Nuveen Dividend Advantage Municipal Fund (the Fund) is a diversified closed-end, management investment company. The Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain United States territories. The Fund invests in municipal securities that are exempt from federal income taxes. The fund invests at least 80% of its managed assets in municipal securities rated investment grade (Baa/BBB or better by S&P, Moody�s, or Fitch) at the time of investment. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. Fund Advisors, LLC is the investment adviser of the Fund. Nuveen Asset Management, LLC is the sub-adviser.