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: 08/31/04
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)
August 31, 2004
Principal |
Optional Call |
Market |
||||
---|---|---|---|---|---|---|
Amount (000) |
Description(1) |
Provisions* |
Ratings** |
Value |
||
Consumer Staples - 4.3% |
||||||
|
||||||
Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001A: |
||||||
$ | 130 |
5.000%, 5/15/22 |
5/11 at 100.00 |
Baa3 |
$ 130,218 |
|
500 |
5.400%, 5/15/31 |
5/11 at 100.00 |
Baa3 |
451,370 |
||
1,270 |
Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001B, |
5/11 at 100.00 |
Baa3 |
1,084,618 |
||
5.500%, 5/15/41 |
||||||
Education and Civic Organizations - 29.5% |
||||||
|
||||||
705 |
Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan |
11/11 at 100.00 |
Aaa |
741,836 |
||
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 |
50,293 |
||
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- |
515,995 |
||
Series 1996D, 6.700%, 7/01/26 |
||||||
750 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut State |
11/12 at 100.00 |
AAA |
820,192 |
||
University System, Series 2003E, 5.000%, 11/01/15 - FGIC Insured |
||||||
1,500 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series |
7/11 at 101.00 |
AAA |
1,539,225 |
||
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 |
1,079,970 |
||
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 |
381,924 |
||
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 |
639,238 |
||
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 |
1,028,160 |
||
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 |
1,024,900 |
||
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 |
129,520 |
||
270 |
5.375%, 2/01/29 |
2/09 at 101.00 |
BBB |
273,197 |
||
University of Connecticut, General Obligation Bonds, Series 2001A: |
||||||
1,000 |
5.250%, 4/01/20 |
4/11 at 101.00 |
AA |
1,080,900 |
||
1,000 |
4.750%, 4/01/20 |
4/11 at 101.00 |
AA |
1,040,310 |
||
1,000 |
4.750%, 4/01/21 |
4/11 at 101.00 |
AA |
1,034,380 |
||
Healthcare - 3.1% |
||||||
|
||||||
125 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series |
7/09 at 101.00 |
Aaa |
128,634 |
||
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 |
1,053,090 |
||
2002B, 5.500%, 7/01/32 - RAAI Insured |
||||||
Housing/Multifamily - 2.0% |
||||||
|
||||||
750 |
Stamford Housing Authority, Connecticut, Multifamily Housing Revenue Bonds, Fairfield Apartments, |
No Opt. Call |
BBB+ |
774,255 |
||
Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory put 12/01/08) |
||||||
Housing/Single Family - 5.1% |
||||||
|
||||||
880 |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001A-1, |
5/10 at 100.00 |
AAA |
902,141 |
||
5.250%, 11/15/28 |
||||||
45 |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001A-2, |
9/04 at 100.00 |
AAA |
45,135 |
||
5.450%, 5/15/32 (Alternative Minimum Tax) (Pre-refunded to 9/30/04) |
||||||
1,000 |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C, |
11/10 at 100.00 |
AAA |
1,018,370 |
||
5.300%, 11/15/33 (Alternative Minimum Tax) |
||||||
Long-Term Care - 1.9% |
||||||
|
||||||
250 |
Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park Baptist |
12/11 at 102.00 |
BBB+ |
257,475 |
||
Home Inc., Series 2003, 5.750%, 12/01/23 |
||||||
500 |
Connecticut Development Authority, Health Facility Revenue Refunding Bonds, Alzheimer's Resource |
2/05 at 102.00 |
N/R |
486,410 |
||
Center of Connecticut Inc., Series 1994A, 7.250%, 8/15/21 |
||||||
Tax Obligation/General - 31.9% |
||||||
|
||||||
500 |
Bridgeport, Connecticut, General Obligation Bonds, Series 2004C, 5.250%, 8/15/14 - MBIA Insured |
No Opt. Call |
AAA |
564,885 |
||
750 |
Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/15/21 |
6/12 at 100.00 |
AA |
831,217 |
||
1,000 |
Connecticut, General Obligation Bonds, Series 2002A, 5.375%, 4/15/19 |
4/12 at 100.00 |
AA |
1,097,440 |
||
560 |
Connecticut, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 - FGIC Insured |
4/14 at 100.00 |
AAA |
588,930 |
||
500 |
East Lyme, Connecticut, General Obligation Bonds, Series 2001, 5.125%, 7/15/20 - FGIC Insured |
7/11 at 102.00 |
Aaa |
541,635 |
||
Hamden, Connecticut, General Obligation Bonds, Series 2001: |
||||||
640 |
5.250%, 8/15/18 - MBIA Insured |
8/11 at 102.00 |
AAA |
706,304 |
||
635 |
5.000%, 8/15/19 - MBIA Insured |
8/11 at 102.00 |
AAA |
685,476 |
||
300 |
5.000%, 8/15/20 - MBIA Insured |
8/11 at 102.00 |
AAA |
322,038 |
||
1,000 |
Hartford, Connecticut, General Obligation Bonds, Series 1998, 4.700%, 1/15/15 - FGIC Insured |
1/08 at 102.00 |
AAA |
1,050,930 |
||
400 |
Hartford, Connecticut, General Obligation Bonds, Series 2004, 5.500%, 8/15/11 - MBIA Insured |
No Opt. Call |
AAA |
458,916 |
||
375 |
New Haven, Connecticut, General Obligation Bonds, Series 1999, 4.700%, 2/01/15 - FGIC Insured |
2/08 at 101.00 |
AAA |
389,228 |
||
1,000 |
New Haven, Connecticut, General Obligation Bonds, Series 2001A, 5.000%, 11/01/20 - FGIC Insured |
11/10 at 101.00 |
AAA |
1,049,960 |
||
250 |
Northern Mariana Islands, General Obligation Bonds, Series 2000A, 6.000%, 6/01/20 - ACA Insured |
6/10 at 100.00 |
A |
265,735 |
||
Norwich, Connecticut, General Obligation Bonds, Series 2001A: |
||||||
585 |
5.000%, 4/01/15 - FGIC Insured |
4/09 at 100.00 |
Aaa |
636,439 |
||
575 |
5.000%, 4/01/17 - FGIC Insured |
4/09 at 100.00 |
Aaa |
623,145 |
||
475 |
5.000%, 4/01/18 - FGIC Insured |
4/09 at 100.00 |
Aaa |
511,988 |
||
575 |
5.000%, 4/01/19 - FGIC Insured |
4/09 at 100.00 |
Aaa |
615,060 |
||
275 |
5.000%, 4/01/20 - FGIC Insured |
4/09 at 100.00 |
Aaa |
292,680 |
||
1,000 |
Waterbury, Connecticut, General Obligation Bonds, Series 2002A, 5.375%, 4/01/17 - FSA Insured |
4/12 at 100.00 |
AAA |
1,114,250 |
||
Tax Obligation/Limited - 18.4% |
||||||
|
||||||
1,000 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, New Opportunities for |
7/08 at 105.00 |
A |
1,088,690 |
||
Waterbury Inc., Series 1998A, 6.750%, 7/01/28 |
||||||
500 |
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002A, |
7/12 at 100.00 |
AAA |
559,070 |
||
5.375%, 7/01/18 - FSA Insured |
||||||
1,475 |
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1998B, |
No Opt. Call |
AAA |
1,709,127 |
||
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 |
696,988 |
||
Connecticut, Certificates of Participation, Juvenile Training School, Series 2001: |
||||||
600 |
5.000%, 12/15/20 |
12/11 at 101.00 |
AA- |
632,628 |
||
1,000 |
5.000%, 12/15/30 |
12/11 at 101.00 |
AA- |
1,016,550 |
||
500 |
Virgin Islands Public Finance Authority, Senior Lien Revenue Refunding Bonds, Matching Fund Loan |
10/08 at 101.00 |
AA |
536,730 |
||
Notes, Series 1998A, 5.500%, 10/01/18 - RAAI Insured |
||||||
750 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Notes, Series 1999A, |
10/10 at 101.00 |
BBB |
852,510 |
||
6.375%, 10/01/19 |
||||||
Transportation - 6.6% |
||||||
|
||||||
2,500 |
Connecticut, General Airport Revenue Bonds, Bradley International Airport, Series 2001A, 5.125%, |
4/11 at 101.00 |
AAA |
2,540,700 |
||
10/01/26 (Alternative Minimum Tax) - FGIC Insured |
||||||
U.S. Guaranteed*** - 19.2% |
||||||
|
||||||
515 |
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, |
7/10 at 100.00 |
AAA |
562,735 |
||
5.750%, 7/01/20 (Pre-refunded to 7/01/10) |
||||||
25 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series |
7/06 at 102.00 |
AAA |
27,363 |
||
1996E, 5.875%, 7/01/26 (Pre-refunded to 7/01/06) - MBIA Insured |
||||||
2,000 |
Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 5.500%, 10/01/20 (Pre-refunded |
10/11 at 100.00 |
AAA |
2,298,300 |
||
to 10/01/11) |
||||||
700 |
Farmington, Connecticut, General Obligation Bonds, Series 2001, 4.875%, 3/15/20 (Pre-refunded |
3/11 at 101.00 |
Aa1*** |
777,826 |
||
to 3/15/11) |
||||||
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: |
||||||
1,425 |
5.500%, 10/01/32 |
10/10 at 101.00 |
AAA |
1,540,525 |
||
1,300 |
5.500%, 10/01/40 |
10/10 at 101.00 |
AAA |
1,401,764 |
||
Windsor, Connecticut, General Obligation Bonds: |
||||||
390 |
5.000%, 7/15/19 (Pre-refunded to 7/15/09) |
7/09 at 100.00 |
Aa2*** |
418,419 |
||
370 |
5.000%, 7/15/20 (Pre-refunded to 7/15/09) |
7/09 at 100.00 |
Aa2*** |
394,971 |
||
Utilities - 16.8% |
||||||
|
||||||
1,500 |
Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Connecticut Light and |
10/08 at 102.00 |
A3 |
1,575,960 |
||
Power Company, Series 1993A, 5.850%, 9/01/28 |
||||||
1,000 |
Connecticut Resource Recovery Authority, Corporate Credit Revenue Bonds, American Ref-Fuel Company |
12/11 at 102.00 |
Baa2 |
1,037,710 |
||
of Southeastern Connecticut, Series 2001A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) |
||||||
1,000 |
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon |
1/05 at 100.00 |
BBB |
1,002,820 |
||
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 - |
7/10 at 101.00 |
AAA |
2,071,242 |
||
FSA Insured |
||||||
790 |
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1995Z, 5.250%, 7/01/21 |
7/05 at 100.00 |
A- |
806,100 |
||
Water and Sewer - 8.8% |
||||||
|
||||||
1,185 |
Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16 |
10/13 at 100.00 |
AAA |
1,299,530 |
||
500 |
Connecticut, State Revolving Fund General Revenue Bonds, Series 2003B, 5.000%, 10/01/12 |
No Opt. Call |
AAA |
560,240 |
||
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 |
803,145 |
||
720 |
5.000%, 8/01/33 - MBIA Insured |
8/13 at 100.00 |
AAA |
740,043 |
||
$ | 53,815 |
Total Long-Term Investments (cost $54,514,646) - 147.6% |
57,009,698 |
|||
Other Assets Less Liabilities - 2.9% |
1,103,961 |
|||||
Preferred Shares, at Liquidation Value - (50.5)% |
(19,500,000) |
|||||
Net Assets Applicable to Common Shares - 100% |
$38,613,659 |
|||||
|
Forward Swap Contracts outstanding at August 31, 2004: |
Swap | Unrealized | |||||
---|---|---|---|---|---|---|
Notional |
Effective |
Termination |
Appreciation |
|||
Amount | Date(2) | Date | (Depreciation) |
|||
Agreement with JPMorgan dated July 1, 2004, to pay |
||||||
semi-annually the notional amount multiplied by 5.805% |
||||||
(annualized) and receive quarterly the notional amount |
||||||
multiplied by the three-month USD-LIBOR. |
$500,000 |
2/02/05 |
2/02/25 |
$(30,481) |
||
Agreement with Morgan Stanley dated July 15, 2004, |
||||||
to pay semi-annually the notional amount multiplied by |
||||||
5.717% (annualized) and receive quarterly the notional |
||||||
amount multiplied by the three-month USD-LIBOR. |
900,000 |
1/14/05 |
1/14/35 |
(47,117) |
||
Agreement with JPMorgan dated July 28, 2004, to pay |
||||||
quarterly the notional amount multiplied by 4.495% |
||||||
(annualized) and receive quarterly the notional amount |
||||||
multiplied by the daily arithmetic average of the weekly |
||||||
BMA Municipal Swap Index for the quarter. |
$900,000 |
12/13/04 |
12/13/24 |
(52,082) |
||
$(129,680) |
||||||
(1) |
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common |
||
shares. |
|||
(2) |
Effective date represents the date on which both the Fund and counterparty commence interest |
||
payments 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. |
||
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 August 31, 2004, the cost of investments was $54,493,281. |
|||
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2004, |
|||
were as follows: |
|||
Gross unrealized: |
|||
Appreciation |
$2,769,212 |
||
Depreciation |
(252,795) |
||
Net unrealized appreciation of investments |
$2,516,417 |
||
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 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 10/29/04
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 10/29/04
By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)
Date 10/29/04
* Print the name and title of each signing officer under his or her signature.