period 
$1,291,050 

 
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 July 31, 2010, the cost of investments was $793,975,957.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2010, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$ 50,279,343 
Depreciation 
(38,286,253)
Net unrealized appreciation (depreciation) of investments 
$ 11,993,090 

   
(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 Investor 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. 
(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. Such investments are normally considered to 
 
be equivalent to AAA rated securities. 
(5) 
The Fund’s Adviser has concluded this 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 Auction Rate Preferred Shares, at Liquidation Value as a percentage 
 
of Total Investments are 16.8% and 14.0%, 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         September 29, 2010        
 
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, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         September 29, 2010