Investment Company Act file number 811-9465
Nuveen Connecticut Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Jessica R. DroegerVice 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: 05/31
Date of reporting period: 02/28/05
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 Connecticut Dividend Advantage Municipal Fund (NFC)
February 28, 2005
Principal |
Optional Call |
Market |
||||
---|---|---|---|---|---|---|
Amount (000) |
Description(1) |
Provisions* |
Ratings** |
Value |
||
Consumer Staples - 4.7% (3.2% of Total Investments) |
||||||
|
||||||
Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001A: |
||||||
$ | 125 |
5.000%, 5/15/22 |
5/11 at 100.00 |
Baa3 |
$ 126,561 |
|
500 |
5.400%, 5/15/31 |
5/11 at 100.00 |
Baa3 |
488,645 |
||
1,270 |
Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.500%, |
5/11 at 100.00 |
Baa3 |
1,228,306 |
||
5/15/41 |
||||||
Education and Civic Organizations - 30.8% (20.9% of Total Investments) |
||||||
|
||||||
705 |
Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan |
11/11 at 100.00 |
Aaa |
744,283 |
||
Program, Series 2001A, 5.250%, 11/15/18 (Alternative Minimum Tax) - MBIA Insured |
||||||
50 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, |
7/08 at 101.00 |
AA |
51,101 |
||
Series 1998E, 5.000%, 7/01/28 - RAAI Insured |
||||||
500 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of New Haven, |
7/06 at 102.00 |
BBB- |
516,085 |
||
Series 1996D, 6.700%, 7/01/26 |
||||||
750 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut State |
11/12 at 100.00 |
AAA |
818,520 |
||
University System, Series 2003E, 5.000%, 11/01/15 - FGIC Insured |
||||||
500 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut State |
No Opt. Call |
AAA |
553,620 |
||
University System, Series 2003F, 5.000%, 11/01/13 - FSA Insured |
||||||
1,500 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series |
7/11 at 101.00 |
AAA |
1,561,905 |
||
2001G, 5.000%, 7/01/31 - AMBAC Insured |
||||||
1,000 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, |
7/11 at 101.00 |
A2 |
1,086,620 |
||
Series 2001D, 5.500%, 7/01/23 |
||||||
350 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series |
4/14 at 100.00 |
AAA |
380,310 |
||
2004H, 5.000%, 7/01/17 (Alternative Minimum Tax) - MBIA Insured |
||||||
625 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Greenwich Academy, Series |
3/11 at 101.00 |
AAA |
647,594 |
||
2001B, 5.000%, 3/01/32 - FSA Insured |
||||||
1,000 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, |
7/12 at 101.00 |
AA |
1,049,440 |
||
Series 2002E, 5.250%, 7/01/32 - RAAI Insured |
||||||
1,000 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series |
7/09 at 100.00 |
AAA |
1,056,290 |
||
2002W, 5.125%, 7/01/27 |
||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities |
||||||
Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999: |
||||||
125 |
5.375%, 2/01/19 |
2/09 at 101.00 |
BBB |
130,582 |
||
270 |
5.375%, 2/01/29 |
2/09 at 101.00 |
BBB |
278,996 |
||
University of Connecticut, General Obligation Bonds, Series 2001A: |
||||||
1,000 |
4.750%, 4/01/20 |
4/11 at 101.00 |
AA |
1,041,800 |
||
1,000 |
5.250%, 4/01/20 |
4/11 at 101.00 |
AA |
1,095,820 |
||
1,000 |
4.750%, 4/01/21 |
4/11 at 101.00 |
AA |
1,038,060 |
||
Healthcare - 3.7% (2.5% of Total Investments) |
||||||
|
||||||
125 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series |
7/09 at 101.00 |
Aaa |
129,514 |
||
1999G, 5.000%, 7/01/24 - MBIA Insured |
||||||
1,000 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series |
7/12 at 101.00 |
AA |
1,074,600 |
||
2002B, 5.500%, 7/01/32 - RAAI Insured |
||||||
250 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series |
7/15 at 100.00 |
Aa3 |
259,183 |
||
2005B, 5.000%, 7/01/23 - RAAI Insured |
||||||
Housing/Multifamily - 2.0% (1.2% of Total Investments) |
||||||
|
||||||
750 |
Stamford Housing Authority, Connecticut, Multifamily Housing Revenue Bonds, Fairfield Apartments, |
No Opt. Call |
BBB+ |
768,480 |
||
Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory put 12/01/08) |
||||||
Housing/Single Family - 2.6% (1.8% of Total Investments) |
||||||
|
||||||
1,000 |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C, |
11/10 at 100.00 |
AAA |
1,020,100 |
||
5.300%, 11/15/33 (Alternative Minimum Tax) |
||||||
Industrials - 2.6% (1.8% of Total Investments) |
||||||
|
||||||
1,000 |
Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern |
12/11 at 102.00 |
Baa2 |
1,030,020 |
||
Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) |
||||||
Long-Term Care - 2.1% (1.3% of Total Investments) |
||||||
|
||||||
300 |
Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park Baptist |
12/11 at 102.00 |
BBB+ |
314,604 |
||
Home Inc., Series 2003, 5.750%, 12/01/23 |
||||||
500 |
Connecticut Development Authority, Health Facilities Revenue Refunding Bonds, Alzheimer's Resource |
8/05 at 101.00 |
N/R |
491,230 |
||
Center of Connecticut Inc., Series 1994A, 7.250%, 8/15/21 |
||||||
Tax Obligation/General - 22.0% (14.9% of Total Investments) |
||||||
|
||||||
500 |
Bridgeport, Connecticut, General Obligation Bonds, Series 2004C, 5.250%, 8/15/14 - MBIA Insured |
No Opt. Call |
AAA |
558,860 |
||
750 |
Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/15/21 |
6/12 at 100.00 |
AA |
835,598 |
||
1,000 |
Connecticut, General Obligation Bonds, Series 2002A, 5.375%, 4/15/19 |
4/12 at 100.00 |
AA |
1,107,730 |
||
560 |
Connecticut, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 - FGIC Insured |
4/14 at 100.00 |
AAA |
596,814 |
||
545 |
Connecticut, General Obligation Bonds, Series 2004D, 5.000%, 12/01/13 - MBIA Insured |
No Opt. Call |
Aaa |
604,100 |
||
500 |
East Lyme, Connecticut, General Obligation Bonds, Series 2001, 5.125%, 7/15/20 - FGIC Insured |
7/11 at 102.00 |
Aaa |
544,295 |
||
1,000 |
Hartford, Connecticut, General Obligation Bonds, Series 1998, 4.700%, 1/15/15 - FGIC Insured |
1/08 at 102.00 |
AAA |
1,046,500 |
||
400 |
Hartford, Connecticut, General Obligation Bonds, Series 2004, 5.500%, 8/15/11 - MBIA Insured |
No Opt. Call |
AAA |
451,416 |
||
375 |
New Haven, Connecticut, General Obligation Bonds, Series 1999, 4.700%, 2/01/15 - FGIC Insured |
2/08 at 101.00 |
AAA |
387,907 |
||
1,000 |
New Haven, Connecticut, General Obligation Bonds, Series 2001A, 5.000%, 11/01/20 - FGIC Insured |
11/10 at 101.00 |
AAA |
1,051,740 |
||
565 |
Newtown, Connecticut, General Obligation Bonds, Series 2004, 4.000%, 6/15/11 |
No Opt. Call |
Aa2 |
588,606 |
||
250 |
Northern Mariana Islands, General Obligation Bonds, Series 2000A, 6.000%, 6/01/20 - ACA Insured |
6/10 at 100.00 |
A |
266,703 |
||
500 |
Waterbury, Connecticut, General Obligation Bonds, Series 2004B, 5.000%, 4/01/13 - FSA Insured |
No Opt. Call |
AAA |
549,295 |
||
Tax Obligation/Limited - 16.7% (11.3% of Total Investments) |
||||||
|
||||||
1,000 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, New Opportunities for |
7/08 at 105.00 |
A |
1,094,400 |
||
Waterbury Inc., Series 1998A, 6.750%, 7/01/28 |
||||||
1,475 |
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1998B, |
No Opt. Call |
AAA |
1,678,137 |
||
5.500%, 11/01/12 - FSA Insured |
||||||
625 |
Connecticut, Special Obligation Rate Reduction Bonds, Series 2004A, 5.000%, 6/30/11 |
No Opt. Call |
AAA |
686,613 |
||
Connecticut, Certificates of Participation, Juvenile Training School, Series 2001: |
||||||
600 |
5.000%, 12/15/20 |
12/11 at 101.00 |
AA- |
633,438 |
||
1,000 |
5.000%, 12/15/30 |
12/11 at 101.00 |
AA- |
1,035,500 |
||
500 |
Virgin Islands Public Finance Authority, Senior Lien Revenue Refunding Bonds, Matching Fund Loan |
10/08 at 101.00 |
AA |
532,030 |
||
Notes, Series 1998A, 5.500%, 10/01/18 - RAAI Insured |
||||||
750 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Notes, Series 1999A, 6.375%, |
10/10 at 101.00 |
BBB |
860,880 |
||
10/01/19 |
||||||
Transportation - 6.6% (4.5% of Total Investments) |
||||||
|
||||||
2,500 |
Connecticut, General Airport Revenue Bonds, Bradley International Airport, Series 2001A, 5.125%, |
4/11 at 101.00 |
AAA |
2,586,650 |
||
10/01/26 (Alternative Minimum Tax) - FGIC Insured |
||||||
U.S. Guaranteed *** - 33.5% (22.7% of Total Investments) |
||||||
|
||||||
515 |
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, |
7/10 at 100.00 |
AAA |
552,374 |
||
5.750%, 7/01/20 (Pre-refunded to 7/01/10) |
||||||
500 |
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002A, |
7/12 at 100.00 |
AAA |
563,485 |
||
5.375%, 7/01/18 (Pre-refunded to 7/01/12) - FSA Insured |
||||||
2,000 |
Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 5.500%, 10/01/20 (Pre-refunded to |
10/11 at 100.00 |
AAA |
2,259,320 |
||
10/01/11) |
||||||
700 |
Farmington, Connecticut, General Obligation Bonds, Series 2001, 4.875%, 3/15/20 (Pre-refunded to |
3/11 at 101.00 |
Aa1*** |
768,187 |
||
3/15/11) |
||||||
Hamden, Connecticut, General Obligation Bonds, Series 2001: |
||||||
640 |
5.250%, 8/15/18 (Pre-refunded to 8/15/11) - MBIA Insured |
8/11 at 102.00 |
AAA |
723,264 |
||
635 |
5.000%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured |
8/11 at 102.00 |
AAA |
708,438 |
||
300 |
5.000%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured |
8/11 at 102.00 |
AAA |
334,695 |
||
Norwich, Connecticut, General Obligation Bonds, Series 2001A: |
||||||
585 |
5.000%, 4/01/15 (Pre-refunded to 4/01/09) - FGIC Insured |
4/09 at 100.00 |
Aaa |
626,342 |
||
575 |
5.000%, 4/01/17 (Pre-refunded to 4/01/09) - FGIC Insured |
4/09 at 100.00 |
Aaa |
614,497 |
||
475 |
5.000%, 4/01/18 (Pre-refunded to 4/01/09) - FGIC Insured |
4/09 at 100.00 |
Aaa |
507,628 |
||
575 |
5.000%, 4/01/19 (Pre-refunded to 4/01/09) - FGIC Insured |
4/09 at 100.00 |
Aaa |
613,358 |
||
275 |
5.000%, 4/01/20 (Pre-refunded to 4/01/09) - FGIC Insured |
4/09 at 100.00 |
Aaa |
290,590 |
||
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: |
||||||
1,425 |
5.500%, 10/01/32 |
10/10 at 101.00 |
AAA |
1,570,749 |
||
1,300 |
5.500%, 10/01/40 |
10/10 at 101.00 |
AAA |
1,432,964 |
||
1,000 |
Waterbury, Connecticut, General Obligation Bonds, Series 2002A, 5.375%, 4/01/17 (Pre-refunded to |
4/12 at 100.00 |
AAA |
1,124,500 |
||
4/01/12) - FSA Insured |
||||||
370 |
Windsor, Connecticut, General Obligation Bonds, Series 2001, 5.000%, 7/15/20 (Pre-refunded to |
7/09 at 100.00 |
Aa2*** |
399,049 |
||
7/15/09) |
||||||
Utilities - 11.5% (7.8% of Total Investments) |
||||||
|
||||||
500 |
Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Connecticut Light and |
10/08 at 102.00 |
Baa1 |
531,585 |
||
Power Company, Series 1993A, 5.850%, 9/01/28 |
||||||
1,000 |
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon |
7/05 at 100.00 |
BBB |
1,019,700 |
||
Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) |
||||||
1,975 |
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA |
7/10 at 101.00 |
AAA |
2,130,413 |
||
Insured |
||||||
790 |
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1995Z, 5.250%, 7/01/21 |
7/05 at 100.00 |
A- |
795,483 |
||
Water and Sewer - 8.7% (5.9% of Total Investments) |
||||||
|
||||||
1,185 |
Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16 |
10/13 at 100.00 |
AAA |
1,290,181 |
||
500 |
Connecticut, State Revolving Fund General Revenue Bonds, Series 2003B, 5.000%, 10/01/12 |
No Opt. Call |
AAA |
551,885 |
||
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series |
||||||
2003A: |
||||||
750 |
5.000%, 8/01/20 - MBIA Insured |
8/13 at 100.00 |
AAA |
803,670 |
||
720 |
5.000%, 8/01/33 - MBIA Insured |
8/13 at 100.00 |
AAA |
751,395 |
||
$ | 53,880 |
Total Long-Term Investments (cost $53,751,281) - 147.5% |
57,643,233 |
|||
Short-Term Investments - 0.3% (0.2% of Total Investments) |
||||||
|
||||||
125 |
Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand |
A-1 |
125,000 |
|||
Obligations, Series 1985, 1.780%, 12/01/15 - MBIA Insured |
||||||
$ | 125 |
Total Short-Term Investments (cost $125,000) |
125,000 |
|||
Total Investments (cost $54,876,281) - 147.8% |
57,768,233 |
|||||
Other Assets Less Liabilities - 2.1% |
814,550 |
|||||
Preferred Shares, at Liquidation Value - (49.9)% |
(19,500,000) |
|||||
Net Assets Applicable to Common Shares - 100% |
$39,082,793 |
|||||
|
Forward Swap Contracts outstanding at February 28, 2005: |
Unrealized | ||||||
---|---|---|---|---|---|---|
Notional |
Effective |
Termination |
Appreciation |
|||
Amount | Date(2) | Date | (Depreciation) |
|||
Agreement with JP Morgan dated January 11, 2005, to pay |
||||||
semi-annually the notional amount multiplied by 5.235% (annualized) |
||||||
and receive quarterly the notional amount multiplied by the |
||||||
three-month USD-LIBOR (United States Dollar-London |
||||||
Inter-Bank Offered Rates). |
$500,000 |
8/17/05 |
8/17/25 |
$(3,554) |
||
$(3,554) |
||||||
(1) |
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares |
||
unless otherwise noted. |
|||
(2) |
Effective date represents the date on which both the Fund and counterparty commence interest payment |
||
accruals on each forward swap contract. |
|||
* |
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. |
|||
** |
Ratings: Using the higher of Standard & Poor's or Moody's rating. |
||
*** |
Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency |
||
securities which ensures the timely payment of principal and interest. Such securities are normally considered |
|||
to be equivalent to AAA rated securities. |
|||
N/R |
Investment is not rated. |
||
|
Security has a maturity of more than one year, but has variable rate and demand features which qualify it as |
||
a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes |
|||
periodically based on market conditions or a specified market index. |
|||
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 income on taxable market |
|||
discount securities and timing differences in recognizing certain gains and losses on security transactions. |
|||
At February 28, 2005, the cost of investments was $54,852,218. |
|||
Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2005, were as |
|||
follows: |
|||
Gross unrealized: |
|||
Appreciation |
$3,010,117 |
||
Depreciation |
(94,102) |
||
Net unrealized appreciation of investments |
$2,916,015 |
||
Item 2. Controls and Procedures.
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: EX-99 CERT Attached hereto.
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 Connecticut Dividend Advantage Municipal Fund
By (Signature and Title)* /s/ Jessica R. Droeger--Vice President and Secretary
Date 04/29/05
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--Chief Administrative Officer (principal executive officer)
Date 04/29/05
By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)
Date 04/29/05
* Print the name and title of each signing officer under his or her signature.