nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

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

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/11         
 
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, 2011
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Municipal Bonds – 156.3% (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
6/11 at 101.00
A–
$ 1,602,704
   
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+
732,998
   
12/01/34 – FGIC Insured (UB)
      
   
Arizona – 2.8% (1.8% 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–
2,225,615
8,200
  
5.000%, 7/01/38
7/18 at 100.00
AA–
7,666,508
5,000
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
No Opt. Call
A
4,254,450
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
      
15,550
  
Total Arizona
    
14,146,573
   
California – 8.9% (5.7% of Total Investments)
      
1,535
  
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series
No Opt. Call
A
196,756
   
1999A, 0.000%, 10/01/37 – NPFG Insured
      
6,000
  
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public
No Opt. Call
AA+
1,780,500
   
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–
2,502,450
   
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
4,559,250
4,250
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
3,878,210
6,750
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
8/19 at 100.00
Aa2
7,274,070
   
Project, Series 2009, 6.750%, 2/01/38
      
65
  
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
4/11 at 100.00
A1
65,160
5,000
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
No Opt. Call
AA+
4,605,500
   
Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM 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
AA+
1,332,170
9,925
  
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
AA+
8,025,851
   
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
Baa3
3,746,470
1,000
  
5.125%, 6/01/47
6/17 at 100.00
Baa3
589,580
2,200
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
No Opt. Call
A
2,257,816
1,495
  
Palmdale Civic Authority, California, Revenue Refinancing Bonds, Civic Center Project, Series
7/11 at 100.00
Baa1
1,498,095
   
1997A, 5.375%, 7/01/12 – NPFG 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
Baa1
418,800
17,000
  
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
Baa1
2,063,290
575
  
Seaside Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series
8/13 at 100.00
A
587,029
   
2003, 5.375%, 8/01/18 – NPFG Insured
      
75,045
  
Total California
    
45,380,997
   
Colorado – 5.6% (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
793,001
   
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
3,269,627
   
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)
7/11 at 100.00
A–
2,178,919
675
  
6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
A–
677,295
1,475
  
Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series
4/11 at 100.00
B
1,359,036
   
1997A, 5.750%, 10/01/27 (Alternative Minimum Tax)
      
8,515
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 –
No Opt. Call
Baa1
3,021,207
   
NPFG Insured
      
25,000
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 –
No Opt. Call
Baa1
5,310,250
   
NPFG Insured
      
60,000
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 –
No Opt. Call
Baa1
8,676,000
   
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
Baa1
1,434,750
   
NPFG Insured
      
2,000
  
Metropolitan Football Stadium District, Colorado, Sales Tax Revenue Bonds, Series 1999A,
No Opt. Call
Baa1
1,976,560
   
0.000%, 1/01/12 – NPFG Insured
      
116,790
  
Total Colorado
    
28,696,645
   
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
1,721,429
   
2007A, 5.750%, 9/01/34
      
   
Florida – 11.0% (7.1% of Total Investments)
      
1,255
  
Florida Housing Finance Agency, Housing Revenue Bonds, Mar Lago Village Apartments, Series
6/11 at 100.00
N/R
1,255,314
   
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
13,491,900
   
6/01/35 (UB)
      
2,500
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,
10/17 at 100.00
A3
2,149,350
   
Series 2007, 5.000%, 10/01/34
      
13,625
  
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds,
6/11 at 100.00
BB+
13,713,563
   
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
19,307,420
7,370
  
5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
6,350,361
61,750
  
Total Florida
    
56,267,908
   
Georgia – 1.8% (1.1% of Total Investments)
      
5,000
  
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real
7/17 at 100.00
Baa2
4,065,600
   
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
4,877,400
   
Medical Center Project, Series 2010, 8.000%, 12/01/40
      
10,000
  
Total Georgia
    
8,943,000
   
Idaho – 0.1% (0.1% of Total Investments)
      
110
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%,
7/11 at 100.00
Aa2
112,328
   
1/01/21 (Alternative Minimum Tax)
      
140
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%,
7/11 at 100.00
Aa2
142,776
   
7/01/22 (Alternative Minimum Tax)
      
180
  
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%,
7/11 at 100.00
Aaa
184,811
   
7/01/20 (Alternative Minimum Tax)
      
430
  
Total Idaho
    
439,915
   
Illinois – 31.1% (19.9% of Total Investments)
      
1,070
  
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12
6/11 at 101.00
BBB+
1,082,883
2,205
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
Aa2
618,811
   
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
7,177,645
   
Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
      
   
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments,
      
   
Series 1999A:
      
625
  
5.500%, 12/20/19 (Alternative Minimum Tax)
4/11 at 101.00
AA–
629,594
1,210
  
5.600%, 12/20/29 (Alternative Minimum Tax)
4/11 at 101.00
AA–
1,210,569
1,925
  
5.650%, 12/20/40 (Alternative Minimum Tax)
4/11 at 101.00
AA–
1,900,245
22,750
  
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series
No Opt. Call
Aa3
23,593,115
   
1999, 5.500%, 1/01/23 – FGIC Insured
      
1,655
  
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 –
No Opt. Call
AA+
1,759,563
   
AMBAC Insured
      
3,340
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,
1/16 at 100.00
A1
2,950,356
   
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
204,320
   
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)
904,802
   
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
Baa1
3,398,187
   
School District 116 – Round Lake, Series 1999, 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
4,865,100
   
Series 2003A, 5.000%, 7/01/33
      
1,500
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
1,419,240
2,000
  
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,
8/18 at 100.00
AA+
1,777,960
   
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+
912,550
   
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
5,456,818
4,000
  
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical
8/18 at 100.00
BBB
4,048,160
   
Centers, Series 2008A, 6.000%, 8/15/23
      
5,990
  
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
5/17 at 100.00
Baa3
4,979,247
   
Refunding Series 2007A, 5.250%, 5/01/34
      
9,800
  
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project,
8/11 at 103.00
Aa1
10,133,690
   
Series 1985A, 5.500%, 8/01/20
      
10,710
  
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series
7/11 at 100.00
Baa1
9,550,214
   
1997A, 5.000%, 7/01/24 – NPFG Insured
      
5,490
  
Illinois Health Facilities Authority, Revenue Bonds, Sarah Bush Lincoln Health Center, Series
2/11 at 100.00
A+
5,495,051
   
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+
1,336,080
   
FGIC Insured
      
2,000
  
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation
No Opt. Call
A1
1,121,460
   
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
5,302,993
   
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
2,003,460
   
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–
6,280,575
13,000
  
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
AA–
6,175,520
3,000
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
6/12 at 101.00
AAA
3,153,510
   
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 –
11/15 at 54.14
Aa2
705,014
   
SYNCORA GTY Insured
      
   
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
      
   
Illinois, General Obligation Bonds, Series 1999:
      
22,650
  
5.750%, 6/01/19 – AGM Insured
No Opt. Call
AA+
24,893,483
3,500
  
5.750%, 6/01/23 – AGM Insured
No Opt. Call
AA+
3,741,885
1,300
  
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
12/14 at 100.00
Aaa
1,305,265
10,000
  
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation
No Opt. Call
Aa2
5,226,300
   
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
3,109,860
   
0.000%, 11/01/18 – AGM Insured
      
187,910
  
Total Illinois
    
158,423,525
   
Indiana – 4.3% (2.8% of Total Investments)
      
1,630
  
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal
2/11 at 100.00
N/R
1,586,495
   
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
3,656,520
   
5.250%, 12/01/38
      
2,000
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
BBB+
1,721,200
   
Indiana, Series 2007, 5.500%, 3/01/37
      
5,905
  
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds,
1/17 at 100.00
Aaa
5,131,504
   
Series 2007A-1, Drivers 1847, 7.842%, 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+
6,034,934
   
NPFG Insured
      
3,965
  
Marion County Convention and Recreational Facilities Authority, Indiana, Excise Taxes Lease
6/11 at 100.00
Baa1
3,965,397
   
Rental Revenue Subordinate Bonds, Series 1997A, 5.000%, 6/01/22 – NPFG Insured
      
24,175
  
Total Indiana
    
22,096,050
   
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
4,599,210
   
5.625%, 6/01/46
      
   
Kansas – 1.7% (1.1% of Total Investments)
      
3,825
  
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 1999, 4.000%, 10/01/18 –
4/11 at 100.00
Aa2
3,827,945
   
FGIC Insured
      
2,945
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds,
12/15 at 100.00
N/R
2,959,843
   
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
1,980,518
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic
      
   
Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
      
10,500
  
Total Kansas
    
8,768,306
   
Kentucky – 1.2% (0.8% 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
4/11 at 100.00
BB–
1,730,971
5,000
  
5.875%, 10/01/22
4/11 at 100.00
BB–
4,295,800
6,850
  
Total Kentucky
    
6,026,771
   
Louisiana – 7.4% (4.8% of Total Investments)
      
1,750
  
Louisiana Local Government Environmental Facilities and Community Development Authority,
6/12 at 105.00
Aaa
1,850,783
   
GNMA 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
Baa1
5,034,297
   
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
7,216,470
   
Series 2007A, 5.500%, 5/15/47
      
5,445
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – FGIC
5/16 at 100.00
Aa1
4,713,083
   
Insured (UB)
      
13,570
  
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%,
6/11 at 39.76
Aa3
4,344,300
   
12/01/28 – AMBAC Insured
      
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,
      
   
Series 2001B:
      
8,870
  
5.500%, 5/15/30
5/11 at 101.00
A
8,592,635
6,750
  
5.875%, 5/15/39
5/11 at 101.00
A–
6,157,890
50,735
  
Total Louisiana
    
37,909,458
   
Massachusetts – 2.3% (1.5% of Total Investments)
      
1,440
  
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds,
9/12 at 102.00
N/R
563,486
   
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+
4,487,700
   
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
565,669
   
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
2,217,338
   
University Issue, Series 2009A, 5.750%, 7/01/39
      
2,925
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
AA–
2,788,812
785
  
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series
3/11 at 100.00
Baa1
688,005
   
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+
485,690
   
1997A, 0.000%, 1/01/24 – NPFG Insured
      
13,435
  
Total Massachusetts
    
11,796,700
   
Michigan – 2.0% (1.2% of Total Investments)
      
6,000
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
A
5,194,500
   
7/01/35 – NPFG Insured
      
3,480
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I,
10/11 at 100.00
Aa3
3,524,022
   
5.125%, 10/15/20
      
1,150
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
A1
1,284,194
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
      
10,630
  
Total Michigan
    
10,002,716
   
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
6,786,379
   
Services, Series 2008A, 6.625%, 11/15/28
      
470
  
Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1998H-1, 5.650%,
7/11 at 100.00
AA+
482,916
   
7/01/31 (Alternative Minimum Tax)
      
6,845
  
Total Minnesota
    
7,269,295
   
Missouri – 2.5% (1.6% 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–
2,639,490
5,000
  
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
1,625,500
   
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)
307,887
1,885
  
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
1,934,557
2,185
  
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
2,242,444
3,670
  
5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
3,766,484
20,040
  
Total Missouri
    
12,516,362
   
Montana – 0.3% (0.2% of Total Investments)
      
385
  
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29
6/11 at 100.00
AA+
391,480
   
(Alternative Minimum Tax)
      
1,000
  
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds,
6/11 at 100.00
A2
976,920
   
Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax)
      
1,385
  
Total Montana
    
1,368,400
   
Nevada – 5.2% (3.3% 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
9,913,200
9,675
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
Aa3
8,767,388
   
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
D
1,099,200
4,000
  
5.625%, 1/01/32 – AMBAC Insured (5)
1/12 at 100.00
D
895,360
3,000
  
5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
D
671,310
3,750
  
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West,
7/17 at 100.00
AA+
3,555,150
   
Trust 2634, 18.675%, 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
1,651,485
   
8.000%, 6/15/30
      
39,925
  
Total Nevada
    
26,553,093
   
New Jersey – 7.2% (4.6% of Total Investments)
      
6,850
  
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine
No Opt. Call
Baa1
7,483,351
   
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,
6/11 at 100.00
Aaa
1,851,740
   
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
4,461,804
   
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–
4,475,680
   
5.750%, 6/15/18
      
20,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,
No Opt. Call
AA–
6,277,400
   
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
7,289,707
3,165
  
6.125%, 6/01/42 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
3,400,286
1,365
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/13 at 100.00
AAA
1,547,855
   
Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
      
48,280
  
Total New Jersey
    
36,787,823
   
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+
3,599,152
   
7/01/32 – AGM Insured
      
   
New York – 10.4% (6.6% of Total Investments)
      
2,170
  
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health
7/11 at 100.00
A3
2,170,998
   
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,
2/11 at 100.00
AA–
7,504,125
   
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–
6,257,520
   
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+
5,176,008
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
      
1,460
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
12/20 at 100.00
AA+
1,467,680
   
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
      
5,000
  
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue
12/14 at 100.00
AAA
4,849,400
   
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
8,781,960
   
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, Eigth Series 2010:
      
5,000
  
6.500%, 12/01/28
12/15 at 100.00
BBB–
5,107,650
1,670
  
6.000%, 12/01/36
12/20 at 100.00
BBB–
1,612,101
10,000
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
6/11 at 100.00
Baa1
10,001,600
   
Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
      
52,355
  
Total New York
    
52,929,042
   
North Carolina – 1.2% (0.7% of Total Investments)
      
1,500
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue
1/18 at 100.00
AA–
1,543,950
   
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
4,344,829
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
      
5,330
  
Total North Carolina
    
5,888,779
   
North Dakota – 1.6% (1.0% of Total Investments)
      
4,325
  
Bismarck, North Dakota, Health Care Revenue Bonds, St. Alexius Medical Center, Series 1998A,
2/11 at 100.00
AA+
4,337,370
   
5.250%, 7/01/15 – AGM Insured
      
3,910
  
City of Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.250%,
11/21 at 100.00
AA–
3,896,041
   
11/01/31 (WI/DD, Settling 2/09/11)
      
8,235
  
Total North Dakota
    
8,233,411
   
Ohio – 3.7% (2.4% of Total Investments)
      
2,300
  
Amherst Exempted Village School District, Ohio, Unlimited Tax General Obligation School
12/11 at 100.00
Aa2 (4)
2,389,884
   
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
Baa3
120,638
1,275
  
5.375%, 6/01/24
6/17 at 100.00
Baa3
986,901
1,800
  
5.875%, 6/01/30
6/17 at 100.00
Baa3
1,256,076
1,740
  
5.750%, 6/01/34
6/17 at 100.00
Baa3
1,154,003
3,930
  
5.875%, 6/01/47
6/17 at 100.00
Baa3
2,588,691
6,000
  
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
BBB+
5,293,920
3,650
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
5/14 at 100.00
AA
3,434,650
   
5.000%, 5/01/30
      
1,000
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation
No Opt. Call
BBB–
998,900
   
Project, Series 2009E, 5.625%, 10/01/19
      
840
  
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
6/11 at 100.00
Aa1
843,276
22,695
  
Total Ohio
    
19,066,939
   
Oregon – 0.5% (0.3% of Total Investments)
      
2,355
  
Portland, Oregon, Downtown Waterfront Urban Renewal and Redevelopment Revenue Bonds, Series
6/11 at 100.00
Aa3
2,381,871
   
2000A, 5.500%, 6/15/20 – AMBAC Insured
      
   
Pennsylvania – 3.0% (1.9% 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+
1,152,738
   
AGM Insured
      
1,500
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A,
10/16 at 100.00
AA+
1,341,915
   
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–
5,620,034
   
0.000%, 12/01/38
      
5,000
  
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,
6/26 at 100.00
AA+
3,748,850
   
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)
3,447,394
   
8/01/16 (Pre-refunded 8/01/12) – FGIC Insured
      
19,155
  
Total Pennsylvania
    
15,310,931
   
Puerto Rico – 6.0% (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
2,330,200
   
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+
4,182,438
   
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
8,983,018
   
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
A3
1,231,193
   
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+
10,011,900
   
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+
3,871,070
   
2010C, 5.250%, 8/01/41
      
42,155
  
Total Puerto Rico
    
30,609,819
   
Rhode Island – 3.1% (2.0% of Total Investments)
      
2,015
  
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 –
5/11 at 100.00
B3
1,604,303
   
RAAI Insured
      
   
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond
      
   
Program, Series 2008, Trust 1177:
      
1,500
  
9.504%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
1,457,190
1,000
  
9.604%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
928,720
12,500
  
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
6/12 at 100.00
BBB
11,837,750
   
Series 2002A, 6.125%, 6/01/32
      
17,015
  
Total Rhode Island
    
15,827,963
   
South Carolina – 0.7% (0.4% of Total Investments)
      
2,045
  
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center,
11/14 at 100.00
AA+
2,027,965
   
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 –
5/11 at 101.00
AA–
1,364,625
   
AMBAC Insured
      
3,545
  
Total South Carolina
    
3,392,590
   
Tennessee – 1.3% (0.8% of Total Investments)
      
2,250
  
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D,
3/11 at 100.00
A2
2,251,508
   
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
AA+
2,425,388
   
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+
1,959,712
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36
      
188
  
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding
11/17 at 100.00
N/R
75,000
   
Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (5), (6)
      
7,173
  
Total Tennessee
    
6,711,608
   
Texas – 7.7% (4.9% of Total Investments)
      
2,560
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
4/13 at 101.00
Ca
892,390
   
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
1,851,200
   
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
BBB
2,183,921
   
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
AA+ (4)
850,627
   
12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured
      
2,610
  
Granbury Independent School District, Counties of Hood, Johnson, Parker, and Somervell, Texas,
No Opt. Call
AAA
2,604,702
   
Unlimited Tax School Building and Refunding Bonds, Series 1999, 0.000%, 8/01/11
      
2,305
  
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series
No Opt. Call
Baa1
1,095,013
   
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
799,809
12,030
  
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
2,844,494
30,095
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/12 at 27.94
AAA
7,726,891
   
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
2,652,578
   
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
6,900,596
   
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
937,870
3,295
  
Tarrant County, Texas, Cultural & Educational Facilities Financing Corporation, Revenue Bonds,
2/17 at 100.00
AA–
2,421,430
   
Series 2007, Residuals 1760-3, 16.594%, 2/15/36 (IF)
      
7,000
  
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,
8/15 at 34.92
AAA
1,786,260
   
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
1,948,920
3,000
  
0.000%, 8/15/22
8/15 at 70.77
AAA
1,736,160
118,170
  
Total Texas
    
39,232,861
   
Utah – 0.1% (0.1% of Total Investments)
      
   
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1999C-2, Class II:
      
125
  
5.700%, 7/01/19 (Alternative Minimum Tax)
7/11 at 100.75
Aaa
128,689
35
  
5.750%, 7/01/21 (Alternative Minimum Tax)
7/11 at 100.75
Aa2
35,123
275
  
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%,
7/11 at 100.00
AA–
275,322
   
1/01/15 (Alternative Minimum Tax)
      
435
  
Total Utah
    
439,134
   
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
2,518,680
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
      
   
Washington – 10.0% (6.4% of Total Investments)
      
4,000
  
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series
7/13 at 100.00
Aaa
4,309,920
   
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)
3/11 at 100.00
Baa1
1,758,089
2,590
  
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
3/11 at 100.00
Baa1
2,594,040
   
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C:
      
875
  
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax)
3/11 at 100.00
Baa1
876,540
1,260
  
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
3/11 at 100.00
Baa1
1,261,966
   
Seattle, Washington, Municipal Light and Power Revenue Refunding and Improvement Bonds,
      
   
Series 2001:
      
1,225
  
5.500%, 3/01/19 (Pre-refunded 3/10/11) – AGM Insured
3/11 at 100.00
AA+ (4)
1,231,897
3,595
  
5.500%, 3/01/19 (Pre-refunded 3/10/11) – AGM Insured
3/11 at 100.00
AA+ (4)
3,610,602
2,000
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
7/19 at 100.00
A
1,968,760
   
Research Center, Series 2009A, 6.000%, 1/01/33
      
5,955
  
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/13 at 100.00
BBB
5,996,090
   
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+
2,660,436
   
AGM Insured
      
   
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
      
17,650
  
0.000%, 1/01/20
No Opt. Call
AA+
12,529,382
18,470
  
0.000%, 1/01/21
No Opt. Call
AA+
12,374,346
62,725
  
Total Washington
    
51,172,068
   
Wisconsin – 7.4% (4.7% 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)
1,928,845
   
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
558,270
7,410
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series
11/16 at 100.00
Aa1
6,806,530
   
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–
4,335,975
   
Wisconsin Inc., Series 2008B, 5.500%, 8/15/29
      
4,380
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Kenosha Hospital and
5/11 at 100.00
A
4,260,207
   
Medical Center Inc., Series 1999, 5.625%, 5/15/29
      
12,700
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Health System
2/11 at 100.50
A2
12,411,580
   
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+
1,833,280
   
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–
5,311,600
   
6.000%, 5/01/36
      
38,270
  
Total Wisconsin
    
37,446,287
 $    1,120,303
  
Total Municipal Bonds (cost $847,671,351)
    
796,811,013
 
Shares
  
Description (1)
    
Value
   
Investment Companies – 0.1% (0.1% of Total Investments)
      
8,812
  
BlackRock MuniHoldings Fund Inc.
    
$           130,065
32,332
  
Invesco Van Kampen Quality Municipal Income Trust
    
381,841
   
Total Investment Companies (cost $528,388)
    
511,906
   
Total Investments (cost $848,199,739) – 156.4%
    
797,322,919
   
Floating Rate Obligations – (10.1)%
    
(51,605,000)
   
MuniFund Term Preferred Shares, at Liquidation Value – (28.3)% (7)
    
(144,300,000)
   
Other Assets Less Liabilities – 5.6%
    
28,466,367
   
Auction Rate Preferred Shares, at Liquidation Value – (23.6)% (7)
    
(120,075,000)
   
Net Assets Applicable to Common Shares – 100%
    
$    509,809,286
 
 
 
 
 
Fair Value Measurements
 
In determining the fair 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 January 31, 2011:
 
 
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                      
Municipal Bonds
 $ —     $ 796,736,013     $ 75,000     $ 796,811,013  
Investment Companies
   511,906       —       —       511,906  
Total
 $ 511,906     $ 796,736,013     $ 75,000     $ 797,322,919  
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
 
Level 3
  
 
Municipal Bonds
  
Balance at the beginning of period
 $ 78,062  
   Gains (losses):
      
   Net realized gains (losses)
   —  
   Net change in unrealized appreciation (depreciation)
   (3,062 )
   Purchases at cost
   —  
   Sales at proceeds
   —  
   Net discounts (premiums)
   —  
   Transfers into
   —  
   Transfers out of
   —  
Balance at the end of period
 $ 75,000  
During the period ended January 31, 2011, the Fund recognized no significant transfers to/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, 2011, the cost of investments was $795,872,205.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2011, were as follows:
     
Gross unrealized:
    
   Appreciation
 $ 22,510,787  
   Depreciation
   (72,666,130 )
Net unrealized appreciation (depreciation) of investments
 $ (50,155,343 )
 
     
(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. 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. 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)
  
Investment valued at fair value using methods determined in good faith by, or at the discretion of the
   
Board of Directors/Trustees. 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 18.1% and 15.1%, respectively.
N/R
  
Not rated.
WI/DD
  
Purchased on a when-issued or delayed delivery basis.
(IF)
  
Inverse floating rate investment.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 
 
Item 2. Controls and Procedures.

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

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

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Dividend Advantage Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         April 1, 2011        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         April 1, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         April 1, 2011