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 811-06265

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, 2014

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.


 
 

 
 
NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF
 
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.
 
NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.
 

 
 

 

Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Fund Leverage
10
   
Common Share Information
12
   
Risk Considerations
15
   
Performance Overview and Holding Summaries
16
   
Shareholder Meeting Report
23
   
Portfolios of Investments
27
   
Statement of Assets and Liabilities
79
   
Statement of Operations
81
   
Statement of Changes in Net Assets
83
   
Statement of Cash Flows
86
   
Financial Highlights
88
   
Notes to Financial Statements
98
   
Additional Fund Information
113
   
Glossary of Terms Used in this Report
114
   
Reinvest Automatically, Easily and Conveniently
116

Nuveen Investments
 
3

 
 

 
 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.
 
More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.
 
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. 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 communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
December 22, 2014
 
4
 
Nuveen Investments

 
 

 
 
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 Municipal Value Fund (NPN)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Paul L. Brennan, CFA, reviews key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul assumed portfolio management responsibility for these seven Funds in 2011.
 
FUND REORGANIZATIONS
 
During November 2013, the New Jersey Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report (the Target Funds) to create one, larger-state Fund (the Acquiring Fund).
 
The reorganizations are as follows:
 
Target Funds
 
Symbol
 
Acquiring Fund
 
Symbol
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
NQJ
 
Nuveen New Jersey Dividend Advantage Municipal Fund
 
NXJ
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
NNJ
       
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
NUJ
       
 
On October 20, 2014, the reorganizations were approved by shareholders and the reorganizations became effective before the opening of business on November 11, 2014 (subsequent to the close of this reporting period).
 
See Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further information.
 
What key strategies were used to manage the Nuveen New Jersey and Pennsylvania Funds during the six-month reporting period ended October 31, 2014?
 
During this reporting period, the rally in the municipal market continued, driven by strong demand and tight supply and reinforced by an environment of improving fundamentals. Municipal bond prices generally rose, while interest rates declined and the
 
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 (S&P), Moody’s Investors Service, Inc., (Moody’s) or Fitch, Inc. (Fitch). 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Nuveen Investments
 
5

 
 

 

Portfolio Manager’s Comments (continued)
 
municipal yield curve flattened. In general, Pennsylvania municipal paper outperformed the national market, while municipal bonds issued in New Jersey tended to lag the overall municipal market return for the reporting period. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
 
While municipal supply nationally, as well as in New Jersey and Pennsylvania, improved during this six-month period over that of the previous six months, much of this increase was attributable to refunding activity as bond issuers, prompted by low interest rates, sought to lower debt service costs by retiring older bonds from the proceeds of lower cost new bond issues. During the third quarter of 2014, we saw current refunding activity increase by more than 64% nationwide, and estimates are that these refundings accounted for 35% of issuance during the first nine months of 2014. These refunding bonds do not represent an actual net increase in issuance because they are mostly replacing outstanding issues that were called soon thereafter. As a result, new municipal issuance continued to be tight and broadly speaking, it remained challenging to source attractive bonds that would enhance the Funds’ holdings. Much of our investment activity focus was on reinvesting the cash generated by current calls into bonds with intermediate and longer maturities that could help us offset the decline in rates and maintain investment performance potential. These Funds were well positioned coming into the reporting period, so we could be selective in looking for opportunities to purchase bonds that added value and continued to help us achieve our goals for the Funds.
 
During this reporting period, the New Jersey Funds found value in diversified areas of the marketplace, including health care and transportation. In health care, we added to our positions in bonds issued for Robert Wood Johnson University Hospital, one of the premier hospitals in the state. In the transportation sector, we purchased tollroad bonds issued by the Delaware River and Bay Authority and credits issued by the New Jersey Transit Authority for the state’s mass transit system. Attractive purchase opportunities among A-rated bonds as well as a few upgrades during the reporting period slightly increased the Funds’ exposure to the A-rated credit sector. Among the Funds’ holdings upgraded to A-rated were bonds issued for Barnabas Health, which were upgraded from BBB+ and credits issued by North Hudson Sewerage Authority.
 
In NQP and NPN, our allocations to the A-rated sector also were boosted through purchases and upgrades. In general, we saw an increased number of credit upgrades at the local government level in both Pennsylvania and New Jersey, as local economies improved and property tax valuations and assessments rose. Overall, we were focused on finding value across market sectors, adding local general obligation (GO) bonds such as those issued for Allegheny County, health care credits, as well as A-rated bonds issued for the Philadelphia Airport in NQP.
 
Cash for new purchases during this reporting period was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, the decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve made refunding deals more attractive and the increase in this activity provided ample cash for purchases.
 
As of October 31, 2014, 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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Nuveen Investments

 
 

 
 
How did the Funds perform during the six-month reporting period ended October 31, 2014?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year, ten-year and since inception periods ended October 31, 2014. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification averages.
 
For the six months ended October 31, 2014, the total returns at common share NAV for the Nuveen New Jersey and Pennsylvania Funds exceeded the returns for their respective state’s S&P Municipal Bond Index as well as the national S&P Municipal Bond Index. For the same period, the five New Jersey Funds lagged the average return for the Lipper New Jersey Municipal Debt Funds Classification Average, while NQP outperformed the Lipper Pennsylvania Municipal Debt Funds Classification Average and NPN underperformed this Lipper average.
 
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the performance of NQJ, NNJ, NXJ, NUJ and NQP. One of the reasons that NJV and NPN trailed the other five Funds in this report for the six-month reporting period was that these two Funds do not use regulatory leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
 
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were positive for performance during this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NUJ and NQP, which had the longest durations among their Nuveen New Jersey and Pennsylvania Fund counterparts, respectively, and their greater sensitivity to changes in interest rates benefited their performance. Overall, duration and yield curve positioning was the major driver of performance and differences in positioning accounted for much of the differences in performance.
 
During this reporting period, lower rated bonds, that is, bonds rated A or lower, generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk in their search for yield in the current low rate environment. While their longer average durations provided an advantage for lower rated bonds, these bonds also generally had stronger duration adjusted results. With overweights in A-rated and BBB-rated bonds relative to their benchmark, credit exposure was generally positive for the performance of the New Jersey and Pennsylvania Funds. As with duration, differences in credit allocation accounted for some of the differences in performance. NXJ, for example, had the highest allocation to bonds rated AAA and AA, which slightly hampered its performance.
 
Among the municipal market sectors, health care bonds generally were the top performers, with industrial development revenue (IDR), transportation, education, water and sewer, and housing credits also outperforming the general municipal market. The

Nuveen Investments
 
7

 
 

 

Portfolio Manager’s Comments (continued)
 
outperformance of the health care sector can be attributed in part to the recent scarcity of these bonds, as issuance in this sector declined 31% during the first nine months of 2014. All of these Funds had good exposure to the health care sector and the New Jersey Funds also generally had good weightings in transportation, which benefited performance. During this reporting period, lower rated tobacco credits backed by the 1998 master tobacco settlement agreement experienced some volatility, but managed to finish the reporting period ahead of the national municipal bond market, helped by their longer effective durations, lower credit quality and the broader demand for higher yields. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. However, results for tobacco bonds varied from state to state. All of the New Jersey Funds had allocations of tobacco credits issued by the New Jersey Tobacco Settlement Financing Corporation, which underperformed the New Jersey municipal market as a whole. In the Pennsylvania Funds, NPN held tobacco bonds issued by the District of Columbia, while NQP did not hold any tobacco bonds. This reflects the fact that Pennsylvania has not issued any tobacco settlement credits to date.
 
The poorest performing market segment for the reporting period was pre-refunded bonds, which are often backed by U.S. Treasury securities. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. All of these Funds had allocations of pre-refunded bonds, with NQJ, NNJ and NXJ having the heaviest weightings. General obligation (GO) credits also generally trailed the revenue sectors as well as the municipal market as a whole, although by a much narrower margin than pre-refunded bonds. This included New Jersey state GOs, which underperformed as the market penalized these bonds for credit downgrades by all three major rating agencies in 2014. In April 2014, S&P reduced the state’s GO rating to A+ from AA-, followed by another reduction to A in September, with the agency citing New Jersey’s sizeable structural imbalance and deferred pension payments leading to future budgetary pressures. Fitch also announced downgrades on New Jersey GOs to A+ from AA- in May 2014 and then to A in September 2014, echoing S&P’s assessment of the state’s growing pension and retiree health care liabilities as well as its high levels of debt and overly optimistic revenue estimates that could add to future budget problems. Moody’s followed suit in May 2014, downgrading New Jersey to A1 from Aa3. As of October 2014, New Jersey state GO and appropriation-backed debt was rated A1/A/A by Moody’s, S&P and Fitch, respectively. Pennsylvania, which faces some of the same budgetary and pension issues as New Jersey although to a lesser degree, also saw the ratings on its GO debt lowered in 2014, from Aa2/AA/AA in April 2014 to Aa3/AA-/AA- as of October 2014.
 
We continued to monitor the ongoing economic problems of Puerto Rico for any impact on the Funds’ holdings and performance. Shareholders should note that the exposure of these Funds to Puerto Rico debt during this reporting period was less than 3%. These territorial bonds were originally added to our portfolios to keep assets fully invested and working for the Funds as well as to enhance diversity, duration and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico GO debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of October 2014, the Nuveen complex held $69.8 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the
 
8
 
Nuveen Investments

 
 

 
evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and the restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totals 0.35% of assets under management as of October 31, 2014. As of October 31, 2014, these Funds’ limited exposure to Puerto Rico was invested in bonds that were insured (which we believe adds value), pre-refunded (and therefore backed by securities such as U.S. Treasuries) or unrelated to the government of Puerto Rico. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.

Nuveen Investments
 
9

 
 

 

Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NJV and NPN do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
As of October 31, 2014, the Funds’ percentages of leverage are as shown in the accompanying table.
 
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
   
NPN
 
Effective Leverage*
   
37.31
%
 
38.02
%
 
36.69
%
 
39.02
%
 
7.54
%
 
37.41
%
 
2.63
%
Regulatory Leverage*
   
31.17
%
 
31.64
%
 
30.58
%
 
33.67
%
 
N/A
   
30.81
%
 
N/A
 
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
   
N/A The Fund does not use Regulatory leverage.
 
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Nuveen Investments

 
 

 
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of October 31, 2014, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NJV and NPN do not use regulatory leverage.

   
MTP Shares
 
VMTP Shares
 
VRDP Shares
       
           
Shares
                     
Shares
         
Shares
       
           
Issued at
   
Annual
   
NYSE /
         
Issued at
         
Issued at
       
           
Liquidation
   
Dividend
   
NYSE MKT
         
Liquidation
         
Liquidation
       
     
Series
   
Value
   
Rate
   
Ticker
   
Series
   
Value
   
Series
   
Value
   
Total
 
NQJ
   
   
   
   
   
   
   
2
 
$
144,300,000
 
$
144,300,000
 
NNJ
   
   
   
   
   
   
   
2
 
$
88,600,000
 
$
88,600,000
 
NXJ
   
   
   
   
   
   
   
1
 
$
45,000,000
 
$
45,000,000
 
NUJ
   
2015
 
$
35,050,000
   
2.00
%
 
NUJ PRC
   
   
   
   
 
$
35,050,000
 
NQP
   
   
   
   
   
2017
 
$
48,000,000
   
2
 
$
112,500,000
       
     
   
   
   
   
   
   
3
 
$
105,000,000
       
           
                   
$
48,000,000
       
$
217,500,000
 
$
265,500,000
 
 
During the current reporting period, NQP refinanced all of its outstanding MTP Shares with the proceeds from newly issued Variable Rate MuniFund Term Preferred (VMTP) Shares.
 
Refer to Notes to Financial Statements, Note – 1 General Information and Significant Accounting Policies for further details on MTP, VMTP and VRDP Shares and each Fund’s respective transactions.

Nuveen Investments
 
11

 
 

 
 
Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
 
The following information regarding the Funds’ distributions is current as of October 31, 2014. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
 
During the current reporting period, each Fund’s monthly distributions to common shareholders were as shown in the accompanying table.
 

   
Per Common Share Amounts
 
Ex-Dividend Date
   
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
   
NPN
 
May 2014
 
$
0.0670
 
$
0.0710
 
$
0.0605
 
$
0.0575
 
$
0.0520
 
$
0.0730
 
$
0.0530
 
June
   
0.0670
   
0.0710
   
0.0605
   
0.0575
   
0.0520
   
0.0730
   
0.0530
 
July
   
0.0670
   
0.0710
   
0.0625
   
0.0595
   
0.0520
   
0.0730
   
0.0530
 
August
   
0.0670
   
0.0710
   
0.0625
   
0.0595
   
0.0520
   
0.0730
   
0.0530
 
September
   
0.0640
   
0.0680
   
0.0625
   
0.0595
   
0.0500
   
0.0690
   
0.0530
 
October 2014
   
0.0640
   
0.0680
   
0.0625
   
0.0595
   
0.0500
   
0.0690
   
0.0530
 
                                             
Market Yield*
   
5.70
%
 
5.89
%
 
5.54
%
 
5.37
%
 
4.21
%
 
6.03
%
 
4.20
%
Taxable-Equivalent Yield*
   
8.46
%
 
8.74
%
 
8.22
%
 
7.97
%
 
6.25
%
 
8.64
%
 
6.02
%
 
*
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. 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% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
 
As of October 31, 2014, all the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
All monthly dividends paid by the Funds during the six months ended October 31, 2014 were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Funds’ shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 – Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.
 
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COMMON SHARE EQUITY SHELF PROGRAMS
 
During August 2014, the Nuveen Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
During the reporting period, the following Funds were authorized to issue additional common shares through their equity shelf program. Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. Under the equity shelf programs, the Funds are authorized to issue the following number of additional common shares.
 
     
NQJ
   
NNJ
 
Additional Common Shares Authorized
   
2,000,000
   
1,200,000
 
 
During the current reporting period, NQJ and NNJ did not sell common shares through their equity shelf programs.
 
As of August 31, 2014, NQJ’s and NNJ’s shelf offering registration statements are no longer effective. Therefore, the Funds may not issue additional common shares under their equity shelf programs until a new registration statement is effective.
 
COMMON SHARE REPURCHASES
 
As of October 31, 2014, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.
 
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
   
NPN
 
Common Shares Cumulatively Repurchased and Retired
   
52,100
   
17,800
   
97,500
   
77,500
   
15,000
   
242,400
   
0
 
Common Shares Authorized for Repurchase
   
2,050,000
   
1,210,000
   
655,000
   
450,000
   
155,000
   
3,790,000
   
120,000
 
 
During the current reporting period, the Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
 
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
 
Common Shares Repurchased and Retired
   
21,500
   
4,900
   
75,000
   
64,500
   
15,000
   
4,500
 
Weighted Average Price per Common Share Repurchased and Retired
 
$
13.37
 
$
13.78
 
$
13.47
 
$
13.22
 
$
14.19
 
$
13.68
 
Weighted Average Discount per Common Share Repurchased and Retired
   
13.07
%
 
14.14
%
 
13.49
%
 
13.74
%
 
14.25
%
 
13.83
%
 

Nuveen Investments
 
13

 
 

 
 
Common Share Information (continued)
 
OTHER COMMON SHARE INFORMATION
 
As of October 31, 2014, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                                 
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
 
Common Share NAV
 
$
15.57
 
$
15.85
 
$
15.76
 
$
15.51
 
$
16.62
 
Common Share Price
 
$
13.47
 
$
13.86
 
$
13.53
 
$
13.30
 
$
14.25
 
Premium/(Discount) to NAV
   
(13.49
)%
 
(12.56
)%
 
(14.15
)%
 
(14.25
)%
 
(14.26
)%
6-Month Average Premium/(Discount) to NAV
   
(11.84
)%
 
(10.98
)%
 
(12.68
)%
 
(12.84
)%
 
(11.71
)%

     
NQP
   
NPN
 
Common Share NAV
 
$
15.74
 
$
16.37
 
Common Share Price
 
$
13.74
 
$
15.15
 
Premium/(Discount) to NAV
   
(12.71
)%
 
(7.45
)%
6-Month Average Premium/(Discount) to NAV
   
(10.95
)%
 
(6.81
)%
 
14
 
Nuveen Investments

 
 

 

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, Price and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (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.
 
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.
 
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. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Inverse Floater Risk. The Funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
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.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.
 
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.
 
Nuveen Investments
 
15

 
 

 

NQJ
 
 
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NQJ at Common Share NAV
5.93%
 
14.18%
 
7.85%
 
5.88%
NQJ at Common Share Price
2.65%
 
10.08%
 
6.89%
 
4.74%
S&P Municipal Bond New Jersey Index
2.74%
 
7.47%
 
5.51%
 
5.00%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
4.74%
Lipper New Jersey Municipal Debt Funds Classification Average
6.56%
 
15.48%
 
8.06%
 
6.10%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
141.7%
Common Stocks
 
1.0%
VRDP Shares, at Liquidation Value
 
(45.3)%
Other Assets Less Liabilities
 
2.6%

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
22.2%
Transportation
 
20.4%
Health Care
 
15.3%
U.S. Guaranteed
 
12.4%
Education and Civic Organizations
 
10.0%
Tax Obligation/General
 
4.2%
Consumer Staples
 
3.2%
Other
 
12.3%

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
16.7%
AA
 
37.9%
A
 
28.9%
BBB
 
8.6%
BB or Lower
 
5.8%
N/R (not rated)
 
1.4%
N/A (not applicable)
 
0.7%
 
16
 
Nuveen Investments

 
 

 

NNJ
 
 
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NNJ at Common Share NAV
5.71%
 
13.55%
 
7.40%
 
5.63%
NNJ at Common Share Price
1.41%
 
10.79%
 
6.68%
 
4.68%
S&P Municipal Bond New Jersey Index
2.74%
 
7.47%
 
5.51%
 
5.00%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
4.74%
Lipper New Jersey Municipal Debt Funds Classification Average
6.56%
 
15.48%
 
8.06%
 
6.10%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
143.3%
VRDP Shares, at Liquidation Value
 
(46.3)%
Other Assets Less Liabilities
 
3.0%

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
23.4%
Transportation
 
20.0%
Health Care
 
13.6%
U.S. Guaranteed
 
13.2%
Education and Civic Organizations
 
11.1%
Tax Obligation/General
 
4.3%
Other
 
14.4%

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
18.3%
AA
 
36.4%
A
 
31.3%
BBB
 
7.4%
BB or Lower
 
5.3%
N/R (not rated)
 
1.3%
 
Nuveen Investments
 
17

 
 

 

NXJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NXJ at Common Share NAV
5.62%
 
13.90%
 
7.75%
 
5.83%
NXJ at Common Share Price
1.92%
 
13.00%
 
7.05%
 
4.75%
S&P Municipal Bond New Jersey Index
2.74%
 
7.47%
 
5.51%
 
5.00%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
4.74%
Lipper New Jersey Municipal Debt Funds Classification Average
6.56%
 
15.48%
 
8.06%
 
6.10%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
141.9%
VRDP Shares, at Liquidation Value
 
(44.0)%
Other Assets Less Liabilities
 
2.1%

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
23.2%
U.S. Guaranteed
 
19.4%
Transportation
 
15.5%
Health Care
 
11.0%
Education and Civic Organizations
 
8.5%
Water and Sewer
 
5.5%
Tax Obligation/General
 
4.2%
Other
 
12.7%

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
26.6%
AA
 
34.3%
A
 
25.0%
BBB
 
8.0%
BB or Lower
 
5.0%
N/R (not rated)
 
1.1%
 
18
 
Nuveen Investments

 
 

 

NUJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NUJ at Common Share NAV
6.02%
 
15.27%
 
7.69%
 
5.87%
NUJ at Common Share Price
2.75%
 
12.88%
 
5.36%
 
4.64%
S&P Municipal Bond New Jersey Index
2.74%
 
7.47%
 
5.51%
 
5.00%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
4.74%
Lipper New Jersey Municipal Debt Funds Classification Average
6.56%
 
15.48%
 
8.06%
 
6.10%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
146.1%
MTP Shares, at Liquidation Value
 
(50.8)%
Other Assets Less Liabilities
 
4.7%

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
25.8%
Health Care
 
19.1%
Transportation
 
14.4%
Education and Civic Organizations
 
9.4%
U.S. Guaranteed
 
7.6%
Tax Obligation/General
 
6.0%
Water and Sewer
 
4.7%
Other
 
13.0%

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
12.8%
AA
 
30.4%
A
 
34.9%
BBB
 
13.9%
BB or Lower
 
6.6%
N/R (not rated)
 
1.4%
 
Nuveen Investments
 
19

 
 

 
 
NJV
 
 
Nuveen New Jersey Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
Since Inception1
NJV at Common Share NAV
4.85%
 
11.32%
 
6.70%
 
7.90%
NJV at Common Share Price
0.52%
 
7.47%
 
4.51%
 
4.33%
S&P Municipal Bond New Jersey Index
2.74%
 
7.47%
 
5.51%
 
6.10%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
6.00%
Lipper New Jersey Municipal Debt Funds Classification Average
6.56%
 
15.48%
 
8.06%
 
6.75%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
102.5%
Common Stocks
 
2.8%
Floating Rate Obligations
 
(5.8)%
Other Assets Less Liabilities
 
0.5%

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
29.0%
Health Care
 
21.4%
Tax Obligation/General
 
10.9%
Education and Civic Organizations
 
10.6%
Transportation
 
10.1%
Housing/Multifamily
 
4.4%
Other
 
13.6%

Credit Quality
   
(% of total investment exposure)
   
AAA
 
4.9%
AA
 
28.1%
A
 
41.5%
BBB
 
17.5%
BB or Lower
 
3.1%
N/R (not rated)
 
2.2%
N/A (not applicable)
 
2.7%
 
1
Since inception returns are from April 28, 2009.
 
20
 
Nuveen Investments

 
 

 

NQP
 
 
Nuveen Pennsylvania Investment Quality Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NQP at Common Share NAV
6.67%
 
15.70%
 
7.83%
 
5.69%
NQP at Common Share Price
3.00%
 
16.81%
 
7.99%
 
4.95%
S&P Municipal Bond Pennsylvania Index
4.02%
 
8.59%
 
5.55%
 
4.85%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
4.74%
Lipper Pennsylvania Municipal Debt Funds Classification Average
6.30%
 
15.30%
 
7.72%
 
5.40%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
148.1%
Floating Rate Obligations
 
(6.1)%
VMTP Shares, at Liquidation Value
 
(8.1)%
VRDP Shares, at Liquidation Value
 
(36.5)%
Other Assets Less Liabilities
 
2.6%

Portfolio Composition
   
(% of total investments)
   
Health Care
 
19.9%
Tax Obligation/General
 
19.9%
Education and Civic Organizations
 
16.2%
Tax Obligation/Limited
 
8.3%
Transportation
 
7.2%
Water and Sewer
 
7.0%
U.S. Guaranteed
 
5.6%
Utilities
 
4.5%
Other
 
11.4%

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
6.6%
AA
 
48.0%
A
 
26.6%
BBB
 
11.2%
BB or Lower
 
3.7%
N/R (not rated)
 
3.9%
 
Nuveen Investments
 
21

 
 

 

NPN
 
 
Nuveen Pennsylvania Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
Since Inception1
NPN at Common Share NAV
4.93%
 
10.96%
 
6.58%
 
7.46%
NPN at Common Share Price
7.07%
 
16.41%
 
4.65%
 
5.31%
S&P Municipal Bond Pennsylvania Index
4.02%
 
8.59%
 
5.55%
 
6.02%
S&P Municipal Bond Index
3.54%
 
7.94%
 
5.45%
 
6.00%
Lipper Pennsylvania Municipal Debt Funds Classification Average
6.30%
 
15.30%
 
7.72%
 
6.75%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
 
98.4%
Other Assets Less Liabilities
 
1.6%

Portfolio Composition
   
(% of total investments)
   
Health Care
 
23.6%
Tax Obligation/Limited
 
15.8%
Education and Civic Organizations
 
14.4%
Tax Obligation/General
 
9.8%
Water and Sewer
 
9.8%
U.S. Guaranteed
 
5.9%
Housing/Multifamily
 
4.8%
Long-Term Care
 
4.7%
Other
 
11.2%

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
5.8%
AA
 
38.4%
A
 
30.1%
BBB
 
23.9%
BB or Lower
 
1.0%
N/R (not rated)
 
0.8%
 
1 Since inception returns are from April 28, 2009.
 
22
 
Nuveen Investments

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2014 for NQJ, NNJ, NXJ and NUJ; at this meeting the shareholders were asked to vote to approve an agreement and plan of reorganization, to approve the issuance of additional common shares, to approve a new investment management agreement, to approve a new sub-advisory agreement and to elect Board Members. The meeting was subsequently adjourned for NQJ, NNJ and NUJ to August 15, 2014 and for NQJ and NUJ to September 15, 2014 and again for NUJ to October 20, 2014.
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2014 for NJV, NQP and NPN; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement and to elect Board Members. The meeting was subsequently adjourned for NJV and NPN to August 15, 2014.

   
NQJ
 
NNJ
 
NXJ
 
     
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
   
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
   
Common
Shares
   
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
 
To approve an Agreement and Plan of Reorganization
                                           
For
   
10,720,014
   
845
   
6,116,158
   
546
   
   
   
300
 
Against
   
681,285
   
   
376,704
   
   
   
   
 
Abstain
   
496,693
   
   
210,591
   
   
   
   
 
Broker Non-Votes
   
2,287,310
   
   
1,514,961
   
   
   
   
 
Total
   
14,185,302
   
845
   
8,218,414
   
546
   
   
   
300
 
To approve the issuance of additional common shares in connection with each Reorganization.
                                           
For
   
   
   
   
   
3,293,012
   
3,293,312
   
 
Against
   
   
   
   
   
210,578
   
210,578
   
 
Abstain
   
   
   
   
   
86,451
   
86,451
   
 
Broker Non-Votes
   
   
   
   
   
908,139
   
908,139
   
 
Total
   
   
   
   
   
4,498,180
   
4,498,480
   
 
To approve a new investment management agreement
                                           
For
   
9,330,149
   
   
5,840,580
   
   
   
3,287,886
   
 
Against
   
497,237
   
   
323,004
   
   
   
199,837
   
 
Abstain
   
441,626
   
   
215,599
   
   
   
102,619
   
 
Broker Non-Votes
   
2,814,539
   
   
1,628,741
   
   
   
908,138
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
4,498,480
   
 
To approve a new sub-advisory agreement
                                           
For
   
9,278,052
   
   
5,817,967
   
   
   
3,293,521
   
 
Against
   
530,730
   
   
329,137
   
   
   
196,945
   
 
Abstain
   
460,230
   
   
232,079
   
   
   
99,875
   
 
Broker Non-Votes
   
2,814,539
   
   
1,628,741
   
   
   
908,139
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
4,498,480
   
 
Approval of the Board Members was reached as follows:
                                           
William Adams IV
                                           
For
   
12,326,288
   
   
7,689,876
   
   
   
4,349,552
   
 
Withhold
   
757,263
   
   
318,048
   
   
   
148,928
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
4,498,480
   
 
Robert P. Bremner
                                           
For
   
12,310,168
   
   
7,676,566
   
   
   
   
 
Withhold
   
773,383
   
   
331,358
   
   
   
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
   
 
 
Nuveen Investments
 
23

 
 

 
Shareholder Meeting Report (continued)

   
NQJ
 
NNJ
 
NXJ
 
     
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
   
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
   
Common
Shares
   
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
 
Approval of the Board Members was reached as follows:
                                           
Jack B. Evans
                                           
For
   
12,317,501
   
   
7,682,897
   
   
   
   
 
Withhold
   
766,050
   
   
325,027
   
   
   
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
   
 
William C. Hunter
                                           
For
   
   
405
   
   
186
   
   
   
150
 
Withhold
   
   
440
   
   
360
   
   
   
150
 
Total
   
   
845
   
   
546
   
   
   
300
 
David J. Kundert
                                           
For
   
12,330,426
   
   
7,689,668
   
   
   
4,349,361
   
 
Withhold
   
753,125
   
   
318,256
   
   
   
149,119
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
4,498,480
   
 
John K. Nelson
                                           
For
   
12,318,088
   
   
7,677,306
   
   
   
4,350,978
   
 
Withhold
   
765,463
   
   
330,618
   
   
   
147,502
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
4,498,480
   
 
William J. Schneider
                                           
For
   
   
405
   
   
186
   
   
   
150
 
Withhold
   
   
440
   
   
360
   
   
   
150
 
Total
   
   
845
   
   
546
   
   
   
300
 
Thomas S. Schreier, Jr.
                                           
For
   
12,329,204
   
   
7,688,816
   
   
   
   
 
Withhold
   
754,347
   
   
319,108
   
   
   
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
   
 
Judith M. Stockdale
                                           
For
   
12,307,410
   
   
7,685,974
   
   
   
   
 
Withhold
   
776,141
   
   
321,950
   
   
   
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
   
 
Carole E. Stone
                                           
For
   
12,310,569
   
   
7,681,202
   
   
   
   
 
Withhold
   
772,982
   
   
326,722
   
   
   
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
   
 
Virginia L. Stringer
                                           
For
   
12,319,412
   
   
7,700,661
   
   
   
   
 
Withhold
   
764,139
   
   
307,263
   
   
   
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
   
 
Terence J. Toth
                                           
For
   
12,332,344
   
   
7,687,602
   
   
   
4,347,935
   
 
Withhold
   
751,207
   
   
320,322
   
   
   
150,545
   
 
Total
   
13,083,551
   
   
8,007,924
   
   
   
4,498,480
   
 
 
24
 
Nuveen Investments

 
 

 
 
   
NUJ
 
NJV
 
NQP
 
NPN
 
     
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
   
Common
shares
   
Common and
Preferred
shares voting
together
as a class
   
Preferred
shares voting
together
as a class
   
Common
Shares
 
To approve an Agreement and Plan of Reorganization
                                     
For
   
4,434,435
   
1,804,076
   
   
   
   
 
Against
   
299,121
   
115,306
   
   
   
   
 
Abstain
   
135,521
   
54,867
   
   
   
   
 
Broker Non-Votes
   
1,006,126
   
656,342
   
   
   
   
 
Total
   
5,875,203
   
2,630,591
   
   
   
   
 
To approve the issuance of additional common shares in connection with each Reorganization.
                                     
For
   
   
   
   
   
   
 
Against
   
   
   
   
   
   
 
Abstain
   
   
   
   
   
   
 
Broker Non-Votes
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
To approve a new investment management agreement
                                     
For
   
3,767,516
   
   
658,362
   
18,051,741
   
   
510,858
 
Against
   
198,043
   
   
99,779
   
834,988
   
   
30,258
 
Abstain
   
122,750
   
   
17,404
   
671,971
   
   
16,118
 
Broker Non-Votes
   
1,225,696
   
   
178,794
   
5,124,952
   
   
184,996
 
Total
   
5,314,005
   
   
954,339
   
24,683,652
   
   
742,230
 
To approve a new sub-advisory agreement
                                     
For
   
3,764,443
   
   
657,530
   
17,955,612
   
   
509,528
 
Against
   
198,824
   
   
100,873
   
780,159
   
   
31,588
 
Abstain
   
125,043
   
   
17,142
   
822,929
   
   
16,118
 
Broker Non-Votes
   
1,225,695
   
   
178,794
   
5,124,952
   
   
184,996
 
Total
   
5,314,005
   
   
954,339
   
24,683,652
   
   
742,230
 
Approval of the Board Members was reached as follows:
                                     
William Adams IV
                                     
For
   
5,124,037
   
   
916,957
   
23,484,318
   
   
746,817
 
Withhold
   
189,968
   
   
43,281
   
1,199,334
   
   
28,592
 
Total
   
5,314,005
   
   
960,238
   
24,683,652
   
   
775,409
 
Robert P. Bremner
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
 
Nuveen Investments
 
25

 
 

 

Shareholder Meeting Report (continued)

   
NUJ
 
NJV
 
NQP
 
NPN
 
     
Common and
Preferred
shares voting
together
as a class
   
Preferred
Shares
   
Common
shares
   
Common and
Preferred
shares voting
together
as a class
   
Preferred
shares voting
together
as a class
   
Common
Shares
 
Approval of the Board Members was reached as follows:
                                     
Jack B. Evans
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
William C. Hunter
                                     
For
   
   
2,156,324
   
   
   
980
   
 
Withhold
   
   
78,363
   
   
   
470
   
 
Total
   
   
2,234,687
   
   
   
1,450
   
 
David J. Kundert
                                     
For
   
5,114,759
   
   
913,602
   
23,422,606
   
   
734,517
 
Withhold
   
199,246
   
   
46,636
   
1,261,046
   
   
40,892
 
Total
   
5,314,005
   
   
960,238
   
24,683,652
   
   
775,409
 
John K. Nelson
                                     
For
   
5,124,037
   
   
922,528
   
23,486,999
   
   
745,817
 
Withhold
   
189,968
   
   
37,710
   
1,196,653
   
   
29,592
 
Total
   
5,314,005
   
   
960,238
   
24,683,652
   
   
775,409
 
William J. Schneider
                                     
For
   
   
2,158,324
   
   
   
980
   
 
Withhold
   
   
76,363
   
   
   
470
   
 
Total
   
   
2,234,687
   
   
   
1,450
   
 
Thomas S. Schreier, Jr.
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Judith M. Stockdale
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Carole E. Stone
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Virginia L. Stringer
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Terence J. Toth
                                     
For
   
5,116,580
   
   
919,174
   
23,464,888
   
   
747,903
 
Withhold
   
197,425
   
   
41,064
   
1,218,764
   
   
27,506
 
Total
   
5,314,005
   
   
960,238
   
24,683,652
   
   
775,409
 
 
26
 
Nuveen Investments

 
 

 

NQJ
   
 
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 142.7% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 141.7% (99.3% of Total Investments)
           
     
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
 
Caa1
$
580,736
 
 
690
 
5.125%, 1/01/37
1/15 at 100.00
 
Caa1
 
502,348
 
 
1,490
 
Total Consumer Discretionary
       
1,083,084
 
     
Consumer Staples – 4.6% (3.2% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
2,035
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
2,019,066
 
 
14,905
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
11,157,435
 
 
2,150
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
1,613,468
 
 
19,090
 
Total Consumer Staples
       
14,789,969
 
     
Education and Civic Organizations – 14.3% (10.0% of Total Investments)
           
 
1,335
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32
12/23 at 100.00
 
A+
 
1,494,586
 
 
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
 
1,013,790
 
 
1,140
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.163%, 12/15/36 (IF) (4)
6/23 at 100.00
 
AA–
 
1,725,322
 
     
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A:
           
 
1,525
 
5.000%, 7/01/38
7/23 at 100.00
 
AA
 
1,699,491
 
 
2,000
 
5.000%, 7/01/43
7/23 at 100.00
 
AA
 
2,218,560
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
1/15 at 100.00
 
BBB
 
501,885
 
 
250
 
New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27
7/17 at 100.00
 
Baa2
 
267,488
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
3,510
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
 
AA–
 
3,806,841
 
 
2,295
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
 
AA–
 
2,486,587
 
 
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
 
AA–
 
2,926,117
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44
No Opt. Call
 
AA–
 
2,289,160
 
 
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
 
1,661,010
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.598%, 7/01/19 (IF)
No Opt. Call
 
AAA
 
2,853,940
 
 
1,900
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 4741, 13.802%, 7/01/44 (IF) (4)
7/24 at 100.00
 
AAA
 
2,868,487
 
 
750
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/42
7/22 at 100.00
 
A
 
824,243
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
           
 
430
 
5.000%, 7/01/32
7/21 at 100.00
 
BBB+
 
467,905
 
 
285
 
5.000%, 7/01/37
7/21 at 100.00
 
BBB+
 
307,310
 
 
1,300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/43
7/23 at 100.00
 
A
 
1,442,064
 

Nuveen Investments
 
27

 
 

 

NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
     
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A:
           
$
200
 
5.000%, 7/01/18
No Opt. Call
 
AA
$
226,756
 
 
400
 
5.000%, 7/01/19
No Opt. Call
 
AA
 
460,620
 
 
1,810
 
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
 
1,977,896
 
 
600
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
 
AA
 
635,424
 
 
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
 
491,193
 
 
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
 
1,000,431
 
 
3,370
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.250%, 12/01/25 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
 
3,568,628
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736:
           
 
445
 
11.897%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
500,180
 
 
1,000
 
11.761%, 12/01/24 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
1,070,720
 
 
290
 
12.326%, 12/01/25 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
298,248
 
 
1,160
 
13.979%, 12/01/27 (Alternative Minimum Tax) (IF) (4)
12/23 at 100.00
 
AA
 
1,234,704
 
 
950
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.797%, 6/01/30 (IF) (4)
6/19 at 100.00
 
AA
 
1,433,056
 
 
200
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/31
10/22 at 100.00
 
A–
 
201,448
 
 
1,045
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.083%, 5/01/21 (IF) (4)
No Opt. Call
 
AA–
 
1,586,749
 
 
39,285
 
Total Education and Civic Organizations
       
45,540,839
 
     
Financials – 2.0% (1.4% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002:
           
 
5,000
 
5.750%, 10/01/21
No Opt. Call
 
Ba2
 
5,705,400
 
 
500
 
6.500%, 4/01/28
No Opt. Call
 
Ba2
 
620,520
 
 
5,500
 
Total Financials
       
6,325,920
 
     
Health Care – 21.8% (15.3% of Total Investments)
           
     
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:
           
 
175
 
5.000%, 2/15/25 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
201,976
 
 
295
 
5.000%, 2/15/28 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
333,064
 
 
1,385
 
5.000%, 2/15/29 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
1,557,820
 
 
80
 
5.000%, 2/15/33 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
88,772
 
 
145
 
5.000%, 2/15/34 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
160,296
 
 
200
 
5.000%, 2/15/35 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
220,270
 
 
3,100
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
2/23 at 100.00
 
BBB
 
3,559,451
 
 
2,620
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
 
A+
 
2,908,750
 
 
1,175
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.621%, 7/01/38 – AGC Insured (IF) (4)
7/19 at 100.00
 
AA
 
1,714,372
 
 
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
 
BB+
 
1,094,940
 
 
2,050
 
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
 
BB+
 
2,124,026
 

28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
510
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
No Opt. Call
 
A–
$
586,347
 
     
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:
           
 
1,655
 
5.250%, 7/01/31
7/23 at 100.00
 
BBB
 
1,846,235
 
 
795
 
5.500%, 7/01/43
7/23 at 100.00
 
BBB
 
892,085
 
 
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+
 
3,981,788
 
 
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
 
A3
 
1,327,339
 
 
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
 
BBB
 
407,216
 
 
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
 
717,462
 
 
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
 
636,623
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
           
 
500
 
3.750%, 7/01/27
No Opt. Call
 
A3
 
505,775
 
 
2,575
 
5.000%, 7/01/31
7/22 at 100.00
 
A3
 
2,863,735
 
 
1,500
 
5.000%, 7/01/37
7/22 at 100.00
 
A3
 
1,629,060
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011:
           
 
3,000
 
5.000%, 7/01/25
7/18 at 100.00
 
A
 
3,440,220
 
 
1,760
 
5.000%, 7/01/26
7/22 at 100.00
 
A
 
2,005,256
 
 
660
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32
7/23 at 100.00
 
A
 
746,071
 
 
3,465
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
 
AA
 
3,696,947
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
           
 
1,845
 
5.000%, 7/01/39
7/24 at 100.00
 
A
 
2,088,023
 
 
3,260
 
5.000%, 7/01/43
7/24 at 100.00
 
A
 
3,677,932
 
 
1,920
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
2,237,606
 
     
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
 
1,509,232
 
 
1,585
 
5.000%, 7/01/35 – RAAI Insured
7/15 at 100.00
 
N/R
 
1,596,285
 
 
3,160
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37
7/21 at 100.00
 
A–
 
3,592,256
 
 
1,880
 
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
 
A–
 
1,977,234
 
 
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–
 
2,547,273
 
 
1,520
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37
8/23 at 100.00
 
A3
 
1,521,049
 
     
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
 
691,547
 
 
4,410
 
5.000%, 7/01/36
7/16 at 100.00
 
A2
 
4,501,596
 
 
1,295
 
5.000%, 7/01/46
7/16 at 100.00
 
A2
 
1,320,006
 
 
3,090
 
Newark, New Jersey, GNMA Collateralized Healthcare Facility Revenue Bonds, New Community Urban Renewal Corporation, Series 2001A, 5.200%, 6/01/30
12/14 at 100.00
 
Aa1
 
3,097,478
 
 
63,800
 
Total Health Care
       
69,603,413
 
 
Nuveen Investments
 
29

 
 

 

NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Multifamily – 1.0% (0.7% 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:
           
$
1,830
 
5.750%, 6/01/31
6/20 at 100.00
 
Baa3
$
2,026,853
 
 
1,050
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
1,161,143
 
 
2,880
 
Total Housing/Multifamily
       
3,187,996
 
     
Housing/Single Family – 3.5% (2.5% 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
 
Aa2
 
10,878,499
 
 
270
 
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
 
274,552
 
 
10,270
 
Total Housing/Single Family
       
11,153,051
 
     
Long-Term Care – 2.7% (1.9% of Total Investments)
           
 
2,410
 
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
 
2,463,333
 
 
235
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44
1/24 at 100.00
 
N/R
 
243,368
 
 
2,525
 
New Jersey Economic Development Authority, GNMA Collateralized Mortgage Revenue Bonds, Victoria Health Corporation, Series 2001A, 5.200%, 12/20/36
12/14 at 100.00
 
Aa3
 
2,532,575
 
 
2,695
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
7/23 at 100.00
 
BBB–
 
2,886,534
 
 
330
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
BBB–
 
363,172
 
 
8,195
 
Total Long-Term Care
       
8,488,982
 
     
Tax Obligation/General – 6.0% (4.2% of Total Investments)
           
 
230
 
Carlstadt School District, Bergen County, New Jersey, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/26
5/24 at 100.00
 
AA–
 
274,461
 
 
515
 
Elizabeth, Union County, New Jersey, General Obligation Bonds, General Improvement Series 2014, 3.125%, 4/01/27 – AGM Insured
4/24 at 100.00
 
AA
 
529,956
 
 
690
 
Haddon Heights School District, Camden County, New Jersey, General Obligation Bonds, Refunding Series 2012, 3.250%, 1/01/30
1/23 at 100.00
 
AA–
 
691,704
 
 
4,300
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
 
A2
 
4,627,875
 
 
930
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
 
AA
 
1,061,576
 
 
670
 
Monroe Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2003, 3.000%, 1/15/33
1/22 at 100.00
 
AA
 
633,458
 
 
350
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37
1/24 at 100.00
 
AA+
 
401,041
 
     
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012:
           
 
240
 
5.000%, 9/01/28
9/22 at 100.00
 
A+
 
269,623
 
 
610
 
5.000%, 9/01/29
9/22 at 100.00
 
A+
 
684,847
 
 
1,400
 
Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured
12/19 at 100.00
 
A3
 
1,659,056
 
     
South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014:
           
 
460
 
3.000%, 9/01/17
No Opt. Call
 
AA
 
488,975
 
 
250
 
5.000%, 9/01/22
No Opt. Call
 
AA
 
301,805
 
 
1,875
 
Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22
No Opt. Call
 
AA+
 
2,135,325
 
 
30
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
2,210
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
$
2,439,774
 
 
2,515
 
Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41
6/21 at 100.00
 
AA+
 
2,782,345
 
 
17,245
 
Total Tax Obligation/General
       
18,981,821
 
     
Tax Obligation/Limited – 31.7% (22.2% 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
 
2,271,095
 
 
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
 
2,417,048
 
 
1,145
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured
No Opt. Call
 
AAA
 
1,494,214
 
 
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
 
3,085,634
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
2,585
 
5.250%, 1/01/36
1/22 at 100.00
 
A
 
2,834,220
 
 
1,570
 
5.125%, 1/01/42
1/22 at 100.00
 
A
 
1,696,291
 
 
470
 
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Plaza Refunding Project, Series 2013, 3.250%, 4/01/35
4/22 at 100.00
 
Aa3
 
440,602
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
 
2,050
 
5.000%, 6/15/19
No Opt. Call
 
BBB+
 
2,335,237
 
 
1,100
 
5.000%, 6/15/21
No Opt. Call
 
BBB+
 
1,274,768
 
 
4,550
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
5,147,006
 
 
1,000
 
5.000%, 6/15/26
6/22 at 100.00
 
BBB+
 
1,123,970
 
 
3,445
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
3,828,118
 
 
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
 
4,743,582
 
 
5,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
1/15 at 100.00
 
AA–
 
5,021,150
 
     
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
 
214,055
 
 
345
 
5.125%, 6/15/37
6/17 at 100.00
 
Baa3
 
356,554
 
 
3,895
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/28
3/23 at 100.00
 
A2
 
4,291,784
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
725
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
 
A–
 
788,749
 
 
1,370
 
5.000%, 9/01/37
9/17 at 100.00
 
A2
 
1,490,464
 
 
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
 
2,000,807
 
 
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
 
A2
 
907,511
 
     
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
 
AA–
 
1,153,335
 
 
1,900
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
 
AA–
 
2,037,978
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
 
A2
 
5,911,560
 
 
4,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
 
A2
 
5,097,306
 
 
4,200
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
 
AA–
 
4,606,224
 
 
Nuveen Investments
 
31

 
 

 
 
NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
$
10,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
$
4,576,600
 
 
15,355
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
6,581,153
 
 
15,310
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
 
6,277,559
 
 
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
 
A2
 
2,754,600
 
 
4,100
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
 
A2
 
4,752,146
 
 
1,820
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012, 3.500%, 5/01/35
5/22 at 100.00
 
Aa3
 
1,800,289
 
 
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
 
BB
 
1,047,713
 
 
760
 
Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, County College Facility Project, Series 2014B, 5.000%, 2/01/20
No Opt. Call
 
AA+
 
895,744
 
 
1,850
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.268%, 3/01/34 (IF) (4)
No Opt. Call
 
AA+
 
3,838,639
 
 
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
 
1,840,856
 
 
121,430
 
Total Tax Obligation/Limited
       
100,934,561
 
     
Transportation – 29.1% (20.4% 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
 
AA–
 
2,302,200
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
           
 
585
 
5.000%, 1/01/34
1/24 at 100.00
 
A1
 
675,347
 
 
2,740
 
4.125%, 1/01/39
1/24 at 100.00
 
A1
 
2,877,575
 
 
3,800
 
5.000%, 1/01/44
1/24 at 100.00
 
A1
 
4,286,400
 
     
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A:
           
 
2,115
 
5.000%, 7/01/24
7/22 at 100.00
 
A
 
2,487,409
 
 
650
 
4.000%, 7/01/26
7/22 at 100.00
 
A
 
704,873
 
     
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
 
1,111,510
 
 
3,300
 
5.000%, 1/01/40
1/20 at 100.00
 
A
 
3,651,714
 
 
3,605
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40
1/24 at 100.00
 
A
 
4,075,561
 
     
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Refunding Bonds, Port District Project, Series 2012:
           
 
540
 
5.000%, 1/01/25
No Opt. Call
 
BBB
 
619,375
 
 
1,350
 
5.000%, 1/01/26
No Opt. Call
 
BBB
 
1,538,987
 
 
500
 
5.000%, 1/01/27
No Opt. Call
 
BBB
 
566,900
 
 
2,790
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
1/24 at 100.00
 
BBB–
 
3,116,737
 
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
           
 
650
 
5.125%, 9/15/23 (Alternative Minimum Tax)
3/15 at 100.00
 
B
 
699,257
 
 
1,125
 
5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
 
B
 
1,196,280
 
 
500
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
3/24 at 101.00
 
B
 
544,595
 
     
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:
           
 
3,030
 
5.000%, 9/15/20
No Opt. Call
 
A
 
3,513,649
 
 
2,865
 
5.000%, 9/15/21
No Opt. Call
 
A
 
3,288,390
 
 
105
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
112,434
 
 
32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
$
1,265
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
 
AA
$
1,578,998
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
 
A+
 
4,503,440
 
 
2,380
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28
1/23 at 100.00
 
A+
 
2,743,831
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.258%, 1/01/43 (IF) (4)
7/22 at 100.00
 
A+
 
2,126,505
 
 
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
 
1,407,546
 
     
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
 
AA–
 
7,259,349
 
 
3,000
 
5.000%, 12/01/34
6/15 at 101.00
 
AA–
 
3,105,210
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.784%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA
 
1,402,160
 
 
3,615
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
4,110,544
 
 
4,600
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Seventh Series 2013, 4.000%, 1/15/43 (Alternative Minimum Tax)
1/23 at 100.00
 
AA–
 
4,701,614
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
           
 
6,605
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/14 at 100.00
 
AA–
 
6,645,950
 
 
12,130
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
12/14 at 100.00
 
AA–
 
12,165,296
 
     
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012:
           
 
2,000
 
5.000%, 11/01/20
No Opt. Call
 
A–
 
2,315,540
 
 
1,000
 
5.000%, 11/01/22
No Opt. Call
 
A–
 
1,158,760
 
 
84,855
 
Total Transportation
       
92,593,936
 
     
U.S. Guaranteed – 17.8% (12.4% of Total Investments) (5)
           
 
2,090
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25 (Pre-refunded 2/15/15)
2/15 at 100.00
 
BBB (5)
 
2,119,135
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
           
 
2,000
 
5.000%, 1/01/25 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
2,016,100
 
 
4,050
 
5.000%, 1/01/26 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
4,082,603
 
 
1,500
 
5.000%, 1/01/27 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
1,512,075
 
     
Gloucester County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2005A:
           
 
1,000
 
5.000%, 9/01/21 (Pre-refunded 9/01/15) – NPFG Insured
9/15 at 100.00
 
AA (5)
 
1,040,500
 
 
1,420
 
5.000%, 9/01/22 (Pre-refunded 9/01/15) – NPFG Insured
9/15 at 100.00
 
AA (5)
 
1,477,510
 
     
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds,
           
     
County Services Building Project, Series 2005:
           
 
1,090
 
5.000%, 4/01/25 (Pre-refunded 4/01/15) – AMBAC Insured
4/15 at 100.00
 
AA (5)
 
1,112,171
 
 
2,525
 
5.000%, 4/01/35 (Pre-refunded 4/01/15) – AMBAC Insured
4/15 at 100.00
 
AA (5)
 
2,576,359
 
 
5,700
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26 (Pre-refunded 6/15/16)
6/16 at 100.00
 
AA+ (5)
 
6,132,516
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
1,240
 
5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured
9/17 at 100.00
 
AAA
 
1,391,218
 
 
2,560
 
5.000%, 9/01/37 (Pre-refunded 9/01/17)
9/17 at 100.00
 
AAA
 
2,872,192
 
 
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
 
AA– (5)
 
2,074,784
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
           
 
1,225
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
 
A1 (5)
 
1,264,776
 
 
2,000
 
5.000%, 7/01/18 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
 
A1 (5)
 
2,064,940
 
 
1,175
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
 
A1 (5)
 
1,213,152
 
 
Nuveen Investments
 
33

 
 

 

NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
     
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 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
$
3,007,237
 
 
4,455
 
5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
 
4,643,758
 
 
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 (5)
 
2,033,036
 
 
3,405
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 (Pre-refunded 9/15/15) – FGIC Insured
9/15 at 100.00
 
AA– (5)
 
3,549,270
 
 
3,890
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 (Pre-refunded 6/15/15) – AGM Insured
6/15 at 100.00
 
AA+ (5)
 
4,007,945
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
55
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
59,005
 
 
170
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
182,379
 
 
55
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
59,005
 
 
870
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
885,799
 
 
1,625
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Project, Series 2005, 5.000%, 5/01/30 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
 
Aa3 (5)
 
1,664,634
 
     
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004:
           
 
1,690
 
5.000%, 9/01/16 (Pre-refunded 12/15/14) – AMBAC Insured
12/14 at 100.00
 
A+ (5)
 
1,696,523
 
 
1,865
 
4.750%, 9/01/18 (Pre-refunded 12/15/14) – AMBAC Insured
12/14 at 100.00
 
A+ (5)
 
1,871,956
 
 
54,155
 
Total U.S. Guaranteed
       
56,610,578
 
     
Utilities – 2.4% (1.7% 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
No Opt. Call
 
AA+
 
2,063,364
 
 
1,000
 
New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A, 4.750%, 6/15/32 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
 
1,034,850
 
 
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
 
A1
 
3,404,910
 
 
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
 
A1
 
1,171,606
 
 
7,135
 
Total Utilities
       
7,674,730
 
     
Water and Sewer – 4.5% (3.2% of Total Investments)
           
     
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
           
 
270
 
5.000%, 10/01/23
No Opt. Call
 
A
 
316,286
 
 
6,495
 
4.250%, 10/01/47 (Alternative Minimum Tax)
10/22 at 100.00
 
A
 
6,596,062
 
 
2,905
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.355%, 9/01/21 (IF) (4)
No Opt. Call
 
AAA
 
3,794,133
 
     
North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A:
           
 
1,650
 
5.000%, 6/01/27 – NPFG Insured
6/22 at 100.00
 
A
 
1,884,828
 
 
1,725
 
5.000%, 6/01/42 – NPFG Insured
6/22 at 100.00
 
A
 
1,894,171
 
 
13,045
 
Total Water and Sewer
       
14,485,480
 
$
448,375
 
Total Municipal Bonds (cost $422,772,483)
       
451,454,360
 
 
34
 
Nuveen Investments

 
 

 

Shares
 
Description (1)
 
Value
 
   
COMMON STOCKS – 1.0% (0.7% of Total Investments)
     
   
Airlines – 1.0% (0.7% of Total Investments)
     
79,862
 
American Airlines Group Inc., (6)
$
3,302,294
 
   
Total Common Stocks (cost $901,887)
 
3,302,294
 
   
Total Long-Term Investments (cost $423,674,370)
 
454,756,654
 
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.3)% (7)
 
(144,300,000
)
   
Other Assets Less Liabilities – 2.6%
 
8,257,852
 
   
Net Assets Applicable to Common Shares – 100%
$
318,714,506
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.7%.
WI/DD
Investment, or portion of investment, 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
 
35

 
 

 

NNJ
   
 
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 143.3% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 143.3% (100.0% of Total Investments)
           
     
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
 
Caa1
$
348,442
 
 
415
 
5.125%, 1/01/37
1/15 at 100.00
 
Caa1
 
302,137
 
 
895
 
Total Consumer Discretionary
       
650,579
 
     
Consumer Staples – 4.2% (2.9% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
530
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
525,850
 
 
8,620
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
6,452,671
 
 
1,370
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
1,028,117
 
 
10,520
 
Total Consumer Staples
       
8,006,638
 
     
Education and Civic Organizations – 15.9% (11.1% 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
 
1,140,514
 
 
730
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.163%, 12/15/36 (IF) (4)
6/23 at 100.00
 
AA–
 
1,104,811
 
     
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A:
           
 
695
 
5.000%, 7/01/38
7/23 at 100.00
 
AA
 
774,522
 
 
910
 
5.000%, 7/01/43
7/23 at 100.00
 
AA
 
1,009,445
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
1/15 at 100.00
 
BBB
 
301,131
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
1,915
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
 
AA–
 
2,076,952
 
 
3,350
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
 
AA–
 
3,629,658
 
 
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
 
AA–
 
1,024,669
 
 
3,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44
No Opt. Call
 
AA–
 
3,433,740
 
 
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
 
1,100,700
 
 
1,335
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.598%, 7/01/19 (IF)
No Opt. Call
 
AAA
 
1,905,005
 
 
1,200
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 4741, 13.802%, 7/01/44 (IF) (4)
7/24 at 100.00
 
AAA
 
1,811,676
 
 
275
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/37
7/22 at 100.00
 
A
 
303,584
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
           
 
260
 
5.000%, 7/01/32
7/21 at 100.00
 
BBB+
 
282,919
 
 
170
 
5.000%, 7/01/37
7/21 at 100.00
 
BBB+
 
183,308
 
 
635
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/43
7/23 at 100.00
 
A
 
704,393
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A, 5.000%, 7/01/19
No Opt. Call
 
AA
 
345,465
 
 
1,810
 
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
 
1,977,896
 
 
36
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
370
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
 
AA
$
391,845
 
 
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
 
294,716
 
 
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
 
400,173
 
 
1,925
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.375%, 12/01/26 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
 
2,042,059
 
 
500
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)
12/22 at 100.00
 
A
 
546,010
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736:
           
 
250
 
11.761%, 12/01/24 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
267,680
 
 
560
 
12.326%, 12/01/25 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
575,926
 
 
250
 
12.972%, 12/01/26 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
254,610
 
 
705
 
13.979%, 12/01/27 (Alternative Minimum Tax) (IF) (4)
12/23 at 100.00
 
AA
 
750,402
 
 
550
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.797%, 6/01/30 (IF) (4)
6/19 at 100.00
 
AA
 
829,664
 
 
630
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.083%, 5/01/21 (IF) (4)
No Opt. Call
 
AA–
 
956,605
 
 
26,340
 
Total Education and Civic Organizations
       
30,420,078
 
     
Financials – 1.4% (1.0% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002:
           
 
1,500
 
5.750%, 10/01/21
No Opt. Call
 
Ba2
 
1,711,620
 
 
750
 
6.500%, 4/01/28
No Opt. Call
 
Ba2
 
930,780
 
 
2,250
 
Total Financials
       
2,642,400
 
     
Health Care – 19.5% (13.6% of Total Investments)
           
 
785
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/28 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
886,289
 
 
2,000
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
2/23 at 100.00
 
BBB
 
2,296,420
 
 
1,375
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
 
A+
 
1,526,539
 
 
695
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.621%, 7/01/38 – AGC Insured (IF) (4)
7/19 at 100.00
 
AA
 
1,014,033
 
     
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
 
BB+
 
1,274,844
 
 
1,000
 
6.250%, 7/01/35
7/21 at 100.00
 
BB+
 
1,094,940
 
 
300
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
No Opt. Call
 
A–
 
344,910
 
     
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:
           
 
755
 
5.250%, 7/01/31
7/23 at 100.00
 
BBB
 
842,240
 
 
370
 
5.500%, 7/01/43
7/23 at 100.00
 
BBB
 
415,184
 
 
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+
 
1,714,823
 
 
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
 
BBB
 
244,330
 
 
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
 
722,624
 
 
Nuveen Investments
 
37

 
 

 

NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
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
$
388,185
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
           
 
1,800
 
3.750%, 7/01/27
No Opt. Call
 
A3
 
1,820,790
 
 
300
 
5.000%, 7/01/31
7/22 at 100.00
 
A3
 
333,639
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011:
           
 
220
 
5.000%, 7/01/26
7/22 at 100.00
 
A
 
250,657
 
 
2,500
 
5.000%, 7/01/27
7/22 at 100.00
 
A
 
2,832,750
 
 
400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32
7/23 at 100.00
 
A
 
452,164
 
 
2,075
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
 
AA
 
2,213,901
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
           
 
1,150
 
5.000%, 7/01/39
7/24 at 100.00
 
A
 
1,301,478
 
 
1,950
 
5.000%, 7/01/43
7/24 at 100.00
 
A
 
2,199,990
 
 
1,270
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
1,480,083
 
 
1,165
 
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
 
1,173,295
 
 
1,790
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37
7/21 at 100.00
 
A–
 
2,034,854
 
 
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
 
A–
 
1,219,995
 
 
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–
 
1,661,265
 
 
500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37
8/23 at 100.00
 
A3
 
500,345
 
     
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
 
1,275,963
 
 
1,155
 
5.000%, 7/01/46
7/16 at 100.00
 
A2
 
1,177,303
 
 
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
12/14 at 100.00
 
A1
 
2,703,212
 
 
34,195
 
Total Health Care
       
37,397,045
 
     
Housing/Multifamily – 3.3% (2.3% 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:
           
 
1,100
 
5.750%, 6/01/31
6/20 at 100.00
 
Baa3
 
1,218,327
 
 
550
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
608,218
 
     
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2:
           
 
2,125
 
4.350%, 11/01/33 (Alternative Minimum Tax)
11/22 at 100.00
 
AA
 
2,188,708
 
 
1,065
 
4.600%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
 
AA
 
1,109,858
 
 
1,065
 
4.750%, 11/01/46 (Alternative Minimum Tax)
11/22 at 100.00
 
AA
 
1,104,778
 
 
5,905
 
Total Housing/Multifamily
       
6,229,889
 
     
Housing/Single Family – 2.5% (1.8% of Total Investments)
           
 
4,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
4/21 at 100.00
 
Aa2
 
4,326,480
 
 
38
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Single Family (continued)
           
$
465
 
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
$
472,840
 
 
4,465
 
Total Housing/Single Family
       
4,799,320
 
     
Long-Term Care – 1.8% (1.3% of Total Investments)
           
 
1,520
 
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
 
1,553,638
 
 
145
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44
1/24 at 100.00
 
N/R
 
150,163
 
 
1,505
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
7/23 at 100.00
 
BBB–
 
1,611,960
 
 
200
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
BBB–
 
220,104
 
 
3,370
 
Total Long-Term Care
       
3,535,865
 
     
Tax Obligation/General – 6.2% (4.3% of Total Investments)
           
 
140
 
Carlstadt School District, Bergen County, New Jersey, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/26
5/24 at 100.00
 
AA–
 
167,063
 
 
310
 
Elizabeth, Union County, New Jersey, General Obligation Bonds, General Improvement Series 2014, 3.125%, 4/01/27 – AGM Insured
4/24 at 100.00
 
AA
 
319,002
 
 
2,250
 
Freehold Regional High School District, Monmouth County, New Jersey, General Obligation Bonds, Refunding Series 2001, 5.000%, 3/01/17 – FGIC Insured
No Opt. Call
 
AA
 
2,475,495
 
 
2,500
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
 
A2
 
2,690,625
 
 
555
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
 
AA
 
633,521
 
 
215
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37
1/24 at 100.00
 
AA+
 
246,353
 
     
South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014:
           
 
280
 
3.000%, 9/01/17
No Opt. Call
 
AA
 
297,637
 
 
150
 
5.000%, 9/01/22
No Opt. Call
 
AA
 
181,083
 
 
1,125
 
Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22
No Opt. Call
 
AA+
 
1,281,195
 
 
1,475
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
 
1,628,356
 
 
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
 
1,906,577
 
 
10,485
 
Total Tax Obligation/General
       
11,826,907
 
     
Tax Obligation/Limited – 33.6% (23.4% 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
 
1,279,490
 
 
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
 
1,420,708
 
 
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
 
2,266,950
 
 
1,000
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured
No Opt. Call
 
AAA
 
1,304,990
 
 
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
 
1,426,378
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
1,835
 
5.250%, 1/01/36
1/22 at 100.00
 
A
 
2,011,912
 
 
1,185
 
5.125%, 1/01/42
1/22 at 100.00
 
A
 
1,280,321
 
 
Nuveen Investments
 
39

 
 

 

NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
640
 
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Plaza Refunding Project, Series 2013, 3.250%, 4/01/35
4/22 at 100.00
 
Aa3
$
599,968
 
 
3,450
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/25
6/16 at 100.00
 
A2
 
3,690,914
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
 
1,050
 
5.000%, 6/15/19
No Opt. Call
 
BBB+
 
1,196,097
 
 
250
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
282,803
 
 
1,200
 
5.000%, 6/15/26
6/22 at 100.00
 
BBB+
 
1,348,764
 
 
2,700
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
3,000,267
 
 
3,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
1/15 at 100.00
 
AA–
 
3,213,536
 
     
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
 
125,300
 
 
205
 
5.125%, 6/15/37
6/17 at 100.00
 
Baa3
 
211,865
 
 
3,600
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/22
No Opt. Call
 
A2
 
4,112,388
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
430
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
 
A–
 
467,810
 
 
805
 
5.000%, 9/01/37
9/17 at 100.00
 
A2
 
875,784
 
 
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
 
A2
 
539,168
 
     
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
 
AA–
 
429,148
 
 
715
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
 
AA–
 
766,923
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
 
A2
 
5,911,558
 
 
1,700
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
 
A2
 
2,015,214
 
 
2,600
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
 
AA–
 
2,851,472
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
6,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
 
2,745,960
 
 
12,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
5,143,198
 
 
4,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
 
1,640,120
 
 
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
 
A2
 
4,407,358
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
 
A2
 
927,248
 
 
1,130
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012, 3.500%, 5/01/35
5/22 at 100.00
 
Aa3
 
1,117,762
 
 
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
 
BB
 
621,457
 
 
1,320
 
Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, County College Facility Project, Series 2014B, 5.000%, 2/01/20
No Opt. Call
 
AA+
 
1,555,765
 
 
1,125
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.268%, 3/01/34 (IF) (4)
No Opt. Call
 
AA+
 
2,334,308
 
 
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
 
1,115,670
 
 
78,125
 
Total Tax Obligation/Limited
       
64,238,574
 
 
40
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation – 28.7% (20.0% of Total Investments)
           
$
3,000
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
 
AA–
$
3,069,600
 
 
1,600
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42
1/23 at 100.00
 
A1
 
1,789,008
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
           
 
355
 
5.000%, 1/01/34
1/24 at 100.00
 
A1
 
409,826
 
 
1,655
 
4.125%, 1/01/39
1/24 at 100.00
 
A1
 
1,738,098
 
 
2,315
 
5.000%, 1/01/44
1/24 at 100.00
 
A1
 
2,611,320
 
 
1,105
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 5.000%, 7/01/25
7/22 at 100.00
 
A
 
1,286,154
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
 
A
 
553,290
 
 
1,760
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40
1/24 at 100.00
 
A
 
1,989,733
 
     
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Refunding Bonds, Port District Project, Series 2012:
           
 
1,095
 
5.000%, 1/01/25
No Opt. Call
 
BBB
 
1,255,954
 
 
1,175
 
5.000%, 1/01/27
No Opt. Call
 
BBB
 
1,332,215
 
 
1,695
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
1/24 at 100.00
 
BBB–
 
1,893,501
 
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
           
 
350
 
5.125%, 9/15/23 (Alternative Minimum Tax)
3/15 at 100.00
 
B
 
376,523
 
 
675
 
5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
 
B
 
717,768
 
 
540
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
3/24 at 101.00
 
B
 
588,163
 
     
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:
           
 
1,850
 
5.000%, 9/15/20
No Opt. Call
 
A
 
2,145,297
 
 
1,750
 
5.000%, 9/15/21
No Opt. Call
 
A
 
2,008,615
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
225
 
6.500%, 1/01/16 – AMBAC Insured
No Opt. Call
 
A3
 
240,930
 
 
370
 
6.500%, 1/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
396,196
 
 
2,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
 
A+
 
2,814,650
 
 
2,380
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28
1/23 at 100.00
 
A+
 
2,743,831
 
 
1,250
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.258%, 1/01/43 (IF) (4)
7/22 at 100.00
 
A+
 
1,772,088
 
 
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
 
268,104
 
 
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
 
A2
 
2,794,495
 
     
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
 
AA–
 
4,148,200
 
 
3,000
 
5.000%, 12/01/34
6/15 at 101.00
 
AA–
 
3,105,210
 
 
585
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.784%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA
 
820,264
 
 
2,710
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
3,081,487
 
 
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)
12/14 at 100.00
 
AA–
 
8,049,598
 
 
790
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22
No Opt. Call
 
A–
 
915,420
 
 
50,220
 
Total Transportation
       
54,915,538
 
 
Nuveen Investments
 
41

 
 

 

NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed – 18.9% (13.2% of Total Investments) (5)
           
$
25
 
Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.250%, 2/15/27 (Pre-refunded 2/15/15)
2/15 at 100.00
 
BBB (5)
$
25,367
 
 
690
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25 (Pre-refunded 2/15/15)
2/15 at 100.00
 
BBB (5)
 
699,619
 
 
2,250
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
2,268,113
 
 
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
 
N/R (5)
 
2,117,206
 
     
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
           
 
1,185
 
5.000%, 4/01/25 (Pre-refunded 4/01/15) – AMBAC Insured
4/15 at 100.00
 
AA (5)
 
1,209,103
 
 
2,755
 
5.000%, 4/01/35 (Pre-refunded 4/01/15) – AMBAC Insured
4/15 at 100.00
 
AA (5)
 
2,811,037
 
 
1,190
 
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)
 
1,384,946
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
725
 
5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured
9/17 at 100.00
 
AAA
 
813,414
 
 
1,505
 
5.000%, 9/01/37 (Pre-refunded 9/01/17)
9/17 at 100.00
 
AAA
 
1,688,535
 
 
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
 
AA– (5)
 
641,297
 
     
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 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
 
2,725,798
 
 
3,000
 
5.000%, 9/15/28 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
 
3,127,110
 
 
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)
 
1,527,785
 
 
1,500
 
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
1,877,190
 
 
1,875
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 (Pre-refunded 9/15/15) – FGIC Insured
9/15 at 100.00
 
AA– (5)
 
1,954,444
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/18 (Pre-refunded 12/15/15) – FGIC Insured
12/15 at 100.00
 
AA+ (5)
 
2,114,260
 
 
1,110
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 (Pre-refunded 6/15/15) – AGM Insured
6/15 at 100.00
 
AA+ (5)
 
1,143,655
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
125
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (5)
 
134,103
 
 
195
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
209,200
 
 
470
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
504,225
 
 
195
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
209,200
 
 
120
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (5)
 
128,738
 
 
2,300
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
2,341,768
 
 
615
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (5)
 
626,168
 
 
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)
 
2,192,256
 
 
1,780
 
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004, 4.750%, 9/01/17 (Pre-refunded 12/15/14) – AMBAC Insured
12/14 at 100.00
 
A+ (5)
 
1,786,639
 
 
34,290
 
Total U.S. Guaranteed
       
36,261,176
 
     
Utilities – 1.0% (0.7% of Total Investments)
           
 
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
 
A1
 
1,418,713
 
 
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
 
A1
 
455,624
 
 
1,670
 
Total Utilities
       
1,874,337
 
 
42
 
Nuveen Investments

 
 

 

NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer – 6.0% (4.2% of Total Investments)
           
$
4,330
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C, 4.250%, 10/01/47 (Alternative Minimum Tax)
10/22 at 100.00
 
A
$
4,397,375
 
 
1,780
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.355%, 9/01/21 (IF) (4)
No Opt. Call
 
AAA
 
2,324,805
 
 
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
 
1,693,857
 
     
North Hudson Sewerage Authority, New Jersey Gross Revenue Senior Lien Lease Certificates, Series 2012A:
           
 
1,000
 
5.000%, 6/01/27 – NPFG Insured
6/22 at 100.00
 
A
 
1,142,320
 
 
1,100
 
5.000%, 6/01/42 – NPFG Insured
6/22 at 100.00
 
A
 
1,207,877
 
 
750
 
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
 
805,133
 
 
10,610
 
Total Water and Sewer
       
11,571,367
 
$
273,340
 
Total Long-Term Investments (cost $255,638,257)
       
274,369,713
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (46.3)% (6)
       
(88,600,000
)
     
Other Assets Less Liabilities – 3.0%
       
5,650,430
 
     
Net Assets Applicable to Common Shares – 100%
     
$
191,420,143
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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 32.3%.
WI/DD
Investment, or portion of investment, 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
 
43

 
 

 
 
NXJ
 
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 141.9% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 141.9% (100.0% of Total Investments)
           
     
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
 
Caa1
$
188,739
 
 
230
 
5.125%, 1/01/37
1/15 at 100.00
 
Caa1
 
167,449
 
 
490
 
Total Consumer Discretionary
       
356,188
 
     
Consumer Staples – 4.9% (3.5% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
630
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
625,067
 
 
5,075
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
3,798,992
 
 
835
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
626,626
 
 
6,540
 
Total Consumer Staples
       
5,050,685
 
     
Education and Civic Organizations – 12.1% (8.5% of Total Investments)
           
 
375
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.163%, 12/15/36 (IF) (4)
6/23 at 100.00
 
AA–
 
567,540
 
     
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A:
           
 
255
 
5.000%, 7/01/38
7/23 at 100.00
 
AA
 
284,177
 
 
340
 
5.000%, 7/01/43
7/23 at 100.00
 
AA
 
377,155
 
 
250
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
1/15 at 100.00
 
BBB
 
250,943
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
1,105
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
 
AA–
 
1,198,450
 
 
735
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
 
AA–
 
796,358
 
 
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
 
AA–
 
1,024,669
 
 
665
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.598%, 7/01/19 (IF)
No Opt. Call
 
AAA
 
948,935
 
 
650
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 4741, 13.802%, 7/01/44 (IF) (4)
7/24 at 100.00
 
AAA
 
981,325
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/42
7/22 at 100.00
 
A
 
329,697
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
           
 
260
 
5.000%, 7/01/32
7/21 at 100.00
 
BBB+
 
282,919
 
 
170
 
5.000%, 7/01/37
7/21 at 100.00
 
BBB+
 
183,308
 
 
390
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
7/23 at 100.00
 
A
 
434,624
 
 
225
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
 
AA
 
238,284
 
 
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
 
147,358
 
 
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
 
400,173
 
 
1,185
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.250%, 12/01/25 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
 
1,254,844
 
 
44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736:
           
$
560
 
11.897%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
$
629,440
 
 
370
 
13.979%, 12/01/27 (Alternative Minimum Tax) (IF) (4)
12/23 at 100.00
 
AA
 
393,828
 
 
300
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.797%, 6/01/30 (IF) (4)
6/19 at 100.00
 
AA
 
452,544
 
 
250
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Refunding Series 2012, 5.125%, 4/01/32
4/22 at 100.00
 
BBB–
 
206,508
 
 
75
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/31
10/22 at 100.00
 
A–
 
75,543
 
 
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
12/14 at 100.00
 
BBB–
 
434,880
 
 
315
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.083%, 5/01/21 (IF) (4)
No Opt. Call
 
AA–
 
478,302
 
 
10,730
 
Total Education and Civic Organizations
       
12,371,804
 
     
Financials – 1.7% (1.2% 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)
11/14 at 100.00
 
N/R
 
850,281
 
 
750
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
 
Ba2
 
855,810
 
 
1,600
 
Total Financials
       
1,706,091
 
     
Health Care – 15.6% (11.0% of Total Investments)
           
     
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:
           
 
320
 
5.000%, 2/15/27 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
364,026
 
 
305
 
5.000%, 2/15/28 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
344,354
 
 
710
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
 
A+
 
788,249
 
 
370
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.621%, 7/01/38 – AGC Insured (IF) (4)
7/19 at 100.00
 
AA
 
539,845
 
 
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
 
BB+
 
942,276
 
 
180
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
No Opt. Call
 
A–
 
206,946
 
     
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:
           
 
420
 
5.250%, 7/01/31
7/23 at 100.00
 
BBB
 
468,531
 
 
225
 
5.500%, 7/01/43
7/23 at 100.00
 
BBB
 
252,477
 
 
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+
 
918,466
 
 
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
 
A3
 
1,573,920
 
 
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
 
BBB
 
132,345
 
 
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
 
454,221
 
 
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
 
186,329
 
 
Nuveen Investments
 
45

 
 

 

NXJ
Nuveen New Jersey Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
           
$
1,040
 
3.750%, 7/01/27
No Opt. Call
 
A3
$
1,052,012
 
 
500
 
5.000%, 7/01/31
7/22 at 100.00
 
A3
 
556,065
 
 
240
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32
7/23 at 100.00
 
A
 
271,298
 
 
1,225
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
 
AA
 
1,307,002
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
           
 
500
 
5.000%, 7/01/39
7/24 at 100.00
 
A
 
565,860
 
 
500
 
5.000%, 7/01/43
7/24 at 100.00
 
A
 
564,100
 
 
125
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B, 5.000%, 7/01/25 – RAAI Insured
7/15 at 100.00
 
N/R
 
126,190
 
 
1,555
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37
7/21 at 100.00
 
A–
 
1,767,708
 
 
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
 
A–
 
468,015
 
 
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–
 
775,257
 
     
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
 
678,812
 
 
615
 
5.000%, 7/01/46
7/16 at 100.00
 
A2
 
626,876
 
 
14,605
 
Total Health Care
       
15,931,180
 
     
Housing/Multifamily – 0.9% (0.7% 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:
           
 
560
 
5.750%, 6/01/31
6/20 at 100.00
 
Baa3
 
620,239
 
 
300
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
331,755
 
 
860
 
Total Housing/Multifamily
       
951,994
 
     
Housing/Single Family – 5.3% (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
4/21 at 100.00
 
Aa2
 
5,408,099
 
     
Industrials – 0.7% (0.5% of Total Investments)
           
 
670
 
Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999B, 2.125%, 12/01/29 (Mandatory put 12/01/17)
No Opt. Call
 
A–
 
699,179
 
     
Long-Term Care – 1.1% (0.8% of Total Investments)
           
 
620
 
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
 
633,721
 
 
75
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44
1/24 at 100.00
 
N/R
 
77,671
 
 
290
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
7/23 at 100.00
 
BBB–
 
310,610
 
 
105
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
BBB–
 
115,555
 
 
1,090
 
Total Long-Term Care
       
1,137,557
 
     
Tax Obligation/General – 6.0% (4.2% of Total Investments)
           
 
75
 
Carlstadt School District, Bergen County, New Jersey, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/26
5/24 at 100.00
 
AA–
 
89,498
 
 
46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
890
 
Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured
9/24 at 100.00
 
AA
$
1,012,526
 
 
1,000
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
 
A2
 
1,076,250
 
 
1,100
 
Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23
5/21 at 100.00
 
AA–
 
1,194,435
 
 
300
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
 
AA
 
342,444
 
 
115
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37
1/24 at 100.00
 
AA+
 
131,770
 
 
300
 
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/31
9/22 at 100.00
 
A+
 
333,516
 
 
250
 
Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured
12/19 at 100.00
 
A3
 
296,260
 
 
760
 
Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22
No Opt. Call
 
AA+
 
865,518
 
 
740
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
 
816,938
 
 
5,530
 
Total Tax Obligation/General
       
6,159,155
 
     
Tax Obligation/Limited – 33.0% (23.2% 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
 
767,694
 
 
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
 
1,038,900
 
 
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
 
BBB+
 
1,129,722
 
 
620
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
 
Aa2
 
762,631
 
 
3,000
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Refunding Series 2012A, 5.000%, 11/01/20
No Opt. Call
 
AAA
 
3,604,379
 
 
500
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured
No Opt. Call
 
AAA
 
652,495
 
 
715
 
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
 
832,539
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
 
600
 
5.000%, 6/15/19
No Opt. Call
 
BBB+
 
683,484
 
 
360
 
5.000%, 6/15/21
No Opt. Call
 
BBB+
 
417,197
 
 
400
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
452,484
 
 
600
 
5.000%, 6/15/26
6/22 at 100.00
 
BBB+
 
674,382
 
 
800
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
888,968
 
 
1,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
1/15 at 100.00
 
AA–
 
1,205,076
 
     
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
 
67,871
 
 
115
 
5.125%, 6/15/37
6/17 at 100.00
 
Baa3
 
118,851
 
 
1,105
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/28
3/23 at 100.00
 
A2
 
1,217,566
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
230
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
 
A–
 
250,224
 
 
430
 
5.000%, 9/01/37
9/17 at 100.00
 
A2
 
467,810
 
 
470
 
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
 
488,509
 
 
Nuveen Investments
 
47

 
 

 

NXJ
Nuveen New Jersey Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
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
 
A2
$
266,915
 
     
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
 
AA–
 
375,505
 
 
610
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
 
AA–
 
654,298
 
 
6,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
 
A2
 
2,955,780
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
 
A2
 
1,541,046
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
 
AA–
 
1,425,736
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
3,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
 
1,372,980
 
 
3,500
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
1,500,100
 
 
6,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
 
2,460,180
 
 
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
 
A2
 
1,101,840
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
 
A2
 
927,248
 
 
915
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012, 3.500%, 5/01/35
5/22 at 100.00
 
Aa3
 
905,091
 
 
255
 
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
 
BB
 
203,169
 
 
420
 
Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, County College Facility Project, Series 2014B, 5.000%, 2/01/20
No Opt. Call
 
AA+
 
495,016
 
 
575
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.268%, 3/01/34 (IF) (4)
No Opt. Call
 
AA+
 
1,193,091
 
 
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
 
613,619
 
 
40,735
 
Total Tax Obligation/Limited
       
33,712,396
 
     
Transportation – 22.0% (15.5% of Total Investments)
           
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
           
 
180
 
5.000%, 1/01/34
1/24 at 100.00
 
A1
 
207,799
 
 
875
 
4.125%, 1/01/39
1/24 at 100.00
 
A1
 
918,934
 
 
1,000
 
5.000%, 1/01/44
1/24 at 100.00
 
A1
 
1,128,000
 
 
325
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 4.000%, 7/01/27
7/22 at 100.00
 
A
 
349,525
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
 
A
 
553,290
 
 
965
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40
1/24 at 100.00
 
A
 
1,090,961
 
 
1,260
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27
No Opt. Call
 
BBB
 
1,428,588
 
 
630
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
1/24 at 100.00
 
BBB–
 
703,779
 
 
575
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
3/24 at 101.00
 
B
 
626,284
 
     
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:
           
 
620
 
5.000%, 9/15/20
No Opt. Call
 
A
 
718,964
 
 
700
 
5.000%, 9/15/21
No Opt. Call
 
A
 
803,446
 
 
48
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
$
35
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
 
AA–
$
37,478
 
 
300
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
 
AA
 
374,466
 
 
1,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
 
A+
 
1,125,860
 
 
1,660
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28
1/23 at 100.00
 
A+
 
1,913,764
 
 
375
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.258%, 1/01/43 (IF) (4)
7/22 at 100.00
 
A+
 
531,626
 
 
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
 
268,104
 
 
1,500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/34
6/15 at 101.00
 
AA–
 
1,552,605
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.784%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
 
AA
 
434,670
 
 
450
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
511,686
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Seventh Series 2013, 4.000%, 1/15/43 (Alternative Minimum Tax)
1/23 at 100.00
 
AA–
 
1,022,090
 
 
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)
12/14 at 100.00
 
AA–
 
5,030,999
 
 
950
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22
No Opt. Call
 
A–
 
1,100,822
 
 
20,450
 
Total Transportation
       
22,433,740
 
     
U.S. Guaranteed – 27.5% (19.4% of Total Investments) (5)
           
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
           
 
1,000
 
5.000%, 1/01/25 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
1,008,050
 
 
1,000
 
5.000%, 1/01/26 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
1,008,050
 
 
250
 
5.000%, 1/01/27 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
252,013
 
 
225
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25 (Pre-refunded 7/01/15)
7/15 at 100.00
 
A– (5)
 
233,372
 
 
1,785
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/27 (Pre-refunded 6/15/16)
6/16 at 100.00
 
AA+ (5)
 
1,920,446
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
385
 
5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured
9/17 at 100.00
 
AAA
 
431,951
 
 
805
 
5.000%, 9/01/37 (Pre-refunded 9/01/17)
9/17 at 100.00
 
AAA
 
903,170
 
 
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
 
AA– (5)
 
414,957
 
     
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)
 
722,729
 
 
1,000
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
 
A1 (5)
 
1,032,470
 
 
520
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
 
A1 (5)
 
536,884
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:
           
 
25
 
6.500%, 12/01/19 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (5)
 
31,089
 
 
100
 
6.500%, 12/01/20 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (5)
 
124,357
 
 
5
 
7.125%, 12/01/23 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (5)
 
6,357
 
     
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 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
 
964,192
 
 
1,400
 
5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
 
1,459,318
 
 
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)
 
1,016,518
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 (Pre-refunded 9/15/15) – FGIC Insured
9/15 at 100.00
 
AA– (5)
 
1,042,370
 
 
Nuveen Investments
 
49

 
 

 

NXJ
Nuveen New Jersey Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
$
1,280
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 (Pre-refunded 6/15/15) – AGM Insured
6/15 at 100.00
 
AA+ (5)
$
1,318,810
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
15
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
16,092
 
 
125
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
134,103
 
 
25
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA- (5)
 
26,821
 
 
245
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
249,449
 
 
15,840
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23 – NPFG Insured (ETM)
No Opt. Call
 
A3 (5)
 
13,264,572
 
 
29,885
 
Total U.S. Guaranteed
       
28,118,140
 
     
Utilities – 3.0% (2.1% 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
 
AA–
 
1,863,265
 
 
530
 
New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A, 5.125%, 6/15/43 (Alternative Minimum Tax)
6/22 at 100.00
 
Baa3
 
553,580
 
 
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
 
A1
 
283,743
 
 
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
 
A1
 
347,142
 
 
2,610
 
Total Utilities
       
3,047,730
 
     
Water and Sewer – 7.8% (5.5% of Total Investments)
           
     
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
           
 
670
 
5.000%, 10/01/23
No Opt. Call
 
A
 
784,858
 
 
2,730
 
4.250%, 10/01/47 (Alternative Minimum Tax)
10/22 at 100.00
 
A
 
2,772,479
 
 
1,680
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31
9/21 at 100.00
 
AAA
 
1,690,937
 
 
925
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.355%, 9/01/21 (IF) (4)
No Opt. Call
 
AAA
 
1,208,115
 
     
North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A:
           
 
670
 
5.000%, 6/01/27 – NPFG Insured
6/22 at 100.00
 
A
 
765,354
 
 
640
 
5.000%, 6/01/42 – NPFG Insured
6/22 at 100.00
 
A
 
702,765
 
 
7,315
 
Total Water and Sewer
       
7,924,508
 
$
148,110
 
Total Long-Term Investments (cost $133,998,637)
       
145,008,446
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.0)% (6)
       
(45,000,000)
 
     
Other Assets Less Liabilities – 2.1%
       
2,154,664
 
     
Net Assets Applicable to Common Shares – 100%
     
$
102,163,110
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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 31.0%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
 
 See accompanying notes to financial statements.

50
 
Nuveen Investments

 
 

 

NUJ
   
 
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 146.1% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 146.1% (100.0% of Total Investments)
           
     
Consumer Discretionary – 0.4% (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
 
Caa1
$
130,666
 
 
150
 
5.125%, 1/01/37
1/15 at 100.00
 
Caa1
 
109,206
 
 
330
 
Total Consumer Discretionary
       
239,872
 
     
Consumer Staples – 5.1% (3.5% of Total Investments)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
425
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
421,672
 
 
3,625
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
2,713,564
 
 
535
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
401,491
 
 
4,585
 
Total Consumer Staples
       
3,536,727
 
     
Education and Civic Organizations – 13.7% (9.4% of Total Investments)
           
 
425
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32
12/23 at 100.00
 
A+
 
475,805
 
 
210
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.163%, 12/15/36 (IF) (4)
6/23 at 100.00
 
AA–
 
317,822
 
 
200
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
1/15 at 100.00
 
BBB
 
200,754
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
           
 
780
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
 
AA–
 
845,965
 
 
495
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
 
AA–
 
536,323
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2007E, 5.000%, 7/01/33
No Opt. Call
 
AAA
 
1,097,770
 
 
335
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.598%, 7/01/19 (IF)
No Opt. Call
 
AAA
 
478,035
 
 
250
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 4741, 13.802%, 7/01/44 (IF) (4)
7/24 at 100.00
 
AAA
 
377,433
 
 
275
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/37
7/22 at 100.00
 
A
 
303,584
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
           
 
170
 
5.000%, 7/01/32
7/21 at 100.00
 
BBB+
 
184,986
 
 
115
 
5.000%, 7/01/37
7/21 at 100.00
 
BBB+
 
124,002
 
 
285
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
7/23 at 100.00
 
A
 
317,610
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A, 5.000%, 7/01/19
No Opt. Call
 
AA
 
345,465
 
 
150
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
 
AA
 
158,856
 
 
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
 
114,612
 
 
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
 
200,086
 
 
1,100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.250%, 12/01/25 (Alternative Minimum Tax)
12/22 at 100.00
 
AA
 
1,164,834
 
 
Nuveen Investments
 
51

 
 

 

NUJ
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736:
           
$
395
 
11.897%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
$
443,980
 
 
265
 
13.979%, 12/01/27 (Alternative Minimum Tax) (IF) (4)
12/23 at 100.00
 
AA
 
282,066
 
 
200
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.797%, 6/01/30 (IF) (4)
6/19 at 100.00
 
AA
 
301,696
 
 
575
 
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
 
A+
 
641,740
 
 
200
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Refunding Series 2012, 5.125%, 4/01/32
4/22 at 100.00
 
BBB–
 
165,206
 
 
75
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/31
10/22 at 100.00
 
A–
 
75,543
 
 
180
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.083%, 5/01/21 (IF) (4)
No Opt. Call
 
AA–
 
273,316
 
 
8,260
 
Total Education and Civic Organizations
       
9,427,489
 
     
Financials – 3.7% (2.6% 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)
11/14 at 100.00
 
N/R
 
600,198
 
     
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002:
           
 
1,450
 
5.750%, 10/01/21
No Opt. Call
 
Ba2
 
1,654,566
 
 
250
 
6.500%, 4/01/28
No Opt. Call
 
Ba2
 
310,260
 
 
2,300
 
Total Financials
       
2,565,024
 
     
Health Care – 27.9% (19.1% of Total Investments)
           
     
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:
           
 
220
 
5.000%, 2/15/26 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
251,999
 
 
2,500
 
5.000%, 2/15/32 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
2,786,673
 
 
1,000
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
2/23 at 100.00
 
BBB
 
1,148,210
 
 
405
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
 
A+
 
449,635
 
 
260
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.621%, 7/01/38 – AGC Insured (IF) (4)
7/19 at 100.00
 
AA
 
379,350
 
 
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
 
BB+
 
547,470
 
 
150
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
No Opt. Call
 
A–
 
172,455
 
     
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:
           
 
295
 
5.250%, 7/01/31
7/23 at 100.00
 
BBB
 
329,087
 
 
170
 
5.500%, 7/01/43
7/23 at 100.00
 
BBB
 
190,760
 
 
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+
 
647,704
 
 
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
 
A3
 
1,049,280
 
 
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
 
BBB
 
91,624
 
 
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
 
175,977
 
 
52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
800
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012, 3.750%, 7/01/27
No Opt. Call
 
A3
$
809,240
 
 
1,020
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/26
7/22 at 100.00
 
A
 
1,162,137
 
 
150
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32
7/23 at 100.00
 
A
 
169,562
 
 
925
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
 
AA
 
986,920
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
           
 
290
 
5.000%, 7/01/39
7/24 at 100.00
 
A
 
328,199
 
 
245
 
5.000%, 7/01/43
7/24 at 100.00
 
A
 
276,409
 
 
755
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
879,892
 
 
135
 
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
 
135,961
 
 
1,165
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37
7/21 at 100.00
 
A–
 
1,324,360
 
 
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–
 
553,755
 
 
325
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37
8/23 at 100.00
 
A3
 
325,224
 
     
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
 
2,505,988
 
 
435
 
5.000%, 7/01/46
7/16 at 100.00
 
A2
 
443,400
 
 
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
12/14 at 100.00
 
A1
 
1,122,088
 
 
17,670
 
Total Health Care
       
19,243,359
 
     
Housing/Multifamily – 2.8% (1.9% 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
 
420,877
 
 
200
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
221,170
 
     
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2:
           
 
625
 
4.350%, 11/01/33 (Alternative Minimum Tax)
11/22 at 100.00
 
AA
 
643,738
 
 
310
 
4.600%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
 
AA
 
323,057
 
 
310
 
4.750%, 11/01/46 (Alternative Minimum Tax)
11/22 at 100.00
 
AA
 
321,579
 
 
1,825
 
Total Housing/Multifamily
       
1,930,421
 
     
Housing/Single Family – 1.8% (1.3% of Total Investments)
           
 
1,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
4/21 at 100.00
 
Aa2
 
1,081,620
 
 
175
 
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
 
177,951
 
 
1,175
 
Total Housing/Single Family
       
1,259,571
 
     
Industrials – 1.0% (0.7% of Total Investments)
           
 
670
 
Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999B, 2.125%, 12/01/29 (Mandatory put 12/01/17)
No Opt. Call
 
A–
 
699,179
 
 
Nuveen Investments
 
53

 
 

 

NUJ
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Long-Term Care – 1.9% (1.3% of Total Investments)
           
$
705
 
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
$
720,602
 
 
55
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44
1/24 at 100.00
 
N/R
 
56,959
 
 
430
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
7/23 at 100.00
 
BBB–
 
460,560
 
 
75
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
BBB–
 
82,539
 
 
1,265
 
Total Long-Term Care
       
1,320,660
 
     
Tax Obligation/General – 8.8% (6.0% of Total Investments)
           
 
55
 
Carlstadt School District, Bergen County, New Jersey, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/26
5/24 at 100.00
 
AA–
 
65,632
 
 
1,335
 
Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured
9/24 at 100.00
 
AA
 
1,518,789
 
 
700
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
 
A2
 
753,375
 
 
190
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
 
AA
 
216,881
 
 
330
 
Monroe Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2003, 3.000%,1/15/33
1/22 at 100.00
 
AA
 
312,002
 
 
80
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37
1/24 at 100.00
 
AA+
 
91,666
 
     
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012:
           
 
225
 
5.000%, 9/01/28
9/22 at 100.00
 
A+
 
252,772
 
 
250
 
3.625%, 9/01/34
9/22 at 100.00
 
A+
 
247,998
 
 
500
 
Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22
No Opt. Call
 
AA+
 
569,420
 
 
420
 
The Board of Education of the Township of Mount Olive, Morris County, New Jersey School Bonds, Refunding Series 2014, 2.000%, 1/15/16
No Opt. Call
 
AA
 
428,476
 
 
740
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
 
816,938
 
 
635
 
West Deptford, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – AGM Insured
7/17 at 100.00
 
AA
 
694,988
 
 
100
 
Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2010, 5.000%, 7/15/19
No Opt. Call
 
AA+
 
117,070
 
 
5,560
 
Total Tax Obligation/General
       
6,086,007
 
     
Tax Obligation/Limited – 37.7% (25.8% 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
 
511,796
 
 
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
 
BBB+
 
770,265
 
 
435
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
 
Aa2
 
535,072
 
 
500
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured
No Opt. Call
 
AAA
 
652,495
 
 
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
 
617,127
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
670
 
5.250%, 1/01/36
1/22 at 100.00
 
A
 
734,595
 
 
265
 
5.125%, 1/01/42
1/22 at 100.00
 
A
 
286,317
 
 
500
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29
1/22 at 100.00
 
A
 
550,315
 
 
54
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
$
700
 
5.000%, 6/15/19
No Opt. Call
 
BBB+
$
797,398
 
 
250
 
5.000%, 6/15/21
No Opt. Call
 
BBB+
 
289,720
 
 
1,200
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
1,357,452
 
 
680
 
5.000%, 6/15/26
6/22 at 100.00
 
BBB+
 
764,300
 
 
1,000
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
1,111,210
 
 
415
 
5.000%, 6/15/29
No Opt. Call
 
BBB+
 
459,679
 
     
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
 
52,209
 
 
75
 
5.125%, 6/15/37
6/17 at 100.00
 
Baa3
 
77,512
 
 
1,400
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/22
No Opt. Call
 
A2
 
1,599,262
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
160
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
 
A–
 
174,069
 
 
305
 
5.000%, 9/01/37
9/17 at 100.00
 
A2
 
331,819
 
 
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
 
A2
 
213,532
 
     
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
 
AA–
 
316,497
 
 
525
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
 
AA–
 
563,126
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
 
A2
 
1,970,520
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
 
A2
 
948,336
 
 
900
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
 
AA–
 
987,048
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
2,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
 
915,320
 
 
4,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
1,714,400
 
 
5,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
 
AA
 
2,050,148
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
 
A2
 
1,506,778
 
     
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012:
           
 
865
 
5.000%, 5/01/21
No Opt. Call
 
Aa3
 
1,005,563
 
 
695
 
3.500%, 5/01/35
5/22 at 100.00
 
Aa3
 
687,473
 
 
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
 
BB
 
231,055
 
 
425
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.268%, 3/01/34 (IF) (4)
No Opt. Call
 
AA+
 
881,850
 
 
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
 
390,485
 
 
31,930
 
Total Tax Obligation/Limited
       
26,054,743
 
     
Transportation – 21.1% (14.4% of Total Investments)
           
 
300
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
 
AA–
 
306,960
 
 
800
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42
1/23 at 100.00
 
A1
 
894,504
 
 
Nuveen Investments
 
55

 
 

 

NUJ
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
           
$
165
 
5.000%, 1/01/34
1/24 at 100.00
 
A1
$
190,483
 
 
620
 
4.125%, 1/01/39
1/24 at 100.00
 
A1
 
651,130
 
 
685
 
5.000%, 1/01/44
1/24 at 100.00
 
A1
 
772,680
 
 
300
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 4.000%, 7/01/27
7/22 at 100.00
 
A
 
322,638
 
 
700
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
 
A
 
774,606
 
 
705
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40
1/24 at 100.00
 
A
 
797,024
 
 
660
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27
No Opt. Call
 
BBB
 
748,308
 
 
440
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
1/24 at 100.00
 
BBB–
 
491,528
 
 
635
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
3/24 at 101.00
 
B
 
691,636
 
     
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:
           
 
500
 
5.000%, 9/15/20
No Opt. Call
 
A
 
579,810
 
 
435
 
5.000%, 9/15/21
No Opt. Call
 
A
 
499,284
 
 
30
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16
No Opt. Call
 
A3
 
32,124
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
 
AA
 
1,872,330
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28
1/23 at 100.00
 
A+
 
1,383,444
 
 
500
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.258%, 1/01/43 (IF) (4)
7/22 at 100.00
 
A+
 
708,835
 
 
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
 
402,156
 
 
450
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
511,686
 
 
1,100
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Seventh Series 2013, 4.000%, 1/15/43 (Alternative Minimum Tax)
1/23 at 100.00
 
AA–
 
1,124,299
 
 
50
 
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)
12/14 at 100.00
 
AA–
 
50,310
 
 
650
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22
No Opt. Call
 
A–
 
753,194
 
 
12,785
 
Total Transportation
       
14,558,969
 
     
U.S. Guaranteed – 11.1% (7.6% of Total Investments) (5)
           
 
500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 (Pre-refunded 1/01/15) – NPFG Insured
1/15 at 100.00
 
AA– (5)
 
504,025
 
 
150
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25 (Pre-refunded 7/01/15)
7/15 at 100.00
 
A– (5)
 
155,582
 
 
1,305
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26 (Pre-refunded 6/15/16)
6/16 at 100.00
 
AA+ (5)
 
1,404,023
 
 
95
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 (ETM)
No Opt. Call
 
Aaa
 
102,976
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
           
 
275
 
5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured
9/17 at 100.00
 
AAA
 
308,536
 
 
565
 
5.000%, 9/01/37 (Pre-refunded 9/01/17)
9/17 at 100.00
 
AAA
 
633,902
 
 
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
 
AA– (5)
 
188,617
 
 
25
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.000%, 12/01/17 (ETM)
No Opt. Call
 
N/R (5)
 
28,289
 
 
56
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
     
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 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
$
682,752
 
 
985
 
5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured
9/15 at 100.00
 
A2 (5)
 
1,026,734
 
 
765
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 (Pre-refunded 9/15/15) – FGIC Insured
9/15 at 100.00
 
AA– (5)
 
797,413
 
 
665
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 (Pre-refunded 6/15/15) – AGM Insured
6/15 at 100.00
 
AA+ (5)
 
685,163
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
15
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
A3 (5)
 
16,092
 
 
185
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
198,472
 
 
890
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
906,162
 
 
10
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
10,182
 
 
7,260
 
Total U.S. Guaranteed
       
7,648,920
 
     
Utilities – 2.2% (1.5% of Total Investments)
           
 
695
 
New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A, 5.125%, 6/15/43 (Alternative Minimum Tax)
6/22 at 100.00
 
Baa3
 
725,921
 
 
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
 
A1
 
567,485
 
 
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
 
A1
 
238,660
 
 
1,415
 
Total Utilities
       
1,532,066
 
     
Water and Sewer – 6.9% (4.7% of Total Investments)
           
     
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
           
 
520
 
5.000%, 10/01/23
No Opt. Call
 
A
 
609,144
 
 
2,115
 
4.250%, 10/01/47 (Alternative Minimum Tax)
10/22 at 100.00
 
A
 
2,147,907
 
 
660
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.355%, 9/01/21 (IF) (4)
No Opt. Call
 
AAA
 
862,006
 
     
North Hudson Sewerage Authority, New Jersey Gross Revenue Senior Lien Lease Certificates, Series 2012A:
           
 
500
 
5.000%, 6/01/27 – NPFG Insured
6/22 at 100.00
 
A
 
571,160
 
 
535
 
5.000%, 6/01/42 – NPFG Insured
6/22 at 100.00
 
A
 
587,467
 
 
4,330
 
Total Water and Sewer
       
4,777,684
 
$
101,360
 
Total Long-Term Investments (cost $94,572,888)
       
100,880,691
 
     
MuniFund Term Preferred Shares, at liquidation value – (50.8)% (6)
       
(35,050,000
)
     
Other Assets Less Liabilities – 4.7%
       
3,218,668
 
     
Net Assets Applicable to Common Shares – 100%
     
$
69,049,359
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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 34.7%.
WI/DD
Investment, or portion of investment, 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
 
57

 
 

 
 
NJV
   
 
Nuveen New Jersey Municipal Value Fund
 
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 105.3% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 102.5% (97.3% of Total Investments)
           
     
Consumer Staples – 3.0% (2.8% 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
 
B2
$
112,286
 
 
870
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
652,892
 
 
1,020
 
Total Consumer Staples
       
765,178
 
     
Education and Civic Organizations – 11.1% (10.6% of Total Investments)
           
 
110
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32
12/23 at 100.00
 
A+
 
123,149
 
 
45
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.163%, 12/15/36 (IF) (4)
6/23 at 100.00
 
AA–
 
68,105
 
 
900
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36
9/19 at 100.00
 
A2
 
1,031,364
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
           
 
50
 
5.000%, 7/01/32
7/21 at 100.00
 
BBB+
 
54,408
 
 
30
 
5.000%, 7/01/37
7/21 at 100.00
 
BBB+
 
32,348
 
 
75
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
7/23 at 100.00
 
A
 
83,582
 
 
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
 
1,127,120
 
 
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
 
32,746
 
 
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)
12/22 at 100.00
 
A
 
109,202
 
 
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736, 11.897%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
12/22 at 100.00
 
AA
 
112,400
 
 
60
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.083%, 5/01/21 (IF) (4)
No Opt. Call
 
AA–
 
91,105
 
 
2,500
 
Total Education and Civic Organizations
       
2,865,529
 
     
Health Care – 22.6% (21.4% of Total Investments)
           
 
105
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/25 (WI/DD, Settling 11/18/14)
2/24 at 100.00
 
BBB
 
121,186
 
 
100
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
2/23 at 100.00
 
BBB
 
114,821
 
 
105
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
 
A
 
113,723
 
 
5
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.125%, 7/01/22
7/18 at 100.00
 
A+
 
5,592
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB) (4)
7/19 at 100.00
 
AA
 
2,229,520
 
 
100
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31
7/23 at 100.00
 
BBB
 
111,555
 
 
1,000
 
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
 
1,032,318
 

58
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
20
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/21
No Opt. Call
 
A
$
23,475
 
 
100
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
 
AA
 
106,694
 
 
110
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39
7/24 at 100.00
 
A
 
124,489
 
 
100
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
116,542
 
 
70
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37
7/21 at 100.00
 
A–
 
79,575
 
 
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–
 
815,055
 
 
100
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37
8/23 at 100.00
 
A3
 
100,069
 
 
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
 
719,643
 
 
5,370
 
Total Health Care
       
5,814,257
 
     
Housing/Multifamily – 4.6% (4.4% 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
 
110,757
 
 
50
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
55,293
 
 
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+
 
1,027,830
 
 
1,150
 
Total Housing/Multifamily
       
1,193,880
 
     
Housing/Single Family – 1.5% (1.4% of Total Investments)
           
 
365
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29
10/21 at 100.00
 
Aa2
 
375,749
 
     
Long-Term Care – 1.4% (1.3% of Total Investments)
           
 
160
 
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
 
163,541
 
 
15
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44
1/24 at 100.00
 
N/R
 
15,534
 
 
140
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
7/23 at 100.00
 
BBB–
 
149,950
 
 
20
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
7/24 at 100.00
 
BBB–
 
22,010
 
 
335
 
Total Long-Term Care
       
351,035
 
     
Tax Obligation/General – 11.5% (10.9% 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
 
A
 
104,222
 
 
100
 
Evesham Township Board of Education, Burlington County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 3/01/15 – NPFG Insured
No Opt. Call
 
Aa2
 
101,594
 
 
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
 
10,971
 
 
255
 
Millville, New Jersey, General Obligation Bonds, Improvement Series 2011, 5.000%, 11/01/14 – AGM Insured
No Opt. Call
 
AA
 
255,000
 
 
Nuveen Investments
 
59

 
 

 

NJV
Nuveen New Jersey Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
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
$
50,185
 
 
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
 
156,891
 
     
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007:
           
 
50
 
5.000%, 12/01/15 – AMBAC Insured
No Opt. Call
 
N/R
 
52,275
 
 
150
 
5.000%, 12/01/16 – AMBAC Insured
No Opt. Call
 
N/R
 
161,970
 
 
200
 
Monroe Township Board of Education of Gloucester County, New Jersey, General Obligation Bond, Refunding Series 2014, 3.000%, 3/01/17
No Opt. Call
 
AA–
 
211,228
 
 
20
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37
1/24 at 100.00
 
AA+
 
22,917
 
 
500
 
Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured
12/19 at 100.00
 
A3
 
592,520
 
 
30
 
North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009, 4.000%, 2/01/17
No Opt. Call
 
AA–
 
32,245
 
 
50
 
Passaic County, New Jersey, General Obligation Bonds, Series 2004, 3.500%, 3/15/15 – NPFG Insured
No Opt. Call
 
Aa3
 
50,596
 
 
75
 
Peapack-Gladstone, New Jersey, General Obligation Bonds, General Improvements Series 2009, 3.000%, 12/01/14
No Opt. Call
 
Aa2
 
75,174
 
 
350
 
South Brunswick Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding School Series 2014, 3.000%, 8/01/15
No Opt. Call
 
AA+
 
357,385
 
 
25
 
South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 3.000%, 9/01/17
No Opt. Call
 
AA
 
26,575
 
 
100
 
Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22
No Opt. Call
 
AA+
 
113,884
 
 
25
 
Swedesboro Woolwich Consolidated School District, Gloucester County, New Jersey, General Obligation Bonds, Series 2007, 4.000%, 2/15/15 – AGM Insured
No Opt. Call
 
Aa3
 
25,274
 
 
80
 
The Board of Education of the Township of Mount Olive, Morris County, New Jersey School Bonds, Refunding Series 2014, 2.000%, 1/15/16
No Opt. Call
 
AA
 
81,614
 
 
150
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
 
165,596
 
 
170
 
Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41
6/21 at 100.00
 
AA+
 
188,071
 
 
100
 
Upper Freehold Township, New Jersey, General Obligation Bonds, Series 2012, 3.000%, 12/15/14
No Opt. Call
 
AA
 
100,333
 
 
25
 
Washington Borough, Warren County, New Jersey, General Obligation Bonds, Series 2008, 4.500%, 3/01/17 – AGM Insured
No Opt. Call
 
A2
 
27,085
 
 
2,765
 
Total Tax Obligation/General
       
2,963,605
 
     
Tax Obligation/Limited – 30.5% (29.0% of Total Investments)
           
 
250
 
Burlington County Bridge Commission, New Jersey, Governmental Leasing Program Revenue Bonds, County Guaranteed, Refunding Series 2014, 3.000%, 8/15/16
No Opt. Call
 
AA
 
261,448
 
 
200
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured
No Opt. Call
 
AAA
 
260,998
 
 
630
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
 
BBB+
 
698,714
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
           
 
250
 
5.000%, 6/15/25
6/22 at 100.00
 
BBB+
 
282,803
 
 
400
 
5.000%, 6/15/28
No Opt. Call
 
BBB+
 
444,484
 
 
700
 
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
 
A2
 
747,362
 
 
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
 
A2
 
2,297,420
 

60
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
5,380
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39
No Opt. Call
 
A2
$
1,590,543
 
 
1,300
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
BBB
 
99,918
 
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/39
10/19 at 100.00
 
BBB
 
1,066,490
 
 
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
 
115,856
 
 
12,215
 
Total Tax Obligation/Limited
       
7,866,036
 
     
Transportation – 10.7% (10.1% of Total Investments)
           
 
250
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
 
AA–
 
255,800
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
           
 
150
 
4.125%, 1/01/39
1/24 at 100.00
 
A1
 
157,532
 
 
200
 
5.000%, 1/01/44
1/24 at 100.00
 
A1
 
225,600
 
 
300
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27
No Opt. Call
 
BBB
 
340,140
 
 
190
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
1/24 at 100.00
 
BBB–
 
212,251
 
 
80
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
3/24 at 101.00
 
B
 
87,135
 
 
200
 
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A, 5.000%, 9/15/15
No Opt. Call
 
A
 
208,080
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
30
 
6.500%, 1/01/16
No Opt. Call
 
A3
 
32,124
 
 
10
 
6.500%, 1/01/16 – AMBAC Insured
No Opt. Call
 
A3
 
10,708
 
 
765
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
1/19 at 100.00
 
A+
 
855,285
 
 
315
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43
12/23 at 100.00
 
AA–
 
358,180
 
 
2,490
 
Total Transportation
       
2,742,835
 
     
U.S. Guaranteed – 4.2% (4.0% of Total Investments) (5)
           
 
500
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25 (Pre-refunded 2/15/15)
2/15 at 100.00
 
BBB (5)
 
506,970
 
 
140
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 – RAAI Insured (ETM)
No Opt. Call
 
Aaa
 
151,754
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
           
 
30
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
A3 (5)
 
32,185
 
 
85
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
91,190
 
 
240
 
6.500%, 1/01/16 (ETM)
No Opt. Call
 
AA+ (5)
 
244,358
 
 
65
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
66,180
 
 
1,060
 
Total U.S. Guaranteed
       
1,092,637
 
     
Utilities – 1.4% (1.4% 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
 
AA–
 
370,185
 
$
29,570
 
Total Municipal Bonds (cost $23,626,617)
       
26,400,926
 
 
Nuveen Investments
 
61

 
 

 

NJV
Nuveen New Jersey Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

Shares
 
Description (1)
 
Value
 
   
COMMON STOCKS – 2.8% (2.7% of Total Investments)
     
   
Airlines – 2.8% (2.7% of Total Investments)
     
17,808
 
American Airlines Group Inc., (6)
$
736,361
 
   
Total Common Stocks (cost $302,361)
 
736,361
 
   
Total Long-Term Investments (cost $23,928,978)
 
27,137,287
 
   
Floating Rate Obligations – (5.8)%
 
(1,500,000
)
   
Other Assets Less Liabilities – 0.5%
 
127,457
 
   
Net Assets – 100%
$
25,764,744
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
WI/DD
Investment, or portion of investment, 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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

62
 
Nuveen Investments

 
 

 

NQP
   
 
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 148.1% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 148.1% (100.0% of Total Investments)
           
     
Consumer Staples – 0.4% (0.3% of Total Investments)
           
$
2,000
 
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–
$
2,486,120
 
     
Education and Civic Organizations – 24.0% (16.2% of Total Investments)
           
 
1,500
 
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
 
1,739,025
 
 
1,695
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2012A, 5.000%, 3/01/24
3/22 at 100.00
 
AA–
 
2,002,388
 
 
5,020
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%, 3/01/28
3/23 at 100.00
 
AA–
 
5,905,628
 
     
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A:
           
 
1,000
 
5.000%, 3/01/33
3/23 at 100.00
 
A2
 
1,121,000
 
 
2,865
 
3.500%, 3/01/34
3/23 at 100.00
 
A2
 
2,647,833
 
 
2,610
 
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
 
2,633,229
 
 
1,440
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
12/17 at 100.00
 
BBB–
 
1,511,107
 
 
1,020
 
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37
5/24 at 100.00
 
Baa3
 
1,092,583
 
 
750
 
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
 
756,210
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
           
 
1,855
 
5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
 
N/R
 
1,906,050
 
 
500
 
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
 
N/R
 
512,680
 
     
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
 
804,397
 
 
815
 
0.000%, 11/01/16 – AMBAC Insured
No Opt. Call
 
N/R
 
784,918
 
 
815
 
0.000%, 11/01/17 – AMBAC Insured
No Opt. Call
 
N/R
 
764,046
 
 
815
 
0.000%, 11/01/18 – AMBAC Insured
No Opt. Call
 
N/R
 
741,487
 
 
815
 
0.000%, 11/01/19 – AMBAC Insured
No Opt. Call
 
N/R
 
715,415
 
 
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
 
3,062,509
 
 
5,235
 
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32
5/22 at 100.00
 
A
 
5,736,408
 
 
3,090
 
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
 
3,106,964
 
 
2,155
 
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
 
2,337,593
 
 
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
 
1,034,420
 
 
835
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
 
N/R
 
859,841
 
 
Nuveen Investments
 
63

 
 

 

NQP
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
1,465
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
9/23 at 100.00
 
BBB–
$
1,561,368
 
     
Pennsylvania Higher Educational Facilities Authority, Bryn Mawr College Revenue Bonds, Series 2014:
           
 
2,545
 
5.000%, 12/01/38
12/24 at 100.00
 
AA
 
2,957,341
 
 
2,080
 
5.000%, 12/01/44
12/24 at 100.00
 
AA
 
2,391,730
 
 
2,675
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Refunding Series 2012AN, 5.000%, 6/15/21
No Opt. Call
 
AA
 
3,191,115
 
 
10,750
 
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
 
AA
 
11,876,170
 
 
1,195
 
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013, 5.000%, 6/01/32
6/23 at 100.00
 
BBB
 
1,277,025
 
 
2,400
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35
11/21 at 100.00
 
A–
 
2,582,448
 
 
3,225
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
 
A–
 
3,366,545
 
 
6,220
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
 
AA–
 
6,792,364
 
 
1,500
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41
5/21 at 100.00
 
A
 
1,654,635
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42
5/22 at 100.00
 
BBB
 
1,078,760
 
 
320
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32
11/22 at 100.00
 
BBB+
 
319,178
 
 
8,370
 
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
 
AA–
 
8,909,949
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2012, 5.000%, 4/01/42
4/22 at 100.00
 
Aa3
 
2,214,380
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
3/20 at 100.00
 
A+
 
2,151,260
 
 
760
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
9/22 at 100.00
 
A+
 
827,427
 
 
4,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
7/15 at 100.00
 
AA+
 
4,106,360
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
           
 
1,030
 
4.000%, 11/01/39
11/22 at 100.00
 
A3
 
1,048,581
 
 
4,300
 
5.000%, 11/01/42
11/22 at 100.00
 
A3
 
4,660,813
 
 
1,540
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38
No Opt. Call
 
A–
 
1,720,319
 
 
1,585
 
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
 
1,657,831
 
 
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
 
1,015,080
 
 
6,500
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 (UB)
9/15 at 100.00
 
AA
 
6,719,635
 
 
3,005
 
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
3/20 at 100.00
 
AA
 
3,415,152
 
 
10,600
 
Pennsylvania State University, General Revenue Bonds, Series 2007A, 4.500%, 8/15/36 (UB)
8/16 at 100.00
 
AA
 
11,106,150
 
 
1,000
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36
1/15 at 100.00
 
N/R
 
609,410
 
 
4,500
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43
6/20 at 100.00
 
BB–
 
4,639,860
 
 
64
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
500
 
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
 
BB+
$
506,295
 
 
5,000
 
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
 
5,643,600
 
 
1,100
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
 
A
 
1,182,137
 
 
133,870
 
Total Education and Civic Organizations
       
142,958,649
 
     
Health Care – 29.5% (19.9% of Total Investments)
           
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
           
 
2,300
 
5.000%, 4/01/25
4/15 at 100.00
 
Ba3
 
2,301,840
 
 
4,160
 
5.125%, 4/01/35
4/15 at 100.00
 
Ba3
 
4,157,213
 
     
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012:
           
 
4,010
 
5.000%, 5/15/26
5/21 at 100.00
 
A+
 
4,459,040
 
 
1,910
 
5.000%, 5/15/27
5/21 at 100.00
 
A+
 
2,111,963
 
 
2,000
 
5.000%, 5/15/28
5/21 at 100.00
 
A+
 
2,205,280
 
 
3,300
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 4.500%, 11/01/41
5/22 at 100.00
 
AA–
 
3,430,944
 
 
4,000
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.375%, 12/01/41
12/21 at 100.00
 
AA–
 
4,532,480
 
 
4,100
 
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–
 
4,967,806
 
 
1,595
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
 
AA
 
1,727,433
 
 
3,400
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
A
 
3,664,214
 
 
1,500
 
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28
7/23 at 100.00
 
BBB
 
1,630,620
 
 
3,000
 
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
 
Ba2
 
3,195,240
 
 
850
 
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
 
897,048
 
 
6,840
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
7/20 at 100.00
 
A+
 
7,571,470
 
 
500
 
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
 
508,905
 
 
4,555
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2014A, 5.000%, 6/01/41
6/24 at 100.00
 
AA
 
5,140,727
 
 
1,370
 
Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 6.000%, 6/01/39
6/23 at 100.00
 
Baa3
 
1,564,143
 
 
3,385
 
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond 4234, 13.597%, 1/01/36 (IF)
1/22 at 100.00
 
AA–
 
4,386,080
 
 
3,775
 
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–
 
4,100,103
 
     
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002:
           
 
250
 
5.800%, 11/15/22
11/14 at 100.00
 
B+
 
250,153
 
 
9,040
 
5.900%, 11/15/28
11/14 at 100.00
 
B+
 
9,045,966
 
 
7,660
 
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
 
8,214,048
 
 
Nuveen Investments
 
65

 
 

 

NQP
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
3,760
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43
No Opt. Call
 
A+
$
3,794,479
 
     
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007:
           
 
9,850
 
5.000%, 11/01/30 – AGC Insured
11/17 at 100.00
 
AA
 
10,759,845
 
 
2,180
 
5.000%, 11/01/37 – AGC Insured
11/17 at 100.00
 
AA
 
2,384,615
 
 
4,600
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32
No Opt. Call
 
A
 
4,717,254
 
     
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A:
           
 
6,000
 
5.500%, 7/01/28
7/19 at 100.00
 
A–
 
6,590,820
 
 
2,700
 
5.750%, 7/01/39
7/19 at 100.00
 
A–
 
2,955,663
 
 
1,660
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
 
A
 
1,731,446
 
     
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A:
           
 
365
 
4.000%, 1/01/25
1/22 at 100.00
 
A
 
383,316
 
 
3,000
 
5.000%, 1/01/41
1/22 at 100.00
 
A
 
3,229,710
 
 
3,730
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31
6/22 at 100.00
 
A
 
4,125,902
 
 
1,115
 
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
 
1,258,556
 
 
925
 
Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41
4/22 at 100.00
 
AA
 
1,010,812
 
     
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
 
1,358,784
 
 
2,000
 
5.500%, 8/15/35
8/18 at 100.00
 
A3
 
2,194,640
 
 
4,205
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
10/19 at 100.00
 
BBB+
 
4,929,437
 
 
4,000
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center Health System, Series 2013A, 5.000%, 7/01/43
7/23 at 100.00
 
Aa3
 
4,459,280
 
 
3,100
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42
8/22 at 100.00
 
AA–
 
3,455,849
 
 
2,440
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.587%, 7/01/19 (IF)
No Opt. Call
 
AA
 
3,217,140
 
 
4,650
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
 
BB+
 
4,914,678
 
 
640
 
Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40
11/20 at 100.00
 
Aa2
 
706,675
 
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
           
 
500
 
5.000%, 12/01/25 – RAAI Insured
12/15 at 100.00
 
BBB–
 
506,270
 
 
1,000
 
5.000%, 12/01/27 – RAAI Insured
12/15 at 100.00
 
BBB–
 
1,010,580
 
 
700
 
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
 
BBB–
 
706,286
 
 
1,415
 
5.000%, 12/01/30 – RAAI Insured
12/15 at 100.00
 
BBB–
 
1,426,065
 
 
2,805
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2014A, 5.000%, 6/01/44 (WI/DD, Settling 11/10/14)
6/24 at 100.00
 
Aa3
 
3,100,451
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
           
 
3,130
 
6.875%, 8/01/31
8/21 at 100.00
 
BBB+
 
3,739,192
 
 
2,500
 
7.000%, 8/01/41
8/21 at 100.00
 
BBB+
 
2,978,725
 
 
3,470
 
Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington Hospital Project, Series 2013A, 5.000%, 7/01/28
7/23 at 100.00
 
BBB+
 
3,842,366
 
 
66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:
           
$
325
 
6.250%, 1/01/31
1/21 at 100.00
 
A
$
377,494
 
 
4,555
 
6.500%, 1/01/36
1/21 at 100.00
 
A
 
5,282,115
 
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B:
           
 
1,500
 
5.625%, 1/01/32
1/22 at 100.00
 
A
 
1,707,555
 
 
1,970
 
5.750%, 1/01/41
1/22 at 100.00
 
A
 
2,224,721
 
 
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
 
615,906
 
 
160,100
 
Total Health Care
       
175,759,343
 
     
Housing/Multifamily – 3.7% (2.5% of Total Investments)
           
 
160
 
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45
8/23 at 100.00
 
Baa3
 
167,952
 
 
1,235
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46
No Opt. Call
 
BBB–
 
1,293,848
 
 
1,300
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
7/20 at 100.00
 
Baa3
 
1,420,458
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A:
           
 
1,000
 
5.000%, 7/01/27
7/22 at 100.00
 
BBB+
 
1,108,570
 
 
750
 
5.000%, 7/01/32
7/22 at 100.00
 
BBB+
 
816,360
 
 
370
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44
No Opt. Call
 
BBB–
 
382,099
 
     
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
 
2,081,133
 
 
8,025
 
5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
 
BBB
 
8,096,102
 
 
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
 
5,085,100
 
 
1,760
 
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
 
1,788,318
 
 
21,635
 
Total Housing/Multifamily
       
22,239,940
 
     
Housing/Single Family – 3.8% (2.6% of Total Investments)
           
 
1,455
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96B, 3.950%, 4/01/16
No Opt. Call
 
AA+
 
1,515,484
 
 
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+
 
1,380,596
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
           
 
5,195
 
3.300%, 10/01/32
No Opt. Call
 
AA+
 
5,149,752
 
 
2,265
 
3.650%, 10/01/37
No Opt. Call
 
AA+
 
2,290,527
 
 
2,835
 
3.700%, 10/01/42
No Opt. Call
 
AA+
 
2,840,954
 
 
2,455
 
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+
 
2,501,375
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950:
           
 
4,150
 
12.648%, 4/01/27 (IF) (4)
4/21 at 100.00
 
AA+
 
5,086,987
 
 
600
 
10.753%, 4/01/33 (IF) (4)
10/22 at 100.00
 
AA+
 
651,048
 
 
1,050
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 4296, 14.685%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
10/22 at 100.00
 
AA+
 
1,228,742
 
 
21,360
 
Total Housing/Single Family
       
22,645,465
 
 
Nuveen Investments
 
67

 
 

 

NQP
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Industrials – 1.1% (0.7% of Total Investments)
           
$
750
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
 
BB–
$
788,565
 
     
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A:
           
 
2,495
 
5.000%, 11/01/23 (Alternative Minimum Tax)
11/22 at 100.00
 
A1
 
2,850,088
 
 
545
 
5.000%, 11/01/27 (Alternative Minimum Tax)
11/22 at 100.00
 
A1
 
604,955
 
 
2,000
 
5.000%, 11/01/41 (Alternative Minimum Tax)
11/22 at 100.00
 
A1
 
2,157,780
 
 
5,790
 
Total Industrials
       
6,401,388
 
     
Long-Term Care – 6.1% (4.1% of Total Investments)
           
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
           
 
470
 
5.750%, 1/01/27
1/17 at 100.00
 
N/R
 
480,796
 
 
760
 
5.750%, 1/01/37
1/17 at 100.00
 
N/R
 
770,184
 
 
5,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
 
BBB+
 
5,554,600
 
 
6,755
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
 
BBB+
 
6,899,152
 
 
2,030
 
Delaware County Authority, Revenue Bonds, Pennsylvania, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
1/17 at 100.00
  BBB   2,153,972  
     
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
 
1,635,560
 
 
1,565
 
5.000%, 11/01/31
11/16 at 100.00
 
A
 
1,640,715
 
 
1,050
 
5.000%, 11/01/36
11/16 at 100.00
 
A
 
1,089,953
 
 
530
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s Retirement Community, Inc., Series 2012, 5.000%, 4/01/33
4/22 at 100.00
 
BB+
 
543,510
 
 
370
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
7/17 at 100.00
 
N/R
 
389,647
 
     
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013:
           
 
1,000
 
5.375%, 5/01/28
5/23 at 100.00
 
BBB
 
1,090,730
 
 
1,665
 
5.750%, 5/01/35
5/23 at 100.00
 
BBB
 
1,840,374
 
 
1,500
 
Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Woods Services Project, Series 2013, 4.000%, 11/15/38
11/18 at 100.00
 
A–
 
1,501,650
 
 
1,570
 
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
 
1,572,025
 
 
2,115
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, ACTS Retirement-Life Communities, Inc., Series 2012, 5.000%, 11/15/26
5/22 at 100.00
 
A–
 
2,304,419
 
 
930
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/28
12/14 at 100.00
 
N/R
 
930,707
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B:
           
 
1,420
 
5.250%, 7/01/23 – AMBAC Insured
1/15 at 100.00
 
BBB
 
1,424,785
 
 
1,500
 
5.250%, 7/01/26 – AMBAC Insured
1/15 at 100.00
 
BBB
 
1,504,425
 
 
2,875
 
5.250%, 7/01/31 – AMBAC Insured
1/15 at 100.00
 
BBB
 
2,882,878
 
 
34,655
 
Total Long-Term Care
       
36,210,082
 
     
Materials – 1.8% (1.2% of Total Investments)
           
 
2,940
 
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
 
3,041,577
 
 
7,750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
11/14 at 100.00
 
N/R
 
7,754,418
 
 
10,690
 
Total Materials
       
10,795,995
 
 
68
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General – 29.4% (19.9% of Total Investments)
           
$
3,930
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
 
AA–
$
4,631,584
 
     
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72:
           
 
2,780
 
5.250%, 12/01/32
12/23 at 100.00
 
AA–
 
3,229,637
 
 
2,000
 
5.250%, 12/01/33
12/23 at 100.00
 
AA–
 
2,318,340
 
     
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74:
           
 
1,750
 
5.000%, 12/01/32
12/24 at 100.00
 
AA–
 
2,020,428
 
 
1,285
 
5.000%, 12/01/34
12/24 at 100.00
 
AA–
 
1,474,011
 
 
5,100
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%,12/01/37
12/22 at 100.00
 
AA–
 
5,670,435
 
 
6,025
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
8/19 at 100.00
 
Aa2
 
6,935,438
 
 
3,000
 
Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2013, 5.250%, 6/01/43
6/23 at 100.00
 
A1
 
3,392,190
 
     
Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D:
           
 
3,000
 
5.000%, 12/15/37
12/24 at 100.00
 
AA
 
3,398,430
 
 
1,075
 
5.000%, 12/15/38 – BAM Insured
12/24 at 100.00
 
AA
 
1,213,847
 
 
1,100
 
5.000%, 12/15/39
12/24 at 100.00
 
AA
 
1,241,075
 
     
Centre County, Pennsylvania, General Obligation Bonds, Series 2012B:
           
 
310
 
4.000%, 7/01/24
7/20 at 100.00
 
AA
 
336,555
 
 
1,430
 
4.000%, 7/01/25
7/20 at 100.00
 
AA
 
1,540,296
 
 
915
 
4.000%, 7/01/26
7/20 at 100.00
 
AA
 
980,075
 
 
10,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
No Opt. Call
 
A+
 
11,172,200
 
 
7,450
 
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
 
N/R
 
3,997,968
 
 
6,680
 
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32
10/22 at 100.00
 
Aa3
 
6,986,345
 
 
1,050
 
Hampton Township School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2011A, 4.000%, 11/15/18
No Opt. Call
 
AA–
 
1,168,766
 
 
1,875
 
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%, 12/01/46
12/16 at 100.00
 
AA–
 
1,956,225
 
 
2,000
 
Hempfield School District, Lancaster County, Pennsylvania, General Obligation Bonds, Series 2011A, 4.000%, 10/15/15
No Opt. Call
 
Aa2
 
2,071,840
 
 
260
 
Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007, 5.000%, 9/01/23
9/17 at 100.00
 
Aaa
 
290,417
 
 
1,260
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
No Opt. Call
 
A3
 
1,344,697
 
 
2,000
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured
6/18 at 100.00
 
AA
 
2,096,100
 
 
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
 
2,262,162
 
 
2,620
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured
1/24 at 100.00
 
AA
 
3,128,673
 
 
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
 
5,331,400
 
 
9,665
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 13.135%, 3/01/15 (IF)
No Opt. Call
 
AA–
 
12,157,217
 
 
3,925
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
4,534,631
 
 
1,555
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D, 4.000%, 9/01/15
No Opt. Call
 
A+
 
1,602,770
 
 
3,345
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
 
A+
 
3,975,432
 
 
Nuveen Investments
 
69

 
 

 

NQP
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
1,575
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, Refunding Series 2014B, 3.375%, 11/01/33
11/24 at 100.00
 
AA–
$
1,589,679
 
 
9,700
 
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
 
9,937,744
 
 
745
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured
9/22 at 100.00
 
AA
 
871,047
 
 
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
 
3,130,620
 
     
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B:
           
 
2,590
 
5.000%, 9/01/25
9/22 at 100.00
 
A+
 
3,035,558
 
 
6,790
 
5.000%, 9/01/26
9/22 at 100.00
 
A+
 
7,891,745
 
 
2,925
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
No Opt. Call
 
AA
 
3,179,417
 
 
2,705
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34
2/18 at 100.00
 
Aa1
 
2,597,368
 
 
1,635
 
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37
11/22 at 100.00
 
Aa1
 
1,703,784
 
 
11,440
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
 
AA–
 
6,318,655
 
 
595
 
Richland School District, Cambria County, Pennsylvania, General Obligation Bonds, Series 2014A, 3.650%, 11/15/34 – BAM Insured
11/24 at 100.00
 
AA
 
602,622
 
 
1,245
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
No Opt. Call
 
N/R
 
1,304,499
 
 
1,255
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
 
N/R
 
1,265,316
 
 
21,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (4)
No Opt. Call
 
AA
 
25,572,750
 
 
3,600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
 
AA
 
3,742,848
 
 
165,300
 
Total Tax Obligation/General
       
175,202,836
 
     
Tax Obligation/Limited – 12.4% (8.3% of Total Investments)
           
 
2,000
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23
7/15 at 101.00
 
N/R
 
2,041,360
 
 
1,475
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35
5/22 at 100.00
 
Baa2
 
1,591,569
 
 
300
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2013B, 4.000%, 6/01/15
No Opt. Call
 
A+
 
306,717
 
 
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
 
1,699,635
 
 
1,950
 
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
 
1,955,577
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
1,670
 
5.250%, 1/01/36
1/22 at 100.00
 
A
 
1,831,005
 
 
655
 
5.125%, 1/01/42
1/22 at 100.00
 
A
 
707,688
 
     
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
 
1,165,815
 
 
2,750
 
0.000%, 11/01/22 – AGM Insured
5/16 at 73.64
 
AA
 
1,783,045
 
 
2,750
 
0.000%, 5/01/23 – AGM Insured
5/16 at 71.71
 
AA
 
1,728,238
 
 
1,760
 
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33
7/24 at 100.00
 
N/R
 
1,833,146
 
     
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A:
           
 
2,000
 
5.000%, 7/01/15
No Opt. Call
 
Aaa
 
2,065,360
 
 
9,100
 
5.000%, 7/01/16
No Opt. Call
 
Aaa
 
9,811,256
 
 
70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
           
$
1,755
 
0.000%, 12/01/34
12/20 at 100.00
 
AA–
$
1,847,734
 
 
3,900
 
5.000%, 12/01/38
12/19 at 100.00
 
AA–
 
4,220,151
 
 
3,180
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2012A, 5.000%, 12/01/31
12/21 at 100.00
 
AA–
 
3,536,923
 
 
7,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43
12/23 at 100.00
 
AA–
 
7,943,040
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A:
           
 
2,650
 
0.000%, 12/01/37
No Opt. Call
 
AA–
 
2,024,335
 
 
4,000
 
0.000%, 12/01/44
No Opt. Call
 
AA–
 
3,030,640
 
 
4,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
 
AA–
 
4,382,600
 
 
5,125
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
 
AA
 
5,711,710
 
 
2,200
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
No Opt. Call
 
AA
 
2,537,082
 
 
3,820
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured
8/22 at 100.00
 
AA
 
4,341,545
 
     
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
           
 
4,225
 
5.500%, 7/01/29 – AMBAC Insured
No Opt. Call
 
Caa1
 
4,044,297
 
 
565
 
5.250%, 7/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
571,074
 
 
435
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
No Opt. Call
 
AA–
 
447,950
 
 
470
 
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
 
479,640
 
 
72,985
 
Total Tax Obligation/Limited
       
73,639,132
 
     
Transportation – 10.7% (7.2% of Total Investments)
           
 
3,280
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
 
A
 
3,629,582
 
     
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:
           
 
1,270
 
5.000%, 1/01/22
No Opt. Call
 
BBB
 
1,468,082
 
 
2,425
 
5.000%, 1/01/23
No Opt. Call
 
BBB
 
2,811,957
 
 
2,310
 
5.000%, 1/01/24
No Opt. Call
 
BBB
 
2,664,031
 
 
205
 
5.000%, 1/01/25
No Opt. Call
 
BBB
 
235,133
 
 
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)
11/14 at 100.00
 
A3
 
2,037,239
 
 
3,980
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
1/24 at 100.00
 
AA
 
4,421,342
 
 
12,100
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
 
A–
 
12,971,321
 
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A:
           
 
3,820
 
5.000%, 12/01/22 – AMBAC Insured
6/16 at 100.00
 
A+
 
4,083,962
 
 
6,700
 
5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
 
A+
 
7,151,982
 
 
2,450
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
12/19 at 100.00
 
A–
 
2,607,388
 
 
2,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
2,343,000
 
 
Nuveen Investments
 
71

 
 

 

NQP
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Transportation (continued)
           
$
9,100
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
6/15 at 100.00
 
AA–
$
9,154,236
 
 
1,865
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28
6/20 at 100.00
 
A+
 
2,089,264
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
 
AA–
 
2,082,000
 
 
2,080
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
3/15 at 100.00
 
AA–
 
1,988,085
 
 
2,250
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007, 5.250%, 6/01/39 – RAAI Insured
6/17 at 100.00
 
N/R
 
1,935,225
 
 
59,870
 
Total Transportation
       
63,673,829
 
     
U.S. Guaranteed – 8.3% (5.6% of Total Investments) (5)
           
 
565
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16 (ETM)
No Opt. Call
 
N/R (5)
 
582,289
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
           
 
3,910
 
5.000%, 8/01/23 (Pre-refunded 8/01/16) – AMBAC Insured
8/16 at 100.00
 
A+ (5)
 
4,227,140
 
 
1,920
 
5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
8/16 at 100.00
 
A+ (5)
 
2,075,731
 
 
170
 
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
No Opt. Call
 
Aaa
 
178,422
 
 
5,060
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
 
AA– (5)
 
5,512,111
 
 
1,500
 
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
1/16 at 100.00
 
AA– (5)
 
1,583,940
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
           
 
1,550
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
 
Baa1 (5)
 
1,700,846
 
 
1,650
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
 
Baa1 (5)
 
1,815,000
 
 
545
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 NPFG Insured (ETM)
No Opt. Call
 
AA– (5)
 
644,190
 
 
7,165
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)
5/20 at 100.00
 
AA (5)
 
8,545,481
 
 
2,995
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993, 6.650%, 12/01/19 (ETM)
No Opt. Call
 
AA+ (5)
 
3,464,706
 
 
4,150
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA (5)
 
4,284,502
 
 
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 (5)
 
2,360,730
 
 
1,070
 
Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2006A, 5.000%, 4/01/22 (Pre-refunded 4/01/16) – FGIC Insured
4/16 at 100.00
 
Aa3 (5)
 
1,141,669
 
 
1,613
 
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%, 7/01/29 (Pre-refunded 7/01/20)
7/20 at 100.00
 
Baa1 (5)
 
1,972,054
 
 
1,545
 
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Montgomery County Community College, Series 2005, 5.000%, 5/01/18 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
 
A1 (5)
 
1,582,605
 
 
2,000
 
Unity Township Municipal Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/34 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
AA (5)
 
2,008,100
 
 
72
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
$
2,260
 
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 (5)
$
2,399,894
 
 
2,040
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
No Opt. Call
 
Aaa
 
2,046,712
 
 
1,400
 
Woodland Hills School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2005D, 5.000%, 9/01/17 (Pre-refunded 9/01/15) – AGM Insured
9/15 at 100.00
 
AA (5)
 
1,456,546
 
 
45,078
 
Total U.S. Guaranteed
       
49,582,668
 
     
Utilities – 6.6% (4.5% of Total Investments)
           
 
7,500
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory put 4/02/18)
No Opt. Call
 
BBB–
 
7,633,875
 
 
3,580
 
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
 
AA–
 
3,593,711
 
 
4,000
 
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
 
A1
 
4,483,120
 
 
4,500
 
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–
 
5,086,303
 
 
1,685
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
3/15 at 100.00
 
AA
 
1,691,251
 
 
3,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
1/15 at 100.00
 
AA
 
3,011,250
 
 
12,885
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
 
A–
 
14,111,910
 
 
37,150
 
Total Utilities
       
39,611,420
 
     
Water and Sewer – 10.3% (7.0% of Total Investments)
           
     
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A:
           
 
4,000
 
5.000%, 12/01/21 – NPFG Insured
12/15 at 100.00
 
AA–
 
4,199,640
 
 
2,120
 
5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
 
2,223,901
 
 
545
 
5.000%, 12/01/30 – NPFG Insured
12/15 at 100.00
 
AA–
 
566,386
 
     
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 4015:
           
 
1,665
 
13.415%, 12/01/19 – AGM Insured (IF) (4)
No Opt. Call
 
AA
 
2,358,589
 
 
825
 
13.402%, 12/01/19 – AGM Insured (IF) (4)
No Opt. Call
 
AA
 
1,139,548
 
 
5,200
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
1/15 at 100.00
 
AA
 
5,212,532
 
     
Lehigh County Authority, Pennsylvania, Water and Sewer Capital Appreciation Revenue Bonds, City of Allentown Concession, Series 2013B:
           
 
7,295
 
0.000%, 12/01/34
No Opt. Call
 
A
 
2,932,298
 
 
4,420
 
0.000%, 12/01/35
No Opt. Call
 
A
 
1,690,827
 
 
12,500
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
13,914,375
 
 
1,100
 
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
 
BBB
 
1,216,589
 
 
4,575
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/28 – AGM Insured
7/15 at 100.00
 
AA
 
4,688,323
 
 
Nuveen Investments
 
73

 
 

 
 
NQP
Nuveen Pennsylvania Investment Quality Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
           
$
6,560
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/21 at 100.00
 
A1
$
7,264,544
 
 
2,500
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43
1/22 at 100.00
 
A1
 
2,779,700
 
 
5,000
 
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System First Lien Revenue Refunding Bonds, Series 2013B, 5.250%, 9/01/40
9/23 at 100.00
 
A
 
5,714,800
 
 
2,840
 
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 (WI/DD, Settling 11/24/14) – BAM Insured
11/19 at 100.00
 
AA
 
2,804,188
 
 
1,930
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 1171, 17.212%, 8/15/37 (IF) (4)
8/23 at 100.00
 
A+
 
2,726,472
 
 
63,075
 
Total Water and Sewer
       
61,432,712
 
$
833,558
 
Total Long-Term Investments (cost $817,271,078)
       
882,639,579
 
     
Floating Rate Obligations – (6.1)%
       
(36,380,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation value – (8.1)% (6)
       
(48,000,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation value – (36.5)% (7)
       
(217,500,000
)
     
Other Assets Less Liabilities – 2.6%
       
15,367,099
 
     
Net Assets Applicable to Common Shares – 100%
     
$
596,126,678
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 5.4%.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 24.6%.
WI/DD
Investment, or portion of investment, 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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
74
 
Nuveen Investments

 
 

 

NPN
 
 
 
Nuveen Pennsylvania Municipal Value Fund
 
 
Portfolio of Investments
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 98.4% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 98.4% (100.0% of Total Investments)
           
     
Consumer Staples – 3.8% (3.8% 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
$
751,608
 
     
Education and Civic Organizations – 14.2% (14.4% of Total Investments)
           
 
400
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%, 3/01/21
No Opt. Call
 
AA–
 
479,264
 
 
30
 
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37
5/24 at 100.00
 
Baa3
 
32,135
 
 
675
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30
10/18 at 100.00
 
BBB
 
749,156
 
 
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+
 
537,005
 
 
450
 
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
 
454,608
 
 
35
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
9/23 at 100.00
 
BBB–
 
37,302
 
 
120
 
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013, 5.000%, 6/01/32
6/23 at 100.00
 
BBB
 
128,237
 
 
20
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
9/22 at 100.00
 
A+
 
21,774
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
           
 
35
 
4.000%, 11/01/39
11/22 at 100.00
 
A3
 
35,631
 
 
60
 
5.000%, 11/01/42
11/22 at 100.00
 
A3
 
65,035
 
 
75
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38
No Opt. Call
 
A–
 
83,782
 
 
100
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43
6/20 at 100.00
 
BB–
 
103,108
 
 
100
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
 
A
 
107,467
 
 
2,600
 
Total Education and Civic Organizations
       
2,834,504
 
     
Health Care – 23.2% (23.6% of Total Investments)
           
 
650
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34
8/19 at 100.00
 
Aa3
 
743,945
 
 
35
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
A
 
37,720
 
 
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
 
663,486
 
 
100
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
 
A
 
108,308
 
 
100
 
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
A–
 
109,469
 
 
500
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
10/19 at 100.00
 
BBB+
 
586,140
 
 
Nuveen Investments
 
75

 
 

 

NPN
Nuveen Pennsylvania Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Health Care (continued)
           
$
100
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
 
BB+
$
105,692
 
 
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–
 
1,210,774
 
 
715
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34
5/19 at 100.00
 
Aa2
 
834,884
 
 
100
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.250%, 1/01/31
1/21 at 100.00
 
A
 
116,152
 
 
100
 
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
1/22 at 100.00
 
A
 
112,930
 
 
4,200
 
Total Health Care
       
4,629,500
 
     
Housing/Multifamily – 4.8% (4.8% of Total Investments)
           
 
15
 
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45
8/23 at 100.00
 
Baa3
 
15,746
 
 
30
 
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46
No Opt. Call
 
BBB–
 
31,430
 
 
50
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
7/20 at 100.00
 
Baa3
 
54,633
 
 
800
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva P. Mitchell Residence Project, Series 2009, 5.100%, 10/20/44
10/19 at 100.00
 
Aa1
 
847,983
 
 
895
 
Total Housing/Multifamily
       
949,792
 
     
Housing/Single Family – 1.0% (1.0% of Total Investments)
           
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
           
 
55
 
3.300%, 10/01/32
No Opt. Call
 
AA+
 
54,521
 
 
25
 
3.650%, 10/01/37
No Opt. Call
 
AA+
 
25,282
 
 
35
 
3.700%, 10/01/42
No Opt. Call
 
AA+
 
35,074
 
 
25
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 10.753%, 4/01/33 (IF) (4)
10/22 at 100.00
 
AA+
 
27,127
 
 
50
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 4296, 14.685%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
10/22 at 100.00
 
AA+
 
58,512
 
 
190
 
Total Housing/Single Family
       
200,516
 
     
Long-Term Care – 4.6% (4.7% of Total Investments)
           
 
55
 
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013, 5.750%, 5/01/35
5/23 at 100.00
 
BBB
 
60,793
 
 
750
 
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1. $16,990,000 Gainesville and Hall County Development Authority (Georgia), 6.250%, 11/15/29
11/19 at 100.00
 
A–
 
867,367
 
 
805
 
Total Long-Term Care
       
928,160
 
     
Tax Obligation/General – 9.6% (9.8% of Total Investments)
           
 
220
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
12/23 at 100.00
 
AA–
 
255,583
 
 
700
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33
8/19 at 100.00
 
Aa2
 
801,493
 
 
115
 
Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D, 5.000%, 12/15/39
12/24 at 100.00
 
AA
 
129,749
 
 
145
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, Refunding Series 2014B, 3.375%, 11/01/33
11/24 at 100.00
 
AA–
 
146,351
 
 
76
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
15
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured
9/22 at 100.00
 
AA
$
17,538
 
 
390
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
9/22 at 100.00
 
A+
 
453,281
 
 
70
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34
2/18 at 100.00
 
Aa1
 
67,215
 
 
25
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
No Opt. Call
 
N/R
 
26,195
 
 
25
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
No Opt. Call
 
N/R
 
25,206
 
 
1,705
 
Total Tax Obligation/General
       
1,922,611
 
     
Tax Obligation/Limited – 15.5% (15.8% of Total Investments)
           
 
25
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35
5/22 at 100.00
 
Baa2
 
26,976
 
 
240
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
1/22 at 100.00
 
A
 
263,138
 
 
550
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
 
BBB+
 
609,989
 
 
105
 
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33
7/24 at 100.00
 
N/R
 
109,364
 
     
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–
 
610,647
 
 
100
 
5.000%, 12/01/38
12/19 at 100.00
 
AA–
 
108,209
 
 
100
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37
No Opt. Call
 
AA–
 
76,390
 
 
750
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
4/19 at 100.00
 
A+
 
871,627
 
 
865
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
BBB
 
66,484
 
 
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+
 
355,611
 
 
3,665
 
Total Tax Obligation/Limited
       
3,098,435
 
     
Transportation – 2.4% (2.4% 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
 
265,579
 
 
140
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
1/24 at 100.00
 
AA
 
155,525
 
 
50
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
12/19 at 100.00
 
A–
 
53,212
 
 
430
 
Total Transportation
       
474,316
 
     
U.S. Guaranteed – 5.8% (5.9% of Total Investments) (5)
           
 
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+ (5)
 
5,244
 
 
1,075
 
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%, 5/15/21 (Pre-refunded 11/15/16) – SYNCORA GTY Insured
11/16 at 100.00
 
N/R (5)
 
1,157,183
 
 
1,080
 
Total U.S. Guaranteed
       
1,162,427
 
     
Utilities – 3.9% (4.0% 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–
 
773,033
 
 
Nuveen Investments
 
77

 
 

 
 
NPN
Nuveen Pennsylvania Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Water and Sewer – 9.6% (9.8% of Total Investments)
           
$
175
 
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 4015, 13.402%, 12/01/19 – AGM Insured (IF) (4)
No Opt. Call
 
AA
$
241,722
 
 
200
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
222,630
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
           
 
750
 
5.250%, 1/01/32
1/19 at 100.00
 
A1
 
838,830
 
 
500
 
5.250%, 1/01/36
1/19 at 100.00
 
A1
 
559,010
 
 
60
 
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 (WI/DD, Settling 11/24/14) – BAM Insured
11/19 at 100.00
 
AA
 
59,243
 
 
1,685
 
Total Water and Sewer
       
1,921,435
 
$
18,655
 
Total Long-Term Investments (cost $17,183,764)
       
19,646,337
 
     
Other Assets Less Liabilities – 1.6%
       
315,395
 
     
Net Assets Applicable to Common Shares – 100%
     
$
19,961,732
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
 
 See accompanying notes to financial statements.

78
 
Nuveen Investments

 
 

 

 
 
Statement of Assets and Liabilities
October 31, 2014 (Unaudited)

     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
Assets
                         
Long-term investments, at value (cost $423,674,370, $255,638,257, $133,998,637 and $94,572,888, respectively)
 
$
454,756,654
 
$
274,369,713
 
$
145,008,446
 
$
100,880,691
 
Cash
   
3,061,590
   
1,855,857
   
64,515
   
5,133,083
 
Receivable for:
                         
Dividends
   
7,986
   
   
   
 
Interest
   
6,828,460
   
4,042,369
   
1,961,129
   
1,427,027
 
Investments sold
   
1,883,725
   
1,123,080
   
564,605
   
223,268
 
Deferred offering costs
   
722,474
   
498,517
   
296,653
   
140,375
 
Other assets
   
171,358
   
106,743
   
505,939
   
159
 
Total assets
   
467,432,247
   
281,996,279
   
148,401,287
   
107,804,603
 
Liabilities
                         
Cash overdraft
   
   
   
   
 
Floating rate obligations
   
   
   
   
 
Payable for:
                         
Common share dividends
   
1,150,305
   
721,937
   
389,102
   
259,313
 
Interest
   
   
   
   
60,361
 
Investments purchased
   
2,596,655
   
897,907
   
717,662
   
3,040,506
 
Offering costs
   
34,181
   
44,193
   
   
 
MuniFund Term Preferred (“MTP”) Shares, at liquidation value
   
   
   
   
35,050,000
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
   
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
144,300,000
   
88,600,000
   
45,000,000
   
 
Accrued expenses:
                         
Management fees
   
243,392
   
148,853
   
79,752
   
56,159
 
Directors/Trustees fees
   
58,224
   
36,749
   
1,296
   
926
 
Other
   
334,984
   
126,497
   
50,365
   
287,979
 
Total liabilities
   
148,717,741
   
90,576,136
   
46,238,177
   
38,755,244
 
Net assets applicable to common shares
 
$
318,714,506
 
$
191,420,143
 
$
102,163,110
 
$
69,049,359
 
Common shares outstanding
   
20,468,835
   
12,078,127
   
6,480,388
   
4,452,314
 
Net asset value (“NAV”) per common share outstanding
 
$
15.57
 
$
15.85
 
$
15.76
 
$
15.51
 
Net assets applicable to common shares consist of:
                         
Common shares, $.01 par value per share
 
$
204,688
 
$
120,781
 
$
64,804
 
$
44,523
 
Paid-in surplus
   
288,658,993
   
172,231,685
   
91,286,354
   
62,678,673
 
Undistributed (Over-distribution of) net investment income
   
2,955,105
   
1,994,669
   
472,962
   
93,071
 
Accumulated net realized gain (loss)
   
(4,186,564
)
 
(1,658,448
)
 
(670,819
)
 
(74,711
)
Net unrealized appreciation (depreciation)
   
31,082,284
   
18,731,456
   
11,009,809
   
6,307,803
 
Net assets applicable to common shares
 
$
318,714,506
 
$
191,420,143
 
$
102,163,110
 
$
69,049,359
 
Authorized shares:
                         
Common
   
200,000,000
   
200,000,000
   
Unlimited
   
Unlimited
 
Preferred
   
1,000,000
   
1,000,000
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
79

 
 

 
 
Statement of Assets and Liabilities (Unaudited) (continued)
 
     
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Municipal
   
Investment
   
Municipal
 
     
Value
   
Quality
   
Value
 
     
(NJV
)
 
(NQP
)
 
(NPN
)
Assets
                   
Long-term investments, at value (cost $23,928,978, $817,271,078 and $17,183,764, respectively)
 
$
27,137,287
 
$
882,639,579
 
$
19,646,337
 
Cash
   
   
142,716
   
181,273
 
Receivable for:
                   
Dividends
   
1,781
   
   
 
Interest
   
357,701
   
13,222,328
   
276,486
 
Investments sold
   
   
10,325,000
   
5,000
 
Deferred offering costs
   
   
1,272,740
   
 
Other assets
   
830
   
274,097
   
701
 
Total assets
   
27,497,599
   
907,876,460
   
20,109,797
 
Liabilities
                   
Cash overdraft
   
3,843
   
   
 
Floating rate obligations
   
1,500,000
   
36,380,000
   
 
Payable for:
                   
Common share dividends
   
74,990
   
2,343,144
   
61,888
 
Interest
   
   
37,691
   
 
Investments purchased
   
122,851
   
5,900,459
   
59,243
 
Offering costs
   
   
216,226
   
 
MuniFund Term Preferred (“MTP”) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
   
48,000,000
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
217,500,000
   
 
Accrued expenses:
                   
Management fees
   
13,378
   
446,243
   
9,846
 
Directors/Trustees fees
   
227
   
91,895
   
174
 
Other
   
17,566
   
834,124
   
16,914
 
Total liabilities
   
1,732,855
   
311,749,782
   
148,065
 
Net assets applicable to common shares
 
$
25,764,744
 
$
596,126,678
 
$
19,961,732
 
Common shares outstanding
   
1,550,036
   
37,875,841
   
1,219,352
 
Net asset value (“NAV”) per common share outstanding
 
$
16.62
 
$
15.74
 
$
16.37
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
15,500
 
$
378,758
 
$
12,194
 
Paid-in surplus
   
22,144,384
   
537,984,314
   
17,438,188
 
Undistributed (Over-distribution of) net investment income
   
107,848
   
520,613
   
123,376
 
Accumulated net realized gain (loss)
   
288,703
   
(8,125,508
)
 
(74,599
)
Net unrealized appreciation (depreciation)
   
3,208,309
   
65,368,501
   
2,462,573
 
Net assets applicable to common shares
 
$
25,764,744
 
$
596,126,678
 
$
19,961,732
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
N/A
   
Unlimited
   
N/A
 
 
N/A – Fund is not authorized to issue Preferred Shares.
                   
 
See accompanying notes to financial statements.

80
 
Nuveen Investments

 
 

 

 
 
Statement of Operations
Six Months Ended October 31, 2014 (Unaudited)

     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
Investment Income
 
$
10,468,819
 
$
6,484,647
 
$
3,254,353
 
$
2,227,583
 
Expenses
                         
Management fees
   
1,430,984
   
874,923
   
469,973
   
330,940
 
Shareholder servicing agent fees and expenses
   
12,950
   
8,036
   
703
   
8,410
 
Interest expense and amortization of offering costs
   
110,142
   
68,600
   
38,824
   
423,028
 
Liquidity fees
   
676,060
   
415,099
   
210,830
   
 
Remarketing fees
   
73,753
   
45,284
   
23,000
   
 
Custodian fees and expenses
   
37,566
   
25,517
   
16,973
   
13,874
 
Directors/Trustees fees and expenses
   
7,833
   
6,609
   
2,655
   
1,960
 
Professional fees
   
31,306
   
20,917
   
27,616
   
1,658
 
Shareholder reporting expenses
   
25,518
   
17,415
   
8,338
   
12,181
 
Stock exchange listing fees
   
5,924
   
5,924
   
342
   
10,381
 
Investor relations expenses
   
25,955
   
15,997
   
8,740
   
6,466
 
Reorganization expenses
   
217,252
   
40,735
   
298,722
   
264,776
 
Shelf offering expenses
   
171,000
   
145,126
   
   
 
Other expenses
   
23,769
   
20,247
   
24,350
   
10,073
 
Total expenses before expense reimbursement
   
2,850,012
   
1,710,429
   
1,131,066
   
1,083,747
 
Expense reimbursement
   
(85,500
)
 
(72,563
)
 
   
 
Net expenses
   
2,764,512
   
1,637,866
   
1,131,066
   
1,083,747
 
Net investment income (loss)
   
7,704,307
   
4,846,781
   
2,123,287
   
1,143,836
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from investments
   
(602,546
)
 
(778,481
)
 
247,635
   
167,548
 
Change in net unrealized appreciation (depreciation) of investments
   
11,070,980
   
6,473,768
   
3,047,539
   
2,584,438
 
Net realized and unrealized gain (loss)
   
10,468,434
   
5,695,287
   
3,295,174
   
2,751,986
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
18,172,741
 
$
10,542,068
 
$
5,418,461
 
$
3,895,822
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
81

 
 

 

Statement of Operations (Unaudited) (continued)
 
     
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Municipal
   
Investment
   
Municipal
 
     
Value
   
Quality
   
Value
 
     
(NJV
)
 
(NQP
)
 
(NPN
)
Investment Income
 
$
604,679
 
$
20,355,162
 
$
489,068
 
Expenses
                   
Management fees
   
79,013
   
2,614,870
   
57,579
 
Shareholder servicing agent fees and expenses
   
148
   
56,649
   
94
 
Interest expense and amortization of offering costs
   
5,044
   
864,396
   
 
Liquidity fees
   
   
1,019,010
   
 
Remarketing fees
   
   
111,167
   
 
Custodian fees and expenses
   
5,920
   
65,854
   
4,708
 
Directors/Trustees fees and expenses
   
674
   
14,404
   
575
 
Professional fees
   
10,792
   
99,354
   
10,685
 
Shareholder reporting expenses
   
6,231
   
54,925
   
5,992
 
Stock exchange listing fees
   
81
   
24,387
   
63
 
Investor relations expenses
   
1,809
   
45,225
   
1,514
 
Reorganization expenses
   
   
   
 
Shelf offering expenses
   
   
   
 
Other expenses
   
4,538
   
44,041
   
4,238
 
Total expenses before reimbursement
   
114,250
   
5,014,282
   
85,448
 
Expense reimbursement
   
   
   
 
Net expenses
   
114,250
   
5,014,282
   
85,448
 
Net investment income (loss)
   
490,429
   
15,340,880
   
403,620
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
379,190
   
(3,457,462
)
 
4,862
 
Change in net unrealized appreciation (depreciation) of investments
   
317,856
   
26,035,241
   
540,190
 
Net realized and unrealized gain (loss)
   
697,046
   
22,577,779
   
545,052
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
1,187,475
 
$
37,918,659
 
$
948,672
 
 
See accompanying notes to financial statements.

82
 
Nuveen Investments
 
 
 

 
 
 
 
Statement of Changes in Net Assets
(Unaudited)

   
New Jersey
 
New Jersey
   
Investment Quality (NQJ)
 
Premium Income (NNJ)
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Operations
                         
Net investment income (loss)
 
$
7,704,307
 
$
16,550,637
 
$
4,846,781
 
$
10,121,820
 
Net realized gain (loss) from investments
   
(602,546
)
 
(2,291,752
)
 
(778,481
)
 
(346,040
)
Change in net unrealized appreciation (depreciation) of investments
   
11,070,980
   
(13,438,687
)
 
6,473,768
   
(10,448,450
)
Net increase (decrease) in net assets applicable to common shares from operations
   
18,172,741
   
820,198
   
10,542,068
   
(672,670
)
Distributions to Common Shareholders
                         
From net investment income
   
(8,112,036
)
 
(16,478,330
)
 
(5,074,871
)
 
(10,295,947
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(8,112,036
)
 
(16,478,330
)
 
(5,074,871
)
 
(10,295,947
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the reorganizations
   
   
   
   
 
Cost of shares repurchased and retired
   
(287,796
)
 
   
(67,613
)
 
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
(287,796
)
 
   
(67,613
)
 
 
Net increase (decrease) in net assets applicable to common shares
   
9,772,909
   
(15,658,132
)
 
5,399,584
   
(10,968,617
)
Net assets applicable to common shares at the beginning of period
   
308,941,597
   
324,599,729
   
186,020,559
   
196,989,176
 
Net assets applicable to common shares at the end of period
 
$
318,714,506
 
$
308,941,597
 
$
191,420,143
 
$
186,020,559
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,955,105
 
$
3,362,834
 
$
1,994,669
 
$
2,222,759
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
83

 
 

 

Statement of Changes in Net Assets (Unaudited) (continued)
 
   
New Jersey
 
New Jersey
 
New Jersey
 
   
Dividend Advantage (NXJ)
 
Dividend Advantage 2 (NUJ)
 
Municipal Value (NJV)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Operations
                                     
Net investment income (loss)
 
$
2,123,287
 
$
4,658,194
 
$
1,143,836
 
$
3,101,813
 
$
490,429
 
$
1,021,408
 
Net realized gain (loss) from investments
   
247,635
   
(202,790
)
 
167,548
   
21,349
   
379,190
   
(102,599
)
Change in net unrealized appreciation (depreciation) of investments
   
3,047,539
   
(5,498,875
)
 
2,584,438
   
(3,397,776
)
 
317,856
   
(924,603
)
Net increase (decrease) in net assets applicable to common shares from operations
   
5,418,461
   
(1,043,471
)
 
3,895,822
   
(274,614
)
 
1,187,475
   
(5,794
)
Distributions to Common Shareholders
                                     
From net investment income
   
(2,423,943
)
 
(4,477,680
)
 
(1,588,575
)
 
(3,085,337
)
 
(481,679
)
 
(992,545
)
From accumulated net realized gains
   
   
   
   
   
   
(303,304
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(2,423,943
)
 
(4,477,680
)
 
(1,588,575
)
 
(3,085,337
)
 
(481,679
)
 
(1,295,849
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the reorganizations
   
   
   
   
   
   
 
Cost of shares repurchased and retired
   
(1,012,027
)
 
(190,484
)
 
(854,080
)
 
(122,671
)
 
(213,171
)
 
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
(1,012,027
)
 
(190,484
)
 
(854,080
)
 
(122,671
)
 
(213,171
)
 
 
Net increase (decrease) in net assets applicable to common shares
   
1,982,491
   
(5,711,635
)
 
1,453,167
   
(3,482,622
)
 
492,625
   
(1,301,643
)
Net assets applicable to common shares at the beginning of period
   
100,180,619
   
105,892,254
   
67,596,192
   
71,078,814
   
25,272,119
   
26,573,762
 
Net assets applicable to common shares at the end of period
 
$
102,163,110
 
$
100,180,619
 
$
69,049,359
 
$
67,596,192
 
$
25,764,744
 
$
25,272,119
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
472,962
 
$
773,618
 
$
93,071
 
$
537,810
 
$
107,848
 
$
99,098
 
 
See accompanying notes to financial statements.

84
 
Nuveen Investments

 
 

 

   
Pennsylvania Investment
 
Pennsylvania Municipal
 
   
Quality (NQP)
 
Value (NPN)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Operations
                         
Net investment income (loss)
 
$
15,340,880
 
$
16,275,276
 
$
403,620
 
$
812,000
 
Net realized gain (loss) from investments
   
(3,457,462
)
 
(477,117
)
 
4,862
   
(80,435
)
Change in net unrealized appreciation (depreciation) of investments
   
26,035,241
   
(3,570,300
)
 
540,190
   
(601,307
)
Net increase (decrease) in net assets applicable to common shares from operations
   
37,918,659
   
12,227,859
   
948,672
   
130,258
 
Distributions to Common Shareholders
                         
From net investment income
   
(16,288,548
)
 
(17,907,404
)
 
(387,754
)
 
(775,508
)
From accumulated net realized gains
   
   
   
   
(43,287
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(16,288,548
)
 
(17,907,404
)
 
(387,754
)
 
(818,795
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the reorganizations
   
   
319,256,565
   
   
 
Cost of shares repurchased and retired
   
(61,628
)
 
(214,043
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
(61,628
)
 
319,042,522
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
21,568,483
   
313,362,977
   
560,918
   
(688,537
)
Net assets applicable to common shares at the beginning of period
   
574,558,195
   
261,195,218
   
19,400,814
   
20,089,351
 
Net assets applicable to common shares at the end of period
 
$
596,126,678
 
$
574,558,195
 
$
19,961,732
 
$
19,400,814
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
520,613
 
$
1,468,281
 
$
123,376
 
$
107,510
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
85

 
 

 

 
 
 
Statement of Cash Flows
Six Months Ended October 31, 2014 (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
 
$
18,172,741
 
$
10,542,068
 
$
5,418,461
 
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
   
(31,597,875
)
 
(20,991,025
)
 
(8,833,748
)
Proceeds from sales and maturities of investments
   
29,969,303
   
21,020,379
   
9,971,158
 
Amortization (Accretion) of premiums and discounts, net
   
287,569
   
76,855
   
(143,177
)
Amortization of deferred offering costs
   
172,808
   
133,838
   
(68,203
)
(Increase) Decrease in:
                   
Receivable for dividends
   
(7,986
)
 
   
 
Receivable for interest
   
237,863
   
123,230
   
100,966
 
Receivable for investments sold
   
(1,729,686
)
 
(785,836
)
 
(553,707
)
Other assets
   
4,787
   
3,991
   
(467,320
)
Increase (Decrease) in:
                   
Payable for interest
   
   
   
 
Payable for investments purchased
   
2,545,602
   
897,907
   
717,662
 
Accrued management fees
   
13,095
   
7,881
   
3,978
 
Accrued Directors/Trustees fees
   
1,808
   
2,867
   
41
 
Accrued reorganization expenses
   
   
   
 
Accrued other expenses
   
239,569
   
58,973
   
(7,699
)
Net realized (gain) loss from investments
   
602,546
   
778,481
   
(247,635
)
Change in net unrealized (appreciation) depreciation of investments
   
(11,070,980
)
 
(6,473,768
)
 
(3,047,539
)
Taxes paid on undistributed capital gains
   
   
(4
)
 
(21
)
Net cash provided by (used in) operating activities
   
7,841,164
   
5,395,837
   
2,843,217
 
Cash Flows from Financing Activities:
                   
(Payments for) deferred offering costs
   
   
   
 
Increase (Decrease) in:
                   
Floating rate obligations
   
   
   
 
Payable for offering costs
   
(43,281
)
 
(38,451
)
 
 
Accrued shelf offering costs
   
(38,390
)
 
(31,866
)
 
 
MTP Shares, at liquidation value
   
   
   
 
VMTP Shares, at liquidation value
   
   
   
 
Cash distributions paid to common shareholders
   
(8,167,353
)
 
(5,106,116
)
 
(2,411,974
)
Cost of common shares repurchased and retired
   
(287,796
)
 
(67,613
)
 
(1,012,027
)
Net cash provided by (used in) financing activities
   
(8,536,820
)
 
(5,244,046
)
 
(3,424,001
)
Net Increase (Decrease) in Cash
   
(695,656
)
 
151,791
   
(580,784
)
Cash at the beginning of period
   
3,757,246
   
1,704,066
   
645,299
 
Cash at the end of period
 
$
3,061,590
 
$
1,855,857
 
$
64,515
 
                     
     
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
 
     
Quality
   
Income
   
Advantage
 
Supplemental Disclosure of Cash Flow Information
   
(NQJ
)
 
(NNJ
)
 
(NXJ
)
Cash paid for interest (excluding amortization of offering costs)
 
$
97,334
 
$
59,763
 
$
34,890
 
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 

     
New Jersey
   
Pennsylvania
 
     
Dividend
   
Investment
 
     
Advantage 2
   
Quality
 
     
(NUJ
)
 
(NQP
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
3,895,822
 
$
37,918,659
 
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
   
(9,496,219
)
 
(40,377,984
)
Proceeds from sales and maturities of investments
   
11,767,424
   
43,079,217
 
Amortization (Accretion) of premiums and discounts, net
   
76,897
   
672,095
 
Amortization of deferred offering costs
   
70,575
   
326,900
 
(Increase) Decrease in:
             
Receivable for dividends
   
   
 
Receivable for interest
   
161,383
   
22,655
 
Receivable for investments sold
   
(212,370
)
 
(7,922,031
)
Other assets
   
10,484
   
18,413
 
Increase (Decrease) in:
             
Payable for interest
   
1,946
   
(46,876
)
Payable for investments purchased
   
3,040,506
   
5,900,459
 
Accrued management fees
   
2,883
   
26,644
 
Accrued Directors/Trustees fees
   
39
   
3,682
 
Accrued reorganization expenses
   
   
(1,071,757
)
Accrued other expenses
   
224,395
   
594,926
 
Net realized (gain) loss from investments
   
(167,548
)
 
3,457,462
 
Change in net unrealized (appreciation) depreciation of investments
   
(2,584,438
)
 
(26,035,241
)
Taxes paid on undistributed capital gains
   
(7
)
 
 
Net cash provided by (used in) operating activities
   
6,811,772
   
16,567,223
 
Cash Flows from Financing Activities:
             
(Payments for) deferred offering costs
   
   
(135,000
)
Increase (Decrease) in:
             
Floating rate obligations
   
   
(790,000
)
Payable for offering costs
   
   
(314,170
)
Accrued shelf offering costs
   
   
 
MTP Shares, at liquidation value
   
   
(47,740,000
)
VMTP Shares, at liquidation value
   
   
48,000,000
 
Cash distributions paid to common shareholders
   
(1,581,952
)
 
(16,430,830
)
Cost of common shares repurchased and retired
   
(854,080
)
 
(61,628
)
Net cash provided by (used in) financing activities
   
(2,436,032
)
 
(17,471,628
)
Net Increase (Decrease) in Cash
   
4,375,740
   
(904,405
)
Cash at the beginning of period
   
757,343
   
1,047,121
 
Cash at the end of period
 
$
5,133,083
 
$
142,716
 
               
     
New Jersey
   
Pennsylvania
 
     
Dividend
   
Investment
 
     
Advantage 2
   
Quality
 
Supplemental Disclosure of Cash Flow Information
   
(NUJ
)
 
(NQP
)
Cash paid for interest (excluding amortization of offering costs)
 
$
350,507
 
$
584,372
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

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

         
Investment Operations
 
Less Distributions
                   
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accum-
ulated Net
Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)  
Total
   
From
Net
Investment
Income to
Common
Share-
holders
   
From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
New Jersey Investment Quality (NQJ)
                                                             
Year Ended 4/30:
                                                                         
2015(g)
 
$
15.08
 
$
0.38
 
$
0.51
 
$
 
$
 
$
0.89
 
$
(0.40
)
$
 
$
(0.40
)
$
$
15.57
 
$
13.47
 
2014
   
15.84
   
0.81
   
(0.77
)
 
   
   
0.04
   
(0.80
)
 
   
(0.80
)
 
   
15.08
   
13.51
 
2013
   
15.31
   
0.77
   
0.59
   
   
   
1.36
   
(0.83
)
 
   
(0.83
)
 
   
15.84
   
15.15
 
2012
   
13.69
   
0.83
   
1.63
   
   
   
2.46
   
(0.84
)
 
   
(0.84
)
 
   
15.31
   
14.93
 
2011
   
14.44
   
0.85
   
(0.73
)
 
(0.01
)
 
   
0.11
   
(0.83
)
 
(0.03
)
 
(0.86
)
 
   
13.69
   
12.68
 
2010
   
13.00
   
0.92
   
1.31
   
(0.03
)
 
   
2.20
   
(0.76
)
 
   
(0.76
)
 
   
14.44
   
13.56
 
                                                               
New Jersey Premium Income (NNJ)
                                                             
Year Ended 4/30:
                                                                         
2015(g)
   
15.40
   
0.40
   
0.47
   
   
   
0.87
   
(0.42
)
 
   
(0.42
)
 
 
15.85
   
13.86
 
2014
   
16.30
   
0.84
   
(0.89
)
 
   
   
(0.05
)
 
(0.85
)
 
   
(0.85
)
 
   
15.40
   
14.08
 
2013
   
15.86
   
0.80
   
0.50
   
   
   
1.30
   
(0.86
)
 
   
(0.86
)
 
   
16.30
   
15.97
 
2012
   
14.22
   
0.85
   
1.65
   
   
   
2.50
   
(0.85
)
 
(0.01
)
 
(0.86
)
 
   
15.86
   
15.48
 
2011
   
14.96
   
0.86
   
(0.76
)
 
(0.01
)
 
   
0.09
   
(0.82
)
 
(0.01
)
 
(0.83
)
 
   
14.22
   
13.44
 
2010
   
13.83
   
0.90
   
1.02
   
(0.03
)
 
 
1.89
   
(0.74
)
 
(0.02
)
 
(0.76
)
 
   
14.96
   
14.19
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
88
 
Nuveen Investments

 
 

 
 
 
 
 
Ratios/Supplemental Data
 
 
Total Returns
          Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                   
 
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(d)
 
Net
Investment
Income
(Loss
)
 
Portfolio
Turnover
Rate
(f)
                                   
                                   
 
5.93
%
 
2.65
%
$
318,715
   
1.68
%**(e)
 
4.93
%**(e)
 
7
%
 
0.73
   
(5.22
)
 
308,942
   
1.61
   
5.55
   
12
 
 
8.91
   
7.04
   
324,600
   
1.61
   
4.97
   
14
 
 
18.41
   
24.98
   
313,082
   
1.61
   
5.70
   
9
 
 
0.67
   
(0.46
)
 
279,968
   
1.55
   
5.96
   
9
 
 
17.23
   
26.39
   
295,382
   
1.16
   
6.57
   
4
 
                                   
                                   
 
5.71
   
1.41
   
191,420
   
1.70
**(e)
 
5.11
**(e)
 
8
 
 
0.15
   
(6.17
)
 
186,021
   
1.66
   
5.62
   
11
 
 
8.23
   
8.80
   
196,989
   
1.70
   
4.96
   
14
 
 
18.03
   
22.07
   
191,000
   
1.64
   
5.62
   
10
 
 
0.57
   
0.41
   
171,212
   
1.59
   
5.85
   
7
 
 
13.90
   
25.45
   
180,024
   
1.19
   
6.19
   
3
 
 
(c)
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 Auction Rate Preferred Shares (“ARPS”) and/or VRDP Shares, where applicable.
(d)
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, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Investment Quality (NQJ)
   
Year Ended 4/30:
   
2015(g)
0.54
%**
2014
0.58
 
2013
0.61
 
2012
0.58
 
2011
0.51
 
2010
 

New Jersey Premium Income (NNJ)
   
Year Ended 4/30:
   
2015(g)
0.56
%**
2014
0.59
 
2013
0.67
 
2012
0.58
 
2011
0.51
 
2010
 
 
(e)
For the fiscal year ended April 30, 2015, the expenses and Net Investment Income (Loss) ratios to average net assets applicable to common shares do not reflect the voluntary expense reimbursement from the Adviser as described in Note 1 – General Information and Significant Accounting Policies, Common Shares Equity Shelf Programs and Offering Costs. The expenses and net investment income (loss) ratios to average net assets applicable to common shares including this expense reimbursement from the Adviser are as follows:
 
New Jersey Investment
 
 
Net Investment
 
Quality (NQJ)
Expenses
 
Income (Loss)
 
Year Ended 4/30:
       
2015(g)
1.65
%**
4.96
%**

New Jersey Premium
   
Net Investment
 
Income (NNJ)
Expenses
 
Income (Loss)
 
Year Ended 4/30:
       
2015(g)
1.66
%**
5.15
%**
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended October 31, 2014.
*
Rounds to less than $0.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

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

          Investment Operations  
Less Distributions
                   
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accum-
ulated Net
Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)  
Total
   
From
Net
Investment
Income to
Common
Share-
holders
   
From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
New Jersey Dividend Advantage (NXJ)
                                                       
Year Ended 4/30:
                                                                         
2015(g)
 
$
15.28
 
$
0.33
 
$
0.50
 
$
 
$
 
$
0.83
 
$
(0.37
)
$
 
$
(0.37
)
$
0.02
 
$
15.76
 
$
13.53
 
2014
   
16.12
   
0.71
   
(0.87
)
 
   
   
(0.16
)
 
(0.68
)
 
   
(0.68
)
 
 
15.28
   
13.64
 
2013
   
15.31
   
0.63
   
0.93
   
   
   
1.56
   
(0.75
)
 
   
(0.75
)
 
   
16.12
   
14.94
 
2012
   
13.61
   
0.71
   
1.83
   
   
   
2.54
   
(0.83
)
 
(0.01
)
 
(0.84
)
 
   
15.31
   
14.92
 
2011
   
14.51
   
0.89
   
(0.91
)
 
(0.03
)
 
 
(0.05
)
 
(0.83
)
 
(0.02
)
 
(0.85
)
 
   
13.61
   
12.67
 
2010
   
12.97
   
0.91
   
1.42
   
(0.03
)
 
 
2.30
   
(0.75
)
 
(0.01
)
 
(0.76
)
 
   
14.51
   
13.48
 
                                                         
New Jersey Dividend Advantage 2 (NUJ)
                                                       
Year Ended 4/30:
                                                                         
2015(g)
   
14.97
   
0.25
   
0.61
   
   
   
0.86
   
(0.35
)
 
   
(0.35
)
 
0.03
   
15.51
   
13.30
 
2014
   
15.70
   
0.69
   
(0.74
)
 
   
   
(0.05
)
 
(0.68
)
 
   
(0.68
)
 
 
14.97
   
13.29
 
2013
   
15.23
   
0.68
   
0.57
   
   
   
1.25
   
(0.78
)
 
   
(0.78
)
 
   
15.70
   
15.28
 
2012
   
13.60
   
0.77
   
1.73
   
   
   
2.50
   
(0.86
)
 
(0.01
)
 
(0.87
)
 
   
15.23
   
15.74
 
2011
   
14.47
   
0.85
   
(0.82
)
 
(0.01
)
 
   
0.02
   
(0.85
)
 
(0.04
)
 
(0.89
)
 
   
13.60
   
12.55
 
2010
   
12.93
   
0.94
   
1.45
   
(0.03
)
 
(0.01
)
 
2.35
   
(0.78
)
 
(0.03
)
 
(0.81
)
 
   
14.47
   
14.68
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and March 31, 2012, the Adviser is no longer reimbursing New Jersey Dividend Advantage (NXJ) and New Jersey Dividend Advantage 2 (NUJ), respectively, for any fees or expenses.
 
90
 
Nuveen Investments

 
 

 

           
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
 
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(e)
 
Net
Investment
Income (Loss)
   
Expenses
(e)
 
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate
(f)
                                               
                                               
 
5.62
%
 
1.92
%
$
102,163
   
1.92
%**
 
4.44
%**
 
N/A
   
N/A
   
6
%
 
(0.71
)
 
(3.78
)
 
100,181
   
2.07
   
4.83
   
N/A
   
N/A
   
6
 
 
10.29
   
5.04
   
105,892
   
2.37
   
3.91
   
N/A
   
N/A
   
17
 
 
19.09
   
25.08
   
100,578
   
2.52
   
4.82
   
N/A
   
N/A
   
15
 
 
(0.38
)
 
0.11
   
89,399
   
1.34
   
6.16
   
1.27
%
 
6.23
%
 
6
 
 
18.03
   
28.17
   
95,300
   
1.18
   
6.35
   
1.04
   
6.49
   
4
 
                                               
                                               
 
6.02
   
2.75
   
69,049
   
2.76
**
 
3.69
**
 
N/A
   
N/A
   
10
 
 
0.01
   
(8.24
)
 
67,596
   
2.53
   
4.80
   
N/A
   
N/A
   
11
 
 
8.35
   
1.99
   
71,079
   
2.42
   
4.35
   
N/A
   
N/A
   
27
 
 
18.82
   
33.35
   
68,911
   
2.59
   
5.22
   
2.52
   
5.30
   
9
 
 
0.10
   
(8.75
)
 
61,503
   
1.96
   
5.84
   
1.81
   
5.99
   
7
 
 
18.55
   
35.95
   
65,410
   
1.22
   
6.54
   
1.00
   
6.76
   
4
 
 
(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, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Dividend Advantage (NXJ)
   
Year Ended 4/30:
   
2015(g)
0.53
%**
2014
0.98
 
2013
1.27
 
2012
1.41
 
2011
0.15
 
2010
 

New Jersey Dividend Advantage 2 (NUJ)
   
Year Ended 4/30:
   
2015(g)
1.22
%**
2014
1.32
 
2013
1.23
 
2012
1.33
 
2011
0.79
 
2010
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended October 31, 2014.
*
Rounds to less than $0.01 per share.
**
Annualized.
N/A Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 

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

         
Investment Operations
 
Less Distributions
                         
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accum-
ulated Net
Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)  
Total
   
From
Net
Investment
Income to
Common
Share-
holders
   
From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discount
from
Common
Shares
Repur-
chased
and
Retired
   
Offering
Costs
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
New Jersey Municipal Value (NJV)
                                                             
Year Ended 4/30:
                                                                         
2015(f)
 
$
16.15
 
$
0.31
 
$
0.45
   
N/A
   
N/A
 
$
0.76
 
$
(0.31
)
$
 
$
(0.31
)
$
0.02
 
$
 
$
16.62
 
$
14.25
 
2014
   
16.98
   
0.65
   
(0.66
)
 
N/A
   
N/A
   
(0.01
)
 
(0.63
)
 
(0.19
)
 
(0.82
)
 
   
   
16.15
   
14.48
 
2013
   
16.62
   
0.67
   
0.61
   
N/A
   
N/A
   
1.28
   
(0.67
)
 
(0.25
)
 
(0.92
)
 
   
   
16.98
   
16.02
 
2012
   
14.72
   
0.75
   
1.91
   
N/A
   
N/A
   
2.66
   
(0.76
)
 
   
(0.76
)
 
   
   
16.62
   
16.34
 
2011
   
15.84
   
0.82
   
(1.15
)
 
N/A
   
N/A
   
(0.33
)
 
(0.77
)
 
(0.02
)
 
(0.79
)
 
   
   
14.72
   
13.81
 
2010
   
14.29
   
0.70
   
1.55
   
N/A
   
N/A
   
2.25
   
(0.70
)
 
   
(0.70
)
 
   
 
15.84
   
15.21
 
                                                               
Pennsylvania Investment Quality (NQP)
                                                             
Year Ended 4/30:
                                                                         
2015(f)
   
15.17
   
0.40
   
0.60
 
$
 
$
   
1.00
   
(0.43
)
 
   
(0.43
)
 
 
   
15.74
   
13.74
 
2014
   
16.21
   
0.74
   
(0.93
)
 
   
   
(0.19
)
 
(0.85
)
 
   
(0.85
)
 
 
   
15.17
   
13.76
 
2013
   
15.78
   
0.80
   
0.54
   
   
   
1.34
   
(0.91
)
 
   
(0.91
)
 
   
   
16.21
   
15.24
 
2012
   
14.11
   
0.90
   
1.70
   
   
   
2.60
   
(0.93
)
 
   
(0.93
)
 
   
   
15.78
   
15.67
 
2011
   
14.82
   
0.93
   
(0.73
)
 
(0.01
)
 
   
0.19
   
(0.90
)
 
   
(0.90
)
 
   
   
14.11
   
13.09
 
2010
   
13.53
   
0.96
   
1.16
   
(0.03
)
 
   
2.09
   
(0.80
)
 
   
(0.80
)
 
 
   
14.82
   
13.64
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
92
 
Nuveen Investments

 
 

 

           
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                   
 
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(d)
 
Net
Investment
Income
(Loss)
   
Portfolio
Turnover
Rate
(e)
                                   
                                   
 
4.85
%
 
0.52
%
$
25,765
   
0.88
%**
 
3.79
%**
 
7
%
 
0.25
   
(4.18
)
 
25,272
   
0.88
   
4.12
   
12
 
 
7.86
   
3.58
   
26,574
   
0.83
   
3.95
   
7
 
 
18.43
   
24.34
   
25,957
   
0.85
   
4.76
   
20
 
 
(2.17
)
 
(4.19
)
 
22,981
   
0.85
   
5.32
   
2
 
 
16.05
   
6.32
   
24,722
   
0.82
   
4.63
   
5
 
                                   
                                   
 
6.67
   
3.00
   
596,127
   
1.65
**   
5.25
**   
5
 
 
(0.69
)
 
(3.65
)
 
574,558
   
1.87
   
5.33
   
8
 
 
8.50
   
2.97
   
261,195
   
1.80
   
4.98
   
17
 
 
18.88
   
27.48
   
253,937
   
1.63
   
6.00
   
18
 
 
1.27
   
2.43
   
226,905
   
1.60
   
6.38
   
8
 
 
15.74
   
27.87
   
238,368
   
1.23
   
6.72
   
6
 
 
(c)
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, VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP 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, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Municipal Value (NJV)
   
Year Ended 4/30:
   
2015(f)
0.04
%**
2014
0.04
 
2013
0.04
 
2012
0.04
 
2011
0.06
 
2010
0.06
 

Pennsylvania Investment Quality (NQP)
   
Year Ended 4/30:
   
2015(f)
0.63
%**
2014
0.68
 
2013
0.72
 
2012
0.61
 
2011
0.55
 
2010
0.07
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended October 31, 2014.
N/A
Fund is not authorized to issue ARPS.
*
Rounds to less than $0.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 

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

         
Investment Operations
 
Less Distributions
                         
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accum-
ulated Net
Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)  
Total
   
From
Net
Investment
Income to
Common
Share-
holders
   
From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discount
from
Common
Shares
Repur-
chased
and
Retired
   
Offering
Costs
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
Pennsylvania Municipal Value (NPN)
                                                             
Year Ended 4/30:
                                                                         
2015(e)
 
$
15.91
 
$
0.33
 
$
0.45
   
N/A
   
N/A
 
$
0.78
 
$
(0.32
)
$
 
$
(0.32
)
 $  
$
 
$
16.37
 
$
15.15
 
2014
   
16.48
   
0.67
   
(0.56
)
 
N/A
   
N/A
   
0.11
   
(0.64
)
 
(0.04
)
 
(0.68
)
     
   
15.91
    14.45  
2013
   
16.36
   
0.68
   
0.38
   
N/A
   
N/A
   
1.06
   
(0.64
)
 
(0.30
)
 
(0.94
)
 
   
   
16.48
   
15.86
 
2012
   
14.79
   
0.72
   
1.58
   
N/A
   
N/A
   
2.30
   
(0.71
)
 
(0.02
)
 
(0.73
)
 
   
   
16.36
   
15.38
 
2011
   
15.46
   
0.79
   
(0.70
)
 
N/A
   
N/A
   
0.09
   
(0.76
)
 
   
(0.76
)
 
   
   
14.79
   
13.96
 
2010
   
14.29
   
0.70
   
1.19
   
N/A
   
N/A
   
1.89
   
(0.72
)
 
   
(0.72
)
 
   
 
15.46
   
15.43
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
94
 
Nuveen Investments

 
 

 

 
           
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
       
                                   
 
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(c)
 
Net
Investment
Income
(Loss)
   
Portfolio
Turnover
Rate
(d)
                                   
                                   
 
4.93
%
 
7.07
%
$
19,962
   
0.86
%**
 
4.07
%**
 
2
%
 
0.80
   
(4.45
)
 
19,401
   
0.85
   
4.28
   
6
 
 
6.58
   
9.39
   
20,089
   
0.81
   
4.11
   
7
 
 
15.89
   
15.68
   
19,948
   
0.86
   
4.60
   
11
 
 
0.59
   
(4.77
)
 
18,029
   
0.87
   
5.17
   
3
 
 
13.49
   
7.52
   
18,805
   
0.82
   
4.68
   
5
 
 
(c)
The expense ratios reflect, among other things, 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, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:
 
Pennsylvania Municipal Value (NPN)
   
Year Ended 4/30:
   
2015(e)
%
2014
 
2013
 
2012
 
2011
 
2010
 
 
(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)
For the six months ended October 31, 2014.
N/A
Fund is not authorized to issue ARPS.
*
Rounds to less than $0.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 

Financial Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
MTP Shares
at the End of Period (a)
 
VRDP Shares
at the End of Period
 
     
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
New Jersey Investment Quality (NQJ)
                                     
Year Ended 4/30:
                                     
2015(b)
 
$
 
$
 
$
 
$
 
$
144,300
 
$
320,869
 
2014
   
   
   
   
   
144,300
   
314,097
 
2013
   
   
   
   
   
144,300
   
324,948
 
2012
   
   
   
   
   
144,300
   
316,966
 
2011
   
   
   
   
   
144,300
   
294,018
 
2010
   
143,450
   
76,478
   
   
   
   
 
                                       
New Jersey Premium Income (NNJ)
                                     
Year Ended 4/30:
                                     
2015(b)
   
   
   
   
   
88,600
   
316,050
 
2014
   
   
   
   
   
88,600
   
309,955
 
2013
   
   
   
   
   
88,600
   
322,335
 
2012
   
   
   
   
   
88,600
   
315,576
 
2011
   
   
   
   
   
88,600
   
293,242
 
2010
   
87,875
   
76,216
   
   
   
   
 
                                       
New Jersey Dividend Advantage (NXJ)
                                     
Year Ended 4/30:
                                     
2015(b)
   
   
   
   
   
45,000
   
327,029
 
2014
   
   
   
   
   
45,000
   
322,624
 
2013
   
   
   
44,861
   
33.60
   
   
 
2012
   
   
   
44,861
   
32.42
   
   
 
2011
   
   
   
44,861
   
29.93
   
   
 
2010
   
43,925
   
79,240
   
   
   
   
 
                                       
New Jersey Dividend Advantage 2 (NUJ)
                                     
Year Ended 4/30:
                                     
2015(b)
   
   
   
35,050
   
29.70
   
   
 
2014
   
   
   
35,050
   
29.29
   
   
 
2013
   
   
   
35,050
   
30.28
   
   
 
2012
   
   
   
35,050
   
29.66
   
   
 
2011
   
   
   
35,050
   
27.55
   
   
 
2010
   
31,225
   
77,370
   
   
   
   
 

(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2015
(b)
 
2014
   
2013
   
2012
   
2011
 
New Jersey Dividend Advantage (NXJ)
                               
Series 2014 (NXJ PRACL)
                               
Ending Market Value per Share
 
$
 
$
 
$
10.02
 
$
10.08
 
$
9.94
 
Average Market Value per Share
   
   
10.03
^^^
 
10.09
   
10.07
   
9.95
^
New Jersey Dividend Advantage 2 (NUJ)
                               
Series 2015 (NUJ PRC)
                               
Ending Market Value per Share
   
10.09
   
10.02
   
10.04
   
10.04
   
9.62
 
Average Market Value per Share
   
10.04
   
10.03
   
10.05
   
9.91
   
9.65
^^
 
^
For the period March 24, 2011 (first issuance date of shares) through April 30, 2011.
^^
For the period October 1, 2010 (first issuance date of shares) through April 30, 2011.
^^^
For the period May 1, 2013 through September 9, 2013.
(b) For the six months ended October 31, 2014.

See accompanying notes to financial statements.
 
96
 
Nuveen Investments
 
 
 

 


   
ARPS at the End of Period
 
MTP Shares
at the End of Period (a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
   
MTP, VMTP and
VRDP Shares at
the End of Period
 
     
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
Pennsylvania Investment Quality (NQP)
                                           
Year Ended 4/30:
                                                       
2015(b)
 
$
 
$
 
$
 
$
 
$
48,000
 
$
324,530
 
$
217,500
 
$
324,530
 
$
3.25
 
2014
   
   
   
47,740
   
31.66
   
   
   
217,500
   
316,618
   
3.17
 
2013
   
   
   
   
   
   
   
112,500
   
332,174
   
 
2012
   
   
   
   
   
   
   
112,500
   
325,722
   
 
2011
   
   
   
   
   
   
   
112,500
   
301,693
   
 
2010
   
111,750
   
78,326
   
   
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2015
(b)
 
2014
 
Pennsylvania Dividend Advantage (NQP)
             
Series 2014 (NQP PRCCL)
             
Ending Market Value per Share
 
$
 
$
10.05
 
Average Market Value per Share
   
10.01
ΩΩ
 
10.03
Ω
Series 2014 (NQP PRDCL)
             
Ending Market Value per Share
 
$
   
10.04
 
Average Market Value per Share
   
10.02
ΩΩ
 
10.03
Ω
 
Ω
For the period February 11, 2014 (effective date of the reorganizations) through April 30, 2014.
ΩΩ
For the period May 1, 2014 through May 30, 2014.
(b)
For the six months ended October 31, 2014.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
97

 
 

 
 
Notes to Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
• 
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ) (“New Jersey Investment Quality (NQJ)”)
• 
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ) (“New Jersey Premium Income (NNJ)”)
• 
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) (“New Jersey Dividend Advantage (NXJ)”)
• 
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ) (“New Jersey Dividend Advantage 2 (NUJ)”)
• 
Nuveen New Jersey Municipal Value Fund (NJV) (“New Jersey Municipal Value (NJV)”)
• 
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) (“Pennsylvania Investment Quality (NQP)”)
• 
Nuveen Pennsylvania Municipal Value Fund (NPN) (“Pennsylvania Municipal Value (NPN)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Common shares of New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ) and Pennsylvania Investment Quality (NQP) are traded on the NYSE while common shares of New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) are traded on the NYSE MKT. New Jersey Investment Quality (NQJ) and New Jersey Premium Income (NNJ) were incorporated under the state laws of Minnesota on December 20, 1990 and August 19, 1992, respectively. New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), New Jersey Municipal Value (NJV), Pennsylvania Investment Quality (NQP) and Pennsylvania Municipal Value (NPN) were organized as Massachusetts business trusts on June 1, 1999, April 19, 2001, January 26, 2009, December 20, 1990 and January 26, 2009, respectively.
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Purchase and Sale Agreement
On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.
 
Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s Sub-Adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.
 
Investment Objectives and Principal Investment Strategies
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.

98
 
Nuveen Investments

 
 

 

Fund Reorganizations
On November 20, 2013, the Funds’ Board of Directors/Trustees (the “Board”) approved a series of reorganizations for certain New Jersey Funds included in this report (the “Reorganizations”). The Reorganizations are intended to create one, larger-state fund, which would potentially offer shareholders the following benefits:
 
• 
Lower fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
• 
Enhanced secondary market trading, as larger funds potentially make it easier for investors to buy and sell fund shares;
• 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
• 
Increased fund flexibility in managing the structure and cost of leverage over time.
 
The approved Reorganizations are as follows:
 
Target Funds
Acquiring Fund
 
New Jersey Investment Quality (NQJ)
New Jersey Dividend Advantage (NXJ)
 
New Jersey Premium Income (NNJ)
   
New Jersey Dividend Advantage 2 (NUJ)
   
 
The Reorganizations were approved by shareholders of the Target Funds at a special meeting on October 20, 2014, and were completed before the opening of business on November 10, 2014 (subsequent to the close of this reporting period).
 
Upon the closing of the Reorganizations, the Target Funds transfered their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Target Funds. The Target Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds became shareholders of the Acquiring Fund. Holders of common shares of the Target Funds received newly issued common shares of the Acquiring Fund, the aggregate net asset value (“NAV”) of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Fractional shares are sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Target Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Target Funds held immediately prior to the reorganizations.
 
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, “Financial Services – Investment Companies.” 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 Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment 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 earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
 
As of October 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
   
Quality
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
2,596,655
 
$
897,907
 
$
717,662
 
$
3,040,506
 
$
122,851
 
$
5,900,459
 
$
59,243
 
 
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
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Notes to Financial Statements (Unaudited) (continued)
 
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”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
MuniFund Term Preferred Shares
During the current fiscal period, New Jersey Dividend Advantage 2 (NUJ) and Pennsylvania Investment Quality (NQP) had issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 liquidation value per share. The Fund’s MTP Shares were issued in one or more Series and trade on the NYSE MKT.
 
On May 30, 2014, Pennsylvania Investment Quality (NQP) redeemed all of its outstanding Series 2015 MTP Shares. The Fund’s MTP Shares were redeemed at their $10.00 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of Variable Rate MuniFund Term Preferred (“VMTP”) Shares (as described below in Variable Rate MuniFund Term Preferred Shares).
 
As of October 31, 2014, the details of the Funds’ MTP Shares outstanding are as follows:
 
                       
Shares
       
                       
Outstanding
       
           
NYSE MKT
   
Shares
   
at $10 Per Share
   
Annual
 
Fund
   
Series
   
Ticker
   
Outstanding
  Liquidation Value    
Dividend Rate
 
New Jersey Dividend Advantage 2 (NUJ)
   
2015
   
NUJ PRC
   
3,505,000
 
$
35,050,000
   
2.00
%
 
The 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 were subject to redemption at the option of the 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 the Fund, at par in the event of certain changes in the credit rating of the MTP Shares. The 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 is 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 the Fund’s series of MTP Shares are as follows:
 
       
NYSE MKT
 
Term
 
Optional
 
Premium
 
   
Series
 
Ticker
 
Redemption Date
 
Redemption Date
 
Expiration Date
 
New Jersey Dividend Advantage 2 (NUJ)
 
2015
 
NUJ PRC
 
November 1, 2015
 
November 1, 2011
 
October 31, 2012
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the six months ended October 31, 2014, were as follows:
 
     
New Jersey
   
Pennsylvania
 
     
Dividend
   
Investment
 
     
Advantage 2
   
Quality
 
     
(NUJ
)
 
(NQP
)*
Average liquidation value of MTP Shares outstanding
 
$
35,050,000
 
$
47,740,000
 
 
*
For the period May 1, 2014 through May 30, 2014.
 
For financial reporting purposes, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (“MTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. 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. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
In conjunction with Pennsylvania Investment Quality’s (NQP) redemption of MTP Shares, the remaining deferred offering costs of $276,165 were fully expensed during the current fiscal period, as the redemptions were deemed extinguishments of debt.

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Variable Rate MuniFund Term Preferred Shares
Pennsylvania Investment Quality (NQP) has issued and outstanding VMTP Shares, with a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
 
As of October 31, 2014, VMTP Shares outstanding, at liquidation value, for the Fund was as follows:
 
                 
Shares
 
                 
Outstanding
 
                 
at $100,000
 
           
Shares
   
Per Share
 
Fund
   
Series
   
Outstanding
  Liquidation Value  
Pennsylvania Investment Quality (NQP)
   
2017
   
480
 
$
48,000,000
 
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of the Fund (“Optional Redemption Date”), subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. The Fund may be obligated to redeem certain of the VMTP 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 is 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 the Fund’s series of VMTP Shares are as follows:
 
       
Term
 
Optional
 
Premium
 
Fund
 
Series
 
Redemption Date
 
Redemption Date
 
Expiration Date
 
Pennsylvania Investment Quality (NQP)
 
2017
 
June 1, 2017
 
June 1, 2015
 
May 31, 2015
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for the Fund during the six months ended October 31, 2014, were as follows:
 
     
Pennsylvania
 
     
Investment
 
     
Quality
 
     
(NQP
)*
Average liquidation value of VMTP Shares outstanding
 
$
48,000,000
 
Annualized dividend rate
   
0.99%
 
 
*
For the period May 20, 2014 (first issuance of shares) through October 31, 2014.
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Fund in connection with the Fund’s offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
The Fund incurred offering costs of $135,000 in connection with its issuance of Series 2017 VMTP Shares.
 
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. VRDP Shares are issued via private placement and are not publicly available.
 
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Notes to Financial Statements (Unaudited) (continued)
 
As of October 31, 2014, the details of each Fund’s VRDP Shares outstanding are as follows:
 
                 
Shares
       
                 
Outstanding
       
           
Shares
  at $100,000 Per Share        
Fund
   
Series
   
Outstanding
  Liquidation Value    
Maturity
 
New Jersey Investment Quality (NQJ)
   
2
   
1,443
 
$
144,300,000
   
April 1, 2043
 
New Jersey Premium Income (NNJ)
   
2
   
886
 
$
88,600,000
   
April 1, 2043
 
New Jersey Dividend Advantage (NXJ)
   
1
   
450
 
$
45,000,000
   
August 3, 2043
 
Pennsylvania Investment Quality (NQP)
   
2
   
1,125
 
$
112,500,000
   
December 1, 2042
 
     
3
   
1,050
 
$
105,000,000
   
December 1, 2042
 
 
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. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
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 of VRDP Shares outstanding and annualized dividend rate for each Fund during the six months ended October 31, 2014, were as follows:
 
                           
     
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Investment
 
     
Quality
   
Income
   
Advantage
   
Quality
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NQP
)
Average liquidation value of VRDP Shares outstanding
 
$
144,300,000
 
$
88,600,000
 
$
45,000,000
 
$
217,500,000
 
Annualized dividend rate
   
0.13
%
 
0.13
%
 
0.15
%
 
0.15
%
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” 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, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “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 “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
Common Shares Equity Shelf Programs and Offering Costs
The following Funds have each filed registration statements with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional common shares through its equity shelf program (“Shelf Offerings”), which became effective with the SEC during the prior fiscal period.
 
Under these Shelf Offerings, each Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share.
 
Common shares authorized, common shares issued and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the six months ended October 31, 2014 and fiscal year ended April 30, 2014 were as follows:
 
   
New Jersey
 
New Jersey
 
   
Investment Quality (NQJ)
 
Premium Income (NNJ)
 
     
Six Months
   
 
   
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Common shares authorized
   
2,000,000
   
2,000,000
   
1,200,000
   
1,200,000
 
Common shares issued
   
   
   
   
 
Offering proceeds, net of offering costs
   
   
   
   
 
 
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As of August 31, 2014, each Fund’s shelf offering registration statements is no longer effective. Therefore, the Funds may not issue additional common shares under their equity shelf programs until a new registration statement is filed and declared effective by the SEC.
 
Costs incurred by the Funds in connection with their Shelf Offerings are recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These deferred assets are reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and is recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. At the end of the one-year life of the Shelf Offering period, any remaining deferred charges will be expensed accordingly and recognized as a component of “Shelf offering expenses” on the Statement of Operations. Any additional costs the Funds may incur in connection with their Shelf Offerings are expensed as incurred and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets, when applicable.
 
Since the Shelf Offerings became effective, the Funds have not issued additional common shares. As a result, during the six months ended October 31, 2014, the Adviser reimbursed each Fund for half of the costs incurred in connection with the Shelf Offerings, which is recognized as “Expense reimbursement” on the Statement of Operations.
 
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.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
 
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
 
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. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
 
Investment Valuation
Prices of fixed income securities are provided by a pricing service approved by the Board. 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. These securities are generally classified as Level 2. 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 the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
 
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 Board or its appointee 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 NAV (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
 
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103

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
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 Board or its appointee.
 
Fair Value Measurements
Fair value is defined as the price that would be received 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 market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – 
Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
New Jersey Investment Quality (NQJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
451,454,360
 
$
 
$
451,454,360
 
Common Stocks
   
3,302,294
   
   
   
3,302,294
 
Total
 
$
3,302,294
 
$
451,454,360
 
$
 
$
454,756,654
 
New Jersey Premium Income (NNJ)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
274,369,713
 
$
 
$
274,369,713
 
New Jersey Dividend Advantage (NXJ)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
145,008,446
 
$
 
$
145,008,446
 
New Jersey Dividend Advantage 2 (NUJ)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
100,880,691
 
$
 
$
100,880,691
 
New Jersey Municipal Value (NJV)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
26,400,926
 
$
 
$
26,400,926
 
Common Stocks
   
736,361
   
   
   
736,361
 
Total
 
$
736,361
 
$
26,400,926
 
$
 
$
27,137,287
 
Pennsylvania Investment Quality (NQP)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
882,639,579
 
$
 
$
882,639,579
 
Pennsylvania Municipal Value (NPN)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
19,646,337
 
$
 
$
19,646,337
 
 
*
Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts

104
 
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by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
 
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
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 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.
 
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.
 
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”).
 
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
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, at their liquidation value, 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 recognizes 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.
 
Nuveen Investments
 
105

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
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, 2014, 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
)
Average floating rate obligations outstanding
 
$
 
$
 
$
 
$
 
$
1,500,000
 
Average annual interest rate and fees
   
%
 
%
 
%
 
%
 
0.67
%

     
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Municipal
 
     
Quality
   
Value
 
     
(NQP
)
 
(NPN
)
Average floating rate obligations outstanding
 
$
36,556,033
 
$
 
Average annual interest rate and fees
   
0.40
%
 
%
 
As of October 31, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters 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
)
Floating rate obligations: self-deposited inverse floaters
 
$
 
$
 
$
 
$
 
$
1,500,000
 
Floating rate obligations: externally-deposited inverse floaters
   
45,405,000
   
28,825,000
   
14,215,000
   
9,125,000
   
600,000
 
Total
 
$
45,405,000
 
$
28,825,000
 
$
14,215,000
 
$
9,125,000
 
$
2,100,000
 

     
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Municipal
 
     
Quality
   
Value
 
     
(NQP
)
 
(NPN
)
Floating rate obligations: self-deposited inverse floaters
 
$
36,380,000
 
$
 
Floating rate obligations: externally-deposited inverse floaters
   
54,350,000
   
540,000
 
Total
 
$
90,730,000
 
$
540,000
 
 
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.
 
As of October 31, 2014, each Fund’s maximum exposure to the floating rate obligations issued by 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
 
$
38,405,000
 
$
24,405,000
 
$
11,950,000
 
$
8,460,000
 
$
600,000
 

     
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Municipal
 
     
Quality
   
Value
 
     
(NQP
)
 
(NPN
)
Maximum exposure to Recourse Trusts
 
$
15,075,000
 
$
540,000
 
 
106
 
Nuveen Investments

 
 

 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. 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.
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.
 
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the six months ended October 31, 2014.
 
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.
 
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 pre-determined threshold amount.
 
4. Fund Shares
 
Common Shares
Transactions in common shares for the six months ended October 31, 2014 and the fiscal year ended April 30, 2014 were as follows:
 
   
New Jersey
 
New Jersey
 
New Jersey
 
   
Investment Quality (NQJ)
 
Premium Income (NNJ)
 
Dividend Advantage (NXJ)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Common shares:
                                     
Issued in the reorganizations
   
   
   
   
   
   
 
Issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Repurchased and retired
   
(21,500
)
 
   
(4,900
)
 
   
(75,000
)
 
(15,300
)
Weighted average common share:
                                     
Price per share repurchased and retired
 
$
13.37
   
 
$
13.78
   
 
$
13.47
 
$
12.43
 
Discount per share repurchased and retired
   
13.07
%
 
   
14.14
%
 
   
13.49
%
 
13.65
%

   
New Jersey
 
New Jersey
 
   
Dividend Advantage 2 (NUJ)
 
Municipal Value (NJV)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Common shares:
                         
Issued in the reorganizations
   
   
   
   
 
Issued to shareholders due to reinvestment of distributions
   
   
   
   
 
Repurchased and retired
   
(64,500
)
 
(10,200
)
 
(15,000
)
 
 
Weighted average common share:
                         
Price per share repurchased and retired
 
$
13.22
 
$
12.01
 
$
14.19
 
$
 
Discount per share repurchased and retired
   
13.74
%
 
14.00
%
 
14.25
%
 
 
 
Nuveen Investments
 
107

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
   
Pennsylvania
 
Pennsylvania
 
   
Investment Quality (NQP)
 
Municipal Value (NPN)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
4/30/14
   
10/31/14
   
4/30/14
 
Common shares:
                         
Issued in the reorganizations
   
   
21,788,337
   
   
 
Issued to shareholders due to reinvestment of distributions
   
   
   
   
 
Repurchased and retired
   
(4,500
)
 
(17,300
)
 
   
 
Weighted average common share:
                         
Price per share repurchased and retired
 
$
13.68
 
$
12.35
   
   
 
Discount per share repurchased and retired
   
13.83
%
 
13.16
%
 
   
 
 
Preferred Shares
Transactions in preferred shares for the Funds during the six months ended October 31, 2014 and the fiscal year ended April 30, 2014, where applicable, are noted in the following tables.
 
Transactions in MTP Shares for the Funds, where applicable, were as follows:
 
   
Six Months Ended
 
   
October 31, 2014
 
           
NYSE
             
Pennsylvania Investment Quality (NQP)
   
Series
   
Ticker
   
Shares
   
Amount
 
MTP Shares redeemed
   
2015
   
NQP PRCCL
   
(2,319,000
)
$
(23,190,000
)
     
2015
   
NQP PRDCL
   
(2,455,000
)
 
(24,550,000
)
Total
     
 
 
 
 
 
(4,774,000
)
$
(47,740,000
)

   
Year Ended
 
   
April 30, 2014
 
           
NYSE/
             
           
NYSE MKT
             
New Jersey Dividend Advantage (NXJ)
   
Series
   
Ticker
   
Shares
   
Amount
 
MTP Shares redeemed
   
2014
   
NXJ PRACL
   
(4,486,100
)
$
(44,861,000
)
Pennsylvania Investment Quality (NQP)
                         
MTP Shares issued in connection with the reorganization
   
2015
   
NQP PRCCL
   
2,319,000
 
$
23,190,000
 
     
2015
   
NQP PRDCL
   
2,455,000
 
$
24,550,000
 
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
 
   
Six Months Ended
 
   
October 31, 2014
 
Pennsylvania Investment Quality (NQP)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2017
   
480
 
$
48,000,000
 
 
Transactions in VRDP Shares, where applicable, were as follows:

   
Year Ended
 
   
April 30, 2014
 
New Jersey Dividend Advantage (NXJ)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued
   
1
   
450
 
$
45,000,000
 

   
Year Ended
 
   
April 30, 2014
 
Pennsylvania Investment Quality (NQP)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued in connection with the reorganization
   
3
   
1,050
 
$
105,000,000
 
VRDP Shares issued
   
   
   
 
VRDP Shares exchanged
   
   
   
 
Net increase (decrease)
   
 
 
 
1,050
 
$
105,000,000
 
 
108
 
Nuveen Investments

 
 

 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the six months ended October 31, 2014, were as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
   
Quality
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Purchases
 
$
31,597,875
 
$
20,991,025
 
$
8,833,748
 
$
9,496,219
 
$
2,074,584
 
$
40,377,984
 
$
484,000
 
Sales and maturities
   
29,969,303
   
21,020,379
   
9,971,158
   
11,767,424
   
1,927,766
   
43,079,217
   
492,829
 
 
6. Income Tax Information
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.
 
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 NAVs of the Funds.
 
As of October 31, 2014, 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
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
   
Quality
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Cost of investments
 
$
422,979,744
 
$
255,028,692
 
$
133,848,429
 
$
94,426,713
 
$
22,325,227
 
$
781,112,880
 
$
17,020,795
 
Gross unrealized:
                                           
Appreciation
 
$
33,134,155
 
$
20,191,376
 
$
11,705,676
 
$
6,857,489
 
$
3,321,941
 
$
68,055,190
 
$
2,627,778
 
Depreciation
   
(1,357,245
)
 
(850,355
)
 
(545,659
)
 
(403,511
)
 
(9,881
)
 
(2,908,539
)
 
(2,236
)
Net unrealized appreciation (depreciation) of investments
 
$
31,776,910
 
$
19,341,021
 
$
11,160,017
 
$
6,453,978
 
$
3,312,060
 
$
65,146,651
 
$
2,625,542
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses, reorganization adjustments and distribution reclasses, resulted in reclassifications among the Funds’ components of common share net assets as of April 30, 2014, 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
 
$
(25,408
)
$
(17,533
)
$
(214,401
)
$
(148,756
)
$
 
Undistributed (Over-distribution of) net investment income
   
(13,073
)
 
(4,657
)
 
204,362
   
141,586
   
22
 
Accumulated net realized gain (loss)
   
38,481
   
22,190
   
10,039
   
7,170
   
(22
)

     
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Municipal
 
     
Quality
   
Value
 
     
(NQP
)
 
(NPN
)
Paid-in-surplus
 
$
2,654,683
 
$
5,519
 
Undistributed (Over-distribution of) net investment income
   
1,234,812
   
(5,697
)
Accumulated net realized gain (loss)
   
(3,889,495
)
 
178
 
 
Nuveen Investments
 
109

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2014, 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 income1
 
$
4,137,911
 
$
2,554,195
 
$
1,026,468
 
$
717,857
 
$
64,106
 
Undistributed net ordinary income2
   
   
   
   
   
8,539
 
Undistributed net long-term capital gains
   
   
   
   
   
 

     
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Municipal
 
     
Quality
   
Value
 
     
(NQP
)
 
(NPN
)
Undistributed net tax-exempt income1
 
$
3,525,943
 
$
27,295
 
Undistributed net ordinary income2
   
   
 
Undistributed net long-term capital gains
   
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2014, paid on May 1, 2014.
2
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, 2014, was designated for purposes of the dividends paid deduction as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
   
Quality
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Distributions from net tax-exempt income
 
$
16,689,958
 
$
10,427,738
 
$
4,941,439
 
$
3,781,312
 
$
976,582
 
$
16,585,766
 
$
775,216
 
Distributions from net ordinary income2
   
5,178
   
1,328
   
1,865
   
1,098
   
15,941
   
56,083
   
339
 
Distributions from net long-term capital gains
   
   
   
   
   
303,326
   
   
43,240
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of April 30, 2014, the Funds’ last tax year end, the 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 shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Quality
   
Income
   
Advantage
   
Advantage 2
   
Value
   
Quality
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NQP
)3
 
(NPN
)
Expiration:
                                           
April 30, 2016
 
$
 
$
 
$
 
$
 
$
 
$
2,167,149
 
$
 
April 30, 2017
   
   
   
   
   
   
13,518
   
 
Not subject to expiration
   
2,237,572
   
879,971
   
875,166
   
240,901
   
99,123
   
1,108,231
   
79,461
 
Total
 
$
2,237,572
 
$
879,971
 
$
875,166
 
$
240,901
 
$
99,123
 
$
3,288,898
 
$
79,461
 
 
3
A portion of Pennsylvania Investment Quality’s (NQP) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
 
During the Funds’ last tax year ended April 30, 2014, the following Fund utilized capital loss carryforwards as follows:
 
     
New Jersey
 
     
Dividend
 
     
Advantage 2
 
     
(NUJ
)
Utilized capital loss carryforwards
 
$
29,668
 

110
 
Nuveen Investments

 
 

 
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
 
     
Investment
   
Dividend
   
Dividend
   
Municipal
   
Investment
 
     
Quality
   
Advantage
   
Advantage 2
   
Value
   
Quality
 
     
(NQJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
 
(NQP
)
Post-October capital losses4
 
$
1,346,448
 
$
43,307
 
$
1,149
 
$
3,476
 
$
264,756
 
Late-year ordinary losses5
   
   
   
   
   
 
 
4
Capital losses incurred from November 1, 2013 through April 30, 2014, the Funds’ last tax year end.
5
Ordinary losses incurred from January 1, 2014 through April 30, 2014, and specified losses incurred from November 1, 2013 through April 30, 2014.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
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)
Average Daily Managed Assets*
 
Fund-Level Fee Rate
For the first $125 million
 
0.4500
%
For the next $125 million
 
0.4375
 
For the next $250 million
 
0.4250
 
For the next $500 million
 
0.4125
 
For the next $1 billion
 
0.4000
 
For the next $3 billion
 
0.3875
 
For managed assets over $5 billion
 
0.3750
 

   
New Jersey Dividend Advantage (NXJ)
   
New Jersey Dividend Advantage 2 (NUJ)
Average Daily Managed Assets*
 
Fund-Level Fee Rate
For the first $125 million
 
0.4500
%
For the next $125 million
 
0.4375
 
For the next $250 million
 
0.4250
 
For the next $500 million
 
0.4125
 
For the next $1 billion
 
0.4000
 
For managed assets over $2 billion
 
0.3750
 

   
New Jersey Municipal Value (NJV)
   
Pennsylvania Municipal Value (NPN)
Average Daily Managed Assets*
 
Fund-Level Fee Rate
For the first $125 million
 
0.4000
%
For the next $125 million
 
0.3875
 
For the next $250 million
 
0.3750
 
For the next $500 million
 
0.3625
 
For the next $1 billion
 
0.3500
 
For managed assets over $2 billion
 
0.3375
 
 
Nuveen Investments
 
111

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
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
 
0.2000
%
$56 billion
 
0.1996
 
$57 billion
 
0.1989
 
$60 billion
 
0.1961
 
$63 billion
 
0.1931
 
$66 billion
 
0.1900
 
$71 billion
 
0.1851
 
$76 billion
 
0.1806
 
$80 billion
 
0.1773
 
$91 billion
 
0.1691
 
$125 billion
 
0.1599
 
$200 billion
 
0.1505
 
$250 billion
 
0.1469
 
$300 billion
 
0.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, 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 or 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, 2014, the complex-level fee rate for each of these Funds was 0.1643%.
 
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 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.
 
8. Subsequent Events
 
Common Shares
On November 10, 2014, New Jersey Dividend Advantage (NXJ) transferred the listing of its common shares from the NYSE MKT to the NYSE.
 
Preferred Shares
On November 19, 2014, the Board approved a refinancing plan in which New Jersey Dividend Advantage (NXJ) will redeem all of its outstanding MTP Shares at their $10.00 liquidation value per share, using proceeds from newly issued preferred shares.

112
 
Nuveen Investments

 
 

 
Additional Fund Information
 
Board of Directors/Trustees
                   
William Adams IV*
 
Robert P. Bremner**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
William J. Schneider
 
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer
 
Terence J. Toth
 
*   Interested Board Member.
** Retired from the Funds’ Board of Directors/Trustees effective December 31, 2014
 

 
Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm***
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60601
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
 
***
During the fiscal period ended April 30, 2015, the Board of Directors/Trustees of the Funds, upon recommendation of the Audit Committee, engaged KPMG LLP (“KPMG”) as the independent registered public accounting firm to the Funds replacing Ernst & Young LLP (“Ernst & Young”), which resigned as the independent registered public accounting firm effective August 11, 2014 as a result of the pending acquisition of Nuveen Investments by TIAA-CREF.
 
 
Ernst & Young’s report on the Funds for the two most recent fiscal periods ended April 30, 2014 and April 30, 2013, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the fiscal periods ended April 30, 2014 and April 30, 2013 for the Funds and for the period May 1, 2014 through August 11, 2014, there were no disagreements with Ernst & Young on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.
 

 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC-0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund 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. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

 
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 CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
                                       
     
NQJ
 
NNJ
   
NXJ
 
NUJ
   
NJV
 
NQP
   
NPN
 
Common shares repurchased
   
21,500
 
4,900
   
75,000
 
64,500
   
15,000
 
4,500
   
 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
 
Nuveen Investments
 
113

 
 

 
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.
   
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.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (See 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 regulatory leverage.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), 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: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper New Jersey Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Lipper Pennsylvania Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
 
114
 
Nuveen Investments
 
 
 

 
 
Glossary of Terms Used in this Report (continued)

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its 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.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P 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. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond New Jersey Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New Jersey municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Pennsylvania Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Pennsylvania municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and 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.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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
 
115
 
 
 

 
 
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
 
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 as -set 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 imme -diately 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 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.
 
116
 
Nuveen Investments

 
 

 
Notes
 
Nuveen Investments
 
117

 
 

 
Notes
 
118
 
Nuveen Investments

 
 

 
Notes
 
Nuveen Investments
 
119

 
 

 
 
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 provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014.
 

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 Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
ESA-A-1014D 4925-INV-B12/15

 
 

 
 
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.

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS OR
   
UNIT)
PROGRAMS
PROGRAMS
MAY 1-31, 2014
        0
 
        0
1,601,800
         
JUNE 1-30, 2014
        0
 
        0
1,601,800
         
JULY 1-31, 2014
        0
 
        0
1,601,800
         
AUGUST 1-31, 2014
        0
 
        0
3,790,000
         
SEPTEMBER 1-30, 2014
        0
 
        0
3,790,000
         
OCTOBER 1-31, 2014
4,500
$13.68
4,500
3,785,500
         
TOTAL
4,500
     
 
* The registrant's repurchase program, for the repurchase of 1,610,000 shares, was authorized November 20, 2013. The program was reauthorized for a maximum repurchase amount of 3,790,000 shares on August 6, 2014. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.
 
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 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 8, 2015
 
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 8, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: January 8, 2015