Investment Company Act file number 811-09465
Nuveen Connecticut 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: 5/31
Date of reporting period: 8/31/09
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, 2009 | ||||
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Education and Civic Organizations – 35.8% (23.8% of Total Investments) | ||||
$ 795 | Connecticut Health and Education Facilities Authority, Revenue Bonds, Quinnipiac University, | 7/17 at 100.00 | A | $ 816,195 |
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– | 439,410 |
Series 2006G, 5.250%, 7/01/36 – RAAI Insured | ||||
100 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, | 7/16 at 100.00 | BBB– | 84,627 |
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 | BBB– | 136,607 |
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 | 493,258 |
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 | 124,348 |
Series 2007A, 5.000%, 7/01/37 – AMBAC Insured | ||||
50 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 1/10 at 100.50 | BBB– | 44,607 |
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+ | 386,152 |
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– | 860,720 |
Hartford, Series 2002E, 5.250%, 7/01/32 – RAAI Insured | ||||
1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, | 11/09 at 100.00 | AAA | 1,001,080 |
Series 2002W, 5.125%, 7/01/27 | ||||
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, | 7/13 at 100.00 | AAA | 509,740 |
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 | 1,858,752 |
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 | 3,172,610 |
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 | 480,038 |
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 | 2/10 at 100.50 | BBB– | 111,910 |
270 | 5.375%, 2/01/29 | 2/10 at 100.50 | BBB– | 212,142 |
University of Connecticut, General Obligation Bonds, Series 2001A: | ||||
1,000 | 4.750%, 4/01/20 | 4/11 at 101.00 | AA | 1,031,820 |
1,000 | 4.750%, 4/01/21 | 4/11 at 101.00 | AA | 1,028,610 |
485 | University of Connecticut, General Obligation Bonds, Series 2006A, 5.000%, 2/15/23 – | 2/16 at 100.00 | AA | 523,097 |
FGIC Insured | ||||
13,225 | Total Education and Civic Organizations | 13,315,723 | ||
Health Care – 10.8% (7.2% of Total Investments) | ||||
1,400 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, | 7/12 at 101.00 | BBB– | 1,169,154 |
Series 2002B, 5.500%, 7/01/32 – 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 | 438,550 |
250 | 5.000%, 7/01/23 – RAAI Insured | 7/15 at 100.00 | N/R | 206,028 |
185 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special | 7/17 at 100.00 | BBB– | 149,780 |
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 | 60,445 |
Series 2006, 5.000%, 7/01/32 – FSA Insured | ||||
125 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, | 1/10 at 101.00 | Baa1 | 111,133 |
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 | 1,869,869 |
Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured | ||||
4,390 | Total Health Care | 4,004,959 | ||
Housing/Multifamily – 1.3% (0.8% of Total Investments) | ||||
500 | Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, | 11/15 at 100.00 | AAA | 476,605 |
Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax) | ||||
Housing/Single Family – 7.4% (4.9% 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 | 985,170 |
250 | 5.450%, 11/15/43 (Alternative Minimum Tax) | 11/10 at 100.00 | AAA | 245,790 |
800 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, | 5/13 at 100.00 | AAA | 806,984 |
5.050%, 11/15/34 | ||||
700 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, | 5/16 at 100.00 | AAA | 700,511 |
4.650%, 11/15/27 | ||||
2,750 | Total Housing/Single Family | 2,738,455 | ||
Industrials – 2.5% (1.7% of Total Investments) | ||||
1,000 | Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of | 12/11 at 102.00 | Ba1 | 931,220 |
Southeastern Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) | ||||
Long-Term Care – 1.5% (1.0% of Total Investments) | ||||
300 | Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park | 12/11 at 102.00 | BBB+ | 268,605 |
Baptist Home Inc., Series 2003, 5.750%, 12/01/23 | ||||
110 | Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, | 10/09 at 100.00 | BBB– | 101,066 |
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 | 181,638 |
Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27 | ||||
660 | Total Long-Term Care | 551,309 | ||
Tax Obligation/General – 11.4% (7.6% of Total Investments) | ||||
560 | Connecticut State, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 – FGIC Insured | 4/14 at 100.00 | AA | 593,880 |
700 | Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24 | 12/16 at 100.00 | AA | 746,592 |
100 | Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – FSA Insured | 6/16 at 100.00 | AAA | 109,182 |
Hartford, Connecticut, General Obligation Bonds, Series 2005A: | ||||
360 | 5.000%, 8/01/21 – FSA Insured | 8/15 at 100.00 | AAA | 387,727 |
240 | 4.375%, 8/01/24 – FSA Insured | 8/15 at 100.00 | AAA | 242,650 |
400 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa2 | 460,044 |
Suffield, Connecticut, General Obligation Bonds, Series 2005: | ||||
335 | 5.000%, 6/15/17 | No Opt. Call | AA | 391,370 |
335 | 5.000%, 6/15/19 | No Opt. Call | AA | 392,540 |
810 | West Hartford, Connecticut, General Obligation Bonds, Series 2005B, 5.000%, 10/01/18 | 10/15 at 100.00 | AAA | 907,961 |
3,840 | Total Tax Obligation/General | 4,231,946 | ||
Tax Obligation/Limited – 26.0% (17.3% 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 | 660,101 |
500 | 5.000%, 7/01/36 – AGC Insured | 7/16 at 100.00 | AAA | 504,285 |
1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, New Opportunities for | 1/10 at 104.00 | A | 1,047,490 |
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– | 625,062 |
1,000 | 5.000%, 12/15/30 | 12/11 at 101.00 | AA– | 1,015,060 |
1,475 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1998B, | No Opt. Call | AAA | 1,670,290 |
5.500%, 11/01/12 – FSA Insured | ||||
900 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, | 8/17 at 100.00 | AA | 946,800 |
Series 2007A, 5.000%, 8/01/27 – AMBAC Insured | ||||
600 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, | No Opt. Call | BBB | 565,752 |
7/01/31 – AMBAC Insured | ||||
470 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, | No Opt. Call | BBB+ | 86,842 |
0.000%, 7/01/32 – FGIC Insured | ||||
1,200 | Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – FSA Insured | 8/15 at 100.00 | AAA | 1,278,768 |
750 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, | 10/10 at 101.00 | BBB+ | 765,705 |
6.375%, 10/01/19 | ||||
500 | Virgin Islands Public Finance Authority, Senior Lien Revenue Refunding Bonds, Matching Fund | 10/09 at 100.50 | Baa2 | 501,755 |
Loan Note, Series 1998A, 5.500%, 10/01/18 – RAAI Insured | ||||
9,645 | Total Tax Obligation/Limited | 9,667,910 | ||
Transportation – 6.4% (4.3% of Total Investments) | ||||
2,500 | Connecticut, General Airport Revenue Bonds, Bradley International Airport, Series 2001A, | 4/11 at 101.00 | A | 2,383,571 |
5.125%, 10/01/26 – FGIC Insured (Alternative Minimum Tax) | ||||
U.S. Guaranteed – 29.5% (19.7% 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) | 1,094,150 |
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 | 2,194,900 |
(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) | 560,400 |
500 | East Lyme, Connecticut, General Obligation Bonds, Series 2001, 5.125%, 7/15/20 (Pre-refunded | 7/11 at 102.00 | Aa3 (4) | 550,440 |
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) | 26,643 |
500 | 5.400%, 5/15/31 (Pre-refunded 5/15/11) | 5/11 at 100.00 | N/R (4) | 536,230 |
1,270 | Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001B, | 5/11 at 100.00 | N/R (4) | 1,364,158 |
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) | 232,808 |
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 | 260,483 |
(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 | 1,516,770 |
1,300 | 5.500%, 10/01/40 | 10/10 at 101.00 | AAA | 1,383,720 |
145 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, | 7/10 at 100.00 | AAA | 151,303 |
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 | 1,109,530 |
4/01/12) – FSA Insured | ||||
10,135 | Total U.S. Guaranteed | 10,981,535 | ||
Utilities – 4.9% (3.2% of Total Investments) | ||||
500 | Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Connecticut | 10/09 at 101.50 | Baa1 | 503,830 |
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 | 518,190 |
LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax) | ||||
790 | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator | 1/10 at 100.00 | BBB | 783,198 |
Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) | ||||
1,850 | Total Utilities | 1,805,218 | ||
Water and Sewer – 12.8% (8.5% of Total Investments) | ||||
255 | Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company | 9/17 at 100.00 | N/R | 210,650 |
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 | 1,306,463 |
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 | 727,985 |
1,110 | 5.000%, 8/15/35 – NPFG Insured | 11/15 at 100.00 | A | 1,103,584 |
140 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, | 7/15 at 100.00 | Ba2 | 131,223 |
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+ | 783,360 |
470 | 5.000%, 8/01/33 – NPFG Insured | 8/13 at 100.00 | A+ | 473,802 |
4,630 | Total Water and Sewer | 4,737,067 | ||
$ 55,125 | Total Investments (cost $55,593,519) – 150.3% | 55,825,518 | ||
Floating Rate Obligations – (10.3)% | (3,820,000) | |||
Other Assets Less Liabilities – 6.5% | 2,378,091 | |||
Preferred Shares, at Liquidation Value – (46.5)% (5) | (17,250,000) | |||
Net Assets Applicable to Common Shares – 100% | $ 37,133,609 |
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 |
August 31, 2009: |
Level 1 | Level 2 | Level 3 | Total | |
Investments: | ||||
Municipal Bonds | $ — | $55,825,518 | $ — | $55,825,518 |
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 transactions subject to Statement of Financial |
Accounting Standards No. 140 (SFAS No. 140), 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 August 31, 2009, the cost of investments was $51,781,617. |
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2009, |
were as follows: |
Gross unrealized: | |
Appreciation | $ 1,757,345 |
Depreciation | (1,533,672) |
Net unrealized appreciation (depreciation) of investments | $ 223,673 |
(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 30.9%. |
N/R | Not rated. |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the |
provisions of SFAS No. 140. |
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: See 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/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date October 30, 2009
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 October 30, 2009
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial officer)
Date October 30, 2009