nqp.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-6265

Nuveen Pennsylvania Investment Quality Municipal Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: April 30

Date of reporting period: October 31, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.

 

 
 

 


 
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Table of Contents
   
Chairman’s Letter to Shareholders
4
Portfolio Manager’s Comments
5
Fund Leverage and Other Information
10
Common Share Dividend and Share Price Information
15
Performance Overviews
17
Portfolios of Investments
27
Statement of Assets and Liabilities
88
Statement of Operations
90
Statement of Changes in Net Assets
92
Statement of Cash Flows
96
Financial Highlights
99
Notes to Financial Statements
112
Reinvest Automatically, Easily and Conveniently
127
Glossary of Terms Used in this Report
129
Other Useful Information
135

 
 

 


 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.
 
Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.
 
In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.
 
It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor’s long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
December 21, 2011
 
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Portfolio Manager’s Comments
 
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ)
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ)
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)
Nuveen Pennsylvania Municipal Value Fund (NPN)
 
Portfolio manager Paul Brennan discusses key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul, who joined Nuveen in 1997 with six years of previous investment experience, assumed portfolio management responsibility for these ten Funds in January 2011.
 
What key strategies were used to manage the Nuveen New Jersey and Pennsylvania Funds during the six-month reporting period ended October 31, 2011?
 
During this reporting period, municipal bond prices generally rallied as yields declined across the municipal curve. The decline in yields was attributable in part to the continued depressed levels of municipal bond issuance. Tax-exempt volume, which had been limited in 2010 by issuers’ extensive use of taxable Build America Bonds (BABs), continued to drift lower in 2011. For the six months ended October 31, 2011, national municipal issuance was down 21% compared with the same period in 2010, while the decline was even greater in New Jersey and Pennsylvania, which saw issuance drop 51% and 29%, respectively, during the same period.
 
Despite the constrained issuance of tax-exempt municipal bonds and relatively lower yields, we continued to take a bottom-up approach to discovering what we thought were undervalued sectors and individual credits with the potential to perform well over the long term. During this period, the eight older Funds (NQJ, NNJ, NXJ, NUJ, NQP, NPY, NXM and NVY) found value in a variety of sectors, especially health care, where we increased our exposure during the period. Our focus in these eight Funds generally was on bonds with longer maturities in order to keep the Funds’ durations within their
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investor Services, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
 
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targeted objectives and maintain their yield curve positioning. The purchase of longer bonds also enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve. In recent months, we saw municipal issuance increase slightly, as continued low rates prompted some borrowers to issue new bonds to lock in rates for new projects or refund older, higher-yielding bonds and reissue new bonds with lower coupons. Overall, we found more opportunities in Pennsylvania than in New Jersey during this period, due to the greater volume and variety of issuance in Pennsylvania.
 
In the two newer Funds—NJV and NPN, which were introduced in 2009—we continued strategies aimed at bringing these Funds more in line with the other New Jersey and Pennsylvania Funds over time. Both of these Funds have the longer durations typically associated with more recently invested Funds. During this period, we worked to reduce NJV’s and NPN’s interest rate sensitivity and shorten their durations by selling some of their longer positions and reinvesting the proceeds into shorter bonds. We also sought to enhance the Funds’ diversification and reduce their high exposure to the health care sector by selling health care bonds when we found attractive bids and good opportunities to purchase bonds from other sectors.
 
Cash for new purchases was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds fully invested. During this period, an increased number of bond calls provided a good source of liquidity, as municipal issuers took advantage of the steep yield curve to refund existing higher-yielding debt and reissue bonds at the current lower interest rates. The eight older Funds also sold some credits with short maturities or short call dates and reinvested the proceeds in bonds with longer maturities in order to keep their durations within target objectives. As newer Funds, NJV and NPN had fewer proceeds from called and matured bonds that required reinvestment.
 
As of October 31, 2011, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
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How did the Funds perform?
 
Individual results for the Nuveen New Jersey and Pennsylvania Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 10/31/11
                           
Fund
   
6-Month
 
1-Year
 
5-Year
 
10-Year
New Jersey Funds
                         
NQJ
   
8.37
%
 
3.58
%
 
4.61
%
 
5.67
%
NNJ
   
8.42
%
 
4.01
%
 
4.79
%
 
5.51
%
NXJ
   
9.23
%
 
3.68
%
 
4.50
%
 
5.93
%
NUJ
   
8.73
%
 
3.53
%
 
4.55
%
 
N/A
NJV**
   
8.02
%
 
0.40
%
 
N/A
 
N/A
                           
Standard & Poor’s (S&P) New Jersey Municipal Bond Index***
   
6.10
%
 
3.26
%
 
4.39
%
 
5.07
%
Standard & Poor’s (S&P) National Municipal Bond Index***
   
5.86
%
 
3.75
%
 
4.48
%
 
4.95
%
Lipper Other States Municipal Debt Funds
                         
Classification Average***
   
8.63
%
 
3.87
%
 
4.40
%
 
5.57
%
                           
Pennsylvania Funds
                         
NQP
   
8.71
%
 
4.35
%
 
4.76
%
 
5.65
%
NPY
   
9.10
%
 
4.51
%
 
4.74
%
 
5.58
%
NXM
   
8.24
%
 
3.33
%
 
4.64
%
 
6.06
%
NVY
   
6.34
%
 
2.35
%
 
4.50
%
 
N/A
NPN**
   
8.27
%
 
3.78
%
 
N/A
 
N/A
                           
Standard & Poor’s (S&P) Pennsylvania Municipal Bond Index***
   
5.61
%
 
3.86
%
 
4.65
%
 
5.01
%
Standard & Poor’s (S&P) National Municipal Bond Index***
   
5.86
%
 
3.75
%
 
4.48
%
 
4.95
%
Lipper Other States Municipal Funds Debt
                         
Classification Average***
   
8.63
%
 
3.87
%
 
4.40
%
 
5.57
%
 
For the six months ended October 31, 2011, the cumulative returns on common share net asset value (NAV) for all ten of the Nuveen New Jersey and Pennsylvania Funds exceeded the returns for their respective Standard & Poor’s (S&P) New Jersey and Pennsylvania Municipal Bond Indexes and the Standard & Poor’s (S&P) National Municipal Bond Index. For the same period, NXJ, NUJ, NQP and NPY outperformed the Lipper Other States Municipal Debt Funds Classification Average, while the remaining six Funds trailed the Lipper average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of structural leverage was an important positive factor affecting the performances of NQJ, NNJ, NXJ, NUJ, NQP, NPY, NXM and NVY. Leverage is discussed in more detail later in this report.
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities, with credits at the longest end of the municipal yield curve post-
   
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
   
 
For additional information, see the individual Performance Overview for your Fund in this report.
   
*
Six-month returns are cumulative; all other returns are annualized.
   
**
Unlike the other eight Funds in this report, NJV and NPN do not use structural leverage.
   
***
Refer to Glossary of Terms Used in this Report for definitions.
 
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ing the strongest returns. Among these Funds, NXJ and NPY were the most advantageously situated in terms of duration and yield curve positioning, with better exposure to the segments of the yield curve that performed best. In general during this period, the greater a Fund’s exposure to the outperforming longer parts of the curve, the greater the positive impact on the Fund’s return. Both NUJ and NVY, which were introduced in 2002, are approaching their 10-year anniversaries and therefore have an increased exposure to bonds with short call dates often associated with that milestone, which detracted from their performance, especially in NVY.
 
Credit exposure also played a role in performance during these six months, as bonds rated A and lower generally outperformed those rated AAA and AA. This outperformance was due in part to the higher yields typically offered by lower-rated credits, which were in great demand during this period. NXJ, NJV and NPN had the heaviest weightings of bonds rated A and BBB, which benefited their performance, while NNJ and NQP had the most exposure to bonds rated AAA.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care, industrial development revenue (IDR), transportation and education credits. In general, these Funds tended to have heavier weightings in the health care, transportation and education sectors relative to the overall municipal market, which was positive for performance.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperfor-mance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Among the eight older Funds, NQP, NPY and NVY had the largest allocations of pre-refunded bonds as of October 31, 2011, while NUJ and NXJ held the smallest amounts of these bonds, which lessened the negative impact of these holdings. Individual security selection also factored into the Funds’ performance, with the most significant example being NVY’s holding of bonds issued by the Harrisburg Parking Authority (accounting for approximately 4.3% of the Fund’s portfolio), which performed poorly and had a negative impact on NVY’s performance for the period.
 
Another factor of importance to the shareholders of the Pennsylvania Funds involves the commonwealth’s capital city of Harrisburg. On October 11, 2011, the Harrisburg City Council voted to file for bankruptcy. Harrisburg’s financial problems stem from a failed waste-to-energy incinerator project originally built in the 1970s. Even though the incinerator was plagued by operating and environmental problems from the start, the city chose to issue debt to expand and retrofit the plant in 2003, guaranteeing over $300 million in bonds, with additional backing from Dauphin County and Assured Guaranty, a municipal bond insurer. With the incinerator operating at a deficit, Harrisburg decided in early 2010 to stop funding the incinerator debt, leaving the county and insurer to pay. This situation was further compounded by Harrisburg’s generally weak financial profile, which necessitated a loan from the Commonwealth of Pennsylvania in the fall of 2010 to help the city avoid a default on general obligation (GO) debt. At the time of this report’s preparation, a federal judge had ruled that, under Pennsylvania law, Harrisburg cannot
 
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file for bankruptcy, paving the way for the commonwealth to take over the city’s finances. The governor subsequently appointed a receiver to develop a financial recovery plan for the city by the end of 2011.
 
It is important to note that these Nuveen Pennsylvania Funds have no direct exposure to Harrisburg; that is, they do not hold any Harrisburg GO bonds or incinerator debt. However, the Funds have minimal, but varying amounts of indirect exposure through holdings of Harrisburg revenue authority debt, much of which is enhanced by insurance policies guaranteeing the timely payment of principal and interest. However, the publicity surrounding the Harrisburg situation has impacted the investment performance of these securities to varying degrees, ranging from negligible to modestly negative.
 
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Fund Leverage and
Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of structural leverage. As mentioned previously, NJV and NPN do not use structural leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
Shortly after their respective inceptions, each of the Funds (except NJV and NPN) issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multi-generational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it other-

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wise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable Rate MuniFund Term Preferred (VMTP) Shares, which are a floating rate form of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
 
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NXJ) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
Subsequently, 33 of the funds that received demand letters (including NXJ) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the
 
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demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the complaint with prejudice.
 
As of October 31, 2011, each of the Funds has redeemed all of their outstanding APRS at liquidation value.
 
As of October 31, 2011, the Funds have issued and outstanding MTP Shares and VRDP Shares as shown in the accompanying table. As mentioned previously, NJV and NPN do not use structural leverage.
 
MTP Shares

Fund
   
Series
   
MTP Shares Issued at Liquidation Value
   
Annual
Interest Rate
 
NYSE
Ticker
 
NXJ
   
2014
   
$44,861,000
   
2.30
%
 
NXJ PrA
 
NUJ
   
2015
 
 
$35,050,000
   
2.00
%
 
NUJ PrC
 
NXM
   
2015
 
 
$23,190,000
   
2.10
%
 
NXM PrC
 
NVY
   
2015
 
 
$24,550,000
   
2.15
%
 
NVY PrC
 
 
VRDP Shares

Fund
   
VRDP Shares Issued
at Liquidation Value
 
NQJ
 
 
$144,300,000
 
NNJ
 
 
$  88,600,000
 
NQP
 
 
$112,500,000
 
NPY
 
 
$100,000,000
 
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares and VRDP Shares.)
 
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As of October 5, 2011, all 84 of the Nuveen closed-end municipal funds that had issued ARPS, approximately $11.0 billion, have redeemed at liquidation value all of these shares. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.

Nuveen Investments
 
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RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment Risk. The possible loss of the entire principal amount that you invest.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
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Common Share Dividend
and Share Price Information
 
During the six-month reporting period ended October 31, 2011, NQJ, NNJ and NQP each had one monthly dividend increase. The monthly dividends of NXJ, NUJ, NJV, NPY, NXM and NVY remained stable throughout the period, while NPN’s dividend was reduced effective September 2011.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of October 31, 2011, all ten Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of October 31, 2011, and since the inception of the Funds’ repurchase programs, the following Funds have cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NJV, NVY and NPN have not repurchased any of their outstanding common shares.

Fund
   
Common Shares
Repurchased and Retired
   
% of Outstanding
Common Shares
NQJ
   
30,600
   
0.1
%
NNJ
   
12,900
   
0.1
%
NXJ
   
7,200
   
0.1
%
NUJ
   
2,800
   
0.1
%
NQP
   
220,600
   
1.4
%
NPY
   
231,200
   
1.5
%
NXM
   
10,600
   
0.3
%
 
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
 
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As of October 31, 2011, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.

Fund
   
10/31/11
(-)Discount
   
6-Month Average
(-)Discount
NQJ
   
(-)5.20%
   
(-)6.66%
NNJ
   
(-)2.47%
   
(-)5.39%
NXJ
   
(-)8.52%
   
(-)7.87%
NUJ
   
(-)4.11%
   
(-)6.57%
NJV
   
(-)3.55%
   
(-)6.45%
NQP
   
(-)4.10%
   
(-)4.53%
NPY
   
(-)7.05%
   
(-)8.18%
NXM
   
(-)8.91%
   
(-)8.42%
NVY
   
(-)7.16%
   
(-)7.42%
NPN
   
(-)5.50%
   
(-)5.49%

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NQJ
 
Nuveen New Jersey
Performance
 
Investment Quality
OVERVIEW
 
Municipal Fund, Inc.
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
13.66
 
Common Share
       
Net Asset Value (NAV)
 
$
14.41
 
Premium/(Discount) to NAV
   
-5.20
%
Market Yield
   
6.19
%
Taxable-Equivalent Yield1
   
9.18
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
294,733
 

Leverage
       
Structural Leverage
   
32.87
%
Effective Leverage
   
34.85
%

Average Annual Total Return
(Inception 2/21/91)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
11.11%
 
 
8.37
%
1-Year
   
-0.93%
 
 
3.58
%
5-Year
   
5.44%
 
 
4.61
%
10-Year
   
4.88%
 
 
5.67
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
24.7
%
Transportation
   
19.6
%
Health Care
   
14.3
%
Education and Civic Organizations
   
11.4
%
U.S. Guaranteed
   
10.7
%
Water and Sewer
   
4.1
%
Housing/Single Family
   
3.5
%
Other
   
11.7
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0269 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
Nuveen Investments
 
17

 
 

 


NNJ
 
Nuveen New Jersey
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund, Inc.
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
14.62
 
Common Share
       
Net Asset Value (NAV)
 
$
14.99
 
Premium/(Discount) to NAV
   
-2.47
%
Market Yield
   
5.95
%
Taxable-Equivalent Yield1
   
8.83
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
180,406
 

Leverage
       
Structural Leverage
   
32.94
%
Effective Leverage
   
34.91
%

Average Annual Total Return
(Inception 12/17/92)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
12.04%
 
 
8.42
%
1-Year
   
1.60%
 
 
4.01
%
5-Year
   
5.46%
 
 
4.79
%
10-Year
   
5.69%
 
 
5.51
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
28.1
%
Transportation
   
16.6
%
U.S. Guaranteed
   
13.8
%
Health Care
   
12.0
%
Education and Civic Organizations
   
11.5
%
Tax Obligation/General
   
4.7
%
Other
   
13.3
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0117 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
18
 
Nuveen Investments

 
 

 


NXJ
 
Nuveen New Jersey
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
13.21
 
Common Share
       
Net Asset Value (NAV)
 
$
14.44
 
Premium/(Discount) to NAV
   
-8.52
%
Market Yield
   
6.31
%
Taxable-Equivalent Yield1
   
9.36
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
94,854
 

Leverage
       
Structural Leverage
   
32.11
%
Effective Leverage
   
34.12
%

Average Annual Total Return
(Inception 3/27/01)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
7.58%
 
 
9.23
%
1-Year
   
-4.38%
 
 
3.68
%
5-Year
   
2.27%
 
 
4.50
%
10-Year
   
4.82%
 
 
5.93
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
22.7
%
Transportation
   
16.0
%
Water and Sewer
   
15.4
%
Health Care
   
13.8
%
U.S. Guaranteed
   
7.8
%
Education and Civic Organizations
   
7.7
%
Housing/Single Family
   
3.7
%
Other
   
12.9
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0240 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
Nuveen Investments
 
19

 
 

 

NUJ
 
Nuveen New Jersey
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund 2
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
13.76
 
Common Share
       
Net Asset Value (NAV)
 
$
14.35
 
Premium/(Discount) to NAV
   
-4.11
%
Market Yield
   
6.24
%
Taxable-Equivalent Yield1
   
9.26
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
64,907
 

Leverage
       
Structural Leverage
   
35.07
%
Effective Leverage
   
36.37
%

Average Annual Total Return
(Inception 3/25/02)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
13.21%
 
 
8.73
%
1-Year
   
-1.93%
 
 
3.53
%
5-Year
   
2.80%
 
 
4.55
%
Since Inception
   
5.39%
 
 
6.20
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
20.6
%
Health Care
   
18.9
%
Transportation
   
18.0
%
Education and Civic Organizations
   
10.7
%
U.S. Guaranteed
   
8.4
%
Long-Term Care
   
5.9
%
Consumer Staples
   
3.4
%
Other
   
14.1
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0381 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
20
 
Nuveen Investments

 
 

 

NJV
 
Nuveen New Jersey
Performance
 
Municipal Value
OVERVIEW
 
Fund
   
as of October 31, 2011
 
 
 
 
         
Fund Snapshot
       
Common Share Price
 
$
14.96
 
Common Share
       
Net Asset Value (NAV)
 
$
15.51
 
Premium/(Discount) to NAV
   
-3.55
%
Market Yield
   
5.13
%
Taxable-Equivalent Yield1
   
7.61
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
24,205
 

Leverage
       
Structural Leverage
   
%
Effective Leverage
   
5.84
%

Average Annual Total Return
(Inception 4/28/09)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
11.22%
 
 
8.02
%
1-Year
   
0.76%
 
 
0.40
%
Since Inception
   
5.09%
 
 
8.35
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
36.3
%
Health Care
   
28.9
%
Education and Civic Organizations
   
8.3
%
Transportation
   
6.0
%
Consumer Staples
   
5.3
%
Housing/Multifamily
   
4.7
%
Other
   
10.5
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a net ordinary income distribution in December 2010 of $0.0246 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
Nuveen Investments
 
21

 
 

 

NQP
 
Nuveen Pennsylvania
Performance
 
Investment Quality
OVERVIEW
 
Municipal Fund
   
as of October 31, 2011
 
 
 
         
Fund Snapshot
       
Common Share Price
 
$
14.26
 
Common Share
       
Net Asset Value (NAV)
 
$
14.87
 
Premium/(Discount) to NAV
   
-4.10
%
Market Yield
   
6.56
%
Taxable-Equivalent Yield1
   
9.40
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
239,116
 

Leverage
       
Structural Leverage
   
32.00
%
Effective Leverage
   
39.04
%

Average Annual Total Return
(Inception 2/21/91)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
12.51%
 
 
8.71
%
1-Year
   
3.11%
 
 
4.35
%
5-Year
   
7.02%
 
 
4.76
%
10-Year
   
5.17%
 
 
5.65
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/General
   
19.8
%
Education and Civic Organizations
   
19.2
%
Health Care
   
12.1
%
U.S. Guaranteed
   
11.0
%
Transportation
   
10.8
%
Housing/Single Family
   
6.0
%
Water and Sewer
   
5.8
%
Utilities
   
4.0
%
Other
   
11.3
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 

22
 
Nuveen Investments

 
 

 


NPY
 
Nuveen Pennsylvania
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund 2
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
13.31
 
Common Share
       
Net Asset Value (NAV)
 
$
14.32
 
Premium/(Discount) to NAV
   
-7.05
%
Market Yield
   
6.31
%
Taxable-Equivalent Yield1
   
9.04
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
223,323
 

Leverage
       
Structural Leverage
   
30.93
%
Effective Leverage
   
36.22
%

Average Annual Total Return
(Inception 3/18/93)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
11.81%
 
 
9.10
%
1-Year
   
-0.27%
 
 
4.51
%
5-Year
   
5.90%
 
 
4.74
%
10-Year
   
5.69%
 
 
5.58
%

Portfolio Composition3
       
(as a % of total investments)
       
Education and Civic Organizations
   
17.5
%
Health Care
   
14.5
%
Transportation
   
13.8
%
U.S. Guaranteed
   
13.2
%
Tax Obligation/General
   
10.8
%
Water and Sewer
   
7.2
%
Tax Obligation/Limited
   
5.0
%
Housing/Single Family
   
4.6
%
Other
   
13.4
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 
Nuveen Investments
 
23

 
 

 


 

NXM
 
Nuveen Pennsylvania
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2011
 
 
         
Fund Snapshot
       
Common Share Price
 
$
13.40
 
Common Share
       
Net Asset Value (NAV)
 
$
14.71
 
Premium/(Discount) to NAV
   
-8.91
%
Market Yield
   
6.49
%
Taxable-Equivalent Yield1
   
9.30
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
48,856
 

Leverage
       
Structural Leverage
   
32.19
%
Effective Leverage
   
34.73
%

Average Annual Total Return
(Inception 3/27/01)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
7.71%
 
 
8.24
%
1-Year
   
-4.18%
 
 
3.33
%
5-Year
   
2.76%
 
 
4.64
%
10-Year
   
5.60%
 
 
6.06
%

Portfolio Composition4
       
(as a % of total investments)
       
Education and Civic Organizations
   
17.0
%
Long-Term Care
   
13.9
%
Health Care
   
12.7
%
Tax Obligation/General
   
11.4
%
Tax Obligation/Limited
   
9.5
%
Transportation
   
8.6
%
U.S. Guaranteed
   
7.4
%
Housing/Single Family
   
5.0
%
Other
   
14.5
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0486 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
24
 
Nuveen Investments

 
 

 

NVY
 
Nuveen Pennsylvania
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund 2
   
as of October 31, 2011
 
 
         
Fund Snapshot
       
Common Share Price
 
$
13.48
 
Common Share
       
Net Asset Value (NAV)
 
$
14.52
 
Premium/(Discount) to NAV
   
-7.16
%
Market Yield
   
6.63
%
Taxable-Equivalent Yield1
   
9.50
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
54,102
 

Leverage
       
Structural Leverage
   
31.21
%
Effective Leverage
   
36.36
%

Average Annual Total Return
(Inception 3/25/02)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
7.17%
 
 
6.34
%
1-Year
   
-3.58%
 
 
2.35
%
5-Year
   
3.72%
 
 
4.50
%
Since Inception
   
5.17%
 
 
6.16
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/General
   
17.7
%
Tax Obligation/Limited
   
14.8
%
U.S. Guaranteed
   
11.5
%
Education and Civic Organizations
   
11.2
%
Health Care
   
9.7
%
Transportation
   
7.9
%
Water and Sewer
   
7.3
%
Long-Term Care
   
6.5
%
Other
   
13.4
%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0480 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
4
Holdings are subject to change.
 
Nuveen Investments
 
25

 
 

 


NPN
 
Nuveen Pennsylvania
Performance
 
Municipal Value Fund
OVERVIEW
   
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
14.77
 
Common Share
       
Net Asset Value (NAV)
 
$
15.63
 
Premium/(Discount) to NAV
   
-5.50
%
Market Yield
   
5.00
%
Taxable-Equivalent Yield1
   
7.16
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
19,059
 

Leverage
       
Structural Leverage
   
%
Effective Leverage
   
10.56
%

Average Annual Total Return
(Inception 4/28/09)
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
8.54%
 
 
8.27
%
1-Year
   
-0.32%
 
 
3.78
%
Since Inception
   
4.43%
 
 
8.66
%

Portfolio Composition3
       
(as a % of total investments)
       
Health Care
   
25.7
%
Tax Obligation/Limited
   
18.7
%
Water and Sewer
   
16.3
%
Education and Civic Organizations
   
10.3
%
Transportation
   
5.9
%
Housing/Multifamily
   
4.7
%
Housing/Single Family
   
4.4
%
Other
   
14.0
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 

26
 
Nuveen Investments

 
 

 

   
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
NQJ
 
Portfolio of Investments
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
           
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
           
$
800
 
5.000%, 1/01/32
1/15 at 100.00
B3
 
$
482,880
 
 
690
 
5.125%, 1/01/37
1/15 at 100.00
B3
   
416,381
 
 
1,490
 
Total Consumer Discretionary
       
899,261
 
     
Consumer Staples – 4.8% (3.2% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
2,950
 
4.500%, 6/01/23
6/17 at 100.00
BBB
   
2,687,775
 
 
12,105
 
4.750%, 6/01/34
6/17 at 100.00
BB+
   
8,135,407
 
 
4,820
 
5.000%, 6/01/41
6/17 at 100.00
BB–
   
3,209,301
 
 
19,875
 
Total Consumer Staples
       
14,032,483
 
     
Education and Civic Organizations – 16.9% (11.4% of Total Investments)
           
 
1,000
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 – AMBAC Insured
6/15 at 100.00
N/R
   
1,015,480
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured
7/13 at 100.00
N/R
   
1,919,480
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
   
509,755
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27
7/17 at 100.00
BBB+
   
1,011,490
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
3,555
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
   
3,645,510
 
 
2,295
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
   
2,359,214
 
 
120
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/22 – NPFG Insured
7/14 at 100.00
A1
   
124,855
 
 
1,225
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F, 5.000%, 7/01/16 – FGIC Insured
7/15 at 100.00
A1
   
1,340,848
 
 
2,770
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured
7/16 at 100.00
A1
   
2,828,142
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
           
 
1,260
 
5.000%, 7/01/19 – AMBAC Insured
1/14 at 100.00
A+
   
1,309,606
 
 
2,510
 
4.750%, 7/01/20 – AMBAC Insured
1/14 at 100.00
A+
   
2,582,213
 
 
185
 
4.250%, 7/01/24 – AMBAC Insured
1/14 at 100.00
A+
   
186,325
 
 
1,500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C, 5.250%, 7/01/32
7/20 at 100.00
A2
   
1,580,460
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.541%, 7/01/19 (IF)
No Opt. Call
AAA
   
2,661,960
 
 
1,495
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H, 5.000%, 7/01/16 – FGIC Insured
7/14 at 100.00
A2
   
1,608,635
 
 
610
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 – RAAI Insured
7/14 at 100.00
BBB+
   
632,033
 
 
510
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2007C, 5.000%, 7/01/37 – RAAI Insured
7/12 at 100.00
BBB+
   
502,350
 
 
1,430
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/21 – FGIC Insured
7/14 at 100.00
A1
   
1,477,362
 
 
1,050
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Rider University, Series 2002A, 5.000%, 7/01/17 – RAAI Insured
7/12 at 100.00
BBB+
   
1,063,787
 
 
450
 
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
   
460,373
 
 
Nuveen Investments
 
27

 
 

 
 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
           
$
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.125%, 6/01/17 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Aaa
 
$
2,005,140
 
 
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)
6/18 at 100.00
AA+
   
2,087,760
 
 
720
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
   
744,386
 
 
875
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)
12/21 at 100.00
Aa3
   
906,448
 
 
950
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.707%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
   
1,183,092
 
 
4,235
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001, 5.250%, 9/01/21
3/12 at 100.00
BBB
   
4,237,414
 
     
University of Medicine and Dentistry of New Jersey, Certificates of Participation, Child Health Institute, LLC, Series 2003:
           
 
1,945
 
5.000%, 4/15/20 – AMBAC Insured
4/13 at 100.00
BBB+
   
1,981,449
 
 
1,370
 
5.000%, 4/15/22 – AMBAC Insured
4/13 at 100.00
BBB+
   
1,389,714
 
     
University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A:
           
 
2,100
 
5.000%, 12/01/24 – AMBAC Insured
12/12 at 100.00
Baa1
   
2,115,645
 
 
4,000
 
5.500%, 12/01/27 – AMBAC Insured
12/12 at 100.00
Baa1
   
4,034,200
 
 
290
 
5.000%, 12/01/31 – AMBAC Insured
12/12 at 100.00
Baa1
   
290,064
 
 
47,950
 
Total Education and Civic Organizations
       
49,795,190
 
     
Financials – 1.7% (1.1% of Total Investments)
           
 
5,000
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
   
4,929,300
 
     
Health Care – 21.1% (14.3% of Total Investments)
           
 
1,000
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
8/14 at 100.00
BBB
   
961,670
 
 
2,200
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25
2/15 at 100.00
BBB
   
2,075,282
 
 
1,920
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
   
1,957,478
 
 
5,750
 
New Jersey Health Care Facilities Financing Authority, FHA-Insured Mortgage Revenue Bonds, Jersey City Medical Center, Series 2001, 5.000%, 8/01/41 – AMBAC Insured
2/12 at 100.00
N/R
   
5,656,793
 
 
1,175
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.521%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA–
   
1,406,663
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.250%, 7/01/35
7/21 at 100.00
BBB–
   
1,018,400
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
BBB–
   
1,918,340
 
 
3,750
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
   
3,765,338
 
 
1,265
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured
7/17 at 100.00
Aa3
   
1,298,472
 
 
400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
   
384,580
 
 
695
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
   
666,894
 
 
615
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
   
602,565
 
 
2,990
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001, 5.500%, 7/01/21
1/12 at 100.00
A2
   
2,992,093
 
 
28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
           
$
3,535
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Series 1999, 5.250%, 7/01/29 – AGM Insured
1/12 at 100.00
AA+
 
$
3,536,838
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B:
           
 
1,495
 
5.000%, 7/01/25 – RAAI Insured
7/15 at 100.00
N/R
   
1,446,024
 
 
1,600
 
5.000%, 7/01/35 – RAAI Insured
7/15 at 100.00
N/R
   
1,439,056
 
 
3,160
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (WI/DD, Settling 11/10/11)
7/21 at 100.00
BBB
   
3,151,215
 
 
1,885
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
1/17 at 100.00
BBB
   
1,804,869
 
 
2,300
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
   
2,302,783
 
 
2,850
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
   
2,523,105
 
 
3,300
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
   
2,580,567
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006:
           
 
670
 
5.000%, 7/01/25
7/16 at 100.00
A2
   
684,485
 
 
4,410
 
5.000%, 7/01/36
7/16 at 100.00
A2
   
4,357,345
 
 
1,295
 
5.000%, 7/01/46
7/16 at 100.00
A2
   
1,266,523
 
 
3,135
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
1/12 at 100.00
N/R
   
2,635,814
 
 
2,605
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, St. Barnabas  Healthcare System – West Hudson Hospital Obligated Group, Series 1998A, 5.000%, 7/01/23 – NPFG Insured
1/12 at 100.00
Baa1
   
2,605,078
 
 
3,585
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
   
3,640,603
 
 
3,500
 
Newark, New Jersey, GNMA Collateralized Healthcare Facility Revenue Bonds, New Community Urban Renewal Corporation, Series 2001A, 5.200%, 6/01/30
6/12 at 102.00
Aaa
   
3,595,095
 
 
64,085
 
Total Health Care
       
62,273,968
 
     
Housing/Multifamily – 1.9% (1.3% of Total Investments)
           
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
1,830
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
   
1,862,117
 
 
1,050
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
   
1,060,857
 
 
2,743
 
Newark Housing Authority, New Jersey, GNMA Collateralized Housing Revenue Bonds, Fairview Apartments Project, Series 2000A, 6.400%, 10/20/34 (Alternative Minimum Tax)
4/12 at 100.00
Aaa
   
2,745,809
 
 
5,623
 
Total Housing/Multifamily
       
5,668,783
 
     
Housing/Single Family – 5.2% (3.5% of Total Investments)
           
 
10,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.450%, 10/01/25
10/21 at 100.00
Aa1
   
10,310,300
 
 
90
 
New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series 2000CC, 5.875%, 10/01/31 – NPFG Insured (Alternative Minimum Tax)
4/12 at 100.00
Aaa
   
90,066
 
 
335
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)
4/17 at 100.00
AA
   
327,861
 
 
2,260
 
Puerto Rico Housing Finance Corporation, Mortgage-Backed Securities Home Mortgage Revenue Bonds, Series 2001A, 5.200%, 12/01/33
12/11 at 100.00
Aaa
   
2,261,220
 
 
2,260
 
Puerto Rico Housing Finance Corporation, Mortgage-Backed Securities Home Mortgage Revenue Bonds, Series 2001B, 5.300%, 12/01/28 (Alternative Minimum Tax)
12/11 at 100.00
Aaa
   
2,260,859
 
 
14,945
 
Total Housing/Single Family
       
15,250,306
 
 
Nuveen Investments
 
29

 
 

 
 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care – 2.7% (1.9% of Total Investments)
           
$
1,870
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
N/R
 
$
1,584,806
 
 
1,125
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.750%, 11/01/24
11/14 at 100.00
N/R
   
1,122,255
 
 
2,670
 
New Jersey Economic Development Authority, GNMA Collateralized Mortgage Revenue Bonds, Victoria Health Corporation, Series 2001A, 5.200%, 12/20/36
12/11 at 103.00
Aaa
   
2,700,972
 
 
595
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.875%, 6/01/18
6/13 at 100.00
A–
   
607,929
 
 
1,100
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2002, 5.250%, 6/01/32
6/13 at 102.00
A–
   
1,106,545
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, House of the Good Shepherd Obligated Group, Series 2001, 5.100%, 7/01/21 – RAAI Insured
1/12 at 100.00
N/R
   
894,090
 
 
8,360
 
Total Long-Term Care
       
8,016,597
 
     
Tax Obligation/General – 3.2% (2.2% of Total Investments)
           
 
4,300
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
   
4,567,632
 
 
930
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
   
1,036,913
 
     
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004:
           
 
1,690
 
5.000%, 9/01/16 – AMBAC Insured
9/14 at 100.00
A–
   
1,793,614
 
 
1,865
 
4.750%, 9/01/18 – AMBAC Insured
9/14 at 100.00
A–
   
1,949,074
 
 
8,785
 
Total Tax Obligation/General
       
9,347,233
 
     
Tax Obligation/Limited – 36.5% (24.7% of Total Investments)
           
 
1,775
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
   
2,179,114
 
 
1,965
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
   
2,275,352
 
 
2,650
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
   
3,179,815
 
     
Gloucester County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2005A:
           
 
1,000
 
5.000%, 9/01/21 – NPFG Insured
9/15 at 100.00
AA+
   
1,086,420
 
 
1,420
 
5.000%, 9/01/22 – NPFG Insured
9/15 at 100.00
AA+
   
1,534,253
 
     
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
           
 
1,090
 
5.000%, 4/01/25 – AMBAC Insured
4/15 at 100.00
AA–
   
1,139,508
 
 
2,525
 
5.000%, 4/01/35 – AMBAC Insured
4/15 at 100.00
AA–
   
2,584,944
 
 
1,445
 
Lower Township Municipal Utilities Authority, Cape May County, New Jersey, Revenue Bonds, Series 2003D, 5.000%, 12/01/16 – FGIC Insured
No Opt. Call
N/R
   
1,508,566
 
 
5,700
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26
6/16 at 100.00
A+
   
5,902,797
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
           
 
1,965
 
5.500%, 6/15/24
6/12 at 100.00
BBB
   
1,940,261
 
 
2,500
 
5.750%, 6/15/29
6/14 at 100.00
BBB
   
2,445,675
 
 
5,750
 
5.750%, 6/15/34
6/14 at 100.00
BBB
   
5,450,425
 
 
4,675
 
New Jersey Economic Development Authority, Lease Revenue Bonds, Liberty State Park Project, Series 2005C, 5.000%, 3/01/27 – AGM Insured
3/15 at 100.00
AA+
   
4,817,073
 
 
5,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
7/14 at 100.00
A
   
5,433,400
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
           
 
205
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
   
197,413
 
 
345
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
   
316,251
 
 

30
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
           
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
$
1,965
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
 
$
2,020,374
 
 
3,930
 
5.000%, 9/01/37
9/17 at 100.00
A+
   
4,040,747
 
 
1,925
 
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured
No Opt. Call
AA+
   
2,135,903
 
 
2,500
 
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2003, 5.000%, 9/15/25
9/13 at 100.00
A+
   
2,532,150
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
           
 
2,885
 
5.000%, 9/15/18 – AMBAC Insured
9/15 at 100.00
A+
   
3,102,010
 
 
4,455
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
   
4,602,639
 
 
850
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
   
864,493
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
           
 
1,075
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
   
1,193,884
 
 
1,900
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
   
2,088,822
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
A+
   
3,972,960
 
 
4,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
   
5,016,982
 
 
4,200
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
   
4,842,096
 
 
3,890
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
   
4,221,428
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
10,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA–
   
2,945,100
 
 
15,355
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
   
4,263,316
 
 
15,310
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA–
   
3,993,614
 
 
2,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
12/17 at 100.00
A+
   
2,681,450
 
 
4,100
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
   
4,488,024
 
 
1,625
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Project, Series 2005, 5.000%, 5/01/30 – AMBAC Insured
5/15 at 100.00
Aa3
   
1,663,448
 
 
1,315
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
BBB+
   
1,158,699
 
 
2,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
8/20 at 100.00
A+
   
2,178,620
 
 
1,650
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
   
1,653,993
 
 
139,740
 
Total Tax Obligation/Limited
       
107,652,019
 
     
Transportation – 29.0% (19.6% of Total Investments)
           
 
2,250
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
A–
   
2,309,445
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
           
 
2,000
 
5.000%, 1/01/25 – NPFG Insured
1/15 at 100.00
A1
   
2,079,040
 
 
4,050
 
5.000%, 1/01/26 – NPFG Insured
1/15 at 100.00
A1
   
4,196,570
 
 
1,500
 
5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
   
1,554,285
 
     
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E:
           
 
1,000
 
5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
   
1,034,830
 
 
3,300
 
5.000%, 1/01/40
1/20 at 100.00
A–
   
3,403,554
 
 

Nuveen Investments
 
31

 
 

 
 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
           
$
2,960
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2001A, 5.200%, 1/01/27 – AGM Insured
1/12 at 100.00
AA+
 
$
2,967,015
 
 
3,000
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax) (5)
5/12 at 100.00
CCC+
   
1,654,950
 
 
3,405
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
   
3,608,347
 
 
160
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
   
188,747
 
 
9,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
   
10,055,560
 
 
1,265
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
AA+
   
1,460,797
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
A+
   
4,192,280
 
 
1,260
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
   
1,327,284
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
           
 
7,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
Aa2
   
7,403,830
 
 
3,000
 
5.000%, 12/01/34
No Opt. Call
Aa2
   
3,136,920
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.544%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
Aa2
   
1,226,880
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
   
2,066,680
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Fifth Series 2002:
           
 
2,280
 
5.000%, 10/15/26 – AGM Insured
4/12 at 101.00
AA+
   
2,339,782
 
 
5,000
 
5.000%, 4/15/32 – AGM Insured
4/12 at 101.00
AA+
   
5,073,650
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
           
 
3,500
 
7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
Baa1
   
3,625,930
 
 
6,605
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Baa1
   
6,560,350
 
 
12,130
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Baa1
   
11,849,312
 
 
2,000
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2002K, 5.100%, 1/01/33
1/13 at 100.00
A–
   
2,013,480
 
 
84,165
 
Total Transportation
       
85,329,518
 
     
U.S. Guaranteed – 15.7% (10.7% of Total Investments) (6)
           
 
2,500
 
Bergen County Improvement Authority, New Jersey, Revenue Bonds, Yeshiva Ktana of Passaic Project, Series 2002, 6.000%, 9/15/27 (Pre-refunded 9/01/12)
9/12 at 101.00
N/R (6)
   
2,639,475
 
     
Middlesex County Improvement Authority, New Jersey, County Guaranteed Open Space Trust Fund Revenue Bonds, Series 2003:
           
 
1,000
 
5.250%, 9/15/16 (Pre-refunded 9/15/13)
9/13 at 100.00
AAA
   
1,089,560
 
 
2,000
 
5.250%, 9/15/18 (Pre-refunded 9/15/13)
9/13 at 100.00
AAA
   
2,179,120
 
 
1,500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2003D, 5.250%, 7/01/20 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
A2 (6)
   
1,621,380
 
 
1,925
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (6)
   
2,260,297
 
 
1,380
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/22 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A2 (6)
   
1,542,398
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
           
 
2,000
 
5.000%, 7/01/18 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (6)
   
2,296,260
 
 
1,175
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (6)
   
1,349,053
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
A2 (6)
   
2,062,480
 
 
32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (6) (continued)
           
$
1,300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2003I, 5.125%, 7/01/21 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
A+ (6)
 
$
1,402,492
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C:
           
 
1,195
 
5.000%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (6)
   
1,331,684
 
 
1,875
 
5.000%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (6)
   
2,089,463
 
 
2,840
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (6)
   
3,051,438
 
 
7,860
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (6)
   
8,154,593
 
 
1,690
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)
No Opt. Call
N/R (6)
   
2,042,010
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
170
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (6)
   
207,167
 
 
55
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (6)
   
67,025
 
 
2,505
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (6)
   
2,778,070
 
 
1,250
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (6)
   
1,373,363
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
           
 
820
 
5.750%, 6/01/32 (Pre-refunded 6/01/12)
6/12 at 100.00
Aaa
   
846,347
 
 
3,000
 
6.000%, 6/01/37 (Pre-refunded 6/01/12)
6/12 at 100.00
Aaa
   
3,100,740
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
           
 
125
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
Aaa
   
129,289
 
 
2,625
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
   
2,836,916
 
 
42,790
 
Total U.S. Guaranteed
       
46,450,620
 
     
Utilities – 2.6% (1.8% of Total Investments)
           
 
2,055
 
Mercer County Improvement Authority, New Jersey, Solid Waste Revenue Bonds, Regional Sludge Project, Series 2003, 5.000%, 12/15/14 – FGIC Insured
12/13 at 100.00
AA+
   
2,223,078
 
 
2,500
 
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Refunding Bonds, PSEG Power LLC Project, Series 2001A, 5.750%, 4/01/31 (Alternative Minimum Tax)
4/12 at 101.00
Baa1
   
2,528,750
 
 
3,000
 
Union County Utilities Authority, New Jersey, Solid Waste Facility Senior Lien Revenue Bonds,
Ogden Martin Systems of Union Inc., Series 1998A, 5.000%, 6/01/23 – AMBAC Insured (Alternative Minimum Tax)
12/11 at 100.00
AA–
   
3,000,990
 
 
7,555
 
Total Utilities
       
7,752,818
 
     
Water and Sewer – 6.1% (4.1% of Total Investments)
           
 
2,785
 
Jersey City Municipal Utilities Authority, Hudson County, New Jersey, Sewer Revenue Bonds, Series 2001A-2, 5.200%, 7/15/21 – FGIC Insured (Alternative Minimum Tax)
1/12 at 100.00
BBB
   
2,787,284
 
     
Lacey Municipal Utilities Authority, Ocean County, New Jersey, Water Revenue Bonds, Series 2003B:
           
 
1,750
 
5.000%, 12/01/17 – FGIC Insured
12/13 at 100.00
N/R
   
1,831,918
 
 
1,835
 
5.000%, 12/01/18 – FGIC Insured
12/13 at 100.00
N/R
   
1,928,787
 
 
1,000
 
5.000%, 12/01/19 – FGIC Insured
12/13 at 100.00
N/R
   
1,036,120
 
 
3,000
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
   
3,179,880
 
 
1,080
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
   
1,102,086
 
 
Nuveen Investments
 
33
 
 
 

 
 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
           
     
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A:
           
$
3,000
 
5.250%, 8/01/16 – FGIC Insured
8/12 at 100.00
N/R
 
$
3,069,840
 
 
3,000
 
5.250%, 8/01/18 – FGIC Insured
8/12 at 100.00
N/R
   
3,057,030
 
 
17,450
 
Total Water and Sewer
       
17,992,945
 
$
467,813
 
Total Investments (cost $430,499,359) – 147.7%
       
435,391,041
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.0)% (7)
       
(144,300,000
     
Other Assets Less Liabilities – 1.3%
       
3,642,018
 
     
Net Assets Applicable to Common Shares – 100%
     
$
294,733,059
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 (5)   At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(7)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.1%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
 (ETM)   Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
See accompanying notes to financial statements.
 
34
 
Nuveen Investments
 
 
 

 
 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc.
NNJ
 
Portfolio of Investments
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
           
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
           
$
480
 
5.000%, 1/01/32
1/15 at 100.00
B3
 
$
289,728
 
 
415
 
5.125%, 1/01/37
1/15 at 100.00
B3
   
250,432
 
 
895
 
Total Consumer Discretionary
       
540,160
 
     
Consumer Staples – 4.1% (2.8% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
770
 
4.500%, 6/01/23
6/17 at 100.00
BBB
   
701,555
 
 
7,620
 
4.750%, 6/01/34
6/17 at 100.00
BB+
   
5,121,172
 
 
2,345
 
5.000%, 6/01/41
6/17 at 100.00
BB–
   
1,561,371
 
 
10,735
 
Total Consumer Staples
       
7,384,098
 
     
Education and Civic Organizations – 16.8% (11.5% of Total Investments)
           
 
1,125
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 – AMBAC Insured
6/15 at 100.00
N/R
   
1,142,415
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured
7/13 at 100.00
N/R
   
479,870
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
   
305,853
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
2,090
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
   
2,143,211
 
 
3,350
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
   
3,443,733
 
 
100
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/19 – NPFG Insured
7/14 at 100.00
A1
   
105,640
 
 
970
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured
7/16 at 100.00
A1
   
990,360
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
           
 
1,375
 
5.000%, 7/01/18 – AMBAC Insured
1/14 at 100.00
A+
   
1,435,899
 
 
725
 
5.000%, 7/01/19 – AMBAC Insured
1/14 at 100.00
A+
   
753,543
 
 
1,530
 
4.750%, 7/01/20 – AMBAC Insured
1/14 at 100.00
A+
   
1,574,018
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C, 5.375%, 7/01/41
7/20 at 100.00
A2
   
1,050,800
 
 
1,335
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.541%, 7/01/19 (IF)
No Opt. Call
AAA
   
1,776,858
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H:
           
 
1,640
 
5.000%, 7/01/18 – FGIC Insured
7/14 at 100.00
A2
   
1,738,318
 
 
1,040
 
5.000%, 7/01/23 – FGIC Insured
7/14 at 100.00
A2
   
1,075,984
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 – RAAI Insured
7/14 at 100.00
BBB+
   
310,836
 
 
270
 
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
   
276,224
 
 
1,405
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 1999A, 5.250%, 6/01/18 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
A
   
1,407,009
 
 
985
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/15 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Aaa
   
987,955
 
 
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)
6/18 at 100.00
AA+
   
2,087,760
 
 
450
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
   
465,242
 
 
350
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)
12/21 at 100.00
Aa3
   
362,579
 
 
Nuveen Investments
 
35

 
 

 
 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
NNJ
 
Portfolio of Investments
      October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
           
$
550
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.707%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
 
$
684,948
 
 
2,025
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, Child Health Institute, LLC, Series 2003, 5.000%, 4/15/21 – AMBAC Insured
4/13 at 100.00
BBB+
   
2,058,089
 
 
1,000
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, University Housing Associates, LLC, Series 2004, 5.000%, 6/15/29 – NPFG Insured
6/14 at 100.00
BBB+
   
1,006,900
 
 
2,750
 
University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A, 5.000%, 12/01/31 – AMBAC Insured
12/12 at 100.00
Baa1
   
2,750,605
 
 
29,165
 
Total Education and Civic Organizations
       
30,414,649
 
     
Financials – 0.8% (0.6% of Total Investments)
           
 
1,500
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
   
1,478,790
 
     
Health Care – 17.6% (12.0% of Total Investments)
           
 
25
 
Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.250%, 2/15/27
2/15 at 100.00
BBB
   
23,689
 
 
620
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
8/14 at 100.00
BBB
   
596,235
 
 
710
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25
2/15 at 100.00
BBB
   
669,750
 
 
1,120
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
   
1,141,862
 
 
695
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.521%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA–
   
832,026
 
     
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:
           
 
1,150
 
6.000%, 7/01/26
7/21 at 100.00
BBB–
   
1,175,691
 
 
1,000
 
6.250%, 7/01/35
7/21 at 100.00
BBB–
   
1,018,400
 
 
1,615
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
   
1,621,605
 
 
240
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
   
230,748
 
 
700
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
   
671,692
 
 
375
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
   
367,418
 
 
3,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001, 5.625%, 7/01/31
1/12 at 100.00
A2
   
3,499,720
 
 
1,700
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Series 1999, 5.625%, 7/01/12 – AGM Insured
1/11 at 100.00
AA+
   
1,706,426
 
 
465
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002, 6.625%, 7/01/31
7/12 at 101.00
BB+
   
447,809
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B, 5.000%, 7/01/35 – RAAI Insured
7/15 at 100.00
N/R
   
899,410
 
 
1,790
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (WI/DD, Settling 11/10/11)
7/21 at 100.00
BBB
   
1,785,024
 
 
1,160
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
1/17 at 100.00
BBB
   
1,110,688
 
 
1,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
   
1,501,815
 
 
1,675
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
   
1,482,878
 
 
2,010
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
   
1,571,800
 
 
36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
           
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006:
           
$
1,250
 
5.000%, 7/01/36
7/16 at 100.00
A2
 
$
1,235,075
 
 
1,155
 
5.000%, 7/01/46
7/16 at 100.00
A2
   
1,129,602
 
 
630
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Atlantic City Medical Center, Series 2002, 5.750%, 7/01/25
7/12 at 100.00
A+
   
637,226
 
 
1,710
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.000%, 7/01/22 – RAAI Insured
1/12 at 100.00
N/R
   
1,598,303
 
 
2,150
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
   
2,183,347
 
 
2,650
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities
Financing Authority, Adjustable Rate Industrial Revenue Bonds,
American Home Products Corporation, Series 1983A, 5.100%, 12/01/18
12/11 at 100.00
A1
   
2,660,017
 
 
32,595
 
Total Health Care
       
31,798,256
 
     
Housing/Multifamily – 3.6% (2.4% of Total Investments)
           
 
340
 
Essex County Improvement Authority, New Jersey, FNMA Enhanced Multifamily Revenue Bonds, Mount Carmel Towers, Series 2002, 4.750%, 11/01/22 (Alternative Minimum Tax)
11/12 at 100.00
Aaa
   
341,632
 
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
1,100
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
   
1,119,305
 
 
550
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
   
555,687
 
 
4,445
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.550%, 5/01/27 – AMBAC Insured (Alternative Minimum Tax)
5/12 at 100.00
A+
   
4,444,867
 
 
6,435
 
Total Housing/Multifamily
       
6,461,491
 
     
Housing/Single Family – 2.6% (1.7% of Total Investments)
           
 
4,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
10/21 at 100.00
Aa1
   
4,081,520
 
 
575
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)
4/17 at 100.00
AA
   
562,747
 
 
4,575
 
Total Housing/Single Family
       
4,644,267
 
     
Long-Term Care – 1.5% (1.0% of Total Investments)
           
 
1,095
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
N/R
   
928,002
 
 
750
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.800%, 11/01/31
11/14 at 100.00
N/R
   
742,043
 
 
1,000
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.500%, 6/01/21
6/13 at 100.00
A–
   
1,018,180
 
 
2,845
 
Total Long-Term Care
       
2,688,225
 
     
Tax Obligation/General – 7.0% (4.7% of Total Investments)
           
 
2,250
 
Freehold Regional High School District, Monmouth County Board of Education, New Jersey, School District Refunding Bonds, Series 2001, 5.000%, 3/01/17 – FGIC Insured
No Opt. Call
AA
   
2,617,898
 
 
2,500
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
   
2,655,600
 
 
555
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
   
618,803
 
 
1,560
 
New Jersey, General Obligation Bonds, Series 1992D, 6.000%, 2/15/13
No Opt. Call
AA–
   
1,667,749
 
 
1,295
 
Passaic County, New Jersey, General Improvement Refunding Bonds, Series 1993, 5.125%, 9/01/12 – FGIC Insured
No Opt. Call
Aa3
   
1,331,519
 
 
1,485
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured
No Opt. Call
Aa3
   
1,789,722
 
 
Nuveen Investments
 
37

 
 

 
 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
NNJ
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
           
$
1,780
 
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004, 4.750%, 9/01/17 – AMBAC Insured
9/14 at 100.00
A–
 
$
1,873,254
 
 
11,425
 
Total Tax Obligation/General
       
12,554,545
 
     
Tax Obligation/Limited – 41.4% (28.1% of Total Investments)
           
 
1,000
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
   
1,227,670
 
 
5,385
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/19 – AGM Insured
12/13 at 100.00
Aa2
   
5,794,582
 
 
1,155
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
   
1,337,421
 
 
3,000
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
AAA
   
1,619,580
 
 
1,225
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
   
1,469,914
 
     
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
           
 
1,185
 
5.000%, 4/01/25 – AMBAC Insured
4/15 at 100.00
AA–
   
1,238,823
 
 
2,755
 
5.000%, 4/01/35 – AMBAC Insured
4/15 at 100.00
AA–
   
2,820,404
 
 
3,450
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/25
6/16 at 100.00
A+
   
3,584,516
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
           
 
1,155
 
5.500%, 6/15/24
6/12 at 100.00
BBB
   
1,140,459
 
 
500
 
5.750%, 6/15/29
6/14 at 100.00
BBB
   
489,135
 
 
1,600
 
5.500%, 6/15/31
6/14 at 100.00
BBB
   
1,492,640
 
 
2,540
 
5.750%, 6/15/34
6/14 at 100.00
BBB
   
2,407,666
 
 
3,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
7/14 at 100.00
A
   
3,477,376
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
           
 
120
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
   
115,559
 
 
205
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
   
187,917
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
1,155
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
   
1,187,548
 
 
2,310
 
5.000%, 9/01/37
9/17 at 100.00
A+
   
2,375,096
 
 
2,720
 
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2003, 5.000%, 9/15/25
9/13 at 100.00
A+
   
2,754,979
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds,
Department of Human Services – Greystone Park Psychiatric Hospital,
           
      Series 2005:            
 
2,615
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
   
2,701,661
 
 
3,000
 
5.000%, 9/15/28 – AMBAC Insured
9/15 at 100.00
A+
   
3,055,260
 
 
505
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
   
513,610
 
 
1,500
 
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured
No Opt. Call
Baa1
   
1,691,535
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
           
 
400
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
   
444,236
 
 
715
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
   
786,057
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
A+
   
3,972,960
 
 
1,700
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
   
1,983,458
 
 
2,600
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
   
2,997,488
 
 
38
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
           
$
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/18 – FGIC Insured
12/15 at 100.00
A+
 
$
2,214,260
 
 
1,110
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
   
1,204,572
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
6,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA–
   
1,767,060
 
 
12,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
   
3,331,800
 
 
4,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA–
   
1,043,400
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
12/17 at 100.00
A+
   
4,290,320
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
   
875,712
 
 
780
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
BBB+
   
687,289
 
 
2,745
 
Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Plainfield Park Madison Redevelopment Project, Series 2003, 5.000%, 3/01/34 – AGM Insured
3/13 at 100.00
Aaa
   
2,845,412
 
 
2,445
 
Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Series 2003, 5.000%, 6/15/23
6/13 at 100.00
Aa1
   
2,584,243
 
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
   
1,002,420
 
 
96,575
 
Total Tax Obligation/Limited
       
74,714,038
 
     
Transportation – 24.4% (16.6% of Total Investments)
           
 
2,750
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
A–
   
2,822,655
 
 
2,500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
   
2,590,475
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
515,690
 
 
3,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
No Opt. Call
Aa3
   
3,300,690
 
 
1,875
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
   
1,986,975
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
565
 
6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
   
666,514
 
 
345
 
6.500%, 1/01/16 – AMBAC Insured
No Opt. Call
A3
   
406,531
 
 
5,750
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
   
6,086,259
 
 
2,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
A+
   
2,620,175
 
 
240
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
   
252,816
 
 
2,750
 
Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured
4/15 at 100.00
Aa3
   
2,821,363
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
           
 
4,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
Aa2
   
4,230,760
 
 
3,000
 
5.000%, 12/01/34
No Opt. Call
Aa2
   
3,136,920
 
 
585
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.544%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
Aa2
   
717,725
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
   
1,033,340
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Fifth Series 2002, 5.000%, 4/15/32 – AGM Insured
4/12 at 101.00
AA+
   
2,029,460
 
 
8,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Baa1
   
7,945,915
 
 
Nuveen Investments
 
39

 
 

 
 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
NNJ
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
           
$
850
 
Trenton Parking Authority, Mercer County, New Jersey, Guaranteed Parking System Revenue Bonds, Series 2003, 5.000%, 10/01/24 – FGIC Insured
10/13 at 100.00
A3
 
$
863,184
 
 
42,210
 
Total Transportation
       
44,027,447
 
     
U.S. Guaranteed – 20.3% (13.8% of Total Investments) (5)
           
 
2,075
 
Egg Harbor Township School District, Atlantic County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 4/01/27 (Pre-refunded 4/01/15) – NPFG Insured
4/15 at 100.00
Aa2 (5)
   
2,365,874
 
 
130
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/19 (Pre-refunded 12/15/13) – AGM Insured
12/13 at 100.00
Aa2 (5)
   
142,688
 
     
Manalapan-Englishtown Regional Board of Education, New Jersey, General Obligation Bonds, Series 2003:
           
 
1,000
 
5.000%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
BBB (5)
   
1,086,630
 
 
1,000
 
5.000%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
AA– (5)
   
1,086,630
 
 
1,000
 
Middlesex County Improvement Authority, New Jersey, County Guaranteed Open Space Trust Fund Revenue Bonds, Series 2003, 5.250%, 9/15/16 (Pre-refunded 9/15/13)
9/13 at 100.00
AAA
   
1,089,560
 
 
1,870
 
New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18 (ETM)
No Opt. Call
N/R (5)
   
2,326,392
 
 
595
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
   
698,637
 
 
1,145
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/19 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A2 (5)
   
1,279,744
 
 
2,080
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F, 5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
   
2,388,110
 
 
400
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C, 5.000%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (5)
   
445,752
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A:
           
 
750
 
5.000%, 7/01/26 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
   
801,195
 
 
1,670
 
5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
   
1,794,332
 
 
3,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
   
3,112,440
 
 
1,270
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)
No Opt. Call
N/R (5)
   
1,534,528
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
465
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
566,663
 
 
195
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (5)
   
237,633
 
 
120
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
A3 (5)
   
146,236
 
 
6,590
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
7,308,375
 
 
1,760
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
A3 (5)
   
1,951,858
 
 
750
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
   
824,018
 
 
2,125
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/35 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
AA+ (5)
   
2,438,119
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
           
 
135
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
Aaa
   
139,632
 
 
2,250
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
   
2,431,643
 
 
350
 
Trenton Parking Authority, Mercer County, New Jersey, Guaranteed Parking System Revenue Bonds, Series 2003, 5.000%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured
10/13 at 100.00
A3 (5)
   
380,321
 
 
32,725
 
Total U.S. Guaranteed
       
36,577,010
 
     
Water and Sewer – 6.8% (4.6% of Total Investments)
           
     
Bayonne Municipal Utilities Authority, New Jersey, Water System Revenue Refunding Bonds, Series 2003A:
           
 
1,450
 
5.000%, 4/01/19 – SYNCORA GTY Insured
4/13 at 100.00
N/R
   
1,462,122
 
 
1,250
 
5.000%, 4/01/24 – SYNCORA GTY Insured
4/13 at 100.00
N/R
   
1,227,625
 
 

40
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
           
$
765
 
Jersey City Sewer Authority, Hudson County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993, 6.250%, 1/01/14 – AMBAC Insured
No Opt. Call
N/R
 
$
803,778
 
 
1,250
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
   
1,324,950
 
 
420
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
   
428,589
 
 
1,650
 
New Jersey Water Supply Authority, Water Supply Authority Bonds, Manasquan Reservoir, Series 2005, 5.000%, 8/01/31 – NPFG Insured
8/15 at 100.00
AA
   
1,720,554
 
 
3,500
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19 – FGIC Insured
8/12 at 100.00
N/R
   
3,557,750
 
 
430
 
Stony Brook Regional Sewer Authority, Princeton, New Jersey, Revenue Refunding Bonds, Series 1993B, 5.450%, 12/01/12
No Opt. Call
Aa1
   
440,346
 
 
1,215
 
Wanaque Valley Regional Sewer Authority, Passaic County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993B, 5.750%, 9/01/18 – AMBAC Insured
No Opt. Call
A1
   
1,334,641
 
 
11,930
 
Total Water and Sewer
       
12,300,355
 
$
283,610
 
Total Investments (cost $258,449,300) – 147.2%
       
265,583,331
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.1)% (6)
       
(88,600,000)
 
     
Other Assets Less Liabilities – 1.9%
       
3,422,778
 
     
Net Assets Applicable to Common Shares – 100%
     
$
180,406,109
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)   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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.4%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
41

 
 

 
 
   
Nuveen New Jersey Dividend Advantage Municipal Fund
NXJ
 
Portfolio of Investments
     
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
           
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
           
$
260
 
5.000%, 1/01/32
1/15 at 100.00
B3
 
$
156,936
 
 
230
 
5.125%, 1/01/37
1/15 at 100.00
B3
   
138,794
 
 
490
 
Total Consumer Discretionary
       
295,730
 
     
Consumer Staples – 5.1% (3.5% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
910
 
4.500%, 6/01/23
6/17 at 100.00
BBB
   
829,110
 
 
4,525
 
4.750%, 6/01/34
6/17 at 100.00
BB+
   
3,041,117
 
 
1,385
 
5.000%, 6/01/41
6/17 at 100.00
BB–
   
922,175
 
 
6,820
 
Total Consumer Staples
       
4,792,402
 
     
Education and Civic Organizations – 11.1% (7.7% of Total Investments)
           
 
250
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
   
254,878
 
 
325
 
New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.250%, 7/01/37
7/17 at 100.00
BBB+
   
327,269
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
1,115
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
   
1,143,388
 
 
735
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
   
755,565
 
 
60
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/21 – NPFG Insured
7/14 at 100.00
A1
   
62,669
 
 
970
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured
7/16 at 100.00
A1
   
990,360
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B, 5.000%, 7/01/21 – AMBAC Insured
1/14 at 100.00
A+
   
1,029,720
 
 
665
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.541%, 7/01/19 (IF)
No Opt. Call
AAA
   
885,102
 
 
630
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/19 – FGIC Insured
7/14 at 100.00
A1
   
656,800
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Rider University, Series 2002A, 5.000%, 7/01/17 – RAAI Insured
7/12 at 100.00
BBB+
   
303,939
 
 
135
 
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
   
138,112
 
 
270
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
   
279,145
 
 
350
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)
12/21 at 100.00
Aa3
   
362,579
 
 
300
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.707%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
   
373,608
 
     
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001:
           
 
2,000
 
5.250%, 9/01/21
3/12 at 100.00
BBB
   
2,001,140
 
 
500
 
5.250%, 9/01/31
3/12 at 100.00
BBB
   
493,895
 
 
500
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31
12/12 at 101.00
BBB–
   
468,800
 
 
10,105
 
Total Education and Civic Organizations
       
10,526,969
 

42
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Energy – 1.0% (0.7% of Total Investments)
           
$
1,000
 
Virgin Islands, Senior Secured Revenue Bonds, Government Refinery Facilities – Hovensa LLC Coker, Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax)
1/13 at 100.00
Ba2
 
$
957,410
 
     
Financials – 1.8% (1.3% of Total Investments)
           
 
850
 
New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
11/11 at 100.00
N/R
   
764,091
 
 
250
 
New Jersey Economic Development Authority, Industrial Development Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14
4/12 at 100.00
Ba1
   
251,045
 
 
750
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
   
739,395
 
 
1,850
 
Total Financials
       
1,754,531
 
     
Health Care – 19.9% (13.8% of Total Investments)
           
 
310
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
8/14 at 100.00
BBB
   
298,118
 
 
560
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
   
570,931
 
 
370
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.521%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA–
   
442,949
 
 
850
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
7/21 at 100.00
BBB–
   
868,989
 
 
865
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
   
868,538
 
 
1,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured
7/17 at 100.00
Aa3
   
1,539,690
 
 
130
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
   
124,989
 
 
440
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
   
422,206
 
 
180
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
   
176,360
 
 
3,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001, 5.625%, 7/01/31
1/12 at 100.00
A2
   
3,499,720
 
 
1,555
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (WI/DD, Settling 11/10/11)
7/21 at 100.00
BBB
   
1,550,677
 
 
445
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
1/17 at 100.00
BBB
   
426,083
 
 
700
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
   
700,847
 
 
895
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
   
792,344
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
   
1,563,980
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006:
           
 
665
 
5.000%, 7/01/36
7/16 at 100.00
A2
   
657,060
 
 
615
 
5.000%, 7/01/46
7/16 at 100.00
A2
   
601,476
 
 
2,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Burdette Tomlin Memorial Hospital, Series 1999, 5.500%, 7/01/29
1/12 at 100.00
A3
   
2,501,075
 
 
1,270
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
   
1,289,698
 
 
19,350
 
Total Health Care
       
18,895,730
 
 

Nuveen Investments
 
43

 
 

 
 
   
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
NXJ
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Multifamily – 0.9% (0.6% of Total Investments)
           
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
$
560
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
 
$
569,828
 
 
300
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
   
303,102
 
 
860
 
Total Housing/Multifamily
       
872,930
 
     
Housing/Single Family – 5.4% (3.7% of Total Investments)
           
 
5,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
10/21 at 100.00
Aa1
   
5,101,899
 
     
Long-Term Care – 2.7% (1.9% of Total Investments)
           
 
585
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
N/R
   
495,782
 
 
250
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.800%, 11/01/31
11/14 at 100.00
N/R
   
247,348
 
     
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001:
           
 
1,000
 
6.000%, 6/01/25
12/11 at 102.00
A–
   
1,020,990
 
 
335
 
5.500%, 6/01/31
12/11 at 102.00
A–
   
338,544
 
 
500
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25
1/12 at 100.00
BB+
   
437,900
 
 
2,670
 
Total Long-Term Care
       
2,540,564
 
     
Tax Obligation/General – 4.1% (2.8% of Total Investments)
           
 
1,000
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
   
1,062,240
 
 
1,100
 
Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23
5/21 at 100.00
AA–
   
1,147,025
 
 
300
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
   
334,488
 
 
1,350
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.250%, 7/01/27 – AGM Insured
1/12 at 100.00
AA+
   
1,350,513
 
 
3,750
 
Total Tax Obligation/General
       
3,894,266
 
     
Tax Obligation/Limited – 32.9% (22.7% of Total Investments)
           
 
600
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
   
736,602
 
 
1,745
 
Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
12/13 at 100.00
AA
   
1,881,843
 
 
1,000
 
Camden County Improvement Authority, New Jersey, County Guaranteed Lease Revenue Bonds, Series 2005A, 5.000%, 9/01/16 – AGM Insured
9/15 at 100.00
AA+
   
1,124,520
 
 
1,100
 
Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured
1/15 at 102.00
A–
   
1,174,195
 
 
620
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
   
717,923
 
 
815
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
   
977,943
 
 
1,785
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/27
6/16 at 100.00
A+
   
1,841,692
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
           
 
615
 
5.500%, 6/15/24
6/12 at 100.00
BBB
   
607,257
 
 
600
 
5.750%, 6/15/29
6/14 at 100.00
BBB
   
586,962
 
 
1,200
 
5.750%, 6/15/34
6/14 at 100.00
BBB
   
1,137,480
 
 
1,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
7/14 at 100.00
A
   
1,304,016
 
 

44
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
           
$
65
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
 
$
62,594
 
 
115
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
   
105,417
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
615
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
   
632,331
 
 
1,235
 
5.000%, 9/01/37
9/17 at 100.00
A+
   
1,269,802
 
 
525
 
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured
No Opt. Call
AA+
   
582,519
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
           
 
925
 
5.000%, 9/15/18 – AMBAC Insured
9/15 at 100.00
A+
   
994,579
 
 
1,400
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
   
1,446,396
 
 
250
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
   
254,263
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
           
 
350
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
   
388,707
 
 
610
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
   
670,622
 
 
6,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
A+
   
1,986,480
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
   
1,516,762
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
   
1,498,744
 
 
1,280
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
   
1,389,056
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
3,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA–
   
883,530
 
 
3,500
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
   
971,775
 
 
6,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA–
   
1,565,100
 
 
1,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
12/17 at 100.00
A+
   
1,072,580
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
   
875,712
 
 
405
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
BBB+
   
356,862
 
 
550
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
   
551,331
 
 
42,505
 
Total Tax Obligation/Limited
       
31,165,595
 
     
Transportation – 23.1% (16.0% of Total Investments)
           
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
           
 
1,000
 
5.000%, 1/01/25 – NPFG Insured
1/15 at 100.00
A1
   
1,039,520
 
 
1,000
 
5.000%, 1/01/26 – NPFG Insured
1/15 at 100.00
A1
   
1,036,190
 
 
500
 
5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
   
518,095
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
515,690
 
 
900
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
11/11 at 100.00
B
   
899,883
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
No Opt. Call
Aa3
   
1,100,230
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
   
1,059,720
 
 
50
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
   
58,984
 
 

Nuveen Investments
 
45

 
 

 
 
   
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
NXJ
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
           
$
3,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
$
3,175,440
 
 
300
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
AA+
   
346,434
 
 
1,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
A+
   
1,048,070
 
 
240
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
   
252,816
 
 
1,500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/34
No Opt. Call
Aa2
   
1,568,460
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.544%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
Aa2
   
380,333
 
 
500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
   
516,670
 
 
5,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Baa1
   
4,966,199
 
 
3,435
 
South Jersey Transportation Authority New Jersey, Transportation System Revenue Bonds, Series 1999, 5.125%, 11/01/22 – AMBAC Insured
5/12 at 100.00
A–
   
3,438,985
 
 
21,235
 
Total Transportation
       
21,921,719
 
     
U.S. Guaranteed – 11.3% (7.8% of Total Investments) (5)
           
 
385
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
   
452,059
 
 
690
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/21 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A2 (5)
   
771,199
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
           
 
700
 
5.000%, 7/01/17 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
   
803,691
 
 
1,000
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
   
1,148,130
 
 
520
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
   
597,028
 
 
625
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (5)
   
696,488
 
 
890
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
   
956,261
 
 
1,350
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
   
1,400,598
 
 
845
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)
No Opt. Call
N/R (5)
   
1,021,005
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
130
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
158,422
 
 
20
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (5)
   
24,373
 
 
905
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
1,003,654
 
 
375
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
   
412,009
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
           
 
85
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
Aaa
   
87,916
 
 
1,125
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
   
1,215,821
 
 
9,645
 
Total U.S. Guaranteed
       
10,748,654
 
     
Utilities – 2.8% (1.9% of Total Investments)
           
 
1,510
 
Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured
No Opt. Call
A
   
1,888,029
 
 
750
 
New Jersey Economic Development Authority, Pollution Control Revenue Refunding Bonds, Public Service Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
No Opt. Call
Baa1
   
758,355
 
 
2,260
 
Total Utilities
       
2,646,384
 
 

46
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 22.3% (15.4% of Total Investments)
           
$
225
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
7/15 at 100.00
Ba2
 
$
226,224
 
 
4,635
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 1997B, 5.375%, 5/01/32 – FGIC Insured (Alternative Minimum Tax)
5/12 at 100.00
A
   
4,645,196
 
 
7,000
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 1998, 5.350%, 2/01/38 – NPFG Insured (Alternative Minimum Tax)
2/12 at 100.00
A
   
6,921,529
 
 
250
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
   
264,990
 
 
320
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
   
326,544
 
 
15,840
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23 – NPFG Insured
No Opt. Call
Baa1
   
8,799,591
 
 
28,270
 
Total Water and Sewer
       
21,184,074
 
$
155,810
 
Total Investments (cost $135,909,536) – 144.7%
       
137,298,857
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (47.3)% (6)
       
(44,861,000
     
Other Assets Less Liabilities – 2.6%
       
2,415,843
 
     
Net Assets Applicable to Common Shares – 100%
     
$
94,853,700
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 (5)   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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(6)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.7%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
47

 
 

 
 
   
Nuveen New Jersey Dividend Advantage Municipal Fund 2
NUJ
 
Portfolio of Investments
     
   
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
           
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
           
$
180
 
5.000%, 1/01/32
1/15 at 100.00
B3
 
$
108,648
 
 
150
 
5.125%, 1/01/37
1/15 at 100.00
B3
   
90,518
 
 
330
 
Total Consumer Discretionary
       
199,166
 
     
Consumer Staples – 5.2% (3.4% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
615
 
4.500%, 6/01/23
6/17 at 100.00
BBB
   
560,333
 
 
3,275
 
4.750%, 6/01/34
6/17 at 100.00
BB+
   
2,201,029
 
 
885
 
5.000%, 6/01/41
6/17 at 100.00
BB–
   
589,260
 
 
4,775
 
Total Consumer Staples
       
3,350,622
 
     
Education and Civic Organizations – 16.4% (10.7% of Total Investments)
           
 
3,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey Project, Series 2002C, 4.750%, 7/01/19 – FGIC Insured
7/12 at 100.00
A2
   
3,036,059
 
 
200
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
   
203,902
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
790
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
   
810,113
 
 
495
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
   
508,850
 
 
575
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B, 5.000%, 7/01/21 – AMBAC Insured
1/14 at 100.00
A+
   
592,089
 
 
335
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.541%, 7/01/19 (IF)
7/21 at 100.00
AAA
   
445,878
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/19 – FGIC Insured
7/14 at 100.00
A1
   
521,270
 
 
1,090
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Rider University, Series 2002A, 5.000%, 7/01/17 – RAAI Insured
7/12 at 100.00
BBB+
   
1,104,312
 
 
105
 
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
   
107,420
 
 
180
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
   
186,097
 
 
175
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)
12/21 at 100.00
Aa3
   
181,290
 
 
200
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.707%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
   
249,072
 
 
910
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities
Financing Authority, Higher Education Revenue Bonds, Ana G.
Mendez University System, Series 1999, 5.375%, 2/01/19
2/12 at 100.00
BBB–
   
910,264
 
 
1,790
 
University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A, 5.000%, 12/01/31 – AMBAC Insured
12/12 at 100.00
Baa1
   
1,790,394
 
 
10,345
 
Total Education and Civic Organizations
       
10,647,010
 
     
Energy – 1.5% (1.0% of Total Investments)
           
 
1,000
 
Virgin Islands, Senior Secured Revenue Bonds, Government Refinery Facilities – Hovensa LLC Coker, Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax)
1/13 at 100.00
Ba2
   
957,410
 
 

48
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Financials – 5.0% (3.3% of Total Investments)
           
$
600
 
New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
11/11 at 100.00
N/R
 
$
539,358
 
 
1,250
 
New Jersey Economic Development Authority, Industrial Development Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14
4/12 at 100.00
Ba1
   
1,255,225
 
 
1,450
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
   
1,429,497
 
 
3,300
 
Total Financials
       
3,224,080
 
     
Health Care – 28.9% (18.9% of Total Investments)
           
 
220
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
8/14 at 100.00
BBB
   
211,567
 
 
400
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
   
407,808
 
     
New Jersey Health Care Facilities Financing Authority, FHA-Insured Mortgage Revenue Bonds, Jersey City Medical Center, Series 2001:
           
 
405
 
5.000%, 8/01/31 – AMBAC Insured
2/12 at 100.00
N/R
   
414,971
 
 
1,925
 
5.000%, 8/01/41 – AMBAC Insured
2/12 at 100.00
N/R
   
1,893,796
 
 
260
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.521%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA–
   
311,262
 
 
500
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.250%, 7/01/35
7/21 at 100.00
BBB–
   
509,200
 
 
610
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
   
612,495
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured
7/17 at 100.00
Aa3
   
1,026,460
 
 
90
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
   
86,531
 
 
170
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
   
166,563
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001:
           
 
400
 
5.500%, 7/01/21
1/12 at 100.00
A2
   
400,280
 
 
140
 
5.625%, 7/01/31
1/12 at 100.00
A2
   
139,989
 
 
715
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Series 1999, 5.250%, 7/01/29 – AGM Insured
1/12 at 100.00
Aa3
   
715,372
 
 
1,185
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002, 6.625%, 7/01/31
7/12 at 101.00
BB+
   
1,141,191
 
 
1,165
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (WI/DD, Settling 11/10/11)
7/21 at 100.00
BBB
   
1,161,761
 
 
500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
   
500,605
 
 
630
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
   
557,739
 
 
1,520
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
   
1,188,625
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006:
           
 
2,455
 
5.000%, 7/01/36
7/16 at 100.00
A2
   
2,425,687
 
 
435
 
5.000%, 7/01/46
7/16 at 100.00
A2
   
425,434
 
 
1,390
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Atlantic City Medical Center, Series 2002, 5.750%, 7/01/25
7/12 at 100.00
A+
   
1,405,943
 
 

Nuveen Investments
 
49

 
 

 
 
   
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
NUJ
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
           
$
1,150
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
1/12 at 100.00
N/R
 
$
966,886
 
 
955
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
   
969,812
 
 
1,100
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Adjustable Rate Industrial Revenue Bonds, American Home Products Corporation, Series 1983A, 5.100%, 12/01/18
12/11 at 100.00
A1
   
1,104,158
 
 
19,320
 
Total Health Care
       
18,744,135
 
     
Housing/Multifamily – 3.9% (2.5% of Total Investments)
           
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
380
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
   
386,669
 
 
200
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
   
202,068
 
 
1,920
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40 – AMBAC Insured (Alternative Minimum Tax)
5/12 at 100.00
A+
   
1,920,326
 
 
2,500
 
Total Housing/Multifamily
       
2,509,063
 
     
Housing/Single Family – 1.9% (1.2% of Total Investments)
           
 
1,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
10/21 at 100.00
Aa1
   
1,020,380
 
 
215
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)
4/17 at 100.00
AA
   
210,418
 
 
1,215
 
Total Housing/Single Family
       
1,230,798
 
     
Long-Term Care – 9.0% (5.9% of Total Investments)
           
 
415
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
N/R
   
351,708
 
     
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001:
           
 
1,000
 
5.500%, 6/01/21
6/13 at 100.00
A–
   
1,018,180
 
 
4,000
 
5.500%, 6/01/31
12/11 at 102.00
A–
   
4,042,319
 
 
520
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25
1/12 at 100.00
BB+
   
455,416
 
 
5,935
 
Total Long-Term Care
       
5,867,623
 
     
Tax Obligation/General – 2.2% (1.5% of Total Investments)
           
 
700
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
   
743,568
 
 
190
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
   
211,842
 
 
385
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.125%, 7/01/23 – AGM Insured
1/12 at 100.00
AA+
   
385,181
 
 
100
 
Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds,, 5.000%, 7/15/19
No Opt. Call
AA–
   
116,513
 
 
1,375
 
Total Tax Obligation/General
       
1,457,104
 
     
Tax Obligation/Limited – 31.5% (20.6% of Total Investments)
           
 
400
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
   
491,068
 
 
1,000
 
Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
12/13 at 100.00
AA
   
1,078,420
 
 
750
 
Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured
1/15 at 102.00
A–
   
800,588
 
 
50
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
           
$
435
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
 
$
503,704
 
 
530
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
   
635,963
 
 
1,305
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26
6/16 at 100.00
A+
   
1,351,432
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
           
 
435
 
5.500%, 6/15/24
6/12 at 100.00
BBB
   
429,523
 
 
400
 
5.750%, 6/15/29
6/14 at 100.00
BBB
   
391,308
 
 
400
 
5.500%, 6/15/31
6/14 at 100.00
BBB
   
373,160
 
 
700
 
5.750%, 6/15/34
6/14 at 100.00
BBB
   
663,530
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
           
 
50
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
   
48,150
 
 
75
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
   
68,750
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
435
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
   
447,258
 
 
870
 
5.000%, 9/01/37
9/17 at 100.00
A+
   
894,517
 
 
350
 
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured
No Opt. Call
AA+
   
388,346
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
           
 
655
 
5.000%, 9/15/18 – AMBAC Insured
9/15 at 100.00
A+
   
704,269
 
 
985
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
   
1,017,643
 
 
200
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
   
203,410
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
           
 
295
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
   
327,624
 
 
525
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
   
577,175
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
A+
   
1,324,320
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
   
933,392
 
 
900
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
   
1,037,592
 
 
665
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
   
721,658
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
2,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA–
   
589,020
 
 
4,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
   
1,110,600
 
 
5,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA–
   
1,304,250
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
   
1,423,032
 
 
290
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
BBB+
   
255,531
 
 
350
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
   
350,847
 
 
30,100
 
Total Tax Obligation/Limited
       
20,446,080
 
 

Nuveen Investments
 
51

 
 

 
 
   
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
NUJ
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation – 27.4% (18.0% of Total Investments)
           
$
500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
 
$
518,095
 
 
700
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
721,966
 
 
600
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
11/11 at 100.00
B
   
599,922
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
No Opt. Call
Aa3
   
1,100,230
 
 
765
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
   
810,686
 
 
2,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
   
2,116,960
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
AA+
   
1,732,170
 
 
360
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
   
379,224
 
 
500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
   
516,670
 
 
3,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Fifth Series 2002, 5.000%, 10/15/26 – AGM Insured
4/12 at 101.00
AA+
   
3,078,659
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Seventh Series 2002, 5.125%, 6/15/37 – AMBAC Insured (Alternative Minimum Tax)
6/14 at 100.00
Aa2
   
2,027,980
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
           
 
4,000
 
7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
Baa1
   
4,143,919
 
 
50
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Baa1
   
49,662
 
 
16,975
 
Total Transportation
       
17,796,143
 
     
U.S. Guaranteed – 12.9% (8.4% of Total Investments) (5)
           
 
1,000
 
Bergen County Improvement Authority, New Jersey, Revenue Bonds, Yeshiva Ktana of Passaic Project, Series 2002, 6.000%, 9/15/27 (Pre-refunded 9/01/12)
9/12 at 101.00
N/R (5)
   
1,055,790
 
 
175
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
   
205,482
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A:
           
 
750
 
5.000%, 7/01/26 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
   
801,195
 
 
630
 
5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
   
676,904
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
   
1,037,480
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
170
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
207,167
 
 
2,430
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
2,694,893
 
 
250
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
   
274,673
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
           
 
60
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
Aaa
   
62,059
 
 
1,250
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
   
1,350,913
 
 
7,715
 
Total U.S. Guaranteed
       
8,366,556
 
     
Utilities – 4.5% (3.0% of Total Investments)
           
 
2,300
 
Guam Power Authority, Revenue Bonds, Series 1999A, 5.250%, 10/01/34 – NPFG Insured
4/12 at 100.00
Baa1
   
2,196,385
 
 
750
 
New Jersey Economic Development Authority, Pollution Control Revenue Refunding Bonds, Public Service Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
No Opt. Call
Baa1
   
758,355
 
 
3,050
 
Total Utilities
       
2,954,740
 
 
52
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 2.2% (1.4% of Total Investments)
           
$
150
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
7/15 at 100.00
Ba2
 
$
150,816
 
 
500
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
   
529,980
 
 
220
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
   
224,499
 
 
500
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19 – FGIC Insured
8/12 at 100.00
N/R
   
508,250
 
 
1,370
 
Total Water and Sewer
       
1,413,545
 
$
109,305
 
Total Investments (cost $98,409,116) – 152.8%
       
99,164,075
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (54.0)% (6)
       
(35,050,000
     
Other Assets Less Liabilities – 1.2%
       
793,115
 
     
Net Assets Applicable to Common Shares – 100%
     
$
64,907,190
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 (5)   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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(6)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.3%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
53

 
 

 
 
   
Nuveen New Jersey Municipal Value Fund
NJV
 
Portfolio of Investments
     
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 5.5% (5.3% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
$
150
 
4.750%, 6/01/34
6/17 at 100.00
BB+
 
$
100,811
 
 
1,850
 
5.000%, 6/01/41
6/17 at 100.00
BB–
   
1,231,786
 
 
2,000
 
Total Consumer Staples
       
1,332,597
 
     
Education and Civic Organizations – 8.5% (8.3% of Total Investments)
           
 
900
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Kean University, Series 2009A, 5.500%, 9/01/36
9/19 at 100.00
A2
   
970,191
 
 
30
 
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
   
30,692
 
 
1,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A, 5.625%, 6/01/30
6/19 at 100.00
AA
   
1,061,340
 
 
1,930
 
Total Education and Civic Organizations
       
2,062,223
 
     
Energy – 3.8% (3.7% of Total Investments)
           
 
1,000
 
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
1/14 at 100.00
Ba2
   
919,740
 
     
Health Care – 29.7% (28.9% of Total Investments)
           
 
575
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25
2/15 at 100.00
BBB
   
542,403
 
 
450
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
8/16 at 100.00
Baa3
   
434,975
 
 
390
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A
   
394,044
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB)
7/19 at 100.00
AA–
   
2,098,580
 
 
1,150
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
   
1,103,494
 
 
70
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (WI/DD, Settling 11/10/11)
7/21 at 100.00
BBB
   
69,805
 
 
750
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
No Opt. Call
BBB–
   
786,818
 
 
705
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006, 5.000%, 7/01/36
7/16 at 100.00
A2
   
696,582
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
1/12 at 100.00
N/R
   
840,770
 
 
220
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32
2/14 at 100.00
A+
   
227,069
 
 
7,310
 
Total Health Care
       
7,194,540
 
     
Housing/Multifamily – 4.8% (4.7% of Total Investments)
           
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
100
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
   
101,755
 
 
50
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
   
50,517
 
 
1,000
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2009A, 4.950%, 5/01/41
11/19 at 100.00
A+
   
1,008,550
 
 
1,150
 
Total Housing/Multifamily
       
1,160,822
 
     
Housing/Single Family – 2.2% (2.1% of Total Investments)
           
 
500
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29
10/21 at 100.00
Aa1
   
525,615
 
 
54
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General – 2.2% (2.1% of Total Investments)
           
$
100
 
Bloomfield Township Board of Education, Essex County, New Jersey, General Obligation Bonds, Series 2011, 3.000%, 9/01/16
No Opt. Call
AA–
 
$
103,951
 
 
10
 
Hillsborough Township School District, Somerset County, New Jersey, General Obligation School Bonds, Series 2001, 5.375%, 10/01/16 – AGM Insured
No Opt. Call
AA+
   
11,866
 
 
50
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 5.000%, 12/01/14 – AMBAC Insured
No Opt. Call
N/R
   
53,728
 
 
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2006, 5.000%, 12/01/15 – AMBAC Insured
No Opt. Call
N/R
   
162,888
 
 
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured
No Opt. Call
N/R
   
163,755
 
 
30
 
North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009, 4.000%, 2/01/17
No Opt. Call
AA–
   
33,550
 
 
490
 
Total Tax Obligation/General
       
529,738
 
     
Tax Obligation/Limited – 37.4% (36.3% of Total Investments)
           
 
630
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB–
   
641,573
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
           
 
50
 
5.500%, 6/15/16 – RAAI Insured
No Opt. Call
Baa3
   
53,988
 
 
115
 
5.625%, 6/15/18
12/11 at 100.00
BBB
   
115,063
 
 
1,000
 
5.750%, 6/15/34
6/14 at 100.00
BBB
   
947,900
 
 
1,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2009AA, 5.250%, 12/15/33
6/19 at 100.00
A+
   
1,050,850
 
 
760
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
   
772,958
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31
10/19 at 100.00
A+
   
2,134,000
 
 
6,675
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39
No Opt. Call
A+
   
1,213,515
 
 
1,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
   
1,080,840
 
 
105
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
10/20 at 100.00
BBB
   
104,076
 
 
1,000
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,Series 2009A-1, 5.000%, 10/01/39
10/19 at 100.00
BBB
   
932,400
 
 
14,335
 
Total Tax Obligation/Limited
       
9,047,163
 
     
Transportation – 6.2% (6.0% of Total Investments)
           
 
500
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax) (4)
5/12 at 100.00
CCC+
   
275,825
 
 
400
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2003, 9.000%, 6/01/33 (Mandatory put 6/01/13) (Alternative Minimum Tax)
6/13 at 101.00
B
   
410,792
 
 
765
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
1/19 at 100.00
A+
   
806,715
 
 
1,665
 
Total Transportation
       
1,493,332
 
     
U.S. Guaranteed – 0.2% (0.2% of Total Investments) (5)
           
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
10
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
12,186
 
 
25
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AA+ (5)
   
27,725
 
 
35
 
Total U.S. Guaranteed
       
39,911
 
     
Utilities – 1.5% (1.5% of Total Investments)
           
 
300
 
Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured
No Opt. Call
A
   
375,105
 
 
Nuveen Investments
 
55

 
 

 
 
   
Nuveen New Jersey Municipal Value Fund (continued)
NJV
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 0.9% (0.9% of Total Investments)
           
$
220
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax)
1/12 at 100.00
A
 
$
218,733
 
$
30,935
 
Total Investments (cost $23,115,677) – 102.9%
       
24,899,519
 
     
Floating Rate Obligations – (6.2)%
       
(1,500,000
     
Other Assets Less Liabilities – 3.3%
       
805,106
 
     
Net Assets Applicable to Common Shares – 100%
     
$
24,204,625
 
 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(5)
 
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
56
 
Nuveen Investments

 
 

 

   
Nuveen Pennsylvania Investment Quality Municipal Fund
NQP
 
Portfolio of Investments
     
   
October 31, 2011 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 0.5% (0.3% of Total Investments)
           
$
1,000
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
No Opt. Call
AA–
 
$
1,112,810
 
     
Education and Civic Organizations – 29.6% (19.2% of Total Investments)
           
 
2,000
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Chatham College, Series 1998A, 5.250%, 9/01/18
3/12 at 100.00
BBB
   
2,001,900
 
 
200
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
   
210,310
 
 
3,000
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2002, 5.125%, 3/01/32
3/12 at 100.00
AA–
   
3,030,870
 
 
1,235
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
2/16 at 100.00
Baa3
   
1,159,183
 
 
2,000
 
Chester County Industrial Development Authority, Pennsylvania, Educational Facilities Revenue Bonds, Westtown School, Series 2002, 5.000%, 1/01/26 – AMBAC Insured
1/12 at 100.00
A
   
2,010,000
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
           
 
1,710
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
   
1,831,940
 
 
840
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
   
894,054
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
           
 
790
 
5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
   
719,192
 
 
250
 
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
N/R
   
223,045
 
     
Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, Series 1999B:
           
 
815
 
0.000%, 11/01/15 – AMBAC Insured
No Opt. Call
N/R
   
707,298
 
 
815
 
0.000%, 11/01/16 – AMBAC Insured
No Opt. Call
N/R
   
674,046
 
 
815
 
0.000%, 11/01/17 – AMBAC Insured
No Opt. Call
N/R
   
639,791
 
 
815
 
0.000%, 11/01/18 – AMBAC Insured
No Opt. Call
N/R
   
603,850
 
 
815
 
0.000%, 11/01/19 – AMBAC Insured
No Opt. Call
N/R
   
564,445
 
 
1,515
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 – RAAI Insured
4/16 at 100.00
BBB+
   
1,386,861
 
 
900
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
   
921,141
 
 
355
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
   
337,477
 
 
8,000
 
Pennsylvania Higher Education Assistance Agency, Capital Acquisition Revenue Refunding Bonds, Series 2001, 5.000%, 12/15/30 – NPFG Insured
5/12 at 100.00
Baa1
   
7,409,513
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2002W, 5.000%, 6/15/19 – AMBAC Insured
6/12 at 100.00
Aa2
   
5,112,550
 
 
4,600
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
   
4,850,056
 
 
1,900
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP
Financing
Program-Mount Aloysius College Project, Series 2011R-1, 5.000%,
11/01/35 (WI/DD, Settling 11/15/11)
11/21 at 100.00
A–
   
1,877,751
 
 
1,435
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
   
1,443,954
 
 
2,650
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
   
2,730,931
 
 
750
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41
5/21 at 100.00
A
   
788,063
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Moravian College, Series 2001, 5.375%, 7/01/31 – RAAI Insured
1/12 at 100.00
N/R
   
4,889,800
 
 

Nuveen Investments
 
57

 
 

 
 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
           
$
3,870
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
 
$
4,207,890
 
 
320
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/20
1/13 at 100.00
A1
   
327,734
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
3/20 at 100.00
AA–
   
1,041,780
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
7/15 at 100.00
AA+
   
2,071,960
 
 
2,945
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ursinus College, Series 2003, 5.375%, 1/01/20 – RAAI Insured
7/13 at 100.00
A–
   
3,019,774
 
 
785
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project, Series 2005EE1, 5.250%, 11/01/27 – SYNCORA GTY Insured
11/15 at 100.00
A
   
815,796
 
 
6,500
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 (UB)
9/15 at 100.00
AA
   
7,092,280
 
 
600
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
   
630,114
 
 
2,000
 
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31
3/21 at 100.00
A1
   
2,139,120
 
 
1,665
 
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/18
4/13 at 100.00
Aa2
   
1,765,866
 
 
600
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
   
615,966
 
 
70,490
 
Total Education and Civic Organizations
       
70,746,301
 
     
Health Care – 18.7% (12.1% of Total Investments)
           
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
           
 
1,150
 
5.000%, 4/01/25
4/15 at 100.00
Ba2
   
1,000,788
 
 
1,555
 
5.125%, 4/01/35
4/15 at 100.00
Ba2
   
1,169,609
 
 
890
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
12/21 at 100.00
AA–
   
913,656
 
 
2,460
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46
11/21 at 100.00
A–
   
2,702,433
 
 
1,300
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
   
1,320,319
 
 
280
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
   
281,512
 
 
1,835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
   
1,839,899
 
 
1,890
 
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26
3/17 at 100.00
AA–
   
1,967,018
 
     
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002:
           
 
250
 
5.800%, 11/15/22
11/12 at 101.00
BB+
   
235,045
 
 
2,800
 
5.900%, 11/15/28
11/12 at 101.00
BB+
   
2,480,884
 
 
3,280
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
   
3,345,895
 
 
1,250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24
11/14 at 100.00
A
   
1,272,538
 
 
5,345
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/30 – AGC Insured
11/17 at 100.00
AA+
   
5,548,163
 
 

58
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
           
     
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009:
           
$
3,000
 
5.500%, 7/01/28
7/19 at 100.00
BBB+
 
$
2,978,730
 
 
1,000
 
5.750%, 7/01/39
7/19 at 100.00
BBB+
   
993,740
 
 
710
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
   
688,473
 
 
1,000
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital, Series 2002A, 5.000%, 6/01/22
6/12 at 101.00
A
   
1,019,680
 
 
215
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
   
222,256
 
 
1,000
 
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A, 5.500%, 8/15/35
8/18 at 100.00
A3
   
994,000
 
 
335
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
No Opt. Call
Baa1
   
348,728
 
 
1,795
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
   
1,825,533
 
 
1,165
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania,
Hospital
Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option
Bond Trust 3975, 13.530%, 7/01/19 (IF)
No Opt. Call
AA
   
1,241,296
 
 
1,613
 
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital,, 5.500%, 7/01/29
7/20 at 100.00
Baa1
   
1,611,968
 
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
           
 
525
 
5.000%, 12/01/27 – RAAI Insured
12/15 at 100.00
BBB–
   
474,049
 
 
370
 
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
   
328,553
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
           
 
1,635
 
6.875%, 8/01/31
No Opt. Call
BBB+
   
1,717,698
 
 
1,365
 
7.000%, 8/01/41
No Opt. Call
BBB+
   
1,422,030
 
 
1,875
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
   
1,980,075
 
 
1,280
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.625%, 1/01/32 (WI/DD, Settling 11/30/11)
1/22 at 100.00
BBB+
   
1,272,256
 
 
1,500
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32
1/12 at 100.00
BBB+
   
1,500,705
 
 
44,668
 
Total Health Care
       
44,697,529
 
     
Housing/Multifamily – 3.6% (2.3% of Total Investments)
           
 
200
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
   
199,980
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 – SYNCORA GTY Insured
7/17 at 100.00
BBB+
   
4,550,750
 
 
3,300
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
   
3,044,481
 
 
800
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
   
712,400
 
 
9,300
 
Total Housing/Multifamily
       
8,507,611
 
     
Housing/Single Family – 9.3% (6.0% of Total Investments)
           
 
8,710
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1995A, 4.900%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
   
8,711,219
 
 
1,435
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax)
4/15 at 100.00
AA+
   
1,444,571
 
 
Nuveen Investments
 
59

 
 

 
 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
           
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A:
           
$
1,440
 
5.150%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
 
$
1,446,264
 
 
1,430
 
5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
1,436,221
 
 
1,355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax)
10/16 at 100.00
AA+
   
1,350,867
 
 
1,810
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax)
10/16 at 100.00
AA+
   
1,799,647
 
 
2,800
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
   
2,937,452
 
 
1,000
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 12.521%, 4/01/27 (IF)
4/21 at 100.00
AA+
   
997,950
 
 
2,015
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 2001B, 5.450%, 10/01/32 (Alternative Minimum Tax)
4/12 at 100.00
Aa1
   
2,015,685
 
 
21,995
 
Total Housing/Single Family
       
22,139,876
 
     
Industrials – 4.2% (2.8% of Total Investments)
           
 
5,000
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak Project, Series 2001A, 6.375%, 11/01/41 (Alternative Minimum Tax)
5/12 at 100.00
A1
   
5,002,050
 
 
5,000
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/12 – AMBAC Insured
No Opt. Call
A1
   
5,163,900
 
 
10,000
 
Total Industrials
       
10,165,950
 
     
Long-Term Care – 3.6% (2.3% of Total Investments)
           
 
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
   
1,546,290
 
 
1,330
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
   
1,190,935
 
 
1,500
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Series 2003A, 5.000%, 12/01/26 – RAAI Insured
12/12 at 100.00
BBB+
   
1,417,110
 
 
1,000
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
   
993,950
 
     
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006:
           
 
1,550
 
5.000%, 11/01/26
11/16 at 100.00
A
   
1,568,786
 
 
415
 
5.000%, 11/01/36
11/16 at 100.00
A
   
408,883
 
 
1,500
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
1/12 at 101.00
Baa1
   
1,505,220
 
 
8,795
 
Total Long-Term Care
       
8,631,174
 
     
Materials – 1.2% (0.8% of Total Investments)
           
 
1,260
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
   
1,285,969
 
 
1,750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
5/12 at 100.00
N/R
   
1,474,113
 
 
3,010
 
Total Materials
       
2,760,082
 
     
Tax Obligation/General – 28.3% (18.4% of Total Investments)
           
 
3,430
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
A+
   
3,532,866
 
 
3,000
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
8/19 at 100.00
Aa2
   
3,377,760
 
 
6,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
No Opt. Call
A+
   
6,707,760
 
 
7,350
 
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
N/R
   
2,576,102
 
 
60
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
           
$
1,260
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
No Opt. Call
N/R
 
$
1,368,864
 
 
5,000
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/33 – AGM Insured (UB)
12/16 at 100.00
AA
   
5,099,750
 
 
4,830
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 12.902%, 3/01/15 (IF)
No Opt. Call
Aa1
   
5,743,450
 
 
1,675
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,6/01/34 – FGIC Insured
No Opt. Call
Aa2
   
1,810,089
 
 
2,620
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
   
2,980,093
 
 
4,135
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
   
4,233,620
 
 
3,000
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/15 – AGM Insured
No Opt. Call
AA+
   
3,429,060
 
 
1,070
 
Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2006A, 5.000%, 4/01/22 – FGIC Insured
4/16 at 100.00
Aa3
   
1,143,841
 
 
800
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
   
783,800
 
 
21,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB)
No Opt. Call
AAA
   
24,497,970
 
 
445
 
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Conneaut School District, Series 2003, 5.250%, 11/01/21 – FGIC Insured
11/13 at 100.00
A
   
462,951
 
 
65,615
 
Total Tax Obligation/General
       
67,747,976
 
     
Tax Obligation/Limited – 4.3% (2.8% of Total Investments)
           
 
2,140
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
   
2,248,562
 
 
2,700
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured
11/13 at 100.00
AA+
   
2,850,525
 
 
3,140
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
BBB+
   
799,821
 
 
2,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.500%, 8/01/44
8/19 at 100.00
A+
   
2,822,150
 
 
1,625
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42
2/20 at 100.00
A+
   
1,677,585
 
 
12,105
 
Total Tax Obligation/Limited
       
10,398,643
 
     
Transportation – 16.6% (10.8% of Total Investments)
           
 
630
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
   
666,263
 
 
400
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
412,552
 
 
2,035
 
Lehigh-Northampton Airport Authority, Pennsylvania, Airport Revenue Bonds, Lehigh Valley Airport System, Series 2000A, 6.000%, 5/15/30 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
Baa1
   
2,035,224
 
 
5,400
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
   
5,490,126
 
 
1,200
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.000%, 12/01/38
No Opt. Call
Aa3
   
1,258,896
 
 
3,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
AA
   
3,129,060
 
 
6,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
   
5,162,850
 
 
Nuveen Investments
 
61

 
 

 
 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
           
$
2,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001R, 5.000%, 12/01/30 – AMBAC Insured
12/11 at 101.00
Aa3
 
$
2,227,368
 
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A:
           
 
3,820
 
5.000%, 12/01/22 – AMBAC Insured
6/16 at 100.00
Aa3
   
4,129,840
 
 
2,930
 
5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
   
3,133,869
 
 
750
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
   
759,668
 
 
5,000
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2001B, 5.250%, 6/15/31 – FGIC Insured (Alternative Minimum Tax)
12/11 at 101.00
A+
   
5,007,100
 
 
3,600
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
6/15 at 100.00
A+
   
3,601,584
 
 
3,000
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Subordinate Lien Series 2003D, 5.375%, 1/01/18
1/13 at 100.00
Ba1
   
2,767,500
 
 
40,565
 
Total Transportation
       
39,781,900
 
     
U.S. Guaranteed – 16.9% (11.0% of Total Investments) (4)
           
 
1,400
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured
5/14 at 100.00
A3 (4)
   
1,557,780
 
 
1,115
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2002, 5.250%, 11/01/15 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
N/R (4)
   
1,166,859
 
 
5,000
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2001A, 5.200%, 12/01/30 (Pre-refunded 12/01/11) – NPFG Insured
12/11 at 100.00
A3 (4)
   
5,020,850
 
 
6,275
 
Hempfield Area School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2002, 5.375%, 2/15/18 (Pre-refunded 2/15/12) – FGIC Insured
2/12 at 100.00
A+ (4)
   
6,369,000
 
 
1,125
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
8/13 at 100.00
AA+ (4)
   
1,223,516
 
 
680
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/20 (Pre-refunded 1/01/13)
1/13 at 100.00
A1 (4)
   
714,850
 
 
1,500
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
Aa1 (4)
   
1,770,555
 
 
500
 
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
1/16 at 100.00
Aa1 (4)
   
579,085
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
           
 
510
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
   
597,113
 
 
860
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
   
1,012,177
 
 
565
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
BBB (4)
   
704,990
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2001A:
           
 
5,525
 
5.375%, 11/01/20 (Pre-refunded 11/01/12) – FGIC Insured
11/12 at 100.00
A1 (4)
   
5,805,781
 
 
3,185
 
5.000%, 11/01/31 (Pre-refunded 11/01/12) – FGIC Insured
11/12 at 100.00
A1 (4)
   
3,334,950
 
 
1,615
 
Sayre Health Care Facility Authority, Pennsylvania, Revenue Bonds, Latrobe Area Hospital, Series 2002A, 5.250%, 7/01/13 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
N/R (4)
   
1,668,812
 
 
960
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A2 (4)
   
1,084,627
 
 
1,465
 
Stroudsburg Area School District, Monroe County, Pennsylvania, General Obligation Bonds, Series 2001A, 5.000%, 4/01/18 (Pre-refunded 4/01/12) – AGM Insured
4/12 at 100.00
AA+ (4)
   
1,494,300
 
 
62
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
           
$
2,835
 
Warrington Township Municipal Authority, Bucks County, Pennsylvania, Water and Sewer Revenue Bonds, Series 1991, 7.100%, 12/01/21 (Pre-refunded 11/15/15) – FGIC Insured
11/15 at 100.00
N/R (4)
 
$
3,367,923
 
 
2,570
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
No Opt. Call
Aaa
   
3,006,026
 
 
37,685
 
Total U.S. Guaranteed
       
40,479,194
 
     
Utilities – 6.1% (4.0% of Total Investments)
           
 
1,250
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
No Opt. Call
BBB+
   
1,308,138
 
 
1,430
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
2/15 at 100.00
A–
   
1,435,305
 
 
700
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
   
713,930
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
7/13 at 100.00
AA+
   
2,096,060
 
 
5,490
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
   
5,300,321
 
 
3,700
 
York County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, PSEG Power Project, Series 2001A, 5.500%, 9/01/20
3/12 at 101.00
Baa1
   
3,752,762
 
 
14,570
 
Total Utilities
       
14,606,516
 
     
Water and Sewer – 9.0% (5.8% of Total Investments)
           
 
2,100
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/21 – NPFG Insured
12/15 at 100.00
A1
   
2,283,393
 
 
2,205
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
11/14 at 100.00
AA+
   
2,296,508
 
 
5,000
 
Delaware County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Philadelphia Water Company, Series 2001, 5.350%, 10/01/31 – AMBAC Insured (Alternative Minimum Tax)
10/12 at 100.00
AA–
   
5,037,300
 
 
2,000
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
   
1,896,460
 
 
1,600
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
   
1,686,848
 
 
500
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
Baa3
   
526,040
 
 
3,500
 
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
10/19 at 100.00
AA–
   
3,673,565
 
 
1,815
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/31 – FGIC Insured
11/12 at 100.00
A1
   
1,826,689
 
 
2,150
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23 – AGM Insured
7/15 at 100.00
AA+
   
2,259,586
 
 
20,870
 
Total Water and Sewer
       
21,486,389
 
$
360,668
 
Total Long-Term Investments (cost $353,970,340) –151.9%
       
363,261,951
 
 
Nuveen Investments
 
63

 
 

 
 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Short-Term Investments – 2.1% (1.4% of Total Investments)
           
     
Tax Obligation/General – 2.1% (1.4% of Total Investments)
           
$
5,000
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 3932, 0.250%, 6/29/12 (5)
No Opt. Call
N/R
 
$
5,000,000
 
$
5,000
 
Total Short-Term Investments (cost $5,000,000)
       
5,000,000
 
     
Total Investments (cost $358,970,340) – 154.0%
       
368,261,951
 
     
Floating Rate Obligations – (11.2)%
       
(26,665,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.0)% (6)
       
(112,500,000
     
Other Assets Less Liabilities – 4.2%
       
10,019,505
 
     
Net Assets Applicable to Common Shares – 100%
     
$
239,116,456
 
 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(5)
 
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short- term investment. 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.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
64
 
Nuveen Investments

 
 

 
 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2
NPY
 
Portfolio of Investments
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations – 25.7% (17.5% of Total Investments)
           
$
200
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
 
$
210,310
 
 
1,245
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2004A, 5.000%, 3/01/19 – FGIC Insured
3/14 at 100.00
A–
   
1,321,045
 
 
1,140
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
2/16 at 100.00
Baa3
   
1,070,015
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
           
 
1,565
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
   
1,676,600
 
 
770
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
   
819,550
 
     
Delaware County Authority, Pennsylvania, Revenue Refunding Bonds, Villanova University, Series 2003:
           
 
1,705
 
5.250%, 8/01/19 – FGIC Insured
8/13 at 100.00
A1
   
1,804,538
 
 
1,350
 
5.250%, 8/01/20 – FGIC Insured
8/13 at 100.00
A1
   
1,428,813
 
 
1,000
 
5.250%, 8/01/21 – FGIC Insured
8/13 at 100.00
A1
   
1,058,380
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
           
 
725
 
5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
   
660,018
 
 
250
 
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
N/R
   
223,045
 
 
3,060
 
Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds,
Student
Cooperative Association Inc./Indiana University of Pennsylvania –
Student Union Project, Series 2004, 5.000%, 11/01/24 – AMBAC Insured
11/14 at 100.00
N/R
   
2,857,183
 
 
1,575
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 – RAAI Insured
4/16 at 100.00
BBB+
   
1,441,787
 
 
855
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
   
875,084
 
 
325
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
   
308,958
 
 
4,085
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2002W, 5.000%, 6/15/19 – AMBAC Insured
6/12 at 100.00
Aa2
   
4,176,953
 
 
4,200
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
   
4,428,307
 
 
1,285
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
   
1,293,018
 
 
2,420
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
   
2,493,907
 
 
750
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41
5/21 at 100.00
A
   
788,063
 
 
3,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
   
3,261,930
 
 
1,845
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/32
1/13 at 100.00
A1
   
1,857,657
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
3/20 at 100.00
AA–
   
1,041,780
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
7/15 at 100.00
AA+
   
2,071,960
 
 
1,310
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ursinus College, Series 2003, 5.500%, 1/01/24 – RAAI Insured
7/13 at 100.00
A–
   
1,338,217
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.400%, 7/15/36
7/13 at 100.00
BBB+
   
705,551
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project, Series 2005EE1, 5.250%, 11/01/27 – SYNCORA GTY Insured
11/15 at 100.00
A
   
831,384
 
 

Nuveen Investments
 
65

 
 

 
 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
           
$
1,000
 
Pennsylvania Higher Educational Facilities Authority, University of the Sciences in Philadelphia Revenue Bonds, Series 2005, 4.750%, 11/01/33 – SYNCORA GTY Insured
5/15 at 100.00
A3
 
$
1,010,750
 
 
2,000
 
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
3/20 at 100.00
Aa1
   
2,151,460
 
 
10,600
 
Pennsylvania State University, General Revenue Bonds, Series 2007A, 4.500%, 8/15/36 (UB)
8/16 at 100.00
AA
   
10,729,214
 
 
530
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
   
556,601
 
 
1,545
 
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Montgomery County Community College, Series 2005, 5.000%, 5/01/18 – AMBAC Insured
5/15 at 100.00
Aa2
   
1,710,253
 
 
750
 
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/19
4/13 at 100.00
Aa2
   
794,663
 
 
300
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
   
307,983
 
 
55,885
 
Total Education and Civic Organizations
       
57,304,977
 
     
Health Care – 21.3% (14.5% of Total Investments)
           
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
           
 
1,150
 
5.000%, 4/01/25
4/15 at 100.00
Ba2
   
1,000,788
 
 
1,455
 
5.125%, 4/01/35
4/15 at 100.00
Ba2
   
1,094,393
 
 
2,070
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
12/21 at 100.00
AA–
   
2,125,021
 
 
1,640
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46
11/21 at 100.00
A–
   
1,801,622
 
 
1,200
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
   
1,218,756
 
 
395
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
   
397,133
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
   
837,229
 
 
1,885
 
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26
3/17 at 100.00
AA–
   
1,961,814
 
 
5,000
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
11/12 at 101.00
BB+
   
4,430,150
 
 
2,990
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
   
3,050,069
 
 
1,250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24
11/14 at 100.00
A
   
1,272,538
 
 
4,505
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/30 – AGC Insured
11/17 at 100.00
AA+
   
4,676,235
 
 
2,500
 
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009, 5.500%, 7/01/28
7/19 at 100.00
BBB+
   
2,482,275
 
 
650
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
   
630,292
 
 
2,000
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital, Series 2002A, 5.000%, 6/01/22
6/12 at 101.00
A
   
2,039,360
 
 
565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
   
584,069
 
     
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A:
           
 
1,235
 
5.250%, 8/15/23
8/18 at 100.00
A3
   
1,273,137
 
 
1,000
 
5.500%, 8/15/35
8/18 at 100.00
A3
   
994,000
 
 

66
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
           
$
650
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
No Opt. Call
Baa1
 
$
676,637
 
 
3,575
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
   
3,635,811
 
 
695
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.530%, 7/01/19 (IF)
No Opt. Call
AA
   
740,516
 
 
10
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23
11/11 at 100.00
BBB–
   
9,999
 
     
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998:
           
 
2,000
 
5.500%, 7/01/18
1/12 at 100.00
N/R
   
1,875,500
 
 
2,000
 
5.625%, 7/01/24
1/12 at 100.00
N/R
   
1,705,580
 
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
           
 
475
 
5.000%, 12/01/27 – RAAI Insured
12/15 at 100.00
BBB–
   
428,901
 
 
330
 
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
   
293,033
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
           
 
1,365
 
6.875%, 8/01/31
No Opt. Call
BBB+
   
1,434,042
 
 
1,135
 
7.000%, 8/01/41
No Opt. Call
BBB+
   
1,182,420
 
 
1,720
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
   
1,816,389
 
 
1,300
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41 (WI/DD, Settling 11/30/11)
1/22 at 100.00
BBB+
   
1,295,320
 
 
575
 
Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Excela Health Project, Series 2010A, 5.125%, 7/01/30
7/20 at 100.00
A3
   
574,960
 
 
48,155
 
Total Health Care
       
47,537,989
 
     
Housing/Multifamily – 3.9% (2.7% of Total Investments)
           
 
2,000
 
Delaware County Industrial Development Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Darby Townhouses Project, Series 2002A, 5.500%, 4/01/32 (Mandatory put 4/01/22) (Alternative Minimum Tax)
4/12 at 100.00
AA+
   
2,009,460
 
 
750
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
   
749,925
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A:
           
 
2,035
 
5.000%, 7/01/19 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
   
2,093,852
 
 
3,400
 
5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
   
3,136,738
 
 
740
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
   
658,970
 
 
8,925
 
Total Housing/Multifamily
       
8,648,945
 
     
Housing/Single Family – 6.7% (4.6% of Total Investments)
           
 
3,900
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
3,900,546
 
 
730
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
4/15 at 100.00
AA+
   
734,869
 
 
2,720
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
2,731,832
 
 
1,355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
   
1,350,867
 
 
1,430
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
   
1,421,821
 
 

Nuveen Investments
 
67

 
 

 
 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
           
$
355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2008-103-C, 5.200%, 10/01/28
10/17 at 100.00
AA+
 
$
367,918
 
 
2,400
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
   
2,517,816
 
 
1,820
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 12.521%, 4/01/27 (IF)
4/21 at 100.00
AA+
   
1,816,269
 
 
140
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 1997A, 6.200%, 10/01/21 (Alternative Minimum Tax)
4/12 at 100.00
Aa1
   
140,217
 
 
14,850
 
Total Housing/Single Family
       
14,982,155
 
     
Industrials – 2.2% (1.5% of Total Investments)
           
 
2,000
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak Project, Series 2001A, 6.250%, 11/01/31 (Alternative Minimum Tax)
5/12 at 100.00
A1
   
2,001,940
 
 
2,750
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/17 – AMBAC Insured
7/12 at 101.00
A1
   
2,850,045
 
 
4,750
 
Total Industrials
       
4,851,985
 
     
Long-Term Care – 5.9% (4.0% of Total Investments)
           
 
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
   
1,546,290
 
 
4,905
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
   
4,392,133
 
 
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Series 2003A, 5.000%, 12/01/22 – RAAI Insured
12/12 at 100.00
BBB+
   
1,001,210
 
 
500
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
   
496,975
 
     
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006:
           
 
1,565
 
5.000%, 11/01/31
11/16 at 100.00
A
   
1,570,149
 
 
230
 
5.000%, 11/01/36
11/16 at 100.00
A
   
226,610
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Dr. Gertrude A. Barber Center Inc., Series 2000:
           
 
1,000
 
6.150%, 12/01/20 – RAAI Insured
2/12 at 100.00
BBB
   
1,001,560
 
 
2,000
 
5.900%, 12/01/30 – RAAI Insured
12/11 at 100.00
BBB
   
2,000,020
 
 
1,230
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/28
12/11 at 100.00
BB
   
983,151
 
 
13,930
 
Total Long-Term Care
       
13,218,098
 
     
Materials – 2.2% (1.5% of Total Investments)
           
 
1,190
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
   
1,214,526
 
 
4,500
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
5/12 at 100.00
N/R
   
3,790,575
 
 
5,690
 
Total Materials
       
5,005,101
 
     
Tax Obligation/General – 15.9% (10.8% of Total Investments)
           
 
3,000
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
8/19 at 100.00
Aa2
   
3,377,760
 
     
Harrisburg Redevelopment Authority, Dauphin County, Pennsylvania, Guaranteed Revenue Bonds, Series 1998B:
           
 
1,750
 
0.000%, 5/01/22 – AGM Insured
5/16 at 75.56
AA–
   
854,070
 
 
2,750
 
0.000%, 11/01/22 – AGM Insured
5/16 at 73.64
AA–
   
1,290,163
 
 
2,750
 
0.000%, 5/01/23 – AGM Insured
5/16 at 71.71
AA–
   
1,239,618
 
 
68
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
           
$
260
 
Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007, 5.000%, 9/01/23
9/17 at 100.00
Aaa
 
$
292,185
 
 
2,115
 
Owen J. Roberts School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 5/15/24 – AGM Insured
5/16 at 100.00
Aa2
   
2,357,442
 
 
4,835
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 12.902%, 3/01/15 (IF)
No Opt. Call
Aa1
   
5,749,395
 
 
1,500
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,6/01/34 – FGIC Insured
No Opt. Call
Aa2
   
1,620,975
 
 
3,775
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
   
3,865,034
 
 
2,700
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
No Opt. Call
AA+
   
3,039,255
 
 
6,710
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
A
   
2,369,301
 
 
2,250
 
Scranton Parking Authority, Pennsylvania , Guaranteed Revenue Bonds, Series 2007, 5.250%,6/01/39 – RAAI Insured
6/17 at 100.00
N/R
   
2,053,553
 
 
940
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
   
920,965
 
     
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Conneaut School District, Series 2003:
           
 
360
 
5.250%, 11/01/21 – FGIC Insured
11/13 at 100.00
A
   
374,522
 
 
490
 
5.250%, 11/01/22 – FGIC Insured
11/13 at 100.00
A
   
502,716
 
 
1,500
 
State Public School Building Authority, Pennsylvania, School Revenue Bonds, York City School District, Series 2003, 4.000%, 5/01/21 – AGM Insured
5/13 at 100.00
Aa3
   
1,519,305
 
 
1,400
 
Woodland Hills School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2005D, 5.000%, 9/01/17 – AGM Insured
9/15 at 100.00
AA+
   
1,580,838
 
 
2,400
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
AA
   
2,485,392
 
 
41,485
 
Total Tax Obligation/General
       
35,492,489
 
     
Tax Obligation/Limited – 7.3% (5.0% of Total Investments)
           
 
1,500
 
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series2005, 5.000%, 1/15/36 – FGIC Insured
1/15 at 100.00
AA–
   
1,526,310
 
 
1,950
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
   
2,048,924
 
 
5,015
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured
11/13 at 100.00
AA+
   
5,294,586
 
 
6,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
No Opt. Call
Baa1
   
6,309,060
 
 
2,880
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
BBB+
   
733,594
 
 
435
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
No Opt. Call
A3
   
472,636
 
 
17,780
 
Total Tax Obligation/Limited
       
16,385,110
 
     
Transportation – 20.2% (13.8% of Total Investments)
           
 
650
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
   
687,414
 
 
1,480
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
1,526,442
 
 
4,600
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
   
4,633,074
 
 
2,200
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.000%, 12/01/38
No Opt. Call
Aa3
   
2,307,976
 
 
Nuveen Investments
 
69

 
 

 
 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
           
$
5,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
 
$
4,302,375
 
 
3,575
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001R, 5.000%, 12/01/30 – AMBAC Insured
12/11 at 101.00
Aa3
   
3,619,473
 
 
2,680
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
   
2,866,474
 
 
1,400
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
   
1,418,046
 
 
3,250
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
6/15 at 100.00
A+
   
3,251,430
 
 
12,500
 
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.250%, 7/01/28 – FGIC Insured (Alternative Minimum Tax)
1/12 at 101.00
A+
   
12,521,375
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
BBB
   
2,048,080
 
 
6,700
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003B, 5.000%, 1/01/33 – AMBAC Insured
1/13 at 100.00
Baa3
   
6,024,506
 
 
46,535
 
Total Transportation
       
45,206,665
 
     
U.S. Guaranteed – 19.4% (13.2% of Total Investments) (4)
           
 
1,200
 
Butler County, Pennsylvania, General Obligation Bonds, Series 2003, 5.250%, 7/15/23 (Pre-refunded 7/15/13) – FGIC Insured
7/13 at 100.00
A+ (4)
   
1,299,096
 
 
1,615
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.250%, 5/01/23 (Pre-refunded 5/01/14) – NPFG Insured
5/14 at 100.00
A3 (4)
   
1,797,011
 
 
1,230
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2002, 5.250%, 11/01/16 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
N/R (4)
   
1,287,207
 
 
2,600
 
Norristown Area School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2003, 5.000%, 9/01/24 (Pre-refunded 3/01/13) – FGIC Insured
3/13 at 100.00
N/R (4)
   
2,758,938
 
 
610
 
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
No Opt. Call
Aaa
   
691,191
 
 
3,905
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/32 (Pre-refunded 1/01/13)
1/13 at 100.00
A1 (4)
   
4,105,131
 
 
3,200
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
Aa1 (4)
   
3,777,184
 
 
1,000
 
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
1/16 at 100.00
Aa1 (4)
   
1,158,170
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
           
 
470
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
   
550,281
 
 
790
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
   
929,791
 
     
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993:
           
 
225
 
6.500%, 12/01/11 (ETM)
No Opt. Call
AA+ (4)
   
226,186
 
 
3,740
 
6.650%, 12/01/19 (ETM)
No Opt. Call
AA+ (4)
   
4,614,075
 
 
1,970
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)
No Opt. Call
A3 (4)
   
2,460,156
 
     
Sayre Health Care Facility Authority, Pennsylvania, Revenue Bonds, Latrobe Area Hospital, Series 2002A:
           
 
1,700
 
5.250%, 7/01/14 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
N/R (4)
   
1,756,644
 
 
1,200
 
5.250%, 7/01/15 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
N/R (4)
   
1,239,984
 
 
1,015
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A2 (4)
   
1,146,767
 
 
70
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
           
     
State Public School Building Authority, Berkes County, Pennsylvania, School Revenue Bonds, Brandywine Heights Area School District, Series 2003:
           
$
1,930
 
5.000%, 2/01/20 (Pre-refunded 2/01/13) – FGIC Insured
2/13 at 100.00
Aa3 (4)
 
$
2,038,273
 
 
1,955
 
5.000%, 2/01/21 (Pre-refunded 2/01/13) – FGIC Insured
2/13 at 100.00
Aa3 (4)
   
2,064,676
 
 
4,050
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AA+ (4)
   
4,345,610
 
 
1,535
 
Stroudsburg Area School District, Monroe County, Pennsylvania, General Obligation Bonds, Series 2001A, 5.000%, 4/01/19 (Pre-refunded 4/01/12) – AGM Insured
4/12 at 100.00
AA+ (4)
   
1,565,700
 
 
2,500
 
West Cornwall Township Municipal Authority, Pennsylvania, College Revenue Bonds, Elizabethtown College Project, Series 2001, 5.900%, 12/15/18 (Pre-refunded 12/15/11)
12/11 at 100.00
BBB+ (4)
   
2,517,475
 
 
785
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
No Opt. Call
Aaa
   
918,183
 
 
39,225
 
Total U.S. Guaranteed
       
43,247,729
 
     
Utilities – 5.4% (3.7% of Total Investments)
           
 
1,125
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
No Opt. Call
BBB+
   
1,177,324
 
 
2,000
 
Indiana County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, PSEG Power LLC, Series 2001A, 5.850%, 6/01/27 (Alternative Minimum Tax)
6/12 at 101.00
Baa1
   
2,018,920
 
 
2,150
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
2/15 at 100.00
A–
   
2,157,977
 
 
700
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
   
713,930
 
 
1,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
7/13 at 100.00
AA+
   
1,048,030
 
 
5,050
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
   
4,875,523
 
 
12,025
 
Total Utilities
       
11,991,704
 
     
Water and Sewer – 10.5% (7.2% of Total Investments)
           
     
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A:
           
 
1,900
 
5.000%, 12/01/21 – NPFG Insured
12/15 at 100.00
A1
   
2,065,927
 
 
2,120
 
5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
   
2,273,149
 
 
545
 
5.000%, 12/01/30 – NPFG Insured
12/15 at 100.00
A1
   
564,560
 
 
2,500
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
11/14 at 100.00
AA+
   
2,603,750
 
 
4,000
 
Bucks County Industrial Development Authority, Pennsylvania, Water Facility Revenue Bonds, Pennsylvania Suburban Water Company, Series 2002, 5.550%, 9/01/32 – NPFG Insured (Alternative Minimum Tax)
3/12 at 100.00
AA–
   
4,013,160
 
 
2,000
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
   
1,896,460
 
 
1,600
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
   
1,686,848
 
     
Norristown Municipal Waste Authority, Pennsylvania, Sewer Revenue Bonds, Series 2003:
           
 
1,140
 
5.125%, 11/15/22 – FGIC Insured
11/13 at 100.00
N/R
   
1,162,298
 
 
2,535
 
5.125%, 11/15/23 – FGIC Insured
11/13 at 100.00
N/R
   
2,578,982
 
 
500
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
Baa3
   
526,040
 
 
2,000
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23 – AGM Insured
7/15 at 100.00
AA+
   
2,101,940
 
 

Nuveen Investments
 
71

 
 

 
 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
           
$
2,000
 
Unity Township Municipal Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/34 – AGM Insured
12/14 at 100.00
AA+
 
$
2,044,880
 
 
22,840
 
Total Water and Sewer
       
23,517,994
 
$
332,075
 
Total Investments (cost $316,619,404) – 146.6%
       
327,390,941
 
     
Floating Rate Obligations – (5.4)%
       
(12,140,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.8)% (5)
       
(100,000,000
     
Other Assets Less Liabilities – 3.6%
       
8,072,077
 
     
Net Assets Applicable to Common Shares – 100%
     
$
223,323,018
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(5)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
72
 
Nuveen Investments

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund
NXM
 
Portfolio of Investments
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 2.3% (1.6% of Total Investments)
           
$
1,000
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
No Opt. Call
AA–
 
$
1,112,810
 
     
Education and Civic Organizations – 24.8% (17.0% of Total Investments)
           
 
100
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
   
105,155
 
 
235
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
2/16 at 100.00
Baa3
   
220,573
 
 
700
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.500%, 10/15/25
10/15 at 102.00
N/R
   
674,891
 
 
720
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
12/17 at 100.00
BB+
   
641,563
 
 
300
 
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured
10/16 at 100.00
N/R
   
264,081
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
           
 
295
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
   
316,036
 
 
145
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
   
154,331
 
 
160
 
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
   
145,659
 
 
200
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
   
204,698
 
 
1,000
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Hill School, Series 2005, 5.000%, 8/15/27 – NPFG Insured
8/15 at 100.00
A1
   
1,038,520
 
 
75
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
   
71,298
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2002W, 5.000%, 6/15/19 – AMBAC Insured
6/12 at 100.00
Aa2
   
1,022,510
 
 
900
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
   
948,924
 
 
500
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35 (WI/DD, Settling 11/15/11)
11/21 at 100.00
A–
   
494,145
 
 
220
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
   
221,373
 
 
540
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
   
556,492
 
 
1,500
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Moravian College, Series 2001, 5.375%, 7/01/31 – RAAI Insured
1/12 at 100.00
N/R
   
1,466,934
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
   
761,117
 
 
350
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.500%, 1/01/16
1/13 at 100.00
A1
   
364,980
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
3/20 at 100.00
Aa1
   
1,075,730
 
 
470
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36
1/13 at 102.00
N/R
   
353,365
 
 
110
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
   
115,521
 
 
230
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33
5/16 at 100.00
BBB–
   
212,890
 
 
500
 
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31
3/21 at 100.00
A1
   
534,780
 
 

Nuveen Investments
 
73

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
NXM
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
           
$
150
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
 
$
153,992
 
 
12,100
 
Total Education and Civic Organizations
       
12,119,558
 
     
Health Care – 18.5% (12.7% of Total Investments)
           
 
550
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
4/15 at 100.00
Ba2
   
413,688
 
 
455
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
No Opt. Call
Ca
   
433,720
 
 
445
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
12/21 at 100.00
AA–
   
456,828
 
 
200
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
   
203,126
 
 
80
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
   
80,432
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
   
837,229
 
 
230
 
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40
7/16 at 100.00
N/R
   
199,012
 
 
600
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
11/12 at 101.00
BB+
   
531,618
 
 
650
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
   
663,059
 
 
250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24
11/14 at 100.00
A
   
254,508
 
 
1,025
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured
11/17 at 100.00
AA+
   
1,049,795
 
 
140
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
   
135,755
 
 
165
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
   
170,569
 
 
1,495
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
   
1,520,430
 
 
230
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.530%, 7/01/19 (IF)
No Opt. Call
AA
   
245,063
 
 
25
 
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24
1/12 at 100.00
N/R
   
21,320
 
 
625
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
   
660,025
 
 
420
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41 (WI/DD, Settling 11/30/11)
1/22 at 100.00
BBB+
   
418,488
 
 
750
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32
1/12 at 100.00
BBB+
   
750,353
 
 
9,170
 
Total Health Care
       
9,045,018
 
     
Housing/Multifamily – 1.8% (1.2% of Total Investments)
           
 
150
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
   
149,985
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
   
645,799
 
 
100
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue
Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
   
89,050
 
 
950
 
Total Housing/Multifamily
       
884,834
 
 

74
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Single Family – 7.3% (5.0% of Total Investments)
           
$
765
 
Allegheny County Residential Finance Authority, Pennsylvania, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998DD-2, 5.400%, 11/01/29(Alternative Minimum Tax)
5/12 at 100.00
Aaa
 
$
765,230
 
 
475
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
475,066
 
 
265
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
4/15 at 100.00
AA+
   
266,767
 
 
580
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
582,522
 
 
375
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
   
372,854
 
 
400
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
   
419,636
 
 
665
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 12.521%, 4/01/27 (IF)
4/21 at 100.00
AA+
   
663,637
 
 
3,525
 
Total Housing/Single Family
       
3,545,712
 
     
Industrials – 6.7% (4.6% of Total Investments)
           
 
2,000
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak Project, Series 2001A, 6.250%, 11/01/31 (Alternative Minimum Tax)
5/12 at 100.00
A1
   
2,001,940
 
 
1,250
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/17 – AMBAC Insured
7/12 at 101.00
A1
   
1,295,475
 
 
3,250
 
Total Industrials
       
3,297,415
 
     
Long-Term Care – 20.3% (13.9% of Total Investments)
           
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
           
 
220
 
5.750%, 1/01/27
1/17 at 100.00
N/R
   
192,018
 
 
360
 
5.750%, 1/01/37
1/17 at 100.00
N/R
   
291,193
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
   
1,030,860
 
 
220
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
   
196,997
 
 
230
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
   
228,609
 
 
200
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36
11/16 at 100.00
A
   
197,052
 
 
2,100
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds,
Willow Valley
Retirement Communities Project, Series 2001, 5.875%, 6/01/31
12/11 at 100.00
A–
   
2,100,735
 
 
185
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
7/17 at 100.00
N/R
   
185,344
 
 
785
 
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
12/14 at 100.00
N/R
   
720,434
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A:
           
 
1,240
 
5.250%, 6/01/14
6/14 at 100.00
BB
   
1,224,661
 
 
50
 
5.125%, 6/01/18
6/18 at 100.00
BB
   
46,438
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B:
           
 
670
 
5.250%, 7/01/23 – AMBAC Insured
7/13 at 100.00
Baa1
   
677,015
 
 
2,875
 
5.250%, 7/01/31 – AMBAC Insured
1/12 at 101.00
Baa1
   
2,811,003
 
 
10,135
 
Total Long-Term Care
       
9,902,359
 
 
Nuveen Investments
 
75

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
NXM
 
Portfolio of Investments
October 31, 2011 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Materials – 2.5% (1.7% of Total Investments)
           
$
350
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
BB
 
$
358,841
 
 
210
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
   
214,328
 
 
750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
5/12 at 100.00
N/R
   
631,763
 
 
1,310
 
Total Materials
       
1,204,932
 
     
Tax Obligation/General – 16.7% (11.4% of Total Investments)
           
 
500
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
A+
   
514,995
 
 
500
 
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%, 12/01/46
12/16 at 100.00
A
   
506,175
 
 
1,000
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured
6/18 at 100.00
AA+
   
977,760
 
 
375
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
Aa2
   
405,244
 
 
840
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
   
860,034
 
 
3,000
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/14 – AGM Insured
No Opt. Call
AA+
   
3,343,290
 
 
2,220
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
A
   
783,882
 
 
160
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
   
156,760
 
 
600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
AA
   
621,348
 
 
9,195
 
Total Tax Obligation/General
       
8,169,488
 
     
Tax Obligation/Limited – 13.8% (9.5% of Total Investments)
           
 
1,000
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23
No Opt. Call
N/R
   
950,600
 
 
450
 
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series 2005, 5.000%, 1/15/36 – FGIC Insured
1/15 at 100.00
AA–
   
457,893
 
 
425
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
   
446,560
 
 
1,000
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
No Opt. Call
AA+
   
1,185,660
 
 
1,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured
11/13 at 100.00
AA+
   
1,055,750
 
 
1,500
 
Philadelphia Redevelopment Authority, Pennsylvania, Revenue Bonds, Philadelphia Neighborhood Transformation Initiative, Series 2002A, 5.500%, 4/15/19 – FGIC Insured
4/12 at 100.00
A2
   
1,523,130
 
 
750
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured
No Opt. Call
Baa1
   
749,460
 
 
630
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
BBB+
   
160,474
 
 
245
 
Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2006A, 5.450%, 7/01/35
7/17 at 100.00
N/R
   
220,091
 
 
7,000
 
Total Tax Obligation/Limited
       
6,749,618
 
 

76
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation – 12.5% (8.6% of Total Investments)
           
$
130
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
 
$
137,483
 
 
680
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
701,338
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
   
1,007,190
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
           
 
880
 
0.000%, 12/01/34
12/20 at 100.00
AA
   
721,389
 
 
250
 
5.000%, 12/01/38
No Opt. Call
Aa3
   
262,270
 
 
420
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
   
449,224
 
 
150
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
   
151,934
 
 
1,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
   
849,310
 
 
1,820
 
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue
Bonds,
Philadelphia Airport System Project, Series 2001A, 5.250%, 7/01/28 –
FGIC Insured (Alternative Minimum Tax)
1/12 at 101.00
A+
   
1,823,112
 
 
6,330
 
Total Transportation
       
6,103,250
 
     
U.S. Guaranteed – 10.8% (7.4% of Total Investments) (4)
           
 
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Retirement Community Revenue Bonds, Wesley Affiliated Services Inc., Series 2002A, 7.125%, 1/01/25 (Pre-refunded 1/01/13)
1/13 at 101.00
N/R (4)
   
1,086,900
 
 
300
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
Aa1 (4)
   
354,111
 
 
255
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
   
298,557
 
 
350
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.250%, 8/01/18 (Pre-refunded 8/01/13) – AGM Insured
8/13 at 100.00
AA+ (4)
   
379,495
 
 
130
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
BBB (4)
   
162,210
 
 
1,700
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%, 8/01/18 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
Aa2 (4)
   
1,768,578
 
 
170
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A2 (4)
   
192,069
 
 
1,000
 
Washington County Hospital Authority, Pennsylvania, Revenue Bonds, Monongahela Valley Hospital Project, Series 2002, 5.500%, 6/01/17 (Pre-refunded 6/01/12)
6/12 at 101.00
Baa1 (4)
   
1,040,780
 
 
4,905
 
Total U.S. Guaranteed
       
5,282,700
 
     
Utilities – 3.5% (2.4% of Total Investments)
           
 
500
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
No Opt. Call
BBB+
   
523,255
 
 
140
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
   
142,786
 
 
1,105
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
   
1,066,822
 
 
1,745
 
Total Utilities
       
1,732,863
 
 
Nuveen Investments
 
77

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
NXM
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 4.4% (3.0% of Total Investments)
           
$
500
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
11/14 at 100.00
AA+
 
$
520,750
 
 
600
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
   
568,938
 
 
400
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
   
421,712
 
 
100
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
Baa3
   
105,208
 
 
500
 
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
10/19 at 100.00
AA–
   
524,795
 
 
2,100
 
Total Water and Sewer
       
2,141,403
 
$
72,715
 
Total Investments (cost $70,031,442) – 145.9%
       
71,291,960
 
     
Floating Rate Obligations – (2.1)%
       
(1,010,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (47.5)% (5)
       
(23,190,000
     
Other Assets Less Liabilities – 3.7%
       
1,763,991
 
     
Net Assets Applicable to Common Shares – 100%
     
$
48,855,951
 
 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(5)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.5%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
78
 
Nuveen Investments

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
NVY
 
Portfolio of Investments
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations – 16.9% (11.2% of Total Investments)
           
$
1,000
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
 
$
1,051,550
 
 
800
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.500%, 10/15/25
10/15 at 102.00
N/R
   
771,304
 
 
720
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
12/17 at 100.00
BB+
   
641,563
 
 
450
 
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured
10/16 at 100.00
N/R
   
396,122
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
           
 
340
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
   
364,245
 
 
165
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
   
175,618
 
 
180
 
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
   
163,867
 
 
200
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
   
204,698
 
 
80
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
   
76,051
 
 
1,050
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
   
1,107,078
 
 
285
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
   
286,778
 
 
610
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
   
628,629
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
   
869,848
 
 
530
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36
1/13 at 102.00
N/R
   
398,475
 
 
120
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
   
126,023
 
 
270
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33
5/16 at 100.00
BBB–
   
249,915
 
 
500
 
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31
3/21 at 100.00
A1
   
534,780
 
 
1,000
 
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/20
4/13 at 100.00
Aa2
   
1,058,530
 
 
50
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
   
51,331
 
 
9,150
 
Total Education and Civic Organizations
       
9,156,405
 
     
Health Care – 14.7% (9.7% of Total Investments)
           
 
625
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
4/15 at 100.00
Ba2
   
470,100
 
 
520
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
No Opt. Call
Ca
   
495,680
 
 
595
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
12/21 at 100.00
AA–
   
610,815
 
 
300
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
   
304,689
 
 

Nuveen Investments
 
79

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
NVY
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
           
$
95
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
 
$
95,513
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
   
837,229
 
 
270
 
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40
7/16 at 100.00
N/R
   
233,623
 
 
600
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
11/12 at 101.00
BB+
   
531,618
 
 
740
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
   
754,867
 
 
1,155
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured
11/17 at 100.00
AA+
   
1,182,939
 
 
160
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
   
155,149
 
 
175
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
   
180,906
 
 
300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
   
305,103
 
 
350
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.530%, 7/01/19 (IF)
No Opt. Call
AA
   
372,922
 
 
335
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
   
353,773
 
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B:
           
 
220
 
5.625%, 1/01/32 (WI/DD, Settling 11/30/11)
1/22 at 100.00
BBB+
   
218,669
 
 
250
 
5.750%, 1/01/41 (WI/DD, Settling 11/30/11)
1/22 at 100.00
BBB+
   
249,100
 
 
600
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32
1/12 at 100.00
BBB+
   
600,282
 
 
8,125
 
Total Health Care
       
7,952,977
 
     
Housing/Multifamily – 1.9% (1.3% of Total Investments)
           
 
200
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
   
199,980
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
   
738,056
 
 
120
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
   
106,860
 
 
1,120
 
Total Housing/Multifamily
       
1,044,896
 
     
Housing/Single Family – 7.7% (5.1% of Total Investments)
           
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A:
           
 
245
 
4.900%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
   
245,034
 
 
225
 
4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
225,031
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A:
           
 
145
 
4.950%, 10/01/26 (Alternative Minimum Tax)
4/15 at 100.00
AA+
   
145,967
 
 
150
 
4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
4/15 at 100.00
AA+
   
151,001
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A:
           
 
495
 
5.150%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
   
497,153
 
 
340
 
5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
   
341,480
 
 
1,100
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
   
1,096,645
 
 
80
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
           
$
405
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
 
$
402,683
 
 
400
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
   
419,636
 
 
665
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 12.521%, 4/01/27 (IF)
4/21 at 100.00
AA+
   
663,637
 
 
4,170
 
Total Housing/Single Family
       
4,188,267
 
     
Industrials – 5.7% (3.8% of Total Investments)
           
 
3,000
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/19 – AMBAC Insured
7/12 at 101.00
A1
   
3,098,100
 
     
Long-Term Care – 9.8% (6.5% of Total Investments)
           
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
           
 
250
 
5.750%, 1/01/27
1/17 at 100.00
N/R
   
218,203
 
 
400
 
5.750%, 1/01/37
1/17 at 100.00
N/R
   
323,548
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
   
1,030,860
 
 
300
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
   
268,632
 
 
300
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
   
298,185
 
 
205
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36
11/16 at 100.00
A
   
201,978
 
 
185
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
7/17 at 100.00
N/R
   
185,344
 
 
785
 
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
12/14 at 100.00
N/R
   
720,434
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A:
           
 
1,260
 
5.250%, 6/01/14
12/11 at 100.00
BB
   
1,244,414
 
 
50
 
5.125%, 6/01/18
12/11 at 100.00
BB
   
46,438
 
 
750
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/23 – AMBAC Insured
7/13 at 100.00
Baa1
   
757,853
 
 
5,485
 
Total Long-Term Care
       
5,295,889
 
     
Materials – 2.5% (1.6% of Total Investments)
           
 
400
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
BB
   
410,104
 
 
280
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
   
285,771
 
 
750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
5/12 at 100.00
N/R
   
631,763
 
 
1,430
 
Total Materials
       
1,327,638
 
     
Tax Obligation/General – 26.9% (17.7% of Total Investments)
           
 
1,740
 
Butler County, Pennsylvania, Butler Area School District, General Obligation Bonds, Series 2002A, 5.375%, 10/01/26 – FGIC Insured
10/12 at 100.00
BBB
   
1,763,542
 
 
4,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
No Opt. Call
A+
   
4,471,835
 
 

Nuveen Investments
 
81

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
NVY
 
Portfolio of Investments
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
           
     
Greensburg Salem School District, Westmoreland County, Pennsylvania, General Obligation Refunding Bonds, Series 2002:
           
$
725
 
5.375%, 9/15/15 – FGIC Insured
9/12 at 100.00
A+
 
$
753,942
 
 
1,000
 
5.375%, 9/15/16 – FGIC Insured
9/12 at 100.00
A+
   
1,039,920
 
 
1,375
 
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%, 12/01/46
12/16 at 100.00
A
   
1,391,981
 
 
1,000
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured
6/18 at 100.00
AA+
   
977,760
 
 
375
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
Aa2
   
405,244
 
 
725
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
   
824,644
 
 
950
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
   
972,658
 
 
225
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
No Opt. Call
AA+
   
253,271
 
 
2,510
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
A
   
886,281
 
 
180
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
   
176,355
 
 
600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
AA
   
621,348
 
 
15,405
 
Total Tax Obligation/General
       
14,538,781
 
     
Tax Obligation/Limited – 22.4% (14.8% of Total Investments)
           
 
1,000
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23
No Opt. Call
N/R
   
950,600
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured
10/19 at 100.00
AA+
   
1,585,845
 
 
4,000
 
Harrisburg Parking Authority, Pennsylvania, Guaranteed Revenue Refunding Bonds, Series 2001J, 5.000%, 9/01/22 – NPFG Insured
3/12 at 100.00
Baa1
   
3,538,200
 
 
610
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
   
640,945
 
 
1,200
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
No Opt. Call
AA+
   
1,422,792
 
     
Philadelphia Redevelopment Authority, Pennsylvania, Revenue Bonds, Philadelphia Neighborhood Transformation Initiative, Series 2002A:
           
 
1,000
 
5.500%, 4/15/18 – FGIC Insured
4/12 at 100.00
A2
   
1,016,650
 
 
1,750
 
5.500%, 4/15/22 – FGIC Insured
4/12 at 100.00
A2
   
1,772,470
 
 
800
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured
No Opt. Call
Baa1
   
799,424
 
 
710
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
BBB+
   
180,851
 
 
245
 
Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2006A, 5.450%, 7/01/35
7/17 at 100.00
N/R
   
220,091
 
 
12,815
 
Total Tax Obligation/Limited
       
12,127,868
 
     
Transportation – 12.0% (7.9% of Total Investments)
           
 
130
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
   
137,483
 
 
720
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
742,594
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
   
1,007,190
 
 
82
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Transportation (continued)
           
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
           
$
875
 
0.000%, 12/01/34
12/20 at 100.00
AA
 
$
717,290
 
 
250
 
5.000%, 12/01/38
No Opt. Call
Aa3
   
262,270
 
 
1,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
AA
   
1,043,020
 
 
670
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
   
716,619
 
 
150
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
   
151,934
 
 
1,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
   
849,310
 
 
1,000
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003A, 5.000%, 1/01/28 – AMBAC Insured (Alternative Minimum Tax)
1/13 at 100.00
Baa3
   
866,700
 
 
6,795
 
Total Transportation
       
6,494,410
 
     
U.S. Guaranteed – 17.5% (11.5% of Total Investments) (4)
           
 
1,155
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Pennswood Village Project, Series 2002A, 6.000%, 10/01/34 (Pre-refunded 10/01/12)
10/12 at 101.00
N/R (4)
   
1,225,686
 
 
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Retirement Community Revenue Bonds, Wesley Affiliated Services Inc., Series 2002A, 7.125%, 1/01/25 (Pre-refunded 1/01/13)
1/13 at 101.00
N/R (4)
   
1,086,900
 
 
1,500
 
Grove City Area Hospital Authority, Mercer County, Pennsylvania, Revenue Bonds, County Guaranteed, Woodland Place Project, Series 2002, 5.400%, 3/01/31 (Pre-refunded 3/01/12) – FGIC Insured
3/12 at 100.00
BBB (4)
   
1,525,935
 
 
1,100
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2002B, 0.000%, 11/15/21 (Pre-refunded 11/15/12) – NPFG Insured
11/12 at 57.98
N/R (4)
   
634,293
 
 
315
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
   
368,805
 
 
1,650
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.250%, 8/01/20 (Pre-refunded 8/01/13) – AGM Insured
8/13 at 100.00
AA+ (4)
   
1,789,046
 
 
50
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
BBB (4)
   
62,389
 
 
1,000
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002A, 5.500%, 2/01/31 (Pre-refunded 2/01/12) – AGM Insured
2/12 at 100.00
AA+ (4)
   
1,013,280
 
 
225
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A2 (4)
   
254,210
 
 
1,450
 
Washington County Hospital Authority, Pennsylvania, Revenue Bonds, Monongahela Valley Hospital Project, Series 2002, 6.250%, 6/01/22 (Pre-refunded 6/01/12)
6/12 at 101.00
Baa1 (4)
   
1,515,468
 
 
9,445
 
Total U.S. Guaranteed
       
9,476,012
 
     
Utilities – 2.5% (1.6% of Total Investments)
           
 
145
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
   
147,886
 
 
1,240
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
   
1,197,158
 
 
1,385
 
Total Utilities
       
1,345,044
 
     
Water and Sewer – 11.2% (7.3% of Total Investments)
           
 
4,500
 
Bucks County Industrial Development Authority, Pennsylvania, Water Facility Revenue Bonds, Pennsylvania Suburban Water Company, Series 2002, 5.550%, 9/01/32 – NPFG Insured (Alternative Minimum Tax)
3/12 at 100.00
AA–
   
4,514,805
 
 
Nuveen Investments
 
83

 
 

 
 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
NVY
 
Portfolio of Investments
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
           
$
600
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
 
$
568,938
 
 
400
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
   
421,712
 
 
500
 
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
10/19 at 100.00
AA–
   
524,795
 
 
6,000
 
Total Water and Sewer
       
6,030,250
 
$
84,325
 
Total Investments (cost $81,198,186) – 151.7%
       
82,076,537
 
     
Floating Rate Obligations – (8.0)%
       
(4,325,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (45.4)% (5)
       
(24,550,000
     
Other Assets Less Liabilities – 1.7%
       
900,165
 
     
Net Assets Applicable to Common Shares – 100%
     
$
54,101,702
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(5)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.9%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
 
   
Nuveen Pennsylvania Municipal Value Fund
NPN
 
Portfolio of Investments
     
   
October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 3.6% (3.7% of Total Investments)
           
$
650
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
Baa1
 
$
678,522
 
     
Education and Civic Organizations – 10.0% (10.3% of Total Investments)
           
 
675
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30
10/18 at 100.00
BBB
   
695,729
 
 
500
 
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg College Project, Series 2009, 5.250%, 2/01/39
2/19 at 100.00
A+
   
532,650
 
 
500
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 5.000%, 4/01/36 – RAAI Insured
4/16 at 100.00
BBB+
   
468,520
 
 
50
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.400%, 7/15/36
7/13 at 100.00
BBB+
   
50,397
 
 
50
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
   
52,510
 
 
100
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
   
102,661
 
 
1,875
 
Total Education and Civic Organizations
       
1,902,467
 
     
Health Care – 24.9% (25.7% of Total Investments)
           
 
650
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
No Opt. Call
Aa3
   
675,591
 
 
600
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2009A, 5.250%, 6/01/39
6/19 at 100.00
AA
   
624,120
 
 
300
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
8/16 at 100.00
Baa3
   
289,983
 
 
315
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A
   
318,267
 
 
500
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
No Opt. Call
Baa1
   
520,490
 
 
235
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23
11/11 at 100.00
BBB–
   
234,974
 
 
1,200
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005, 5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
   
1,065,571
 
 
740
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34
5/19 at 100.00
A
   
805,964
 
 
200
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32
2/14 at 100.00
A+
   
206,426
 
 
4,740
 
Total Health Care
       
4,741,386
 
     
Housing/Multifamily – 4.5% (4.7% of Total Investments)
           
 
50
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
   
49,995
 
 
800
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44
10/19 at 100.00
Aaa
   
816,360
 
 
850
 
Total Housing/Multifamily
       
866,355
 
     
Housing/Single Family – 4.3% (4.4% of Total Investments)
           
 
800
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2009-105-C, 5.000%, 10/01/39
4/19 at 100.00
AA+
   
814,352
 
 
Nuveen Investments
 
85

 
 

 
 
   
Nuveen Pennsylvania Municipal Value Fund (continued)
NPN
 
Portfolio of Investments
     
     October 31, 2011 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care – 4.1% (4.2% of Total Investments)
           
$
750
 
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29
11/19 at 100.00
BBB+
 
$
782,910
 
     
Tax Obligation/General – 4.0% (4.2% of Total Investments)
           
 
700
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33
8/19 at 100.00
Aa2
   
772,464
 
     
Tax Obligation/Limited – 18.1% (18.7% of Total Investments)
           
 
550
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB–
   
560,104
 
 
1,075
 
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured
11/16 at 100.00
N/R
   
922,221
 
 
750
 
Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
No Opt. Call
A2
   
798,413
 
 
750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
   
810,630
 
 
350
 
Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011, 3.000%, 6/01/15
No Opt. Call
A+
   
366,125
 
 
3,475
 
Total Tax Obligation/Limited
       
3,457,493
 
     
Transportation – 5.7% (5.9% of Total Investments)
           
 
240
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
   
247,531
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
           
 
580
 
0.000%, 12/01/34
12/20 at 100.00
AA
   
475,461
 
 
100
 
5.000%, 12/01/38
No Opt. Call
Aa3
   
104,908
 
 
50
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
   
50,645
 
 
30
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003A, 5.000%, 1/01/28 – AMBAC Insured (Alternative Minimum Tax)
1/13 at 100.00
Baa3
   
26,001
 
 
200
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003B, 5.000%, 1/01/33 – AMBAC Insured
1/13 at 100.00
Baa3
   
179,836
 
 
1,200
 
Total Transportation
       
1,084,382
 
     
U.S. Guaranteed – 0.0% (0.0% of Total Investments) (4)
           
 
5
 
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds, Allegheny Valley Hospital – Sublessee, Series 1982Q, 7.000%, 8/01/15 (ETM)
No Opt. Call
AA+ (4)
   
5,904
 
     
Utilities – 1.8% (1.9% of Total Investments)
           
 
345
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13 (Mandatory put 1/01/13)
1/12 at 100.00
Ba1
   
346,180
 
 
86
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 15.8% (16.3% of Total Investments)
           
$
750
 
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative Minimum Tax)
2/17 at 100.00
AA–
 
$
765,023
 
 
750
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.102%, 6/15/33 (IF)
6/19 at 100.00
AA+
   
928,110
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
           
 
750
 
5.250%, 1/01/32
1/19 at 100.00
A1
   
788,543
 
 
500
 
5.250%, 1/01/36
1/19 at 100.00
A1
   
522,570
 
 
2,750
 
Total Water and Sewer
       
3,004,246
 
$
18,140
 
Total Investments (cost $16,892,089) – 96.8%
       
18,456,661
 
     
Other Assets Less Liabilities – 3.2%
       
602,150
 
     
Net Assets Applicable to Common Shares – 100%
     
$
19,058,811
 
 
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 
 
   
Statement of
   
Assets & Liabilities
     
   
October 31, 2011 (Unaudited)

   
New Jersey
Investment
Quality
(NQJ
 
New Jersey
Premium
Income
(NNJ
 
New Jersey
Dividend
Advantage
(NXJ
 
New Jersey
Dividend
Advantage
2 (NUJ
 
New Jersey
Municipal
Value
(NJV
Assets
                             
Investments, at value (cost $430,499,359, $258,449,300, $135,909,536, $98,409,116 and $23,115,677, respectively)
  $ 435,391,041     $ 265,583,331     $ 137,298,857     $ 99,164,075     $ 24,899,519  
Cash
    729,572       1,684,781       1,895,041       236,432       604,895  
Receivables:
                                       
Interest
    7,029,981       4,064,931       2,144,048       1,636,988       400,160  
Investments sold
                             
Deferred offering costs
    763,335       605,775       747,764       681,230        
Other assets
    153,940       97,021       18,481       14,627       473  
Total assets
    444,067,869       272,035,839       142,104,191       101,733,352       25,905,047  
Liabilities
                                       
Floating rate obligations
                            1,500,000  
Payables:
                                       
Common share dividends
    1,254,868       749,922       435,423       312,260       89,755  
Interest
                85,981       58,413        
Investments purchased
    3,125,033       1,770,115       1,537,723       1,152,024       81,247  
Offering costs
    277,516       271,967       215,941       168,945        
MuniFund Term Preferred (MTP) Shares, at liquidation value
                44,861,000       35,050,000        
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
    144,300,000       88,600,000                    
Accrued expenses:
                                       
Management fees
    231,331       143,172       75,690       49,576       12,603  
Other
    146,062       94,554       38,733       34,944       16,817  
Total liabilities
    149,334,810       91,629,730       47,250,491       36,826,162       1,700,422  
Net assets applicable to Common shares
  $ 294,733,059     $ 180,406,109     $ 94,853,700     $ 64,907,190     $ 24,204,625  
Common shares outstanding
    20,453,722       12,036,596       6,569,912       4,523,313       1,560,787  
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
  $ 14.41     $ 14.99     $ 14.44     $ 14.35     $ 15.51  
Net assets applicable to Common shares consist of:
                                       
Common shares, $.01 par value per share
  $ 204,537     $ 120,366     $ 65,699     $ 45,233     $ 15,608  
Paid-in surplus
    288,683,453       171,851,119       93,302,153       64,077,771       22,286,072  
Undistributed (Over-distribution of) net investment income
    4,220,652       2,929,403       1,024,826       747,584       103,419  
Accumulated net realized gain (loss)
    (3,267,265 )     (1,628,810 )     (928,299 )     (718,357 )     15,684  
Net unrealized appreciation (depreciation)
    4,891,682       7,134,031       1,389,321       754,959       1,783,842  
Net assets applicable to Common shares
  $ 294,733,059     $ 180,406,109     $ 94,853,700     $ 64,907,190     $ 24,204,625  
Authorized shares:
                                       
Common
    200,000,000       200,000,000    
Unlimited
   
Unlimited
   
Unlimited
 
Auction Rate Preferred Shares (ARPS)
    1,000,000       1,000,000    
Unlimited
   
Unlimited
      N/A  
MTP
             
Unlimited
   
Unlimited
       
VRDP
 
Unlimited
   
Unlimited
                   
 
N/A – Fund is not authorized to issue ARPS.
See accompanying notes to financial statements.
 

88
 
Nuveen Investments

 
 

 



   
Pennsylvania Investment
Quality
(NQP
 
Pennsylvania
Premium
Income 2
(NPY
 
Pennsylvania
Dividend
Advantage
(NXM
 
Pennsylvania
Dividend
Advantage 2
(NVY
 
Pennsylvania
Municipal
Value
(NPN
Assets
                             
Investments, at value (cost $358,970,340, $316,619,404, $70,031,442, $81,198,186 and $16,892,089, respectively)
  $ 368,261,951     $ 327,390,941     $ 71,291,960     $ 82,076,537     $ 18,456,661  
Cash
    4,729,808       4,814,414       150,948       172,089       360,934  
Receivables:
                                       
Interest
    5,785,838       5,302,088       1,193,733       1,088,886       314,760  
Investments sold
    3,525,000       60,000       1,276,250       80,000       20,000  
Deferred offering costs
    672,684       637,910       538,182       561,218        
Other assets
    123,210       111,896       11,318       32,583       357  
Total assets
    383,098,491       338,317,249       74,462,391       84,011,313       19,152,712  
Liabilities
                                       
Floating rate obligations
    26,665,000       12,140,000       1,010,000       4,325,000        
Payables:
                                       
Common share dividends
    1,074,439       984,152       227,294       269,353       67,241  
Interest
                40,583       43,985        
Investments purchased
    3,139,428       1,285,445       908,634       464,538        
Offering costs
    291,711       298,175       159,949       183,000        
MuniFund Term Preferred (MTP) Shares, at liquidation value
                23,190,000       24,550,000        
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
    112,500,000       100,000,000                    
Accrued expenses:
                                       
Management fees
    186,386       172,675       38,995       40,815       10,440  
Other
    125,071       113,784       30,985       32,920       16,220  
Total liabilities
    143,982,035       114,994,231       25,606,440       29,909,611       93,901  
Net assets applicable to Common shares
  $ 239,116,456     $ 223,323,018     $ 48,855,951     $ 54,101,702     $ 19,058,811  
Common shares outstanding
    16,080,898       15,595,551       3,321,984       3,726,116       1,219,352  
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
  $ 14.87     $ 14.32     $ 14.71     $ 14.52     $ 15.63  
Net assets applicable to Common shares consist of:
                                       
Common shares, $.01 par value per share
  $ 160,809     $ 155,956     $ 33,220     $ 37,261     $ 12,194  
Paid-in surplus
    227,893,425       213,685,785       47,103,799       52,751,904       17,430,831  
Undistributed (Over-distribution of) net investment income
    3,465,620       3,285,273       492,614       618,600       23,341  
Accumulated net realized gain (loss)
    (1,695,009 )     (4,575,533 )     (34,200 )     (184,414 )     27,873  
Net unrealized appreciation (depreciation)
    9,291,611       10,771,537       1,260,518       878,351       1,564,572  
Net assets applicable to Common shares
  $ 239,116,456     $ 223,323,018     $ 48,855,951     $ 54,101,702     $ 19,058,811  
Authorized shares:
                                       
Common
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Auction Rate Preferred Shares (ARPS)
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
      N/A  
MTP
             
Unlimited
   
Unlimited
       
VRDP
 
Unlimited
   
Unlimited
                   
 
N/A – Fund is not authorized to issue ARPS.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

   
Statement of
   
Operations
     
   
Six Months Ended October 31, 2011 (Unaudited)

   
New Jersey
Investment
Quality
(NQJ
 
New Jersey
Premium
Income
(NNJ
 
New Jersey
Dividend
Advantage
(NXJ
 
New Jersey
Dividend
Advantage 2
(NUJ
 
New Jersey
Municipal
Value
(NJV
Investment Income
  $ 10,930,501     $ 6,613,678     $ 3,521,904     $ 2,575,052     $ 723,851  
Expenses
                                       
Management fees
    1,363,865       843,650       445,635       317,637       74,112  
Shareholders’ servicing agent fees and expenses
    13,685       8,367       12,964       8,828       77  
Interest expense and amortization of offering costs
    251,963       157,106       676,446       434,077       5,779  
Fees on VRDP Shares
    637,137       391,200                    
Custodian’s fees and expenses
    37,032       23,753       15,382       11,787       3,598  
Directors’/Trustees’ fees and expenses
    6,976       4,268       2,244       1,583       372  
Professional fees
    15,633       12,456             10,662       8,458  
Shareholders’ reports – printing and mailing expenses
    33,238       22,993       8,121       12,266       5,513  
Stock exchange listing fees
    4,440       4,440       9,623       15,435       101  
Investor relations expense
    14,554       9,206       4,922       4,322       1,236  
Other expenses
    20,278       14,019             23,076       3,350  
Total expenses before custodian fee credit and expense reimbursement
    2,398,801       1,491,458       1,175,337       839,673       102,596  
Custodian fee credit
    (2,443 )     (821 )     (864 )     (170 )     (158 )
Expense reimbursement
                      (25,279 )      
Net expenses
    2,396,358       1,490,637       1,174,473       814,224       102,438  
Net investment income (loss)
    8,534,143       5,123,041       2,347,431       1,760,828       621,413  
Realized and Unrealized Gain (Loss)
                                       
Net realized gain (loss) from investments
    (1,769,593 )     (906,579 )     (479,705 )     (424,183 )     30,267  
Change in net unrealized appreciation (depreciation) of investments
    16,529,724       10,020,686       6,327,007       4,008,134       1,171,527  
Net realized and unrealized gain (loss)
    14,760,131       9,114,107       5,847,302       3,583,951       1,201,794  
Net increase (decrease) in net assets applicable to Common shares from operations
  $ 23,294,274     $ 14,237,148     $ 8,194,733     $ 5,344,779     $ 1,823,207  
 
See accompanying notes to financial statements.
 
90
 
Nuveen Investments

 
 

 

   
Pennsylvania Investment
Quality
(NQP
 
Pennsylvania
Premium
Income 2
(NPY
 
Pennsylvania
Dividend
Advantage
(NXM
 
Pennsylvania
Dividend
Advantage 2
(NVY
)  
Pennsylvania
Municipal
Value
(NPN
Investment Income
  $ 9,325,206     $ 8,253,447     $ 1,871,101     $ 2,131,547     $ 554,968  
Expenses
                                       
Management fees
    1,097,334       1,015,546       229,323       262,155       61,113  
Shareholders’ servicing agent fees and expenses
    14,581       12,282       8,834       8,761       77  
Interest expense and amortization of offering costs
    256,529       219,930       314,377       349,852        
Fees on VRDP Shares
    496,730       441,534                    
Custodian’s fees and expenses
    31,534       30,193       9,397       10,043       3,254  
Directors’/Trustees’ fees and expenses
    5,578       5,120       1,143       1,256       289  
Professional fees
    14,311       13,748       10,141       10,195       8,736  
Shareholders’ reports – printing and mailing expenses
    32,843       30,214       10,334       11,422       5,361  
Stock exchange listing fees
    4,440       4,440       15,361       14,506       81  
Investor relations expense
    12,370       11,335       3,314       3,772       1,184  
Other expenses
    18,261       18,160       22,692       19,060       3,329  
Total expenses before custodian fee credit and expense reimbursement
    1,984,511       1,802,502       624,916       691,022       83,424  
Custodian fee credit
    (1,874 )     (3,270 )     (155 )     (168 )     (131 )
Expense reimbursement
                      (20,863 )      
Net expenses
    1,982,637       1,799,232       624,761       669,991       83,293  
Net investment income (loss)
    7,342,569       6,454,215       1,246,340       1,461,556       471,675  
Realized and Unrealized Gain (Loss)
                                       
Net realized gain (loss) from investments
    468,603       66,498       47,857       111,708       27,955  
Change in net unrealized appreciation (depreciation) of investments
    11,765,243       12,513,276       2,486,034       1,724,321       987,748  
Net realized and unrealized gain (loss)
    12,233,846       12,579,774       2,533,891       1,836,029       1,015,703  
Net increase (decrease) in net assets applicable to Common shares from operations
  $ 19,576,415     $ 19,033,989     $ 3,780,231     $ 3,297,585     $ 1,487,378  
 
See accompanying notes to financial statements.

Nuveen Investments
 
91

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)

   
New Jersey
Investment Quality (NQJ)
   
New Jersey
Premium Income (NNJ)
 
   
Six Months
Ended
10/31/11
   
Year
Ended
4/30/11
   
Six Months
Ended
10/31/11
   
Year
Ended
4/30/11
 
Operations
                       
Net investment income (loss)
  $ 8,534,143     $ 17,295,739     $ 5,123,041     $ 10,349,865  
Net realized gain (loss) from investments
    (1,769,593 )     (1,061,298 )     (906,579 )     (738,378 )
Change in net unrealized appreciation (depreciation) of investments
    16,529,724       (14,015,249 )     10,020,686       (8,286,977 )
Distributions to Auction Rate
                               
Preferred Shareholders:
                               
From net investment income
          (208,792 )           (131,586 )
From accumulated net realized gains
                       
Net increase (decrease) in net assets applicable to Common shares from operations
    23,294,274       2,010,400       14,237,148       1,192,924  
Distributions to Common Shareholders
                               
From net investment income
    (8,529,203 )     (16,874,323 )     (5,043,335 )     (9,863,992 )
From accumulated net realized gains
          (550,205 )           (140,828 )
Decrease in net assets applicable to Common shares from distributions to Common shareholders
    (8,529,203 )     (17,424,528 )     (5,043,335 )     (10,004,820 )
Capital Share Transactions
                               
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
                       
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
                       
Net increase (decrease) in net assets applicable to Common shares
    14,765,071       (15,414,128 )     9,193,813       (8,811,896 )
Net assets applicable to Common shares at the beginning of period
    279,967,988       295,382,116       171,212,296       180,024,192  
Net assets applicable to Common shares at the end of period
  $ 294,733,059     $ 279,967,988     $ 180,406,109     $ 171,212,296  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 4,220,652     $ 4,215,712     $ 2,929,403     $ 2,849,697  
 
See accompanying notes to financial statements.

92
 
Nuveen Investments

 
 

 

   
New Jersey
Dividend Advantage (NXJ)
   
New Jersey
Dividend Advantage 2 (NUJ)
   
New Jersey
Municipal Value (NJV)
 
   
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Operations
                                   
Net investment income (loss)
  $ 2,347,431     $ 5,815,511     $ 1,760,828     $ 3,840,114     $ 621,413     $ 1,284,062  
Net realized gain (loss) from investments
    (479,705 )     (458,296 )     (424,183 )     (299,168 )     30,267       (9,202 )
Change in net unrealized appreciation (depreciation) of investments
    6,327,007       (5,465,315 )     4,008,134       (3,373,715 )     1,171,527       (1,779,254 )
Distributions to Auction Rate
                                               
Preferred Shareholders:
                                               
From net investment income
          (177,530 )           (64,953 )     N/A       N/A  
From accumulated net realized gains
          (1,845 )                 N/A       N/A  
Net increase (decrease) in net assets applicable to Common shares from operations
    8,194,733       (287,475 )     5,344,779       102,278       1,823,207       (504,394 )
Distributions to Common Shareholders
                                               
From net investment income
    (2,739,654 )     (5,456,312 )     (1,940,502 )     (3,864,727 )     (599,342 )     (1,198,684 )
From accumulated net realized gains
          (157,678 )           (172,338 )           (38,395 )
Decrease in net assets applicable to Common shares from distributions to Common shareholders
    (2,739,654 )     (5,613,990 )     (1,940,502 )     (4,037,065 )     (599,342 )     (1,237,079 )
Capital Share Transactions
                                               
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
                      27,622              
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
                      27,622              
Net increase (decrease) in net assets applicable to Common shares
    5,455,079       (5,901,465 )     3,404,277       (3,907,165 )     1,223,865       (1,741,473 )
Net assets applicable to Common shares at the beginning of period
    89,398,621       95,300,086       61,502,913       65,410,078       22,980,760       24,722,233  
Net assets applicable to Common shares at the end of period
  $ 94,853,700     $ 89,398,621     $ 64,907,190     $ 61,502,913     $ 24,204,625     $ 22,980,760  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 1,024,826     $ 1,417,049     $ 747,584     $ 927,258     $ 103,419     $ 81,348  
 
N/A – Fund is not authorized to issue ARPS.
 
See accompanying notes to financial statements.

Nuveen Investments
 
93

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited) (continued)

   
Pennsylvania Investment
Quality (NQP)
   
Pennsylvania Premium
Income 2 (NPY)
 
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Operations
                       
Net investment income (loss)
  $ 7,342,569     $ 14,957,292     $ 6,454,215     $ 13,333,187  
Net realized gain (loss) from investments
    468,603       745,530       66,498       76,022  
Change in net unrealized appreciation (depreciation) of investments
    11,765,243       (12,501,791 )     12,513,276       (9,453,123 )
Distributions to Auction Rate
                               
Preferred Shareholders:
                               
From net investment income
          (167,467 )           (144,895 )
From accumulated net realized gains
                       
Net increase (decrease) in net assets applicable to Common shares from operations
    19,576,415       3,033,564       19,033,989       3,811,191  
Distributions to Common Shareholders
                               
From net investment income
    (7,365,052 )     (14,496,933 )     (6,550,132 )     (13,084,668 )
From accumulated net realized gains
                       
Decrease in net assets applicable to Common shares from distributions to Common shareholders
    (7,365,052 )     (14,496,933 )     (6,550,132 )     (13,084,668 )
Capital Share Transactions
                               
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
                       
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
                       
Net increase (decrease) in net assets applicable to Common shares
    12,211,363       (11,463,369 )     12,483,857       (9,273,477 )
Net assets applicable to Common shares at the beginning of period
    226,905,093       238,368,462       210,839,161       220,112,638  
Net assets applicable to Common shares at the end of period
  $ 239,116,456     $ 226,905,093     $ 223,323,018     $ 210,839,161  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 3,465,620     $ 3,488,103     $ 3,285,273     $ 3,381,190  
 
See accompanying notes to financial statements.
 
94
 
Nuveen Investments

 
 

 

   
Pennsylvania Dividend
Advantage (NXM)
   
Pennsylvania Dividend
Advantage 2 (NVY)
   
Pennsylvania Municipal
Value (NPN)
 
   
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Operations
                                   
Net investment income (loss)
  $ 1,246,340     $ 2,826,500     $ 1,461,556     $ 3,300,903     $ 471,675     $ 957,716  
Net realized gain (loss) from investments
    47,857       160,763       111,708       125,330       27,955       (2,036 )
Change in net unrealized appreciation (depreciation) of investments
    2,486,034       (2,308,027 )     1,724,321       (2,323,297 )     987,748       (848,014 )
Distributions to Auction Rate
                                               
Preferred Shareholders:
                                               
From net investment income
          (46,324 )           (53,580 )     N/A       N/A  
From accumulated net realized gains
                            N/A       N/A  
Net increase (decrease) in net assets applicable to Common shares from operations
    3,780,231       632,912       3,297,585       1,049,356       1,487,378       107,666  
Distributions to Common Shareholders
                                               
From net investment income
    (1,445,063 )     (2,885,144 )     (1,665,574 )     (3,325,513 )     (457,257 )     (931,175 )
From accumulated net realized gains
          (161,448 )           (178,854 )            
Decrease in net assets applicable to Common shares from distributions to Common shareholders
    (1,445,063 )     (3,046,592 )     (1,665,574 )     (3,504,367 )     (457,257 )     (931,175 )
Capital Share Transactions
                                               
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
                      4,570             46,742  
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
                      4,570             46,742  
Net increase (decrease) in net assets applicable to Common shares
    2,335,168       (2,413,680 )     1,632,011       (2,450,441 )     1,030,121       (776,767 )
Net assets applicable to Common shares at the beginning of period
    46,520,783       48,934,463       52,469,691       54,920,132       18,028,690       18,805,457  
Net assets applicable to Common shares at the end of period
  $ 48,855,951     $ 46,520,783     $ 54,101,702     $ 52,469,691     $ 19,058,811     $ 18,028,690  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 492,614     $ 691,337     $ 618,600     $ 822,618     $ 23,341     $ 8,923  
 
N/A – Fund is not authorized to issue ARPS.
 
See accompanying notes to financial statements.

Nuveen Investments
 
95

 
 

 

   
Statement of
   
Cash Flows
     
   
Six Months Ended October 31, 2011 (Unaudited)

   
New Jersey
   
New Jersey
   
New Jersey
 
   
Investment
   
Premium
   
Dividend
 
   
Quality
   
Income
   
Advantage
 
    (NQJ   (NNJ   (NXJ
Cash Flows from Operating Activities:
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  $ 23,294,274     $ 14,237,148     $ 8,194,733  
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
                       
Purchases of investments
    (20,754,412 )     (13,881,476 )     (12,650,575 )
Proceeds from sales and maturities of investments
    10,117,597       10,895,477       12,500,969  
Proceeds from (Purchases of) short-term investments, net
                 
Amortization (Accretion) of premiums and discounts, net
    78,481       25,247       (235,535 )
(Increase) Decrease in:
                       
Receivable for interest
    (11,737 )     (21,303 )     74,614  
Receivable for investments sold
                 
Other assets
    652       482       (2,551 )
Increase (Decrease) in:
                       
Payable for interest
                (20,066 )
Payable for investments purchased
    3,125,033       1,694,430       1,537,723  
Accrued management fees
    15,738       9,688       5,504  
Accrued other expenses
    24,966       7,032       4,301  
Net realized (gain) loss from investments
    1,769,593       906,579       479,705  
Change in net unrealized (appreciation) depreciation of investments
    (16,529,724 )     (10,020,686 )     (6,327,007 )
Taxes paid on undistributed capital gains
    (5,392 )     (4,257 )     (405 )
Net cash provided by (used in) operating activities
    1,125,069       3,848,361       3,561,410  
Cash Flows from Financing Activities:
                       
(Increase) Decrease in deferred offering costs
    13,373       10,613       156,167  
Increase (Decrease) in:
                       
Floating rate obligations
                 
Payable for offering costs
                (152,809 )
Cash distributions paid to Common shareholders
    (8,499,922 )     (5,001,469 )     (2,737,551 )
Net cash provided by (used in) financing activities
    (8,486,549 )     (4,990,856 )     (2,734,193 )
Net Increase (Decrease) in Cash
    (7,361,480 )     (1,142,495 )     827,217  
Cash at the beginning of period
    8,091,052       2,827,276       1,067,824  
Cash at the End of Period
  $ 729,572     $ 1,684,781     $ 1,895,041  
Supplemental Disclosure of Cash Flow Information

   
New Jersey
   
New Jersey
   
New Jersey
 
   
Investment
   
Premium
   
Dividend
 
   
Quality
   
Income
   
Advantage
 
    (NQJ   (NNJ   (NXJ
Cash paid for interest (excluding amortization of offering costs)
  $ 238,590     $ 146,493     $ 544,572  
 
See accompanying notes to financial statements.

96
 
Nuveen Investments

 
 

 

                   
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
   
Dividend
   
Investment
   
Premium
 
   
Advantage 2
   
Quality
   
Income 2
 
    (NUJ   (NQP   (NPY
Cash Flows from Operating Activities:
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  $ 5,344,779     $ 19,576,415     $ 19,033,989  
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
                       
Purchases of investments
    (4,040,218 )     (16,354,960 )     (7,832,491 )
Proceeds from sales and maturities of investments
    2,951,844       22,274,350       2,710,000  
Proceeds from (Purchases of) short-term investments, net
          (5,000,000 )      
Amortization (Accretion) of premiums and discounts, net
    (13,483 )     5,878       (49,185 )
(Increase) Decrease in:
                       
Receivable for interest
    17,365       (101,443 )     (127,416 )
Receivable for investments sold
          1,845,000        
Other assets
    (3,195 )     494       402  
Increase (Decrease) in:
                       
Payable for interest
                 
Payable for investments purchased
    949,034       586,784       (416,317 )
Accrued management fees
    3,339       13,203       12,867  
Accrued other expenses
    2,479       21,619       17,386  
Net realized (gain) loss from investments
    424,183       (468,603 )     (66,498 )
Change in net unrealized (appreciation) depreciation of investments
    (4,008,134 )     (11,765,243 )     (12,513,276 )
Taxes paid on undistributed capital gains
    (2,122 )     (1,784 )     (1,616 )
Net cash provided by (used in) operating activities
    1,625,871       10,631,710       767,845  
Cash Flows from Financing Activities:
                       
(Increase) Decrease in deferred offering costs
    83,569       11,785       11,176  
Increase (Decrease) in:
                       
Floating rate obligations
          (50,000 )     (245,000 )
Payable for offering costs
    (23,050 )            
Cash distributions paid to Common shareholders
    (1,940,272 )     (7,336,487 )     (6,547,079 )
Net cash provided by (used in) financing activities
    (1,879,753 )     (7,374,702 )     (6,780,903 )
Net Increase (Decrease) in Cash
    (253,882 )     3,257,008       (6,013,058 )
Cash at the beginning of period
    490,314       1,472,800       10,827,472  
Cash at the End of Period
  $ 236,432     $ 4,729,808     $ 4,814,414  
Supplemental Disclosure of Cash Flow Information
 
   
New Jersey
 
Pennsylvania
 
Pennsylvania
 
   
Dividend
 
Investment
 
Premium
 
   
Advantage 2
 
Quality
 
Income 2
 
    (NUJ   (NQP   (NPY
Cash paid for interest (excluding amortization of offering costs)
  $ 350,508     $ 244,744     $ 208,754  
 
See accompanying notes to financial statements.

Nuveen Investments
 
97

 
 

 

   
Statement of
   
Cash Flows (Unaudited) (continued)
     
   
Six Months Ended October 31, 2011

   
Pennsylvania
   
Pennsylvania
 
   
Dividend
   
Dividend
 
   
Advantage
   
Advantage 2
 
    (NXM   (NVY
Cash Flows from Operating Activities:
           
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  $ 3,780,231     $ 3,297,585  
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
               
Purchases of investments
    (4,264,153 )     (5,988,342 )
Proceeds from sales and maturities of investments
    4,875,725       5,719,994  
Proceeds from (Purchases of) short-term investments, net
           
Amortization (Accretion) of premiums and discounts, net
    (15,009 )     (33,185 )
(Increase) Decrease in:
               
Receivable for interest
    (27,195 )     24,974  
Receivable for investments sold
    (1,206,250 )     (75,000 )
Other assets
    (3,007 )     (3,068 )
Increase (Decrease) in:
               
Payable for interest
           
Payable for investments purchased
    908,634       464,538  
Accrued management fees
    2,713       2,387  
Accrued other expenses
    1,340       1,548  
Net realized (gain) loss from investments
    (47,857 )     (111,708 )
Change in net unrealized (appreciation) depreciation of investments
    (2,486,034 )     (1,724,321 )
Taxes paid on undistributed capital gains
    (8,259 )     (5,768 )
Net cash provided by (used in) operating activities
    1,510,879       1,569,634  
Cash Flows from Financing Activities:
               
(Increase) Decrease in deferred offering costs
    66,792       69,120  
Increase (Decrease) in:
               
Floating rate obligations
    (60,000 )     (45,000 )
Payable for offering costs
    (18,610 )     (30,435 )
Cash distributions paid to Common shareholders
    (1,446,660 )     (1,665,381 )
Net cash provided by (used in) financing activities
    (1,458,478 )     (1,671,696 )
Net Increase (Decrease) in Cash
    52,401       (102,062 )
Cash at the beginning of period
    98,547       274,151  
Cash at the End of Period
  $ 150,948     $ 172,089  
Supplemental Disclosure of Cash Flow Information
 
   
Pennsylvania
   
Pennsylvania
 
   
Dividend
   
Dividend
 
   
Advantage
   
Advantage 2
 
    (NXM   (NVY
Cash paid for interest (excluding amortization of offering costs)
  $ 247,585     $ 280,733  
 
See accompanying notes to financial statements.

98
 
Nuveen Investments

 
 

 

   
Financial
   
Highlights (Unaudited)

Nuveen Investments
 
99

 
 

 

   
Financial
   
Highlights (Unaudited)
   
    Selected data for a Common share outstanding throughout each period:

         
Investment Operations
   
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
   
Net
Investment
Income
   
Net
Realized/
Unrealized
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
   
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
         
Net
Investment
Income to
Common
Share-
   
Capital
Gains to
Common
Share-
         
Discount
from
Common
Shares
Repurchased
   
Ending
Common
Share
Net Asset
   
Ending
Market
 
   
Value
   
(Loss
 
Gain (Loss
 
holders
(a)   
holders
(a)   
Total
   
holders
   
holders
   
Total
   
and Retired
   
Value
   
Value
 
New Jersey Investment Quality (NQJ)
                                                 
Year Ended 4/30:
                                                       
2012(g)
  $ 13.69     $ .42     $ .72     $     $     $ 1.14     $ (.42 )   $     $ (.42 )   $     $ 14.41     $ 13.66  
2011
    14.44       .85       (.73 )     (.01 )           .11       (.83 )     (.03 )     (.86 )           13.69       12.68  
2010
    13.00       .92       1.31       (.03 )           2.20       (.76 )           (.76 )           14.44       13.56  
2009
    14.26       .91       (1.22 )     (.18 )     (.03 )     (.52 )     (.65 )     (.09 )     (.74 )     *     13.00       11.37  
2008
    14.96       .92       (.67 )     (.26 )     (.01 )     (.02 )     (.65 )     (.03 )     (.68 )           14.26       13.09  
2007(f)
    14.53       .75       .47       (.20 )     (.01 )     1.01       (.55 )     (.03 )     (.58 )           14.96       14.30  
Year Ended 6/30:
                                                                                               
2006
    15.61       .91       (.75 )     (.18 )     (.03 )     (.05 )     (.79 )     (.24 )     (1.03 )           14.53       13.70  
                                                                                                 
New Jersey Premium Income (NNJ)
                                                                 
Year Ended 4/30:
                                                                         
2012(g)
    14.22       .43       .76                   1.19       (.42 )           (.42 )           14.99       14.62  
2011
    14.96       .86       (.76 )     (.01 )           .09       (.82 )     (.01 )     (.83 )           14.22       13.44  
2010
    13.83       .90       1.02       (.03 )     *     1.89       (.74 )     (.02 )     (.76 )           14.96       14.19  
2009
    14.64       .88       (.78 )     (.17 )     (.03 )     (.10 )     (.63 )     (.08 )     (.71 )     *     13.83       11.96  
2008
    15.23       .90       (.53 )     (.25 )     (.01 )     .11       (.66 )     (.04 )     (.70 )           14.64       13.48  
2007(f)
    14.79       .74       .49       (.20 )     *     1.03       (.58 )     (.01 )     (.59 )           15.23       15.12  
Year Ended 6/30:
                                                                         
2006
    16.05       .90       (.85 )     (.17 )     (.04 )     (.16 )     (.79 )     (.31 )     (1.10 )           14.79       14.16  

(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

100
 
Nuveen Investments

 
 

 
 
         
Ratios/Supplemental Data
 
             
Ratios to Average Net Assets
     
 
Total Returns
     
Applicable to Common Shares(c)(d)
     
                         
     
Based
 
Ending
             
     
on
 
Net
             
 
Based
 
Common
 
Assets
     
Net
     
 
on
 
Share Net
 
Applicable
     
Investment
 
Portfolio
 
 
Market
 
Asset
 
to Common
     
Income
 
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
(Loss
)
Rate
 
                                     
                                     
   
11.11
%
 
8.37
%
$
294,733
   
1.64
%**
 
5.82
%**
 
2
%
   
(.46
)
 
.67
   
279,968
   
1.55
   
5.96
   
9
 
   
26.39
   
17.23
   
295,382
   
1.16
   
6.57
   
4
 
   
(7.10
)
 
(3.41
)
 
265,928
   
1.29
   
6.94
   
1
 
   
(3.64
)
 
(.08
)
 
292,194
   
1.23
   
6.30
   
17
 
   
8.75
   
7.05
   
306,402
   
1.20
**  
6.04
**   
7
 
   
(3.62
)
 
(.31
)
 
297,539
   
1.21
   
6.05
   
17
 
                                     
                                     
   
12.04
   
8.42
   
180,406
   
1.67
**   
5.72
**   
4
 
   
.41
   
.57
   
171,212
   
1.59
   
5.85
   
7
 
   
25.45
   
13.90
   
180,024
   
1.19
   
6.19
   
3
 
   
(5.69
)
 
(.40
)
 
166,428
   
1.28
   
6.44
   
1
 
   
(6.18
)
 
.77
   
176,374
   
1.24
   
6.04
   
19
 
   
11.10
   
7.03
   
183,540
   
1.21
**   
5.83
**   
6
 
   
(3.36
)
 
(1.04
)
 
178,199
   
1.19
   
5.81
   
12
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Investment Quality (NQJ)
       
Year Ended 4/30:
       
2012(g)
   
.61
%**
2011
   
.51
 
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 

New Jersey Premium Income (NNJ)
       
Year Ended 4/30:
       
2012(g)
   
.61
%**
2011
   
.51
 
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 
 
(f)
For the ten months ended April 30, 2007.
(g)
For the six months ended October 31, 2011.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
101
 
 
 

 
 
   
Financial
   
Highlights (Unaudited) (continued)
 
    Selected data for a Common share outstanding throughout each period:
 
       
Investment Operations
 
Less Distributions
             
               
Distributions
 
Distributions
                             
               
from Net
 
from
                             
               
Investment
 
Capital
     
Net
         
Discount
         
   
Beginning
         
Income to
 
Gains to
     
Investment
 
Capital
     
from
 
Ending
     
   
Common
 
Net
 
Net
 
Auction Rate
 
Auction Rate
     
Income to
 
Gains to
     
Common
 
Common
     
   
Share
 
Investment
 
Realized/
 
Preferred
 
Preferred
     
Common
 
Common
     
Shares
 
Share
 
Ending
 
   
Net Asset
 
Income
 
Unrealized
 
Share-
 
Share-
     
Share-
 
Share-
     
Repurchased
 
Net Asset
 
Market
 
   
Value
 
(Loss
Gain (Loss
holders
(a) 
holders
(a) 
Total
 
holders
 
holders
 
Total
 
and Retired
 
Value
 
Value
 
New Jersey Dividend Advantage (NXJ)
                                     
Year Ended 4/30:
                                     
2012(g)
  $ 13.61   $ .36   $ .89   $   $   $ 1.25   $ (.42 ) $   $ (.42 ) $   $ 14.44   $ 13.21  
2011
    14.51     .89     (.91 )   (.03 )   *   (.05 )   (.83 )   (.02 )   (.85 )       13.61     12.67  
2010
    12.97     .91     1.42     (.03 )   *   2.30     (.75 )   (.01 )   (.76 )       14.51     13.48  
2009
    14.26     .91     (1.27 )   (.16 )   (.03 )   (.55 )   (.66 )   (.08 )   (.74 )   *   12.97     11.15  
2008
    15.09     .94     (.80 )   (.25 )   (.01 )   (.12 )   (.68 )   (.03 )   (.71 )       14.26     13.11  
2007(f)
    14.68     .78     .47     (.19 )   *   1.06     (.64 )   (.01 )   (.65 )       15.09     15.75  
Year Ended 6/30:
                                                       
2006
    15.63     .95     (.77 )   (.18 )   (.01 )   (.01 )   (.84 )   (.10 )   (.94 )       14.68     14.35  
                                                                           
New Jersey Dividend Advantage 2 (NUJ)
                                                       
Year Ended 4/30:
                                                       
2012(g)
    13.60     .39     .79             1.18     (.43 )       (.43 )       14.35     13.76  
2011
    14.47     .85     (.82 )   (.01 )       .02     (.85 )   (.04 )   (.89 )       13.60     12.55  
2010
    12.93     .94     1.45     (.03 )   (.01 )   2.35     (.78 )   (.03 )   (.81 )       14.47     14.68  
2009
    14.35     .95     (1.42 )   (.17 )   (.02 )   (.66 )   (.69 )   (.07 )   (.76 )   *   12.93     11.46  
2008
    15.31     .97     (.79 )   (.23 )   (.05 )   (.10 )   (.71 )   (.15 )   (.86 )       14.35     13.59  
2007(f)
    14.87     .83     .47     (.20 )   *   1.10     (.66 )   *   (.66 )       15.31     16.50  
Year Ended 6/30:
                                                       
2006
    15.79     .99     (.76 )   (.19 )   (.01 )   .03     (.86 )   (.09 )   (.95 )       14.87     14.90  
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing New Jersey Dividend Advantage (NXJ) for any fees or expenses.
 
102
 
Nuveen Investments

 
 

 
 
         
Ratios/Supplemental Data
             
Ratios to Average Net Assets
 
Ratios to Average Net Assets
     
             
Applicable to Common Shares
 
Applicable to Common Shares
     
 
Total Returns
     
Before Reimbursement(d)
 
After Reimbursement(c)(d)
     
                                 
     
Based
 
Ending
                     
     
on
 
Net
                     
 
Based
 
Common
 
Assets
                     
 
on
 
Share Net
 
Applicable
     
Net
     
Net
 
Portfolio
 
 
Market
 
Asset
 
to Common
     
Investment
     
Investment
 
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
Income (Loss
)
Expenses
(e)
Income (Loss
)
Rate
 
                                                 
                                                 
   
7.58
%
 
9.23
%
$
94,854
   
2.50
%**
 
4.99
%**
 
2.50
%**
 
4.99
%**
 
9
%
   
.11
   
(.38
)
 
89,399
   
1.34
   
6.16
   
1.27
   
6.23
   
6
 
   
28.17
   
18.03
   
95,300
   
1.18
   
6.35
   
1.04
   
6.49
   
4
 
   
(8.95
)
 
(3.63
)
 
85,230
   
1.29
   
6.74
   
1.06
   
6.98
   
*** 
   
(12.31
)
 
(.81
)
 
93,762
   
1.20
   
6.10
   
.90
   
6.40
   
17
 
   
14.37
   
7.26
   
99,203
   
1.20
**  
5.85**
   
.84
**   
6.22
**   
9
 
   
(.78
)
 
(.05
)
 
96,378
   
1.19
   
5.83
   
.77
   
6.26
   
16
 
                                                 
                                                 
   
13.21
   
8.73
   
64,907
   
2.60
**   
5.38
**   
2.52
**   
5.46
**   
3
 
   
(8.75
)
 
.10
   
61,503
   
1.96
   
5.84
   
1.81
   
5.99
   
7
 
   
35.95
   
18.55
   
65,410
   
1.22
   
6.54
   
1.00
   
6.76
   
4
 
   
(9.75
)
 
(4.36
)
 
58,456
   
1.33
   
6.95
   
1.03
   
7.25
   
*** 
   
(12.41
)
 
(.60
)
 
64,904
   
1.25
   
6.16
   
.87
   
6.54
   
16
 
   
15.40
   
7.50
   
69,238
   
1.24
**   
6.03
**   
.80
**   
6.47
**   
11
 
   
(.49
)
 
.25
   
67,150
   
1.23
   
5.99
   
.78
   
6.45
   
13
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, both as described in Footnote 1 –General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Dividend Advantage (NXJ)
       
Year Ended 4/30:
       
2012(g)
   
1.44
%**
2011
   
.15
 
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 

New Jersey Dividend Advantage 2 (NUJ)
       
Year Ended 4/30:
       
2012(g)
   
1.35
%**
2011
   
.79
 
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 
 
(f)
For the ten months ended April 30, 2007.
(g)
For the six months ended October 31, 2011.
*
Rounds to less than $.01 per share.
**
Annualized.
***
Rounds to less than 1%.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
103

 
 

 
 
   
Financial
   
Highlights (Unaudited) (continued)
 
    Selected data for a Common share outstanding throughout each period:
 
          Investment Operations     Less Distributions                  
                                                       
               
Distributions
 
Distributions
                 
Discount
             
               
from Net
 
from
                 
from
             
               
Investment
 
Capital
     
Net
         
Common
             
   
Beginning
         
Income to
 
Gains to
     
Investment
 
Capital
     
Shares
     
Ending
     
   
Common
 
Net
 
Net
 
Auction Rate
 
Auction Rate
     
Income to
 
Gains to
     
Repur-
     
Common
     
   
Share
 
Investment
 
Realized/
 
Preferred
 
Preferred
     
Common
 
Common
     
chased
     
Share
 
Ending
 
   
Net Asset
 
Income
 
Unrealized
 
Share-
 
Share-
     
Share-
 
Share-
     
and
    Offering  
Net Asset
 
Market
 
   
Value
 
(Loss
Gain (Loss
holders
(a) 
holders
(a) 
Total
 
holders
 
holders
 
Total
 
Retired
    Costs  
Value
 
Value
 
New Jersey Municipal Value (NJV)
                                         
Year Ended 4/30:
                                         
2012(h)
  $ 14.72   $ .40   $ .77     N/A     N/A   $ 1.17   $ (.38 ) $   $ (.38 ) $   $   $ 15.51   $ 14.96  
2011
    15.84     .82     (1.15 )   N/A     N/A     (.33 )   (.77 )   (.02 )   (.79 )           14.72     13.81  
2010
    14.29     .70     1.55     N/A     N/A     2.25     (.70 )       (.70 )       *   15.84     15.21  
2009(f)
    14.33     (.01 )       N/A     N/A     (.01 )                   (.03 )   14.29     15.00  
                                                                                 
Pennsylvania Investment Quality (NQP)
                                                             
Year Ended 4/30:
                                                             
2012(h)
    14.11     .46     .76   $   $     1.22     (.46 )       (.46 )           14.87     14.26  
2011
    14.82     .93     (.73 )   (.01 )       .19     (.90 )       (.90 )           14.11     13.09  
2010
    13.53     .96     1.16     (.03 )       2.09     (.80 )       (.80 )   *       14.82     13.64  
2009
    14.39     .96     (.94 )   (.20 )       (.18 )   (.68 )       (.68 )   *       13.53     11.34  
2008
    15.19     .95     (.81 )   (.29 )       (.15 )   (.66 )       (.66 )   .01         14.39     13.10  
2007(g)
    14.71     .77     .47     (.23 )       1.01     (.53 )       (.53 )           15.19     14.01  
Year Ended 6/30:
                                                             
2006
    15.73     .90     (.87 )   (.21 )   (.02 )   (.20 )   (.71 )   (.11 )   (.82 )           14.71     12.95  
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
 
104
 
Nuveen Investments

 
 

 

         
Ratios/Supplemental Data
             
Ratios to Average Net Assets
     
 
Total Returns
     
Applicable to Common Shares(c)(d)
     
                         
     
Based
 
Ending
             
     
on
 
Net
             
 
Based
 
Common
 
Assets
     
Net
     
 
on
 
Share Net
 
Applicable
     
Investment
 
Portfolio
 
 
Market
 
Asset
 
to Common
     
Income
 
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
(Loss
)
Rate
 
                                     
                                     
   
11.22
%
 
8.02
%
$
24,205
   
.85
%**
 
5.15
%**
 
6
%
   
(4.19
)
 
(2.17
)
 
22,981
   
.85
   
5.32
   
2
 
   
6.32
   
16.05
   
24,722
   
.82
   
4.63
   
5
 
   
   
(.24
)
 
20,891
   
.64
**   
(.64
)**
 
0
 
                                     
                                     
   
12.51
   
8.71
   
239,116
   
1.67
**   
6.18
**   
5
 
   
2.43
   
1.27
   
226,905
   
1.60
   
6.38
   
8
 
   
27.87
   
15.74
   
238,368
   
1.23
   
6.72
   
6
 
   
(7.99
)
 
(1.01
)
 
218,353
   
1.50
   
7.23
   
3
 
   
(1.78
)
 
(.92
)
 
232,528
   
1.65
   
6.48
   
20
 
   
12.41
   
6.89
   
247,644
   
1.54
**   
6.06
**   
16
 
   
(9.47
)
 
(1.34
)
 
239,718
   
1.23
   
5.87
   
20
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Municipal Value (NJV)
       
Year Ended 4/30:
       
2012(h)
   
.05
%**
2011
   
.06
 
2010
   
.06
 
2009(f)
   
 

Pennsylvania Investment Quality (NQP)
       
Year Ended 4/30:
       
2012(h)
   
.63
%**
2011
   
.55
 
2010
   
.07
 
2009
   
.19
 
2008
   
.38
 
2007(g)
   
.29
** 
Year Ended 6/30:
       
2006
   
 

(f)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
(g)
For the ten months ended April 30, 2007.
(h)
For the six months ended October 31, 2011.
N/A
Fund is not authorized to issue ARPS.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
105
 
 
 

 
 
   
Financial
   
Highlights (Unaudited) (continued)
 
    Selected data for a Common share outstanding throughout each period:
 
          Investment Operations  
Less Distributions
             
               
Distributions
 
Distributions
                             
               
from Net
 
from
                             
               
Investment
 
Capital
     
Net
         
Discount
         
   
Beginning
         
Income to
 
Gains to
     
Investment
 
Capital
     
from
 
Ending
     
   
Common
 
Net
 
Net
 
Auction Rate
 
Auction Rate
     
Income to
 
Gains to
     
Common
 
Common
     
   
Share
 
Investment
 
Realized/
 
Preferred
 
Preferred
     
Common
 
Common
     
Shares
 
Share
 
Ending
 
   
Net Asset
 
Income
 
Unrealized
 
Share-
 
Share-
     
Share-
 
Share-
     
Repurchased
 
Net Asset
 
Market
 
   
Value
 
(Loss
Gain (Loss
holders
(a) 
holders
(a) 
Total
 
holders
 
holders
 
Total
 
and Retired
 
Value
 
Value
 
Pennsylvania Premium Income 2 (NPY)
                                   
Year Ended 4/30:
                                   
2012(g)
  $ 13.52   $ .41   $ .81   $   $   $ 1.22   $ (.42 ) $   $ (.42 ) $   $ 14.32   $ 13.31  
2011
    14.11     .85     (.59 )   (.01 )       .25     (.84 )       (.84 )       13.52     12.29  
2010
    12.72     .91     1.28     (.03 )       2.16     (.77 )       (.77 )   **   14.11     12.91  
2009
    13.74     .91     (1.12 )   (.19 )       (.40 )   (.62 )       (.62 )   **   12.72     10.60  
2008
    14.70     .90     (.94 )   (.26 )   (.02 )   (.32 )   (.61 )   (.04 )   (.65 )   .01     13.74     12.30  
2007(f)
    14.22     .74     .50     (.21 )       1.03     (.55 )       (.55 )       14.70     13.67  
Year Ended 6/30:
                                                       
2006
    15.32     .89     (.80 )   (.18 )   (.03 )   (.12 )   (.77 )   (.21 )   (.98 )       14.22     12.96  
                                                                           
Pennsylvania Dividend Advantage (NXM)
                                                       
Year Ended 4/30:
                                                       
2012(g)
    14.00     .38     .77             1.15     (.44 )       (.44 )       14.71     13.40  
2011
    14.73     .85     (.65 )   (.01 )       .19     (.87 )   (.05 )   (.92 )       14.00     12.85  
2010
    13.09     .96     1.55     (.03 )   (.01 )   2.47     (.79 )   (.04 )   (.83 )   **   14.73     13.77  
2009
    14.47     .97     (1.47 )   (.18 )       (.68 )   (.70 )       (.70 )   **   13.09     11.31  
2008
    15.36     .97     (.84 )   (.25 )   (.02 )   (.14 )   (.70 )   (.05 )   (.75 )       14.47     13.61  
2007(f)
    14.95     .82     .46     (.21 )       1.07     (.66 )       (.66 )       15.36     15.70  
Year Ended 6/30:
                                                       
2006
    15.93     .98     (.78 )   (.19 )   (.01 )       (.88 )   (.10 )   (.98 )       14.95     15.10  
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing Pennsylvania Dividend Advantage (NXM) for any fees or expenses.
 
106
 
Nuveen Investments

 
 

 
 
         
Ratios/Supplemental Data
             
Ratios to Average Net Assets
 
Ratios to Average Net Assets
     
             
Applicable to Common Shares
 
Applicable to Common Shares
     
 
Total Returns
     
Before Reimbursement(d)
 
After Reimbursement(c)(d)
     
                                 
     
Based
 
Ending
                     
     
on
 
Net
                     
 
Based
 
Common
 
Assets
     
Net
     
Net
     
 
on
 
Share Net
 
Applicable
     
Investment
     
Investment
 
Portfolio
 
 
Market
 
Asset
 
to Common
     
Income
     
Income
 
Turnover
 
 
Value(b)
 
Value
(b)
Shares (000
)
Expenses
(e)
(Loss
)
Expenses
(e)
(Loss
)
Rate
 
                                 
                                                 
   
11.81
%
 
9.10
%
$
223,323
   
1.63
%***
 
5.83
%***
 
N/A
   
N/A
   
1
%
   
1.48
   
1.75
   
210,839
   
1.56
   
6.13
   
N/A
   
N/A
   
8
 
   
29.70
   
17.35
   
220,113
   
1.21
   
6.67
   
N/A
   
N/A
   
5
 
   
(8.43
)
 
(2.65
)
 
198,739
   
1.35
   
7.28
   
N/A
   
N/A
   
6
 
   
(5.26
)
 
(2.06
)
 
215,252
   
1.55
   
6.36
   
N/A
   
N/A
   
27
 
   
9.83
   
7.31
   
232,650
   
1.40
***   
6.08
***   
N/A
   
N/A
   
15
 
   
(8.42
)
 
(.80
)*
 
225,121
   
1.20
   
6.01
   
N/A
   
N/A
   
18
 
                                                 
                                                 
   
7.71
   
8.24
   
48,856
   
2.57
***   
5.13
***   
2.57
%***
 
5.13
%***
 
6
 
   
(.27
)
 
1.23
   
46,521
   
1.94
   
5.78
   
1.87
   
5.85
   
8
 
   
29.85
   
19.29
   
48,934
   
1.26
   
6.66
   
1.11
   
6.81
   
5
 
   
(11.67
)
 
(4.57
)
 
43,587
   
1.37
   
7.17
   
1.14
   
7.39
   
4
 
   
(8.46
)
 
(.87
)
 
48,211
   
1.39
   
6.26
   
1.09
   
6.55
   
20
 
   
8.40
   
7.22
   
51,160
   
1.33
***   
5.99
***   
.96
***   
6.36
***   
11
 
   
(.56
)
 
(.01
)
 
49,660
   
1.25
   
5.90
   
.82
   
6.33
   
12
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VRDP Shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Pennsylvania Premium Income 2 (NPY)
       
Year Ended 4/30:
       
2012(g)
   
.60
%***
2011
   
.52
 
2010
   
.05
 
2009
   
.04
 
2008
   
.27
 
2007(f)
   
.19
*** 
Year Ended 6/30:
       
2006
   
 

Pennsylvania Dividend Advantage (NXM)
       
Year Ended 4/30:
       
2012(g)
   
1.29
%***
2011
   
.76
 
2010
   
.02
 
2009
   
 
2008
   
.11
 
2007(f)
   
.06
*** 
Year Ended 6/30:
       
2006
   
 
 
(f)
For the ten months ended April 30, 2007.
(g)
For the six months ended October 31, 2011.
N/A
Fund does not have a contractual reimbursement with the Adviser.
*
During the fiscal year ended June 30, 2006, Pennsylvania Premium Income 2 (NPY) received a payment from the Adviser of $27,169, to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return Based on Common Share Net Asset Value.
**
Rounds to less than $.01 per share.
***
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
107

 
 

 
 
   
Financial
   
Highlights (Unaudited) (continued)
 
  Selected data for a Common share outstanding throughout each period:
 
          Investment Operations  
Less Distributions
                 
               
Distributions
 
Distributions
                 
Discount
             
               
from Net
 
from
                 
from
             
               
Investment
 
Capital
     
Net
         
Common
             
   
Beginning
         
Income to
 
Gains to
     
Investment
 
Capital
     
Shares
     
Ending
     
   
Common
 
Net
 
Net
 
Auction Rate
 
Auction Rate
     
Income to
 
Gains to
     
Repur-
     
Common
     
   
Share
 
Investment
 
Realized/
 
Preferred
 
Preferred
     
Common
 
Common
     
chased
     
Share
 
Ending
 
   
Net Asset
 
Income
 
Unrealized
 
Share-
 
Share-
     
Share-
 
Share-
     
and
 
Offering
 
Net Asset
 
Market
 
   
Value
 
(Loss
Gain (Loss
)     
holders
(a) 
holders
(a) 
Total
 
holders
 
holders
 
Total
 
Retired
 
Costs
 
Value
 
Value
 
Pennsylvania Dividend Advantage 2 (NVY)
                                     
Year Ended 4/30:
                                     
2012 (h)
  $ 14.08   $ .39   $ .50   $   $   $ .89   $ (.45 ) $   $ (.45 ) $   $   $ 14.52   $ 13.48  
2011
    14.74     .89     (.60 )   (.01 )       .28     (.89 )   (.05 )   (.94 )           14.08     13.00  
2010
    13.42     .97     1.27     (.02 )   (.01 )   2.21     (.82 )   (.07 )   (.89 )           14.74     14.19  
2009
    14.49     .99     (1.17 )   (.19 )   *   (.37 )   (.70 )   *   (.70 )           13.42     11.45  
2008
    15.34     .99     (.80 )   (.26 )   (.02 )   (.09 )   (.71 )   (.05 )   (.76 )           14.49     13.40  
2007(f)
    14.93     .83     .44     (.21 )   (.01 )   1.05     (.62 )   (.02 )   (.64 )           15.34     15.18  
Year Ended 6/30:
                                                                               
2006
    15.89     .98     (.85 )   (.19 )   (.01 )   (.07 )   (.79 )   (.10 )   (.89 )           14.93     14.16  
                                                                                 
Pennsylvania Municipal Value (NPN)
                                                       
Year Ended 4/30:
                                                         
2012(h)
    14.79     .39     .83     N/A     N/A     1.22     (.38 )       (.38 )           15.63     14.77  
2011
    15.46     .79     (.70 )   N/A     N/A     .09     (.76 )       (.76 )           14.79     13.96  
2010
    14.29     .70     1.19     N/A     N/A     1.89     (.72 )       (.72 )       *   15.46     15.43  
2009(g)
    14.33     (.01 )       N/A     N/A     (.01 )                   (.03 )   14.29     15.05  
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
 
108
 
Nuveen Investments

 
 

 
 
         
Ratios/Supplemental Data
             
Ratios to Average Net Assets
 
Ratios to Average Net Assets
     
             
Applicable to Common Shares
 
Applicable to Common Shares
     
 
Total Returns
     
Before Reimbursement(d)
 
After Reimbursement(c)(d)
     
                                 
     
Based
 
Ending
                     
     
on
 
Net
                     
 
Based
 
Common
 
Assets
     
Net
     
Net
     
 
on
 
Share Net
 
Applicable
     
Investment
     
Investment
 
Portfolio
 
 
Market
 
Asset
 
to Common
     
Income
     
Income
 
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
(Loss
)
Expenses
(e)
(Loss
)
Rate
 
                                                 
                                                 
   
7.17
%
 
6.34
%
$
54,102
   
2.54
%**
 
5.30
%**
 
2.47
%**
 
5.38
%**
 
7
%
   
(2.00
)
 
1.89
   
52,470
   
1.88
   
5.94
   
1.74
   
6.08
   
7
 
   
32.47
   
16.80
   
54,920
   
1.30
   
6.61
   
1.08
   
6.83
   
5
 
   
(9.16
)
 
(2.33
)
 
49,993
   
1.37
   
7.07
   
1.06
   
7.38
   
4
 
   
(6.81
)
 
(.60
)
 
53,997
   
1.40
   
6.29
   
1.02
   
6.66
   
27
 
   
11.88
   
7.14
   
57,142
   
1.33
**   
6.03
**  
.89
**   
6.47
**   
13
 
   
.88
   
(.46
)
 
55,597
   
1.24
   
5.93
   
.79
   
6.38
   
13
 
                                                 
                                                 
   
8.54
   
8.27
   
19,059
   
.88
**   
4.99
**   
N/A
   
N/A
   
2
 
   
(4.77
)
 
.59
   
18,029
   
.87
   
5.17
   
N/A
   
N/A
   
3
 
   
7.52
   
13.49
   
18,805
   
.82
   
4.68
   
N/A
   
N/A
   
5
 
   
.33
   
(.31
)
 
15,816
   
.66
**   
(.66
)**
 
N/A
   
N/A
   
0
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, both each as described in Footnote 1 –General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Pennsylvania Dividend Advantage 2 (NVY)
       
Year Ended 4/30:
       
2012(h)
   
1.29
%**
2011
   
.71
 
2010
   
.08
 
2009
   
.01
 
2008
   
.11
 
2007(f)
   
.06
**
Year Ended 6/30:
       
2006
   
 

Pennsylvania Municipal Value (NPN)
       
Year Ended 4/30:
       
2012(h)
   
%**
2011
   
 
2010
   
 
2009(g)
   
 
 
(f)
For the ten months ended April 30, 2007.
(g)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
(h) For the six months ended October 31, 2011.
N/A
Fund is not authorized to issue ARPS and does not have a contractual reimbursement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
109

 
 

 
 
   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
MTP Shares at the End of Period
 
VRDP Shares at the End of Period
 
   
Aggregate
 
Liquidation
     
Aggregate
     
Ending
 
Average
     
Aggregate
         
   
Amount
 
and Market
 
Asset
 
Amount
 
Liquidation
 
Market
 
Market
 
Asset
 
Amount
 
Liquidation
 
Asset
 
   
Outstanding
 
Value
 
Coverage
 
Outstanding
 
Value
 
Value
 
Value
 
Coverage
 
Outstanding
 
Value
 
Coverage
 
   
(000
)
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
New Jersey Investment Quality (NQJ)
                                                 
Year Ended 4/30:
                                                 
2012(a)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
144,300
 
$
100,000
 
$
304,250
 
2011
   
   
   
   
   
   
   
   
   
144,300
   
100,000
   
294,018
 
2010
   
143,450
   
25,000
   
76,478
   
   
   
   
   
   
   
   
 
2009
   
149,825
   
25,000
   
69,373
   
   
   
   
   
   
   
   
 
2008
   
162,000
   
25,000
   
70,092
   
   
   
   
   
   
   
   
 
2007(b)
   
162,000
   
25,000
   
72,284
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                       
2006
   
162,000
   
25,000
   
70,917
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Premium Income (NNJ)
                                                 
Year Ended 4/30:
                                                       
2012(a)
   
   
   
   
   
   
   
   
   
88,600
   
100,000
   
303,619
 
2011
   
   
   
   
   
   
   
   
   
88,600
   
100,000
   
293,242
 
2010
   
87,875
   
25,000
   
76,216
   
   
   
   
   
   
   
   
 
2009
   
91,600
   
25,000
   
70,422
   
   
   
   
   
   
   
   
 
2008
   
91,600
   
25,000
   
73,137
   
   
   
   
   
   
   
   
 
2007(b)
   
91,600
   
25,000
   
75,093
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                       
2006
   
91,600
   
25,000
   
73,635
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Dividend Advantage (NXJ)
                                                 
Year Ended 4/30:
                                                 
2012(a)
   
   
   
   
44,861
   
10.00
   
10.05
   
10.05
   
31.14
   
   
   
 
2011
   
   
   
   
44,861
   
10.00
   
9.94
   
9.95
 
29.93
   
   
   
 
2010
   
43,925
   
25,000
   
79,240
   
   
   
   
   
   
   
   
 
2009
   
47,025
   
25,000
   
70,311
   
   
   
   
   
   
   
   
 
2008
   
48,000
   
25,000
   
73,834
   
   
   
   
   
   
   
   
 
2007(b)
   
48,000
   
25,000
   
76,668
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                 
2006
   
48,000
   
25,000
   
75,197
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Dividend Advantage 2 (NUJ)
                                                 
Year Ended 4/30:
                                                 
2012(a)
   
   
   
   
35,050
   
10.00
   
9.96
   
9.82
   
28.52
   
   
   
 
2011
   
   
   
   
35,050
   
10.00
   
9.62
   
9.65
^^   
27.55
   
   
   
 
2010
   
31,225
   
25,000
   
77,370
   
   
   
   
   
   
   
   
 
2009
   
32,600
   
25,000
   
69,828
   
   
   
   
   
   
   
   
 
2008
   
34,500
   
25,000
   
72,032
   
   
   
   
   
   
   
   
 
2007(b)
   
34,500
   
25,000
   
75,172
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                 
2006
   
34,500
   
25,000
   
73,659
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Municipal Value (NJV)
                                                 
Year Ended 4/30:
                                                 
2012(a)
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2011
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2010
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2009(c)
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
 
(a)
For the six months ended October 31, 2011.
(b) For the ten months ended April 30, 2007.
(c)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
N/A
Fund is not authorized to issue ARPS.
^
For the period March 24, 2011 (issuance date of shares) through April 30, 2011.
^^
For the period October 1, 2010 (issuance date of shares) through April 30, 2011.
 
See accompanying notes to financial statements.
 
110
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
MTP Shares at the End of Period
 
VRDP Shares at the End of Period
 
   
Aggregate
 
Liquidation
     
Aggregate
     
Ending
 
Average
     
Aggregate
         
   
Amount
 
and Market
 
Asset
 
Amount
 
Liquidation
 
Market
 
Market
 
Asset
 
Amount
 
Liquidation
 
Asset
 
   
Outstanding
 
Value
 
Coverage
 
Outstanding
 
Value
 
Value
 
Value
 
Coverage
 
Outstanding
 
Value
 
Coverage
 
   
(000
)
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
Pennsylvania Investment Quality (NQP)
                                                 
Year Ended 4/30:
                                                 
2012(a)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
112,500
 
$
100,000
 
$
312,548
 
2011
   
   
   
   
   
   
   
   
   
112,500
   
100,000
   
301,693
 
2010
   
111,750
   
25,000
   
78,326
   
   
   
   
   
   
   
   
 
2009
   
111,750
   
25,000
   
73,849
   
   
   
   
   
   
   
   
 
2008
   
132,000
   
25,000
   
69,039
   
   
   
   
   
   
   
   
 
2007(b)
   
132,000
   
25,000
   
71,902
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                 
2006
   
132,000
   
25,000
   
70,401
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Premium Income 2 (NPY)
                                                 
Year Ended 4/30:
                                                 
2012(a)
   
   
   
   
   
   
   
   
   
100,000
   
100,000
   
323,323
 
2011
   
   
   
   
   
   
   
   
   
100,000
   
100,000
   
310,839
 
2010
   
99,275
   
25,000
   
80,430
   
   
   
   
   
   
   
   
 
2009
   
99,275
   
25,000
   
75,047
   
   
   
   
   
   
   
   
 
2008
   
118,100
   
25,000
   
70,566
   
   
   
   
   
   
   
   
 
2007(b)
   
118,100
   
25,000
   
74,249
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                 
2006
   
118,100
   
25,000
   
72,655
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Dividend Advantage (NXM)
                                                 
Year Ended 4/30:
                                                           
2012(a)
   
   
   
   
23,190
   
10.00
   
9.99
   
9.89
   
31.07
   
   
   
 
2011
   
   
   
   
23,190
   
10.00
   
9.65
   
9.75
Ω
 
30.06
   
   
   
 
2010
   
22,500
   
25,000
   
79,372
   
   
   
   
   
   
   
   
 
2009
   
22,500
   
25,000
   
73,430
   
   
   
   
   
   
   
   
 
2008
   
25,000
   
25,000
   
73,211
   
   
   
   
   
   
   
   
 
2007(b)
   
25,000
   
25,000
   
76,160
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                 
2006
   
25,000
   
25,000
   
74,660
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Dividend Advantage 2 (NVY)
                                                 
Year Ended 4/30:
                                                 
2012(a)
   
   
   
   
24,550
   
10.00
   
10.04
   
9.91
   
32.04
   
   
   
 
2011
   
   
   
   
24,550
   
10.00
   
9.75
   
9.68
ΩΩ
 
31.37
   
   
   
 
2010
   
23,000
   
25,000
   
84,696
   
   
   
   
   
   
   
   
 
2009
   
23,000
   
25,000
   
79,340
   
   
   
   
   
   
   
   
 
2008
   
28,500
   
25,000
   
72,366
   
   
   
   
   
   
   
   
 
2007(b)
   
28,500
   
25,000
   
75,124
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                                 
2006
   
28,500
   
25,000
   
73,769
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Municipal Value (NPN)
                                                 
Year Ended 4/30:
                                                 
2012(a)
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2011
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2010
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2009(c)
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
 
(a)
For the six months ended October 31, 2011.
(b) For the ten months ended April 30, 2007.
(c)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
N/A
Fund is not authorized to issue ARPS.
Ω
For the period October 4, 2010 (issuance date of shares) through April 30, 2011.
ΩΩ
For the period October 27, 2010 (issuance date of shares) through April 30, 2011.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
111
 
 
 

 
 
   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
The state funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ), Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ), Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ), Nuveen New Jersey Municipal Value Fund (NJV), Nuveen Pennsylvania Investment Quality Municipal Fund (NQP), Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY), Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY) and Nuveen Pennsylvania Municipal Value Fund (NPN) (each a “Fund” and collectively, the “Funds”). Common shares of New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY), are traded on the New York Stock Exchange (“NYSE”) while Common shares of New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), New Jersey Municipal Value (NJV), Pennsylvania Dividend Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY) and Pennsylvania Municipal Value (NPN) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.
 
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
112
 
Nuveen Investments

 
 

 
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At October 31, 2011, New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), New Jersey Municipal Value (NJV), Pennsylvania Investment Quality (NQP), Pennsylvania Premium Income 2 (NPY), Pennsylvania Dividend Advantage (NXM) and Pennsylvania Dividend Advantage 2 (NVY) had outstanding when-issued/delayed delivery purchase commitments of $3,125,031, $1,770,115, $1,537,723, $1,152,023, $69,040, $3,139,428, $1,285,445, $908,634 and $464,538, respectively. There were no such outstanding purchase commitments in Pennsylvania Municipal Value (NPN).
 
Investment Income
Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund except New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of April 30, 2011, the Funds redeemed all of their outstanding APRS at liquidation value.
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many Auction Rate Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Auction Rate Preferred shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS.
 
Nuveen Investments
 
113

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
During the fiscal year ended April 30, 2011, lawsuits pursuing claims made in a demand letter alleging that New Jersey Dividend Advantage’s (NXJ) Board of Trustees breached their fiduciary duties related to the redemption at par of the Fund’s ARPS, had been filed on behalf of shareholders of the Fund, against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of the Fund. Nuveen and the other named defendants filed a motion to dismiss the lawsuits and on December 16, 2011, the court granted that motion dismissing the lawsuits with prejudice.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of October 31, 2011, the number of MTP Shares outstanding, annual interest rate and NYSE “ticker” symbol for each Fund’s series of MTP Shares are as follows:
 
     
New Jersey Dividend Advantage (NXJ)
    New Jersey Dividend Advantage 2 (NUJ)  
     
 
   
Annual
                Annual        
     
Shares
   
Interest
   
NYSE
   
Shares
   
Interest
   
NYSE
 
     
Outstanding
   
Rate
   
Ticker
   
Outstanding
   
Rate
   
Ticker
 
Series:
                                     
2014
   
4,486,100
   
2.30
%
 
NXJ Pr A
   
   
   
 
2015
   
   
   
   
3,505,000
   
2.00
%
 
NUJ Pr C
 
 
     
Pennsylvania Dividend Advantage (NXM)
    Pennsylvania Dividend Advantage 2 (NVY)  
     
Annual
   
 
         
 
   
Annual
       
     
Shares
   
Interest
   
NYSE
   
Shares
   
Interest
   
NYSE
 
     
Outstanding
   
Rate
   
Ticker
   
Outstanding
   
Rate
   
Ticker
 
Series:
                                     
2015
   
2,319,000
   
2.10
%
 
NXM Pr C
   
2,455,000
   
2.15
%
 
NVY Pr C
 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share would be equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares are as follows:
 
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage
   
Advantage 2
 
     
(NXJ
)
 
(NUJ
)
 
(NXM
)
 
(NVY
)
     
Series 2014
   
Series 2015
   
Series 2015
   
Series 2015
 
Term Redemption Date
   
April 1, 2014
   
November 1, 2015
   
November 1, 2015
   
November 1, 2015
 
Optional Redemption Date
   
April 1, 2012
   
November 1, 2011
   
November 1, 2011
   
November 1, 2011
 
Premium Expiration Date
   
March 31, 2013
   
October 31, 2012
   
October 31, 2012
   
October 31, 2012
 
 
The average liquidation value for all series of MTP Shares outstanding for each Fund during the six months ended October 31, 2011, was as follows:
 
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage
   
Advantage 2
 
     
(NXJ
)
 
(NUJ
)
 
(NXM
)
 
(NVY
)
Average liquidation value of MTP Shares outstanding
 
$
44,861,000
 
$
35,050,000
 
$
23,190,000
 
$
24,550,000
 
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
114
 
Nuveen Investments

 
 

 
 
Net amounts earned by Nuveen as the underwriter of each Fund’s MTP Share offering was recorded as a reduction of offering costs recognized by the Funds. For the six months ended October 31, 2011, the amounts earned by Nuveen were as follows:
 
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage
   
Advantage 2
 
     
(NXJ
)
 
(NUJ
)
 
(NXM
)
 
(NVY
)
Net amounts earned by Nuveen
 
$
3,879
 
$
2,167
 
$
941
 
$
1,520
 
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) issued their VRDP Shares in a privately negotiated offering during August 2010. Proceeds of each Fund’s offering were used to redeem all, or a portion of, each Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of October 31, 2011, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
 
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Investment
   
Premium
 
     
Quality
   
Income
   
Quality
   
Income 2
 
     
(NQJ
)
 
(NNJ
)
 
(NQP
)
 
(NPY
)
Series
   
1
   
1
   
1
   
1
 
Shares outstanding
   
1,443
   
886
   
1,125
   
1,000
 
Maturity
   
August 1, 2040
   
August 1, 2040
   
August 1, 2040
   
August 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended October 31, 2011, were as follows:
 
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Investment
   
Premium
 
     
Quality
   
Income
   
Quality
   
Income 2
 
     
(NQJ
)
 
(NNJ
)
 
(NQP
)
 
(NPY
)
Average liquidation value outstanding
   
144,300,000
   
88,600,000
   
112,500,000
   
100,000,000
 
Annualized dividend rate
   
0.33
%
 
0.33
%
 
0.33
%
 
0.33
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as components of “Fees on VRDP Shares” on the Statement of Operations.
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts
 
Nuveen Investments
 
115

 
 

 
 
    Notes to 
    Financial Statements (Unaudited) (continued)
 
equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended October 31, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
At October 31, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Maximum exposure to Recourse Trusts
 
$
6,385,000
 
$
3,725,000
 
$
2,010,000
 
$
1,380,000
 
$
 
 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Maximum exposure to Recourse Trusts
 
$
 
$
 
$
 
$
 
$
2,250,000
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended October 31, 2011, were as follows:
 
     
New Jersey
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Municipal
   
Investment
   
Premium
   
Dividend
   
Dividend
 
     
Value
   
Quality
   
Income 2
   
Advantage
   
Advantage 2
 
     
(NJV
)
 
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
Average floating rate obligations outstanding
 
$
1,500,000
 
$
26,703,315
 
$
12,333,071
 
$
1,056,739
 
$
4,359,103
 
Average annual interest rate and fees
   
0.77
%
 
0.44
%
 
0.70
%
 
0.77
%
 
0.77
%
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended October 31, 2011.
 
116
 
Nuveen Investments

 
 

 
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Offering Costs
Costs incurred by New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), Pennsylvania Dividend Advantage (NXM) and Pennsylvania Dividend Advantage 2 (NVY) in connection with their offerings of MTP Shares ($935,763, $865,750, $682,850 and $703,250, respectively) were recorded as deferred charges, which will be amortized over the life of the shares. Costs incurred by New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) in connection with their offerings of VRDP Shares ($795,750, $631,500, $701,250, and $665,000, respectively) were recorded as deferred charges which will be amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions
 
Nuveen Investments
 
117

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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 methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of October 31, 2011:
 
New Jersey Investment Quality (NQJ)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
Municipal Bonds
  $     $ 435,391,041     $     $ 435,391,041  
                                 
New Jersey Premium Income (NNJ)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 265,583,331     $     $ 265,583,331  
                                 
New Jersey Dividend Advantage (NXJ)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 137,298,857     $     $ 137,298,857  
                                 
New Jersey Dividend Advantage 2 (NUJ)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 99,164,075     $     $ 99,164,075  
                                 
New Jersey Municipal Value (NJV)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 24,899,519     $     $ 24,899,519  
                                 
Pennsylvania Investment Quality (NQP)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 363,261,951     $     $ 363,261,951  
Short-Term Investments
          5,000,000             5,000,000  
Total
  $     $ 368,261,951     $     $ 368,261,951  
                                 
Pennsylvania Premium Income 2 (NPY)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 327,390,941     $     $ 327,390,941  
                                 
Pennsylvania Dividend Advantage (NXM)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 71,291,960     $     $ 71,291,960  
                                 
Pennsylvania Dividend Advantage 2 (NVY)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 82,076,537     $     $ 82,076,537  
                                 
Pennsylvania Municipal Value (NPN)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                               
Municipal Bonds
  $     $ 18,456,661     $     $ 18,456,661  
 
During the six months ended October 31, 2011, the Funds recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended October 31, 2011.
 
118
 
Nuveen Investments

 
 

 
 
4. Fund Shares
Common Shares
Transactions in Common shares were as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment Quality (NQJ)
 
 
Premium Income (NNJ)
    Dividend Advantage (NXJ)  
     
Six Months
   
 
   
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Repurchased and retired
   
   
   
   
   
   
 
Weighted average Common share:
                                     
Price per share repurchased and retired
 
$
 
$
 
$
 
$
 
$
 
$
 
Discount per share repurchased and retired
   
   
   
   
   
   
 
 
     
New Jersey
   
New Jersey
 
      Dividend Advantage 2 (NUJ)
 
 
Municipal Value (NJV)
 
     
Six Months
   
 
   
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Common shares:
                         
Issued to shareholders due to reinvestment of distributions
   
   
1,880
   
   
 
Repurchased and retired
   
   
   
   
 
Weighted average Common share:
                         
Price per share repurchased and retired
 
$
 
$
 
$
 
$
 
Discount per share repurchased and retired
   
   
   
   
 
 
     
Pennsylvania
   
Pennsylvania
    Pennsylvania  
      Investment Quality (NQP)
 
 
Premium Income 2 (NPY)
    Dividend Advantage (NXM)  
     
Six Months
   
 
   
Six Months
          Six Months        
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Repurchased and retired
   
   
   
   
   
   
 
Weighted average Common share:
                                     
Price per share repurchased and retired
 
$
 
$
 
$
 
$
 
$
 
$
 
Discount per share repurchased and retired
   
   
   
   
   
   
 
 
     
Pennsylvania
    Pennsylvania  
      Dividend Advantage 2 (NVY)
 
  Municipal Value (NPN)  
     
Six Months
   
 
    Six Months        
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
Common shares:
                         
Issued to shareholders due to reinvestment of distributions
   
   
307
   
   
3,001
 
Repurchased and retired
   
   
   
   
 
Weighted average Common share:
                         
Price per share repurchased and retired
 
$
 
$
 
$
 
$
 
Discount per share repurchased and retired
   
   
   
   
 
 
Nuveen Investments   119

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Preferred Shares
New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) are not authorized to issue ARPS.
 
Transactions in ARPS were as follows:
                                                   
      New Jersey Investment Quality (NQJ)     New Jersey Premium Quality (NNJ)
     
Six Months Ended
   
Year Ended
    Six Months Ended     Year Ended  
     
10/31/11
   
4/30/11
    10/31/11     4/30/11  
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                           
Series M
   
N/A
   
N/A
   
2,834
  $ 70,850,000    
N/A
   
N/A
 
$
  $
 
Series T
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
599
   
14,975,000
 
Series W
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
1,381
   
34,525,000
 
Series TH
   
N/A
   
N/A
   
1,772
   
44,300,000
   
N/A
   
N/A
   
1,535
   
38,375,000
 
Series F
   
N/A
   
N/A
   
1,132
   
28,300,000
   
N/A
   
N/A
   
   
 
Total
   
N/A
   
N/A
   
5,738
  $
143,450,000
   
N/A
   
N/A
 
 
3,515
  $
87,875,000
 
 
     
New Jersey Dividend Advantage (NXJ)
    New Jersey Dividend Advantage 2 (NUJ)  
     
Six Months Ended
10/31/11
   
Year Ended
4/30/11
    Six Months Ended
10/31/11
    Year Ended
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                           
Series T
   
N/A
   
N/A
   
1,757
 
$
43,925,000
   
N/A
   
N/A
   
 
$
 
Series W
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
1,249
   
31,225,000
 
Total
   
N/A
   
N/A
   
1,757
 
$
43,925,000
   
N/A
   
N/A
   
1,249
 
$
31,225,000
 
 
     
Pennsylvania Investment Quality (NQP)
    Pennsylvania Premium Income 2 (NPY)  
     
Six Months Ended
10/31/11
   
Year Ended
4/30/11
    Six Months Ended
10/31/11
   
Year Ended
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                           
Series M
   
N/A
   
N/A
   
 
$
   
N/A
   
N/A
   
710
 
$
17,750,000
 
Series T
   
N/A
   
N/A
   
744
   
18,600,000
   
N/A
   
N/A
   
   
 
Series W
   
N/A
   
N/A
   
2,033
   
50,825,000
   
N/A
   
N/A
   
   
 
Series TH
   
N/A
   
N/A
   
1,693
   
42,325,000
   
N/A
   
N/A
   
1,748
   
43,700,000
 
Series F
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
1,513
   
37,825,000
 
Total
   
N/A
   
N/A
   
4,470
  $
111,750,000
   
N/A
   
N/A
 
 
3,971
  $
99,275,000
 
 
     
Pennsylvania Dividend Advantage (NXM)
        Pennsylvania Dividend Advantage 2 (NVY)  
     
Six Months Ended
10/31/11
   
Year Ended
4/30/11
    Six Months Ended
10/31/11
    Year Ended
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                           
Series M
   
N/A
   
N/A
   
 
$
   
N/A
   
N/A
   
920
 
$
23,000,000
 
Series T
   
N/A
   
N/A
   
900
   
22,500,000
   
N/A
   
N/A
   
   
 
Total
   
N/A
   
N/A
   
900
 
$
22,500,000
   
N/A
   
N/A
   
920
 
$
23,000,000
 
 
N/A – As of April 30, 2011, the Fund redeemed all of its outstanding ARPS at liquidation value.
 
120
 
Nuveen Investments

 
 

 
 
Transactions in MTP Shares were as follows:
                                                   
     
New Jersey Dividend Advantage (NXJ)
      New Jersey Dividend Advantage 2 (NUJ)  
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
MTP Shares issued:
                                           
Series 2014
   
 
$
   
4,486,100
 
$
44,861,000
   
 
$
   
 
$
 
Series 2015
   
   
   
   
   
   
   
3,505,000
   
35,050,000
 
Total
   
 
$
   
4,486,100
 
$
44,861,000
   
 
$
   
3,505,000
 
$
35,050,000
 
 
      Pennsylvania Dividend Advantage (NXM )       Pennsylvania Dividend Advantage 2 (NVY)  
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
MTP Shares issued:
                                           
Series 2015
   
 
$
   
2,319,000
 
$
23,190,000
   
 
$
   
2,455,000
 
$
24,550,000
 
 
Transactions in VRDP Shares were as follows:

      New Jersey Investment Quality (NQJ )       New Jersey Premium Quality (NNJ)  
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VRDP Shares issued:
                                     
Series 1
   
 
$
   
1,443
 
$
144,300,000
   
 
$
   
886
 
$
88,600,000
 
 
      Pennsylvania Investment Quality (NQP )       Pennsylvania Premium Income 2 (NPY)  
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
10/31/11
   
4/30/11
   
10/31/11
   
4/30/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VRDP Shares issued:
                                     
Series 1
   
 
$
   
1,125
 
$
112,500,000
   
 
$
   
1,000
 
$
100,000,000
 

5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended October 31, 2011, were as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Purchases
 
$
20,754,412
 
$
13,881,476
 
$
12,650,575
 
$
4,040,218
 
$
1,536,919
 
Sales and maturities
   
10,117,597
   
10,895,477
   
12,500,969
   
2,951,844
   
1,964,206
 
 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Purchases
 
$
16,354,960
 
$
7,832,491
 
$
4,264,153
 
$
5,988,342
 
$
419,752
 
Sales and maturities
   
22,274,350
   
2,710,000
   
4,875,725
   
5,719,994
   
516,370
 

Nuveen Investments
 
121

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
6. 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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At October 31, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Cost of investments
 
$
430,276,538
 
$
258,159,908
 
$
135,857,744
 
$
98,343,444
 
$
21,515,707
 
Gross unrealized:
                               
Appreciation
 
$
14,534,421
 
$
11,285,338
 
$
4,096,079
 
$
2,863,247
 
$
1,950,432
 
Depreciation
   
(9,419,918
)
 
(3,861,915
)
 
(2,654,966
)
 
(2,042,616
)
 
(66,620
)
Net unrealized appreciation (depreciation) of investments
 
$
5,114,503
 
$
7,423,423
 
$
1,441,113
 
$
820,631
 
$
1,883,812
 
 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Cost of investments
 
$
332,701,754
 
$
305,759,398
 
$
69,210,621
 
$
77,228,617
 
$
16,813,521
 
Gross unrealized:
                               
Appreciation
 
$
13,567,274
 
$
17,005,676
 
$
2,479,644
 
$
2,740,178
 
$
1,647,294
 
Depreciation
   
(4,672,591
)
 
(7,514,153
)
 
(1,408,275
)
 
(2,217,278
)
 
(4,154
)
Net unrealized appreciation (depreciation) of investments
 
$
8,894,683
 
$
9,491,523
 
$
1,071,369
 
$
522,900
 
$
1,643,140
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at April 30, 2011, the Funds’ last tax year end, as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Paid-in-surplus
 
$
(18,552
)
$
(19,602
)
$
(28,139
)
$
(97,971
)
$
 
Undistributed (Over-distribution of) net investment income
   
18,627
   
9,349
   
19,230
   
95,554
   
(275
)
Accumulated net realized gain (loss)
   
(75
)
 
10,253
   
8,909
   
2,417
   
275
 
 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Paid-in-surplus
 
$
(16,781
)
$
(15,745
)
$
(74,796
)
$
(72,675
)
$
11,072
 
Undistributed (Over-distribution of) net investment income
   
(11,798
)
 
(2,653
)
 
57,863
   
61,002
   
 
Accumulated net realized gain (loss)
   
28,579
   
18,398
   
16,933
   
11,673
   
(11,072
)

122
 
Nuveen Investments

 
 

 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at April 30, 2011, the Funds’ last tax year end, were as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Undistributed net tax-exempt income *
 
$
5,455,189
 
$
3,408,483
 
$
1,944,334
 
$
1,262,486
 
$
111,689
 
Undistributed net ordinary income **
   
20,137
   
9,799
   
1,554
   
   
 
Undistributed net long-term capital gains
   
6,774
   
134,071
   
36,841
   
45,407
   
 
 
                                 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Undistributed net tax-exempt income *
 
$
4,587,625
 
$
4,116,260
 
$
893,144
 
$
1,066,413
 
$
18,981
 
Undistributed net ordinary income **
   
11,891
   
10,771
   
203
   
177
   
 
Undistributed net long-term capital gains
   
   
   
187,034
   
146,187
   
 
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2011, paid on May 2, 2011.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended April 30, 2011, was designated for purposes of the dividends paid deduction as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Distributions from net tax-exempt income
 
$
17,567,230
 
$
10,298,550
 
$
5,612,161
 
$
4,263,861
 
$
1,198,707
 
Distributions from net ordinary income**
   
   
   
   
3
   
38,372
 
Distributions from net long-term capital gains
   
550,205
   
140,828
   
159,911
   
172,338
   
 
 
                                 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Distributions from net tax-exempt income
 
$
15,015,026
 
$
13,591,982
 
$
3,166,778
 
$
3,606,690
 
$
933,419
 
Distributions from net ordinary income**
   
   
   
   
   
 
Distributions from net long-term capital gains
   
   
   
161,463
   
179,017
   
 
 
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
At April 30, 2011, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
                           
     
New Jersey
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Municipal
   
Investment
   
Premium
   
Municipal
 
     
Value
   
Quality
   
Income 2
   
Value
 
     
(NJV
)
 
(NQP
)
 
(NPY
)
 
(NPN
)
Expiration:
                         
April 30, 2016
 
$
 
$
 
$
77,818
 
$
 
April 30, 2017
   
   
1,637,403
   
2,893,165
   
 
April 30, 2019
   
18,711
   
   
   
82
 
Total
 
$
18,711
 
$
1,637,403
 
$
2,970,983
 
$
82
 
 
During the Funds’ last tax year ended April 30, 2011, Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) utilized $774,109 and $94,420, respectively, of their capital loss carryforwards.
 
Nuveen Investments
  123
 
 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through April 30, 2011, the Funds’ last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer post-October losses as follows:
                                       
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
   
Dividend
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
   
Advantage 2
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NVY
)
Post-October capital losses
 
$
1,509,839
 
$
860,559
 
$
485,839
 
$
341,487
 
$
8,950
 
$
3,964
 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:
         
     
New Jersey Investment Quality (NQJ
)
     
New Jersey Premium Income (NNJ
)
     
Pennsylvania Investment Quality (NQP
)
     
Pennsylvania Premium Income 2 (NPY
)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
 
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For the next $3 billion
   
.3875
 
For managed assets over $5 billion
   
.3750
 
 
         
     
New Jersey Dividend Advantage (NXJ
)
     
New Jersey Dividend Advantage 2 (NUJ
)
     
Pennsylvania Dividend Advantage (NXM
)
     
Pennsylvania Dividend Advantage 2 (NVY
)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
 
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For managed assets over $2 billion
   
.3750
 
 
         
      New Jersey Municipal Value (NJV)
      Pennsylvania Municipal Value (NPN)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4000
%
For the next $125 million
   
.3875
 
For the next $250 million
   
.3750
 
For the next $500 million
   
.3625
 
For the next $1 billion
   
.3500
 
For managed assets over $2 billion
   
.3375
 

124
 
Nuveen Investments

 
 

 
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
         
Complex-Level Managed Asset Breakpoint Level*
   
Effective Rate at Breakpoint Level
$55 billion
   
.2000
%
$56 billion
   
.1996
 
$57 billion
   
.1989
 
$60 billion
   
.1961
 
$63 billion
   
.1931
 
$66 billion
   
.1900
 
$71 billion
   
.1851
 
$76 billion
   
.1806
 
$80 billion
   
.1773
 
$91 billion
   
.1691
 
$125 billion
   
.1599
 
$200 billion
   
.1505
 
$250 billion
   
.1469
 
$300 billion
   
.1445
 
 
* For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2011, the complex-level fee rate for these Funds was .1759%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”) a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
For the first ten years of New Jersey Dividend Advantage 2’s (NUJ) and Pennsylvania Dividend Advantage 2’s (NVY) operations, the Adviser has agreed to reimburse the Funds, as a percentage of average daily managed assets for fees and expenses in the amounts and for the time periods set forth below:
                     
Year Ending
   
 
   
Year Ending
       
March 31,
   
 
   
March 31,
       
2002*
   
.30
%
 
2008
   
.25
%
2003
   
.30
   
2009
   
.20
 
2004
   
.30
   
2010
   
.15
 
2005
   
.30
   
2011
   
.10
 
2006
   
.30
   
2012
   
.05
 
2007
   
.30
             
 
*           From the commencement of operations.
 
The Adviser has not agreed to reimburse New Jersey Dividend Advantage 2 (NUJ) and Pennsylvania Dividend Advantage 2 (NVY) for any portion of their fees and expenses beyond March 31, 2012.
 
Nuveen Investments
  125
 
 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
8. New Accounting Pronouncements
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU No. 211-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
 
126
 
Nuveen Investments
 
 
 

 
 
Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
Nuveen Investments
 
127

 
 

 
 
Reinvest Automatically
Easily and Conveniently (continued)
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
128
 
Nuveen Investments

 
 

 
 
Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any structural leverage.
   
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Using borrowed money to invest in securities or other assets.

Nuveen Investments
 
129

 
 

 
 
Glossary of Terms
Used in this Report (continued)
 
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
   
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 46 funds; 1-year, 46 funds; 5-year, 46 funds; and 10-year, 30 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
   
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
   
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Standard & Poor’s (S&P) National Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.
   
Standard & Poor’s (S&P) New Jersey Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New Jersey municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.
   
Standard & Poor’s (S&P) Pennsylvania Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Pennsylvania municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.
 
130
 
Nuveen Investments
 
 
 

 
 
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the Fund. Both of these are part of a Fund’s capital structure. Structural leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments
 
131

 
 

 
 
Notes
 
132
 
Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments
 
133
 
 
 

 
 
Notes
 
134
 
Nuveen Investments

 
 

 
 
Other Useful Information
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common and Preferred Share Information
Each Fund intends to repurchase shares of its own common in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common as shown in the accompanying table.
   
Common Shares
 
Fund
 
Repurchased
 
NQJ
     
NNJ
     
NXJ
     
NUJ
     
NJV
     
NQP
     
NPY
     
NXM
     
NVY
     
NPN
     
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
Nuveen Investments
 
135

 
 

 
 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $207 billion of assets as of October 31, 2011.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
ESA-A-1011D

 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
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)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.


 
 

 
 
SIGNATURES

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 Pennsylvania Investment Quality Municipal Fund

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
(Vice President and Secretary)

Date: January 6, 2012

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: January 6, 2012

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: January 6, 2012