| Portfolio of Investments (Unaudited) | ||||
| Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) | ||||
| February 28, 2010 | ||||
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Education and Civic Organizations – 33.2% (22.0% of Total Investments) | ||||
| $ 795 | Connecticut Health and Education Facilities Authority, Revenue Bonds, Quinnipiac University, | 7/17 at 100.00 | A | $ 833,271 |
| Series 2007-I, 5.000%, 7/01/25 – NPFG Insured | ||||
| 500 | Connecticut Health and Education Facilities Authority, University of Hartford Revenue Bonds, | 7/16 at 100.00 | BBB– | 444,590 |
| Series 2006G, 5.250%, 7/01/36 – RAAI Insured | ||||
| 250 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, | 7/16 at 100.00 | N/R | 225,948 |
| Series 2006B, 5.000%, 7/01/36 – RAAI Insured | ||||
| 150 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate | 7/17 at 100.00 | N/R | 144,596 |
| School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured | ||||
| 440 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, | No Opt. Call | A2 | 499,558 |
| Series 2005F, 5.250%, 7/01/18 – AMBAC Insured | ||||
| 130 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, | 7/17 at 100.00 | N/R | 122,604 |
| Series 2007A, 5.000%, 7/01/37 – AMBAC Insured | ||||
| 50 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 7/10 at 100.00 | Baa2 | 47,742 |
| University, Series 1998E, 5.000%, 7/01/28 – RAAI Insured | ||||
| 350 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, | 7/14 at 100.00 | A+ | 394,979 |
| Series 2004H, 5.000%, 7/01/17 – NPFG Insured | ||||
| 1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of | 7/12 at 101.00 | BBB– | 905,990 |
| Hartford, Series 2002E, 5.250%, 7/01/32 – RAAI Insured | ||||
| 500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, | 7/13 at 100.00 | AAA | 513,205 |
| Series 2003X-1, 5.000%, 7/01/42 (UB) | ||||
| 1,800 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, | 7/16 at 100.00 | AAA | 1,885,032 |
| Series 2007Z-1, 5.000%, 7/01/42 (UB) | ||||
| 3,050 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, | 7/17 at 100.00 | AAA | 3,215,219 |
| Series 2007Z-3, 5.050%, 7/01/42 (UB) | ||||
| 480 | Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan | 11/11 at 100.00 | Aa3 | 485,923 |
| Program, Series 2001A, 5.250%, 11/15/18 – NPFG Insured (Alternative Minimum Tax) | ||||
| 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 | 8/10 at 100.50 | BBB– | 123,816 |
| 270 | 5.375%, 2/01/29 | 8/10 at 100.50 | BBB– | 245,649 |
| University of Connecticut, General Obligation Bonds, Series 2001A: | ||||
| 1,000 | 4.750%, 4/01/20 | 4/11 at 101.00 | AA | 1,028,650 |
| 1,000 | 4.750%, 4/01/21 | 4/11 at 101.00 | AA | 1,026,950 |
| 485 | University of Connecticut, General Obligation Bonds, Series 2006A, 5.000%, 2/15/23 – | 2/16 at 100.00 | AA | 530,246 |
| FGIC Insured | ||||
| 12,375 | Total Education and Civic Organizations | 12,673,968 | ||
| Health Care – 12.9% (8.6% of Total Investments) | ||||
| 1,400 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, | 7/12 at 101.00 | N/R | 1,242,066 |
| Series 2002B, 5.500%, 7/01/32 – RAAI Insured | ||||
| 840 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut | 7/15 at 100.00 | N/R | 754,883 |
| Health Network, Series 2005,, 5.000%, 7/01/25 – RAAI Insured | ||||
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, | ||||
| Series 2005B: | ||||
| 500 | 5.000%, 7/01/20 – RAAI Insured | 7/15 at 100.00 | N/R | 481,580 |
| 250 | 5.000%, 7/01/23 – RAAI Insured | 7/15 at 100.00 | N/R | 234,225 |
| 185 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special | 7/17 at 100.00 | BBB– | 164,493 |
| Care, Series 2007C, 5.250%, 7/01/32 – RAAI Insured | ||||
| 60 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, | 7/16 at 100.00 | Aa3 | 60,223 |
| Series 2006, 5.000%, 7/01/32 – AGM Insured | ||||
| 125 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, | 7/10 at 100.50 | Baa1 | 118,370 |
| Series 1999G, 5.000%, 7/01/24 – NPFG Insured | ||||
| 1,870 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven | 7/16 at 100.00 | A1 | 1,880,996 |
| Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured | ||||
| 5,230 | Total Health Care | 4,936,836 | ||
| Housing/Multifamily – 3.4% (2.3% of Total Investments) | ||||
| 500 | Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, | 11/15 at 100.00 | AAA | 494,670 |
| Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax) | ||||
| 800 | Connecticut Housing Finance Authority, Single Family Housing Mortgage Finance Program Bonds, | 11/19 at 100.00 | AAA | 802,416 |
| Series 2010-A2, 4.750%, 11/15/35 | ||||
| 1,300 | Total Housing/Multifamily | 1,297,086 | ||
| Housing/Single Family – 7.2% (4.8% of Total Investments) | ||||
| Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C: | ||||
| 1,000 | 5.300%, 11/15/33 (Alternative Minimum Tax) | 11/10 at 100.00 | AAA | 1,001,590 |
| 250 | 5.450%, 11/15/43 (Alternative Minimum Tax) | 11/10 at 100.00 | AAA | 250,328 |
| 800 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, | 5/13 at 100.00 | AAA | 812,280 |
| 5.050%, 11/15/34 | ||||
| 685 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, | 5/16 at 100.00 | AAA | 690,775 |
| 4.650%, 11/15/27 | ||||
| 2,735 | Total Housing/Single Family | 2,754,973 | ||
| Long-Term Care – 1.9% (1.2% of Total Investments) | ||||
| 300 | Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park | 12/11 at 102.00 | BBB+ | 296,880 |
| Baptist Home Inc., Series 2003, 5.750%, 12/01/23 | ||||
| 110 | Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, | 4/10 at 100.00 | BBB– | 105,903 |
| Church Homes Inc. – Congregational Avery Heights, Series 1997, 5.800%, 4/01/21 | ||||
| 250 | Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource | 8/17 at 100.00 | N/R | 210,088 |
| Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27 | ||||
| 105 | Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, | 1/20 at 100.00 | N/R | 107,493 |
| 7.625%, 1/01/30 | ||||
| 765 | Total Long-Term Care | 720,364 | ||
| Tax Obligation/General – 11.3% (7.5% of Total Investments) | ||||
| 560 | Connecticut State, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 – FGIC Insured | 4/14 at 100.00 | AA | 597,738 |
| 700 | Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24 | 12/16 at 100.00 | AA | 760,739 |
| 100 | Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured | 6/16 at 100.00 | AAA | 110,061 |
| Hartford, Connecticut, General Obligation Bonds, Series 2005A: | ||||
| 360 | 5.000%, 8/01/21 – AGM Insured | 8/15 at 100.00 | AAA | 390,229 |
| 240 | 4.375%, 8/01/24 – AGM Insured | 8/15 at 100.00 | AAA | 245,501 |
| 400 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa2 | 474,336 |
| Suffield, Connecticut, General Obligation Bonds, Series 2005: | ||||
| 335 | 5.000%, 6/15/17 | No Opt. Call | AA | 395,893 |
| 335 | 5.000%, 6/15/19 | No Opt. Call | AA | 396,275 |
| 810 | West Hartford, Connecticut, General Obligation Bonds, Series 2005B, 5.000%, 10/01/18 | 10/15 at 100.00 | AAA | 942,719 |
| 3,840 | Total Tax Obligation/General | 4,313,491 | ||
| Tax Obligation/Limited – 26.4% (17.5% of Total Investments) | ||||
| Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue | ||||
| Bonds, Series 2006F: | ||||
| 650 | 5.000%, 7/01/31 – AGC Insured | 7/16 at 100.00 | AAA | 668,454 |
| 500 | 5.000%, 7/01/36 – AGC Insured | 7/16 at 100.00 | AAA | 508,945 |
| 1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, New Opportunities for | 7/10 at 103.00 | A | 1,054,810 |
| Waterbury Inc., Series 1998A, 6.750%, 7/01/28 | ||||
| Connecticut, Certificates of Participation, Juvenile Training School, Series 2001: | ||||
| 600 | 5.000%, 12/15/20 | 12/11 at 101.00 | AA– | 623,898 |
| 1,000 | 5.000%, 12/15/30 | 12/11 at 101.00 | AA– | 1,019,030 |
| 1,475 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1998B, | No Opt. Call | AAA | 1,656,794 |
| 5.500%, 11/01/12 – AGM Insured | ||||
| 900 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, | 8/17 at 100.00 | AA | 967,815 |
| Series 2007A, 5.000%, 8/01/27 – AMBAC Insured | ||||
| 500 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue | 4/20 at 100.00 | N/R | 513,165 |
| Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 | ||||
| 600 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, | No Opt. Call | BBB | 582,714 |
| 7/01/31 – AMBAC Insured | ||||
| 470 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, | No Opt. Call | BBB+ | 101,793 |
| 0.000%, 7/01/32 – FGIC Insured | ||||
| 1,200 | Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured | 8/15 at 100.00 | AAA | 1,307,364 |
| 325 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate | 2/20 at 100.00 | A+ | 325,358 |
| Series 2010A, 5.375%, 8/01/39 | ||||
| 750 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, | 10/10 at 101.00 | BBB+ | 764,865 |
| 6.375%, 10/01/19 | ||||
| 9,970 | Total Tax Obligation/Limited | 10,095,005 | ||
| Transportation – 6.5% (4.3% of Total Investments) | ||||
| 2,500 | Connecticut, General Airport Revenue Bonds, Bradley International Airport, Series 2001A, | 4/11 at 101.00 | A | 2,502,575 |
| 5.125%, 10/01/26 – FGIC Insured (Alternative Minimum Tax) | ||||
| U.S. Guaranteed – 28.3% (18.8% of Total Investments) (4) | ||||
| 1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, | 7/11 at 101.00 | N/R (4) | 1,078,180 |
| Series 2001D, 5.500%, 7/01/23 (Pre-refunded 7/01/11) | ||||
| 2,000 | Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 5.500%, 10/01/20 | 10/11 at 100.00 | AAA | 2,161,720 |
| (Pre-refunded 10/01/11) | ||||
| 500 | Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/15/21 (Pre-refunded 6/15/12) | 6/12 at 100.00 | AA (4) | 554,685 |
| 500 | East Lyme, Connecticut, General Obligation Bonds, Series 2001, 5.125%, 7/15/20 (Pre-refunded | 7/11 at 102.00 | Aa3 (4) | 543,015 |
| 7/15/11) – FGIC Insured | ||||
| Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001A: | ||||
| 25 | 5.000%, 5/15/22 (Pre-refunded 5/15/11) | 5/11 at 100.00 | N/R (4) | 26,357 |
| 500 | 5.400%, 5/15/31 (Pre-refunded 5/15/11) | 5/11 at 100.00 | N/R (4) | 527,350 |
| 1,270 | Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001B, | 5/11 at 100.00 | N/R (4) | 1,346,632 |
| 5.500%, 5/15/41 (Pre-refunded 5/15/11) | ||||
| 220 | New Haven, Connecticut, General Obligation Bonds, Series 2001A, 5.000%, 11/01/20 (Pre-refunded | 11/11 at 100.00 | A– (4) | 228,978 |
| 11/01/11) – FGIC Insured | ||||
| 250 | Northern Mariana Islands, General Obligation Bonds, Series 2000A, 6.000%, 6/01/20 | 6/10 at 100.00 | AAA | 253,890 |
| (Pre-refunded 6/01/10) – ACA Insured | ||||
| Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: | ||||
| 1,425 | 5.500%, 10/01/32 | 10/10 at 101.00 | AAA | 1,484,779 |
| 1,300 | 5.500%, 10/01/40 | 10/10 at 101.00 | AAA | 1,354,535 |
| 145 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, | 7/10 at 100.00 | AAA | 147,794 |
| 5.750%, 7/01/20 (Pre-refunded 7/01/10) | ||||
| 1,000 | Waterbury, Connecticut, General Obligation Bonds, Series 2002A, 5.375%, 4/01/17 (Pre-refunded | 4/12 at 100.00 | AAA | 1,099,030 |
| 4/01/12) – AGM Insured | ||||
| 10,135 | Total U.S. Guaranteed | 10,806,945 | ||
| Utilities – 7.1% (4.7% of Total Investments) | ||||
| 500 | Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Connecticut | 4/10 at 101.50 | Baa1 | 502,590 |
| Light and Power Company, Series 1993A, 5.850%, 9/01/28 | ||||
| 560 | Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, PSEG Power | 11/12 at 100.00 | Baa1 | 559,177 |
| LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax) | ||||
| 1,000 | Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of | 12/11 at 102.00 | Ba1 | 993,910 |
| Southeastern Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) | ||||
| 665 | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator | 7/10 at 100.00 | BBB | 665,984 |
| Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) | ||||
| 2,725 | Total Utilities | 2,721,661 | ||
| Water and Sewer – 12.6% (8.3% of Total Investments) | ||||
| 255 | Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company | 9/17 at 100.00 | N/R | 225,201 |
| Project, Series 200.7, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax) | ||||
| 1,185 | Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16 | 10/13 at 100.00 | AAA | 1,319,652 |
| Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System | ||||
| Revenue Bonds, Series 2005A: | ||||
| 720 | 5.000%, 11/15/30 – NPFG Insured | 11/15 at 100.00 | A | 737,561 |
| 1,110 | 5.000%, 8/15/35 – NPFG Insured | 11/15 at 100.00 | A | 1,121,466 |
| 140 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, | 7/15 at 100.00 | Ba2 | 140,939 |
| 6.000%, 7/01/25 | ||||
| South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth | ||||
| Series 2003A: | ||||
| 750 | 5.000%, 8/01/20 – NPFG Insured | 8/13 at 100.00 | A+ | 785,978 |
| 470 | 5.000%, 8/01/33 – NPFG Insured | 8/13 at 100.00 | A+ | 477,818 |
| 4,630 | Total Water and Sewer | 4,808,615 | ||
| $ 56,205 | Total Investments (cost $56,512,902) – 150.8% | 57,631,519 | ||
| Floating Rate Obligations – (10.0)% | (3,820,000) | |||
| Other Assets Less Liabilities – 4.3% | 1,645,113 | |||
| Preferred Shares, at Liquidation Value – (45.1)% (5) | (17,250,000) | |||
| Net Assets Applicable to Common Shares – 100% | $ 38,206,632 |
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 methodology 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 February 28, 2010:
| Level 1 | Level 2 | Level 3 | Total | |
| Investments: | ||||
| Municipal Bonds | $ — | $57,631,519 | $ — | $57,631,519 |
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 February 28, 2010, the cost of investments was $52,703,141.
Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2010, were as follows:
| Gross unrealized: | |
| Appreciation | $1,945,564 |
| Depreciation | (837,445) |
| Net unrealized appreciation (depreciation) of investments | $1,108,119 |
| (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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, |
| Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s 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) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.9%. |
| N/R | Not rated. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
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a.
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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.
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