Investment Company Act file number 811-09451
Nuveen Massachusetts 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. Droeger—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: 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 Massachusetts Dividend Advantage Municipal Fund (NMB)
February 28, 2005
| Principal |
Optional Call |
Market |
||||
|---|---|---|---|---|---|---|
| Amount (000) |
Description(1) |
Provisions* |
Ratings** |
Value |
||
Consumer Discretionary - 1.6% (1.1% of Total Investments) |
||||||
|
||||||
| $ | 500 |
Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown |
9/12 at 102.00 |
Ba3 |
$ 483,735 |
|
Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) |
||||||
Education and Civic Organizations - 32.2% (21.7% of Total Investments) |
||||||
|
||||||
1,085 |
Massachusetts Educational Finance Authority, Educational Loan Revenue Bonds, Series 2001E, 5.300%, |
7/10 at 100.00 |
AAA |
1,097,684 |
||
1/01/16 (Alternative Minimum Tax) - AMBAC Insured |
||||||
Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and |
||||||
Allied Health Sciences, Series 2005D: |
||||||
280 |
5.000%, 7/01/24 - AGC Insured |
7/15 at 100.00 |
AAA |
292,874 |
||
215 |
5.000%, 7/01/35 - AGC Insured |
7/15 at 100.00 |
AAA |
221,822 |
||
1,000 |
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, Series |
5/29 at 105.00 |
A3 |
1,193,850 |
||
1999P, 6.000%, 5/15/59 |
||||||
500 |
Massachusetts Development Finance Authority, Revenue Bonds, Milton Academy, Series 2003A, 5.000%, |
9/13 at 100.00 |
AA- |
538,670 |
||
9/01/19 |
||||||
1,000 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series |
6/13 at 100.00 |
AA- |
1,086,010 |
||
2003N, 5.250%, 6/01/18 |
||||||
2,000 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series |
2/11 at 100.00 |
AA- |
2,191,060 |
||
2001I, 5.500%, 2/15/36 |
||||||
500 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute |
No Opt. Call |
AAA |
567,680 |
||
of Technology, Series 2004M, 5.250%, 7/01/15 |
||||||
250 |
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2005-1, |
No Opt. Call |
AAA |
275,153 |
||
5.000%, 5/01/15 - AMBAC Insured |
||||||
1,250 |
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2000-2, |
11/10 at 100.00 |
AAA |
1,355,613 |
||
5.250%, 11/01/20 - AMBAC Insured |
||||||
600 |
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2003-1, |
11/13 at 100.00 |
AAA |
660,678 |
||
5.250%, 11/01/18 - AMBAC Insured |
||||||
250 |
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, |
11/14 at 100.00 |
AAA |
272,235 |
||
5.250%, 11/01/24 - AMBAC Insured |
||||||
Healthcare - 13.5% (9.1% of Total Investments) |
||||||
|
||||||
1,000 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare |
7/09 at 101.00 |
AA- |
1,047,900 |
||
System Inc., Series 1999B, 5.125%, 7/01/19 |
||||||
1,000 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare |
7/11 at 101.00 |
AA- |
1,095,760 |
||
System Inc., Series 2001C, 5.750%, 7/01/32 |
||||||
500 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health |
7/11 at 100.00 |
BBB |
534,965 |
||
Care, Series 2001C, 6.625%, 7/01/32 |
||||||
375 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Covenant Health Systems |
1/12 at 101.00 |
A- |
399,371 |
||
Obligated Group, Series 2002, 6.000%, 7/01/31 |
||||||
500 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, |
10/11 at 101.00 |
BBB+ |
525,890 |
||
Series 2001E, 6.250%, 10/01/31 |
||||||
500 |
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire |
7/14 at 100.00 |
BB |
504,075 |
||
Community Services Inc., Series 2004B, 6.375%, 7/01/34 |
||||||
Housing/Multifamily - 13.2% (8.9% of Total Investments) |
||||||
|
||||||
1,000 |
Massachusetts Development Finance Authority, GNMA Collateralized Assisted Living Facility Revenue |
3/12 at 105.00 |
AAA |
1,108,780 |
||
Bonds, Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) |
||||||
1,250 |
Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 5.850%, |
1/11 at 100.00 |
AAA |
1,302,962 |
||
7/01/35 (Alternative Minimum Tax) - AMBAC Insured |
||||||
500 |
Massachusetts Housing Finance Agency, Housing Revenue Bonds, Series 2003S, 5.050%, 12/01/23 |
6/13 at 100.00 |
AA- |
510,555 |
||
(Alternative Minimum Tax) |
||||||
1,000 |
Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon |
5/12 at 103.00 |
AAA |
1,071,040 |
||
Hill Towers, Series 2002, 5.200%, 11/20/22 |
||||||
Housing/Single Family - 2.9% (2.0% of Total Investments) |
||||||
|
||||||
840 |
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 82, 5.375%, |
6/10 at 100.00 |
AAA |
876,414 |
||
12/01/20 (Alternative Minimum Tax) - FSA Insured |
||||||
Industrials - 0.6% (0.5% of Total Investments) |
||||||
|
||||||
200 |
Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Waste Management |
No Opt. Call |
BBB |
213,962 |
||
Inc., Series 2003, 5.450%, 6/01/14 |
||||||
Long-Term Care - 2.3% (1.5% of Total Investments) |
||||||
|
||||||
655 |
Massachusetts Development Finance Authority, First Mortgage Revenue Bonds, Berkshire Retirement |
7/11 at 102.00 |
BBB- |
688,071 |
||
Community - Edgecombe Project, Series 2001A, 6.750%, 7/01/21 |
||||||
Tax Obligation/General - 33.5% (22.6% of Total Investments) |
||||||
|
||||||
310 |
Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5.250%, 5/15/23 - AMBAC Insured |
5/15 at 100.00 |
Aaa |
340,166 |
||
1,000 |
Boston, Massachusetts, General Obligation Bonds, Series 2001A, 5.000%, 2/01/20 |
2/11 at 100.00 |
Aa1 |
1,060,380 |
||
2,000 |
Brookline, Massachusetts, General Obligation Bonds, Series 2000, 5.375%, 4/01/17 |
4/10 at 101.00 |
Aaa |
2,215,360 |
||
500 |
East Longmeadow, Massachusetts, General Obligation Bonds, Series 2001, 5.000%, 8/01/14 - AMBAC |
8/11 at 101.00 |
Aaa |
546,355 |
||
Insured |
||||||
440 |
Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 - FSA Insured |
2/13 at 101.00 |
AAA |
473,251 |
||
1,675 |
Lawrence, Massachusetts, General Obligation Bonds, Series 2001, 5.000%, 2/01/21 - AMBAC Insured |
2/11 at 100.00 |
Aaa |
1,777,962 |
||
1,095 |
Lynn, Massachusetts, General Obligation Bonds, Series 2001, 5.375%, 8/15/12 - FGIC Insured |
8/11 at 101.00 |
Aaa |
1,227,057 |
||
750 |
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002D, 5.500%, 8/01/19 |
No Opt. Call |
Aa2 |
863,903 |
||
500 |
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 - FGIC Insured |
No Opt. Call |
AAA |
555,720 |
||
Springfield, Massachusetts, General Obligation Bonds, Series 2003: |
||||||
500 |
5.250%, 1/15/15 - MBIA Insured |
1/13 at 100.00 |
AAA |
555,425 |
||
500 |
5.250%, 1/15/23 - MBIA Insured |
1/13 at 100.00 |
AAA |
548,990 |
||
Tax Obligation/Limited - 20.0% (13.5% of Total Investments) |
||||||
|
||||||
395 |
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 - AMBAC |
5/14 at 100.00 |
AAA |
417,136 |
||
Insured |
||||||
1,000 |
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30 |
7/10 at 100.00 |
AAA |
1,087,590 |
||
385 |
Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Bonds, Series 2004C, |
No Opt. Call |
AAA |
436,101 |
||
5.250%, 7/01/21 |
||||||
230 |
Massachusetts College Building Authority, Project Revenue Bonds, Series 2004A, 5.000%, 5/01/19 - |
5/14 at 100.00 |
AAA |
246,866 |
||
MBIA Insured |
||||||
750 |
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/25 - FGIC |
1/14 at 100.00 |
AAA |
810,788 |
||
Insured |
||||||
1,250 |
Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant Anticipation Note Program, |
No Opt. Call |
Aaa |
1,361,988 |
||
Series 2003A, 5.000%, 12/15/13 - FSA Insured |
||||||
1,000 |
Puerto Rico Municipal Finance Agency, Series 1999A, 6.000%, 8/01/16 - FSA Insured |
8/09 at 101.00 |
AAA |
1,128,860 |
||
500 |
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Notes, Series 1999A, 6.375%, |
10/10 at 101.00 |
BBB |
573,920 |
||
10/01/19 |
||||||
Transportation - 3.5% (2.4% of Total Investments) |
||||||
|
||||||
1,000 |
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 1997, |
7/07 at 102.00 |
AAA |
1,060,530 |
||
5.500%, 7/01/18 (Alternative Minimum Tax) - MBIA Insured |
||||||
U.S. Guaranteed *** - 9.2% (6.2% of Total Investments) |
||||||
|
||||||
1,000 |
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, |
7/10 at 100.00 |
AAA |
1,137,220 |
||
6.000%, 7/01/26 (Pre-refunded to 7/01/10) |
||||||
500 |
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.000%, 8/01/24 |
8/14 at 100.00 |
Aa2*** |
549,555 |
||
(Pre-refunded to 8/01/14) |
||||||
1,000 |
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, 5.500%, |
10/10 at 101.00 |
AAA |
1,102,280 |
||
10/01/40 |
||||||
Utilities - 5.6% (3.8% of Total Investments) |
||||||
|
||||||
1,070 |
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series |
1/12 at 101.00 |
AAA |
1,192,494 |
||
2001A, 5.625%, 1/01/14 - MBIA Insured |
||||||
500 |
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill |
12/08 at 102.00 |
BBB |
512,395 |
||
Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) |
||||||
Water and Sewer - 9.9% (6.7% of Total Investments) |
||||||
|
||||||
530 |
Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Series 2004A, |
11/14 at 100.00 |
AA |
561,016 |
||
5.000%, 11/01/25 |
||||||
1,405 |
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series |
8/09 at 101.00 |
AAA |
1,556,529 |
||
1999A, 5.750%, 8/01/29 |
||||||
300 |
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2000A, 5.750%, 8/01/30 - |
8/10 at 101.00 |
AAA |
335,722 |
||
FGIC Insured |
||||||
500 |
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 2002A, |
8/12 at 100.00 |
AAA |
548,540 |
||
5.250%, 8/01/20 |
||||||
| $ | 41,335 |
Total Long-Term Investments (cost $42,493,792) - 148.0% |
44,900,908 |
|||
Other Assets Less Liabilities - 1.5% |
432,578 |
|||||
Preferred Shares, at Liquidation Value - (49.5)% |
(15,000,000) |
|||||
Net Assets Applicable to Common Shares - 100% |
$30,333,486 |
|||||
|
Forward Swap Contracts outstanding at February 28, 2005: |
Unrealized | ||||||
|---|---|---|---|---|---|---|
Notional |
Effective |
Termination |
Appreciation |
|||
Amount | Date(2) | Date | (Depreciation) |
|||
Agreement with Morgan Stanley dated December 2, 2004, to pay |
||||||
semi-annually the notional amount multiplied by 5.465% (annualized) |
||||||
and receive quarterly the notional amount multiplied by the |
||||||
three-month USD-LIBOR (United States Dollar-London |
||||||
Inter-Bank Offered Rates). |
$450,000 |
7/11/05 |
7/11/25 |
$(16,839) |
||
Agreement with Morgan Stanley dated December 8, 2004, to pay |
||||||
semi-annually the notional amount multiplied by 5.313% (annualized) |
||||||
and receive quarterly the notional amount multiplied by the three-month |
||||||
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). |
300,000 |
7/18/05 |
7/18/35 |
(4,762) |
||
$(21,601) |
||||||
(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. |
|||
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 $42,478,795. |
|||
Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2005, were as |
|||
follows: |
|||
Gross unrealized: |
|||
Appreciation |
$2,446,459 |
||
Depreciation |
(24,346) |
||
Net unrealized appreciation of investments |
$2,422,113 |
||
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 Massachusetts 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.