nxj.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 811-09455

Nuveen New Jersey Dividend Advantage 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, 2013

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.
 

 
 

 

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Table of Contents
 

Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Fund Leverage
9
   
Common Share Information
11
   
Risk Considerations
14
   
Performance Overview and Holding Summaries
15
   
Portfolios of Investments
25
   
Statement of Assets and Liabilities
93
   
Statement of Operations
95
   
Statement of Changes in Net Assets
97
   
Statement of Cash Flows
101
   
Financial Highlights
104
   
Notes to Financial Statements
116
   
Annual Investment Management Agreement Approval Process
131
   
Reinvest Automatically, Easily and Conveniently
140
   
Glossary of Terms Used in this Report
141
   
Additional Fund Information
143

Nuveen Investments
 
3

 
 

 

Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
 
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from their financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
 
On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.
 
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your 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.
 
Sincerely,
 
 
William J. Schneider
Chairman of the Nuveen Fund Board
December 23, 2013
 
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 Premium Income Municipal Fund 2 (NPY)
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)
Nuveen Pennsylvania Municipal Value Fund (NPN)
 
These Funds feature management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio manager Paul L. Brennan, CFA, discusses key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul assumed portfolio management responsibility for these ten Funds in 2011.
 
APPROVED FUND REORGANIZATIONS
 
During May 2013 and November 2013 (subsequent to the close of this reporting period), the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain of the Pennsylvania and New Jersey Funds included in this report, respectively, (Acquired Funds) to create one, larger-state Fund (Acquiring Fund).
 
The approved reorganizations are as follows:
 
Pennsylvania Fund
           
Acquired Funds
 
Symbol
 
Acquiring Fund
 
Symbol
Nuveen Pennsylvania Premium Income Municipal Fund 2
 
NPY
 
Nuveen Pennsylvania Investment Quality Municipal Fund
 
NQP
Nuveen Pennsylvania Dividend Advantage Municipal Fund
 
NXM
       
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
 
NVY
       
New Jersey Funds
           
Acquired Fund
 
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
       
 

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 (Moody’s), Inc., 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.
 
Nuveen Investments
 
5

 
 

 

Portfolio Manager’s Comments (continued)
 
On December 17, 2013 (subsequent to the close of this reporting period) the reorganizations for the Pennsylvania Funds were approved by shareholders.  Subject to the satisfaction of certain customary closing conditions, the reorganizations are expected to close mid-February 2014.
 
See Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies, Approved 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, 2013?
 
During this reporting period, widespread uncertainty about the next step for the Federal Reserve’s quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility. Ongoing political debate over federal spending and headline credit stories involving Detroit and Puerto Rico contributed to an unsettled environment and prompted an increase in selling by bondholders across the fixed income markets. Although September and October brought some stabilization and a rally in the municipal market, municipal bond prices generally declined for the reporting period, especially at the longer end of the maturity spectrum, while the yield curve steepened. During this reporting period, 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 and helped us keep our Funds fully invested.
 
During this reporting period, the New Jersey Funds found value in various areas of the market, including health care and higher education. A number of new health care issues that we considered attractively priced enabled us to slightly increase the Funds’ exposure to that sector, including bonds issued for Cooper Health System in Camden, St. Luke’s University Health Network in Phillipsburg and Robert Wood Johnson University Hospital in New Brunswick. We also purchased bonds issued in connection with the restructuring of Rutgers University, which merged with the University of Medicine and Dentistry of New Jersey in July 2013 as part of the state’s plan to enhance comprehensive educational opportunities and create a catalyst for economic growth and new jobs. Despite a substantial drop in Pennsylvania issuance during this reporting period, we also continued to find bonds that helped accomplish our goals for the Pennsylvania Funds, adding a new issue of Lehigh County Authority water bonds, Allegheny County general obligation (GO) bonds, credits issued for Holy Family University and Pennsylvania Turnpike bonds.
 
Our focus in the New Jersey and Pennsylvania Funds as we came into the reporting period was maintaining the Funds’ positioning, as we believed they were well situated for the existing environment. As the market sold off during the summer, we took advantage of attractive opportunities to slightly increase the Funds’ credit and duration profiles as credit fundamentals generally continued to improve.
 
Activity during this reporting period was driven primarily by the reinvestment of proceeds from called and matured bonds, which was aimed at keeping the Funds fully invested and supporting their income streams. During the early part of this reporting period, we continued to experience a number of current bond calls resulting from refinancings, which provided liquidity. As interest rates rose, refinancing activity declined. To generate cash for purchases, we sold selected holdings when we found better opportunities in the marketplace.
 
As of October 31, 2013, 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.
 
6
 
Nuveen Investments

 
 

 

How did the Funds perform during the six-month reporting period ended October 31, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ returns for the six-month, one-year, five-year, ten-year and since inception periods ended October 31, 2013. Each Fund’s returns are compared with the performance of a corresponding market index and Lipper classification average.
 
For the six months ended October 31, 2013, the cumulative returns on common share net asset value (NAV) for the Nuveen New Jersey and Pennsylvania Funds underperformed 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, NQJ, NNJ and NJV exceeded the average return for the Lipper New Jersey Municipal Debt Funds Classification Average, while NXJ and NUJ lagged this Lipper return. NPY, NXM, NVY and NPN outperformed the Lipper Pennsylvania Municipal Debt Funds Classification Average and NQP underperformed the Lipper Pennsylvania average.
 
Key management factors that influenced the Funds’ returns during this reporting period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of regulatory leverage was an important factor affecting the performance of these Funds. One of the primary reasons that NJV and NPN outperformed the other eight Funds for the six-month period was that these two Funds do not use regulatory leverage. Leverage is discussed in more detail later in this report.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits at the shortest end of the municipal yield curve posted the best returns during this reporting period, while bonds at the longest end produced the weakest results. In general, differences in duration and yield curve positioning were the major drivers of differences in performance. Among these Funds, NUJ, NQP and NVY had the longest durations, which contributed to their underperformance for the period. NQJ, NNJ and NPN were more advantageously positioned in terms of duration and yield curve, with better exposure to the shorter segments of the municipal curve that performed best.
 
Credit exposure also factored into the Funds’ performance as events in the municipal market led investors to avoid risk. High yield bonds came under selling pressure and credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, began to widen. For the reporting period, higher quality bonds generally outperformed lower quality bonds, specifically bonds rated single-A, BBB or lower. These Funds tended to be overweighted in A-rated bonds and lower, which had a negative impact on performance.
 
After underperforming for many months, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the better performing market segments. The outperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. The New Jersey Funds generally tended to have larger holdings of pre-refunded bonds than the Pennsylvania Funds, with NQJ, NNJ and NXJ having the heaviest allocations of pre-refunded bonds overall. Housing bonds and GO credits also typically outperformed the general municipal market.
 
In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that generally lagged municipal market performance by the widest margins for this reporting period were industrial development revenue (IDR), health care (including hospitals), transportation, utilities, and water and sewer. Tobacco credits backed by the 1998 master tobacco settlement agreement also were among the poorest performing market sectors, due in part to their longer effective durations and lower credit ratings. As of October 31, 2013, all of the New
 
Nuveen Investments
 
7

 
 

 

Portfolio Manager’s Comments (continued)
 
Jersey Funds had allocations of tobacco bonds issued by the New Jersey Tobacco Settlement Financing Corporation, while NPN had invested in tobacco bonds issued by the District of Columbia. The remaining Pennsylvania Funds did not hold tobacco bonds, primarily due to the fact that Pennsylvania has not issued any tobacco settlement credits.
 
Another factor affecting the Funds’ holdings was the downgrade of debt issued by Puerto Rico. In 2012, Moody’s down-graded Puerto Rico GO bonds to Baa3 from Baa1, Puerto Rico Sales Tax Financing Corporation (COFINA) senior sales tax revenue bonds to Aa3 from Aa2 and COFINA subordinate sales tax revenue bonds to A3 from A1. In October 2013, Moody’s further downgraded the COFINA senior sales tax bonds to A2, while affirming the subordinate bonds at A3. On November 14, 2013 (subsequent to the close of this reporting period), Fitch announced that it was placing the majority of Puerto Rico issuance—with the exception of the COFINA bonds—on negative credit watch, which implies that another downgrade may be likely. While Fitch currently rates Puerto Rico issuance at BBB-, it affirmed the ratings on COFINA bonds at AA- for the senior bonds and A+ for the subordinate bonds, with stable outlooks. On December 11, 2013 (subsequent to the close of this reporting period), Moody’s announced that it also had placed its Baa3 rating on Puerto Rico GOs (and other Puerto Rico issues linked to the GO rating) on review for downgrade. These downgrades were based on Puerto Rico’s ongoing economic problems and, in the case of the COFINA bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds. For the reporting period ended October 31, 2013, Puerto Rico paper underperformed the municipal market as a whole. All of the New Jersey and Pennsylvania Funds have limited exposure to Puerto Rico bonds, the majority of which are the sales tax bonds issued by COFINA, which we believe are the best of the Puerto Rico issuance. The Funds also hold small positions in other Puerto Rico credits, including highway bonds, but no Puerto Rico GOs. The small nature of our exposure helped to limit the impact of the Puerto Rico bonds’ underperformance on these Funds.
 
8
 
Nuveen Investments

 
 

 
 
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 negative contribution to the performance of these Funds over this reporting period.
 
As of October 31, 2013, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table.
 

                                                               
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
   
NPY
   
NXM
   
NVY
   
NPN
 
Effective Leverage*
   
38.24
%
 
38.79
%
 
37.34
%
 
40.19
%
 
7.86
%
 
40.35
%
 
39.10
%
 
36.92
%
 
39.23
%
 
2.80
%
Regulatory Leverage*
   
32.87
%
 
33.21
%
 
32.07
%
 
35.45
%
 
N/A
   
32.67
%
 
32.67
%
 
32.96
%
 
32.18
%
 
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.
 
Nuveen Investments
 
9

 
 

 

Fund Leverage (continued)
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of October 31, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) 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
   
VRDP Shares
       
   
Series
   
Shares
Issued at
Liquidation Value
   
Annual
Interest
Rate
   
NYSE /
NYSE MKT
Ticker
   
Series
   
Shares
Issued at
Liquidation 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
     
$
   
   
   
2
 
$
112,500,000
 
$
112,500,000
 
NPY
     
$
               
2
 
$
105,000,000
 
$
105,000,000
 
NXM
 
2015
 
$
23,190,000
   
2.10
%
 
NXM PRC
       
$
 
$
23,190,000
 
NVY
 
2015
 
$
24,550,000
   
2.15
%
 
NVY PRC
   
 
$
 
$
24,550,000
 
 
On August 29, 2013, NXJ issued 450 VRDP Shares to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933. The proceeds of this issuance were used to redeem all series of the Fund’s Series 2014 MTP Shares, at their $10.00 liquidation value per share plus dividend amounts owed, on September 9, 2013.
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on MTP and VRDP Shares.
 
10
 
Nuveen Investments

 
 

 

Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended October 31, 2013, the Funds’ monthly dividends to common shareholders were as shown in the accompanying table.

     
Per Common Share Amounts
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
   
NPY
   
NXM
   
NVY
   
NPN
 
May
 
$
0.0670
 
$
0.0710
 
$
0.0550
 
$
0.0565
 
$
0.0520
 
$
0.0700
 
$
0.0700
 
$
0.0595
 
$
0.0620
 
$
0.0530
 
June
   
0.0670
   
0.0710
   
0.0550
   
0.0565
   
0.0520
   
0.0700
   
0.0700
   
0.0595
   
0.0620
   
0.0530
 
July
   
0.0670
   
0.0710
   
0.0550
   
0.0565
   
0.0520
   
0.0700
   
0.0700
   
0.0595
   
0.0620
   
0.0530
 
August
   
0.0670
   
0.0710
   
0.0550
   
0.0565
   
0.0520
   
0.0700
   
0.0700
   
0.0595
   
0.0620
   
0.0530
 
September
   
0.0670
   
0.0710
   
0.0550
   
0.0565
   
0.0520
   
0.0700
   
0.0700
   
0.0595
   
0.0620
   
0.0530
 
October
   
0.0670
   
0.0710
   
0.0550
   
0.0565
   
0.0520
   
0.0700
   
0.0700
   
0.0595
   
0.0620
   
0.0530
 
                                                               
Market Yield**
   
6.19
%
 
6.41
%
 
5.22
%
 
5.45
%
 
4.44
%
 
6.70
%
 
6.88
%
 
5.83
%
 
6.22
%
 
4.67
%
Taxable-Equivalent
                                                             
Yield**
   
9.18
%
 
9.51
%
 
7.74
%
 
8.09
%
 
6.59
%
 
9.60
%
 
9.86
%
 
8.35
%
 
8.91
%
 
6.69
%
 
**
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.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of October 31, 2013, all of the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE EQUITY SHELF PROGRAMS
 
The following Funds are authorized to issue additional shares through their equity shelf program. Under this program, 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 share.
               
     
NQJ
   
NNJ
 
Additional Shares Authorized
   
2,000,000
*
 
1,200,000
*
 
*
Equity shelf program declared effective by the SEC during the current reporting period.
 
During the current reporting period, NQJ and NNJ did not sell common shares through their equity shelf programs.

Nuveen Investments
 
11

 
 

 

Common Share Information (continued)
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on the Funds’ equity shelf programs.
 
COMMON SHARE REPURCHASES
 
During November 2013 (subsequent to the close of this reporting period), the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
As of October 31, 2013, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NJV, NVY and NPN have not repurchased any of their outstanding common shares.
                                                               
     
NQJ
   
NNJ
   
NXJ
   
NUJ
   
NJV
   
NQP
   
NPY
   
NXM
   
NVY
   
NPN
 
Common Shares Cumulatively Repurchased and Retired
   
30,600
   
12,900
   
9,700
   
4,000
   
   
229,700
   
231,200
   
17,300
   
5,335
   
 
Common Shares Authorized for Repurchase
   
2,050,000
   
1,205,000
   
655,000
   
455,000
   
155,000
   
1,610,000
   
1,560,000
   
330,000
   
375,000
   
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
   
NPY
   
NXM
   
NVY
   
NPN
 
Common Shares Repurchased and Retired
   
   
   
2,500
   
1,200
   
   
9,100
   
   
6,700
   
5,335
   
 
Weighted Average Price per Common Share Repurchased and Retired
   
   
 
$
12.51
 
$
12.27
   
 
$
12.29
   
 
$
12.17
 
$
11.84
   
 
Weighted Average Discount per Common Share Repurchased and Retired
   
   
   
13.13
%
 
12.36
%
 
   
13.48
%
 
   
13.81
%
 
13.90
%
 
 
 
12
 
Nuveen Investments

 
 

 
 
OTHER COMMON SHARE INFORMATION
 
As of October 31, 2013, 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
 
$
14.38
 
$
14.75
 
$
14.51
 
$
14.10
 
$
15.72
 
Common Share Price
 
$
12.99
 
$
13.30
 
$
12.64
 
$
12.43
 
$
14.05
 
Premium/(Discount) to NAV
   
(9.67
)%
 
(9.83
)%
 
(12.89
)%
 
(11.84
)%
 
(10.62
)%
6-Month Average Premium/(Discount) to NAV
   
(8.25
)%
 
(6.73
)%
 
(10.92
)%
 
(8.97
)%
 
(8.60
)%
     
NQP
   
NPY
   
NXM
   
NVY
   
NPN
 
Common Share NAV
 
$
14.40
 
$
13.88
 
$
14.23
 
$
13.91
 
$
15.39
 
Common Share Price
 
$
12.54
 
$
12.21
 
$
12.24
 
$
11.97
 
$
13.63
 
Premium/(Discount) to NAV
   
(12.92
)%
 
(12.03
)%
 
(13.98
)%
 
(13.95
)%
 
(11.44
)%
6-Month Average Premium/(Discount) to NAV
   
(9.92
)%
 
(9.48
)%
 
(11.37
)%
 
(10.99
)%
 
(8.12
)%
 
Nuveen Investments
 
13

 
 

 
 
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.
 
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.
 
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.
 
14
 
Nuveen Investments

 
 

 
 
NQJ
 
 
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
                             
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NQJ at Common Share NAV
   
(6.54
)%
 
(3.76
)%
 
9.43
%
 
5.41
%
 
NQJ at Common Share Price
   
(11.62
)%
 
(14.04
)%
 
11.29
%
 
4.46
%
 
S&P Municipal Bond New Jersey Index
   
(3.47
)%
 
(1.44
)%
 
6.78
%
 
4.89
%
 
S&P Municipal Bond Index
   
(3.63
)%
 
(1.69
)%
 
6.63
%
 
4.59
%
 
Lipper New Jersey Municipal Debt Funds Classification Average
   
(7.62
)%
 
(5.19
)%
 
10.09
%
 
5.53
%
 
 
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. 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.
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
24.9
%
Transportation
   
18.7
%
Health Care
   
14.9
%
U.S. Guaranteed
   
11.7
%
Education and Civic Organizations
   
8.9
%
Water and Sewer
   
5.1
%
Tax Obligation/General
   
4.0
%
Other
   
11.8
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
14.7
%
AA
   
25.9
%
A
   
38.1
%
BBB
   
11.2
%
BB or Lower
   
6.1
%
N/R
   
2.3
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
15

 
 

 
 
NNJ
 
 
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
                             
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NNJ at Common Share NAV
   
(6.76
)%
 
(4.47
)%
 
8.73
%
 
5.09
%
 
NNJ at Common Share Price
   
(14.11
)%
 
(17.12
)%
 
10.38
%
 
4.28
%
 
S&P Municipal Bond New Jersey Index
   
(3.47
)%
 
(1.44
)%
 
6.78
%
 
4.89
%
 
S&P Municipal Bond Index
   
(3.63
)%
 
(1.69
)%
 
6.63
%
 
4.59
%
 
Lipper New Jersey Municipal Debt Funds Classification Average
   
(7.62
)%
 
(5.19
)%
 
10.09
%
 
5.53
%
 
 
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. 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.
 
         
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
26.1
%
Transportation
   
17.1
%
U.S. Guaranteed
   
15.8
%
Health Care
   
13.0
%
Education and Civic Organizations
   
9.3
%
Water and Sewer
   
4.9
%
Other
   
13.8
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
19.1
%
AA
   
24.7
%
A
   
40.2
%
BBB
   
7.7
%
BB or Lower
   
5.2
%
N/R
   
1.3
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
16
 
Nuveen Investments

 
 

 
 
NXJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
                             
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXJ at Common Share NAV
   
(7.92
)%
 
(5.86
)%
 
9.67
%
 
5.41
%
 
NXJ at Common Share Price
   
(13.21
)%
 
(19.78
)%
 
10.67
%
 
4.16
%
 
S&P Municipal Bond New Jersey Index
   
(3.47
)%
 
(1.44
)%
 
6.78
%
 
4.89
%
 
S&P Municipal Bond Index
   
(3.63
)%
 
(1.69
)%
 
6.63
%
 
4.59
%
 
Lipper New Jersey Municipal Debt Funds Classification Average
   
(7.62
)%
 
(5.19
)%
 
10.09
%
 
5.53
%
 
 
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. 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.
 
       
Portfolio Composition1
     
(as a % of total investments)
     
Tax Obligation/Limited
 
25.4
%
U.S. Guaranteed
 
18.8
%
Transportation
 
15.5
%
Health Care
 
11.2
%
Education and Civic Organizations
 
6.8
%
Water and Sewer
 
5.8
%
Housing/Single Family
 
3.7
%
Other
 
12.8
%

Credit Quality1,2,3
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
24.6
%
AA
 
23.5
%
A
 
34.6
%
BBB
 
8.2
%
BB or Lower
 
6.6
%
N/R
 
1.0
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
17

 
 

 
 
NUJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
                             
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NUJ at Common Share NAV
   
(8.01
)%
 
(5.71
)%
 
9.29
%
 
5.41
%
 
NUJ at Common Share Price
   
(16.47
)%
 
(20.85
)%
 
9.26
%
 
4.17
%
 
S&P Municipal Bond New Jersey Index
   
(3.47
)%
 
(1.44
)%
 
6.78
%
 
4.89
%
 
S&P Municipal Bond Index
   
(3.63
)%
 
(1.69
)%
 
6.63
%
 
4.59
%
 
Lipper New Jersey Municipal Debt Funds Classification Average
   
(7.62
)%
 
(5.19
)%
 
10.09
%
 
5.53
%
 
 
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. 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.
 
       
Portfolio Composition1
     
(as a % of total investments)
     
Tax Obligation/Limited
 
27.2
%
Health Care
 
16.9
%
Transportation
 
12.9
%
Education and Civic Organizations
 
8.4
%
U.S. Guaranteed
 
8.1
%
Long-Term Care
 
6.7
%
Water and Sewer
 
5.4
%
Other
 
14.4
%

Credit Quality1,2,3
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
12.4
%
AA
 
22.8
%
A
 
42.3
%
BBB
 
12.1
%
BB or Lower
 
7.4
%
N/R
 
1.3
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
18
 
Nuveen Investments

 
 

 
 
NJV
 
 
Nuveen New Jersey Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
                       
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
 
Since Inception1
 
NJV at Common Share NAV
   
(5.58
)%
 
(2.81
)%
 
7.16
%
 
NJV at Common Share Price
   
(10.38
)%
 
(13.43
)%
 
3.65
%
 
S&P Municipal Bond New Jersey Index
   
(3.47
)%
 
(1.44
)%
 
5.79
%
 
S&P Municipal Bond Index
   
(3.63
)%
 
(1.69
)%
 
5.57
%
 
Lipper New Jersey Municipal Debt Funds Classification Average
   
(7.62
)%
 
(5.19
)%
 
7.18
%
 
 
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. 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.
 
       
Portfolio Composition2
     
(as a % of total investments)
     
Tax Obligation/Limited
 
27.6
%
Health Care
 
23.2
%
Education and Civic Organizations
 
10.6
%
Tax Obligation/General
 
9.2
%
U.S. Guaranteed
 
8.4
%
Transportation
 
7.5
%
Other
 
13.5
%

Credit Quality2,3,4
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
8.5
%
AA
 
21.6
%
A
 
39.3
%
BBB
 
17.3
%
BB or Lower
 
4.5
%
N/R
 
3.9
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Since inception returns are from April 28, 2009.
2
Holdings are subject to change.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
4
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 

Nuveen Investments
 
19

 
 

 
 
NQP
 
 
Nuveen Pennsylvania Investment Quality Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
   
Cumulative
 
Average Annual
   
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NQP at Common Share NAV
 
(8.45
)%  
(6.46
)%  
9.66
%  
5.02
%  
NQP at Common Share Price
 
(15.03
)%  
(19.15
)%  
(10.71)
%  
4.18
%  
S&P Municipal Bond Pennsylvania Index
 
(3.10
)%  
(1.07
)%  
6.65
%  
4.63
%  
S&P Municipal Bond Index
 
(3.63
)%  
(1.69
)%  
6.63
%  
4.59
%  
Lipper Pennsylvania Municipal Debt Funds Classification Average
 
(8.29
)%  
(6.18
)%  
9.67
%  
4.79
%  
 
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. 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.
 
       
Portfolio Composition1
     
(as a % of total investments)
     
Tax Obligation/General
 
24.7
%
Health Care
 
18.4
%
Education and Civic Organizations
 
14.9
%
Transportation
 
8.8
%
Water and Sewer
 
7.7
%
Tax Obligation/Limited
 
5.7
%
U.S. Guaranteed
 
5.2
%
Other
 
14.6
%

Credit Quality1,2,3
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
6.5
%
AA
 
42.0
%
A
 
30.1
%
BBB
 
13.5
%
BB or Lower
 
2.6
%
N/R
 
2.8
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
20
 
Nuveen Investments

 
 

 
 
NPY
 
 
Nuveen Pennsylvania Premium Income Municipal Fund 2
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
     
Cumulative
 
Average Annual
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NPY at Common Share NAV
   
(7.55)%
 
(5.51)%
 
10.15%
 
4.93%
 
NPY at Common Share Price
   
(13.79)%
 
(14.45)%
 
12.23%
 
4.18%
 
S&P Municipal Bond Pennsylvania Index
   
(3.10)%
 
(1.07)%
 
6.65%
 
4.63%
 
S&P Municipal Bond Index
   
(3.63)%
 
(1.69)%
 
6.63%
 
4.59%
 
Lipper Pennsylvania Municipal Debt Funds Classification Average
   
(8.29)%
 
(6.18)%
 
9.67%
 
4.79%
 
 
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. 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.
 
 
Portfolio Composition1
     
(as a % of total investments)
     
Health Care
 
20.7
%
Education and Civic Organizations
 
19.0
%
Tax Obligation/General
 
14.5
%
Water and Sewer
 
9.6
%
U.S. Guaranteed
 
8.0
%
Transportation
 
7.3
%
Tax Obligation/Limited
 
6.2
%
Other
 
14.7
%

Credit Quality1,2,3
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
8.2
%
AA
 
39.9
%
A
 
28.3
%
BBB
 
13.3
%
BB or Lower
 
3.4
%
N/R
 
4.0
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
21

 
 

 
 
NXM
 
 
Nuveen Pennsylvania Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
     
Cumulative
 
Average Annual
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NXM at Common Share NAV
   
(7.90)%
 
(5.95)%
 
9.54%
 
5.15%
 
NXM at Common Share Price
   
(13.24)%
 
(16.89)%
 
9.24%
 
4.11%
 
S&P Municipal Bond Pennsylvania Index
   
(3.10)%
 
(1.07)%
 
6.65%
 
4.63%
 
S&P Municipal Bond Index
   
(3.63)%
 
(1.69)%
 
6.63%
 
4.59%
 
Lipper Pennsylvania Municipal Debt Funds Classification Average
   
(8.29)%
 
(6.18)%
 
9.67%
 
4.79%
 
 
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. 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.
 
       
Portfolio Composition1
     
(as a % of total investments)
     
Health Care
 
18.6
%
Education and Civic Organizations
 
16.9
%
Tax Obligation/General
 
16.1
%
Long-Term Care
 
10.1
%
Tax Obligation/Limited
 
9.6
%
Transportation
 
6.8
%
Water and Sewer
 
6.2
%
Utilities
 
4.1
%
Other
 
11.6
%

Credit Quality1,2,3
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
4.2
%
AA
 
43.7
%
A
 
21.8
%
BBB
 
17.6
%
BB or Lower
 
3.1
%
N/R
 
7.6
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
22
 
Nuveen Investments

 
 

 
 
NVY
 
 
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
     
Cumulative
 
Average Annual
     
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NVY at Common Share NAV
   
(8.02)%
 
(5.93)%
 
8.77%
 
5.02%
 
NVY at Common Share Price
   
(13.51)%
 
(18.58)%
 
9.87%
 
4.12%
 
S&P Municipal Bond Pennsylvania Index
   
(3.10)%
 
(1.07)%
 
6.65%
 
4.63%
 
S&P Municipal Bond Index
   
(3.63)%
 
(1.69)%
 
6.63%
 
4.59%
 
Lipper Pennsylvania Municipal Debt Funds Classification Average
   
(8.29)%
 
(6.18)%
 
9.67%
 
4.79%
 
 
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. 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.
 
       
Portfolio Composition1
     
(as a % of total investments)
     
Tax Obligation/General
 
18.5
%
Health Care
 
18.2
%
Education and Civic Organizations
 
17.4
%
Tax Obligation/Limited
 
15.4
%
Transportation
 
7.9
%
Long-Term Care
 
5.7
%
Water and Sewer
 
5.5
%
Other
 
11.4
%

Credit Quality1,2,3
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
2.2
%
AA
 
39.0
%
A
 
28.3
%
BBB
 
18.1
%
BB or Lower
 
3.1
%
N/R
 
7.2
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
23

 
 

 
 
NPN
 
 
Nuveen Pennsylvania Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013
 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
Since Inception1
 
NPN at Common Share NAV
(4.68)%
 
(3.05)%
 
6.70%
 
NPN at Common Share Price
(12.12)%
 
(9.55)%
 
3.00%
 
S&P Municipal Bond Pennsylvania Index
(3.10)%
 
(1.07)%
 
5.46%
 
S&P Municipal Bond Index
(3.63)%
 
(1.69)%
 
5.57%
 
Lipper Pennsylvania Municipal Debt Funds Classification Average
(8.29)%
 
(6.18)%
 
6.72%
 
 
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. 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.
 
       
Portfolio Composition2
     
(as a % of total investments)
     
Health Care
 
24.0
%
Tax Obligation/Limited
 
16.8
%
Education and Civic Organizations
 
15.2
%
Water and Sewer
 
13.6
%
Tax Obligation/General
 
9.3
%
Transportation
 
5.1
%
Housing/Multifamily
 
4.8
%
Other
 
11.2
%

Credit Quality2,3,4
     
(as a % of total investment exposure)
     
AAA/U.S. Guaranteed
 
2.2
%
AA
 
33.7
%
A
 
30.5
%
BBB
 
24.3
%
BB or Lower
 
1.0
%
N/R
 
5.7
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Since inception returns are from April 28, 2009.
2
Holdings are subject to change.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
4
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
24
 
Nuveen Investments

 
 

 
 
NQJ
 
 
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments
 
October 31, 2013 (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 – 0.3% (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
 
$
533,568
 
 
690
 
5.125%, 1/01/37
 
1/15 at 100.00
 
Caa1
   
458,629
 
 
1,490
 
Total Consumer Discretionary
           
992,197
 
     
Consumer Staples – 4.9% (3.3% 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
 
B1
   
1,889,620
 
 
14,905
 
4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
10,849,946
 
 
2,150
 
5.000%, 6/01/41
 
6/17 at 100.00
 
B2
   
1,560,255
 
 
19,090
 
Total Consumer Staples
           
14,299,821
 
     
Education and Civic Organizations – 13.0% (8.9% 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+
   
1,390,776
 
 
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
   
1,027,650
 
 
1,140
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.073%, 12/15/36 (IF) (4)
 
6/23 at 100.00
 
AA–
   
1,344,014
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured
 
1/14 at 100.00
 
BBB
   
2,000,180
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
 
7/14 at 100.00
 
BBB
   
504,855
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27
 
7/17 at 100.00
 
BBB
   
1,022,090
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
               
 
3,555
 
5.000%, 7/01/32 – FGIC Insured
 
7/17 at 100.00
 
A
   
3,690,054
 
 
2,295
 
5.000%, 7/01/39 – FGIC Insured
 
7/17 at 100.00
 
A
   
2,310,422
 
 
120
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/22 – NPFG Insured
 
7/14 at 100.00
 
AA–
   
122,873
 
 
1,225
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F, 5.000%, 7/01/16 – FGIC Insured
 
7/15 at 100.00
 
A1
   
1,308,949
 
 
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–
   
2,836,369
 
 
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
   
1,587,090
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.641%, 7/01/19 (IF)
 
No Opt. Call
 
AAA
   
2,491,080
 
 
1,495
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H, 5.000%, 7/01/16 – FGIC Insured
 
7/14 at 100.00
 
A
   
1,535,335
 
 
750
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/42
 
7/22 at 100.00
 
A
   
772,823
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
               
 
430
 
5.000%, 7/01/32
 
7/21 at 100.00
 
BBB+
   
432,692
 
 
285
 
5.000%, 7/01/37
 
7/21 at 100.00
 
BBB+
   
281,090
 

Nuveen Investments
 
25

 
 

 
 
NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
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
 
$
1,334,008
 
     
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A:
               
 
200
 
5.000%, 7/01/18
 
No Opt. Call
 
AA
   
232,814
 
 
400
 
5.000%, 7/01/19
 
No Opt. Call
 
AA
   
468,084
 
 
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative
Minimum Tax)
 
6/18 at 100.00
 
AA–
   
2,108,620
 
 
675
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
 
12/19 at 100.00
 
AA
   
713,279
 
 
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
   
466,263
 
 
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
   
939,908
 
 
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
   
3,397,263
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736:
               
 
445
 
11.867%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
342,134
 
 
1,000
 
11.731%, 12/01/24 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
710,040
 
 
290
 
12.296%, 12/01/25 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
199,694
 
 
950
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.917%, 6/01/30 (IF) (4)
 
6/19 at 100.00
 
AA
   
1,189,666
 
 
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–
   
165,918
 
     
Financing Authority, Higher Education Revenue Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/31
               
 
1,045
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 17.993%, 5/01/21 (IF) (4)
 
No Opt. Call
 
AA–
   
1,268,160
 
 
36,600
 
Total Education and Civic Organizations
           
38,194,193
 
     
Financials – 1.8% (1.2% of Total Investments)
               
 
5,000
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
 
No Opt. Call
 
Ba2
   
5,176,350
 
     
Health Care – 21.8% (14.9% of Total Investments)
               
 
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
   
3,114,074
 
 
1,000
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
 
8/14 at 100.00
 
BBB
   
1,003,000
 
 
2,090
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25
 
2/15 at 100.00
 
BBB
   
2,092,759
 
 
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+
   
2,709,525
 
 
1,175
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.351%, 7/01/38 – AGC Insured (IF) (4)
 
7/19 at 100.00
 
AA–
   
1,332,685
 
 
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+
   
1,023,400
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
 
7/18 at 100.00
 
BB+
   
1,954,340
 
 
510
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
 
No Opt. Call
 
BBB+
   
549,148
 
     
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
   
1,616,703
 
 
795
 
5.500%, 7/01/43
 
7/23 at 100.00
 
BBB
   
764,067
 
 
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+
   
3,827,100
 

26
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
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
 
$
1,290,148
 
 
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
   
403,164
 
 
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
   
695,382
 
 
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
   
617,694
 
     
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
   
468,090
 
 
2,575
 
5.000%, 7/01/31
 
7/22 at 100.00
 
A3
   
2,654,284
 
 
1,500
 
5.000%, 7/01/37
 
7/22 at 100.00
 
A3
   
1,503,555
 
     
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
   
3,271,680
 
 
1,760
 
5.000%, 7/01/26
 
7/22 at 100.00
 
A
   
1,891,085
 
 
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
   
677,523
 
 
3,505
 
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–
   
3,565,286
 
 
1,745
 
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
   
1,818,587
 
     
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
   
1,510,010
 
 
1,585
 
5.000%, 7/01/35 – RAAI Insured
 
7/15 at 100.00
 
N/R
   
1,551,033
 
 
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
 
BBB+
   
3,258,876
 
 
1,885
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
 
1/17 at 100.00
 
BBB+
   
1,899,967
 
 
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–
   
2,325,852
 
 
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
   
1,282,667
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003:
               
 
535
 
5.500%, 7/01/23
 
1/14 at 100.00
 
Ba2
   
535,155
 
 
3,300
 
5.500%, 7/01/33
 
1/14 at 100.00
 
Ba2
   
3,295,809
 
     
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
   
688,204
 
 
4,410
 
5.000%, 7/01/36
 
7/16 at 100.00
 
A2
   
4,426,626
 
 
1,295
 
5.000%, 7/01/46
 
7/16 at 100.00
 
A2
   
1,293,873
 
 
3,275
 
Newark, New Jersey, GNMA Collateralized Healthcare Facility Revenue Bonds, New Community Urban Renewal Corporation, Series 2001A, 5.200%, 6/01/30
 
6/14 at 100.00
 
Aa1
   
3,291,015
 
 
63,345
 
Total Health Care
           
64,202,366
 
     
Housing/Multifamily – 2.0% (1.4% 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:
               
 
1,830
 
5.750%, 6/01/31
 
6/20 at 100.00
 
Baa3
   
1,957,935
 
 
1,050
 
5.875%, 6/01/42
 
6/20 at 100.00
 
Baa3
   
1,109,084
 
 
2,743
 
Newark Housing Authority, New Jersey, GNMA Collateralized Housing Revenue Bonds, Fairview Apartments Project, Series 2000A, 6.400%, 10/20/34 (Alternative Minimum Tax)
 
4/14 at 100.00
 
Aa2
   
2,746,111
 
 
5,623
 
Total Housing/Multifamily
           
5,813,130
 

Nuveen Investments
 
27

 
 

 
 
NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Single Family – 3.7% (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
 
Aa1
 
$
10,511,800
 
 
290
 
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
   
281,871
 
 
10,290
 
Total Housing/Single Family
           
10,793,671
 
     
Long-Term Care – 3.4% (2.4% 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
   
2,106,918
 
 
1,125
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.750%, 11/01/24
 
11/14 at 100.00
 
BBB–
   
1,133,944
 
 
2,575
 
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
   
2,585,403
 
 
595
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.875%, 6/01/18
 
1/14 at 100.00
 
A–
   
596,559
 
 
1,100
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2002, 5.250%, 6/01/32
 
6/15 at 100.00
 
A–
   
1,107,260
 
 
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–
   
2,579,331
 
 
10,500
 
Total Long-Term Care
           
10,109,415
 
     
Tax Obligation/General – 5.8% (4.0% of Total Investments)
               
 
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–
   
606,917
 
 
4,300
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%,
9/01/22 – AMBAC Insured
 
9/16 at 100.00
 
A2
   
4,714,692
 
 
930
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
 
8/20 at 100.00
 
AA
   
1,035,183
 
 
670
 
Monroe Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2003, 3.000%, 1/15/33
 
1/22 at 100.00
 
AA
   
537,420
 
 
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
   
1,604,792
 
 
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+
   
2,289,361
 
 
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+
   
2,628,276
 
     
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004:
               
 
1,690
 
5.000%, 9/01/16 – AMBAC Insured
 
9/14 at 100.00
 
A–
   
1,747,156
 
 
1,865
 
4.750%, 9/01/18 – AMBAC Insured
 
9/14 at 100.00
 
A–
   
1,928,727
 
 
16,270
 
Total Tax Obligation/General
           
17,092,524
 
     
Tax Obligation/Limited – 36.4% (24.9% 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
   
2,153,093
 
 
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
   
2,372,089
 
 
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
   
1,399,682
 
 
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
   
3,162,245
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
               
 
2,585
 
5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
2,608,730
 
 
1,570
 
5.125%, 1/01/42
 
1/22 at 100.00
 
A
   
1,571,444
 
 
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
   
378,623
 

28
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
1,445
 
Lower Township Municipal Utilities Authority, Cape May County, New Jersey, Revenue Bonds, Series 2003D, 5.000%, 12/01/16 – FGIC Insured
 
12/13 at 100.00
 
Baa1
 
$
1,448,945
 
 
5,700
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26
 
6/16 at 100.00
 
A+
   
6,236,598
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
               
 
2,050
 
5.000%, 6/15/19
 
No Opt. Call
 
BBB+
   
2,302,868
 
 
1,100
 
5.000%, 6/15/21
 
No Opt. Call
 
BBB+
   
1,216,787
 
 
4,550
 
5.000%, 6/15/25
 
6/22 at 100.00
 
BBB+
   
4,785,463
 
 
1,000
 
5.000%, 6/15/26
 
6/22 at 100.00
 
BBB+
   
1,038,590
 
 
3,445
 
5.000%, 6/15/28
 
No Opt. Call
 
BBB+
   
3,480,862
 
 
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–
   
4,861,579
 
 
5,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
 
7/14 at 100.00
 
A
   
5,164,350
 
     
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
   
207,792
 
 
345
 
5.125%, 6/15/37
 
6/17 at 100.00
 
Baa3
   
341,484
 
 
3,895
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/28
 
1/14 at 100.00
 
A+
   
4,227,282
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
               
 
1,965
 
5.000%, 9/01/37 – AMBAC Insured
 
9/17 at 100.00
 
A+
   
2,022,398
 
 
3,930
 
5.000%, 9/01/37
 
9/17 at 100.00
 
A+
   
4,044,795
 
 
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–
   
2,082,927
 
 
850
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
 
10/18 at 100.00
 
A+
   
865,419
 
     
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
 
A1
   
1,190,305
 
 
1,900
 
5.000%, 6/15/18 – FGIC Insured
 
6/16 at 100.00
 
A1
   
2,102,236
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
 
No Opt. Call
 
A+
   
4,949,280
 
 
4,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
 
No Opt. Call
 
A+
   
5,161,634
 
 
4,200
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
 
No Opt. Call
 
A+
   
4,814,250
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
               
 
10,000
 
0.000%, 12/15/32 – AGM Insured
 
No Opt. Call
 
AA–
   
3,569,800
 
 
15,355
 
0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA–
   
5,152,984
 
 
15,310
 
0.000%, 12/15/34 – AGM Insured
 
No Opt. Call
 
AA–
   
4,758,195
 
 
2,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
 
12/17 at 100.00
 
A+
   
2,780,925
 
 
4,100
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
 
No Opt. Call
 
A+
   
4,717,255
 
 
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
   
1,481,553
 
 
1,315
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
 
7/16 at 100.00
 
BBB+
   
874,251
 
 
2,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
 
8/20 at 100.00
 
A+
   
1,741,280
 
 
2,810
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43
 
8/21 at 100.00
 
A+
   
2,102,161
 
 
1,850
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.238%, 3/01/34 (IF) (4)
 
No Opt. Call
 
AA+
   
2,328,688
 

Nuveen Investments
 
29

 
 

 

NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
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
 
$
1,671,879
 
 
136,425
 
Total Tax Obligation/Limited
           
107,370,721
 
     
Transportation – 27.3% (18.7% of Total Investments)
               
 
2,250
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
 
6/15 at 100.00
 
A
   
2,338,290
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
               
 
2,000
 
5.000%, 1/01/25 – NPFG Insured
 
1/15 at 100.00
 
A1
   
2,094,100
 
 
4,050
 
5.000%, 1/01/26 – NPFG Insured
 
1/15 at 100.00
 
A1
   
4,209,165
 
 
1,500
 
5.000%, 1/01/27 – NPFG Insured
 
1/15 at 100.00
 
A1
   
1,549,215
 
     
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A:
               
 
2,115
 
5.000%, 7/01/24
 
7/22 at 100.00
 
A2
   
2,395,111
 
 
650
 
4.000%, 7/01/26
 
7/22 at 100.00
 
A2
   
672,627
 
     
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–
   
1,032,580
 
 
3,300
 
5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
3,407,514
 
     
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:
               
 
540
 
5.000%, 1/01/25
 
No Opt. Call
 
BBB–
   
557,604
 
 
1,350
 
5.000%, 1/01/26
 
No Opt. Call
 
BBB–
   
1,373,760
 
     
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+
   
258,070
 
 
610
 
5.000%, 9/01/29
 
9/22 at 100.00
 
A+
   
650,772
 
 
3,000
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax) (6)
 
5/14 at 100.00
 
N/R
   
3,150,000
 
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
               
 
650
 
5.125%, 9/15/23 (Alternative Minimum Tax)
 
3/14 at 100.00
 
B
   
622,031
 
 
1,125
 
5.250%, 9/15/29 (Alternative Minimum Tax)
 
9/22 at 101.00
 
B
   
1,039,320
 
 
3,405
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
 
9/15 at 100.00
 
A
   
3,654,246
 
 
105
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
 
No Opt. Call
 
A+
   
118,278
 
 
1,265
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
 
No Opt. Call
 
AA–
   
1,434,927
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
 
1/20 at 100.00
 
A+
   
4,189,760
 
 
2,380
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B,
5.000%, 1/01/28
 
1/23 at 100.00
 
A+
   
2,591,511
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.169%, 1/01/43 (IF) (4)
 
7/22 at 100.00
 
A+
   
1,651,995
 
 
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
   
1,301,618
 
     
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–
   
7,405,090
 
 
3,000
 
5.000%, 12/01/34
 
6/15 at 101.00
 
AA–
   
3,128,880
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
 
AA–
   
1,298,280
 
 
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–
   
3,960,324
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
 
1/14 at 101.00
 
AA–
   
2,033,260
 
     
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)
 
12/13 at 100.00
 
A
   
6,670,720
 
 
12,130
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
 
12/13 at 100.00
 
A
   
12,190,042
 

30
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
               
     
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012:
               
$
2,000
 
5.000%, 11/01/20
 
No Opt. Call
 
A–
 
$
2,307,180
 
 
1,000
 
5.000%, 11/01/22
 
No Opt. Call
 
A–
   
1,155,860
 
 
77,630
 
Total Transportation
           
80,442,130
 
     
U.S. Guaranteed – 17.1% (11.7% of Total Investments) (5)
               
     
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)
   
1,085,500
 
 
1,420
 
5.000%, 9/01/22 (Pre-refunded 9/01/15) – NPFG Insured
 
9/15 at 100.00
 
AA+ (5)
   
1,541,410
 
     
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)
   
1,163,335
 
 
2,525
 
5.000%, 4/01/35 (Pre-refunded 4/01/15) – AMBAC Insured
 
4/15 at 100.00
 
AA- (5)
   
2,694,882
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
               
 
2,500
 
5.750%, 6/15/29 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
2,587,300
 
 
5,750
 
5.750%, 6/15/34 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
5,950,790
 
 
1,925
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
 
7/16 at 100.00
 
A (5)
   
2,153,344
 
 
1,380
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/22 (Pre-refunded 7/01/14) –
NPFG Insured
 
7/14 at 100.00
 
A (5)
   
1,425,871
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
               
 
2,000
 
5.000%, 7/01/18 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
 
A1 (5)
   
2,155,620
 
 
1,175
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
 
A1 (5)
   
1,266,427
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
               
 
1,260
 
5.000%, 7/01/19 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
1,270,231
 
 
2,510
 
4.750%, 7/01/20 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
2,529,327
 
 
185
 
4.250%, 7/01/24 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
186,267
 
 
610
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 (Pre-refunded 7/01/14) – RAAI Insured
 
7/14 at 100.00
 
BBB+ (5)
   
631,801
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C:
               
 
1,195
 
5.000%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
 
A+ (5)
   
1,233,730
 
 
1,875
 
5.000%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
 
A+ (5)
   
1,935,769
 
 
1,430
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/21 (Pre-refunded 7/01/14) –
FGIC Insured
 
7/14 at 100.00
 
AA- (5)
   
1,477,533
 
     
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
 
A+ (5)
   
3,132,937
 
 
4,455
 
5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured
 
9/15 at 100.00
 
A+ (5)
   
4,837,863
 
 
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)
   
2,036,467
 
 
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)
   
4,187,702
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
55
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A (5)
   
62,236
 
 
170
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
192,367
 
 
55
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A+ (5)
   
62,236
 
 
1,555
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
1,720,623
 
 
1,250
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) –
NPFG Insured
 
1/14 at 100.00
 
A (5)
   
1,260,650
 
 
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)
   
1,739,953
 
 
47,460
 
Total U.S. Guaranteed
           
50,522,171
 

Nuveen Investments
 
31

 
 

 
 
NQJ
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities – 1.1% (0.8% of Total Investments)
               
$
395
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
 
BBB
 
$
385,966
 
 
2,055
 
Mercer County Improvement Authority, New Jersey, Solid Waste Revenue Bonds, Regional Sludge Project, Series 2003, 5.000%, 12/15/14 –
FGIC Insured
 
12/13 at 100.00
 
AA+
   
2,067,166
 
 
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
   
907,800
 
 
3,450
 
Total Utilities
           
3,360,932
 
     
Water and Sewer – 7.5% (5.1% of Total Investments)
               
     
Lacey Municipal Utilities Authority, Ocean County, New Jersey, Water Revenue Bonds, Series 2003B:
               
 
1,750
 
5.000%, 12/01/17 FGIC Insured
 
12/13 at 100.00
 
Baa1
   
1,757,700
 
 
1,835
 
5.000%, 12/01/18 FGIC Insured
 
12/13 at 100.00
 
Baa1
   
1,843,074
 
 
1,000
 
5.000%, 12/01/19 FGIC Insured
 
12/13 at 100.00
 
Baa1
   
1,004,400
 
     
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
               
 
270
 
5.000%, 10/01/23
 
No Opt. Call
 
A
   
309,960
 
 
6,495
 
4.250%, 10/01/47 (Alternative Minimum Tax)
 
10/22 at 100.00
 
A
   
5,577,646
 
 
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
   
3,192,900
 
 
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
   
1,118,513
 
 
2,905
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.335%, 9/01/21 (IF) (4)
 
No Opt. Call
 
AAA
   
3,710,557
 
     
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
   
1,787,742
 
 
1,725
 
5.000%, 6/01/42 – NPFG Insured
 
6/22 at 100.00
 
A
   
1,758,689
 
 
21,710
 
Total Water and Sewer
           
22,061,181
 
$
454,883
 
Total Long-Term Investments (cost $425,908,070)
           
430,430,802
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.0)% (7)
           
(144,300,000
)
     
Other Assets Less Liabilities – 2.9%
           
8,520,958
 
     
Net Assets Applicable to Common Shares – 100%
         
$
294,651,760
 

(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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.5%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
 
See accompanying notes to financial statements.
 
32
 
Nuveen Investments

 
 

 
 
NNJ
 
 
Nuveen New Jersey Premium Income Municipal Fund, Inc.
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 146.8% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 146.8% (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
 
$
320,141
 
 
415
 
5.125%, 1/01/37
 
1/15 at 100.00
 
Caa1
   
275,842
 
 
895
 
Total Consumer Discretionary
           
595,983
 
     
Consumer Staples – 4.3% (3.0% 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
 
B1
   
492,137
 
 
8,620
 
4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
6,274,842
 
 
1,345
 
5.000%, 6/01/41
 
6/17 at 100.00
 
B2
   
976,067
 
 
10,495
 
Total Consumer Staples
           
7,743,046
 
     
Education and Civic Organizations – 13.7% (9.3% 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
   
1,156,106
 
 
730
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.073%, 12/15/36 (IF) (4)
 
6/23 at 100.00
 
AA–
   
860,641
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured
 
1/14 at 100.00
 
BBB
   
500,045
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
 
7/14 at 100.00
 
BBB
   
302,913
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
               
 
2,090
 
5.000%, 7/01/32 – FGIC Insured
 
7/17 at 100.00
 
A
   
2,169,399
 
 
3,350
 
5.000%, 7/01/39 – FGIC Insured
 
7/17 at 100.00
 
A
   
3,372,512
 
 
100
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/19 – NPFG Insured
 
7/14 at 100.00
 
AA–
   
102,638
 
 
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–
   
993,241
 
 
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
   
1,038,760
 
 
1,335
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.641%, 7/01/19 (IF)
 
No Opt. Call
 
AAA
   
1,662,796
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H:
               
 
1,640
 
5.000%, 7/01/18 – FGIC Insured
 
7/14 at 100.00
 
A
   
1,688,478
 
 
1,040
 
5.000%, 7/01/23 – FGIC Insured
 
7/14 at 100.00
 
A
   
1,069,255
 
 
275
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/37
 
7/22 at 100.00
 
A
   
284,361
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
               
 
260
 
5.000%, 7/01/32
 
7/21 at 100.00
 
BBB+
   
261,628
 
 
170
 
5.000%, 7/01/37
 
7/21 at 100.00
 
BBB+
   
167,668
 
 
635
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/43
 
7/23 at 100.00
 
A
   
651,612
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A, 5.000%, 7/01/19
 
No Opt. Call
 
AA
   
351,063
 
 
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative
Minimum Tax)
 
6/18 at 100.00
 
AA–
   
2,108,620
 

Nuveen Investments
 
33

 
 

 
 
NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
420
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
 
12/19 at 100.00
 
AA
 
$
443,818
 
 
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
   
279,758
 
 
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
   
375,963
 
 
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
   
1,931,141
 
 
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
   
492,390
 
     
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736:
               
 
250
 
11.731%, 12/01/24 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
177,510
 
 
560
 
12.296%, 12/01/25 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
385,616
 
 
250
 
12.942%, 12/01/26 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
164,730
 
 
550
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.974%, 6/01/30 (IF) (4)
 
6/19 at 100.00
 
AA
   
688,754
 
 
630
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 17.993%, 5/01/21 (IF) (4)
 
No Opt. Call
 
AA–
   
764,537
 
 
23,525
 
Total Education and Civic Organizations
           
24,445,953
 
     
Financials – 0.9% (0.6% of Total Investments)
               
 
1,500
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
 
No Opt. Call
 
Ba2
   
1,552,905
 
     
Health Care – 19.1% (13.0% of Total Investments)
               
 
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
   
2,009,080
 
 
25
 
Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.250%, 2/15/27
 
2/15 at 100.00
 
BBB
   
25,036
 
 
620
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
 
8/14 at 100.00
 
BBB
   
621,860
 
 
690
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25
 
2/15 at 100.00
 
BBB
   
690,911
 
 
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+
   
1,421,984
 
 
695
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.351%, 7/01/38 – AGC Insured (IF) (4)
 
7/19 at 100.00
 
AA–
   
788,269
 
     
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+
   
1,194,206
 
 
1,000
 
6.250%, 7/01/35
 
7/21 at 100.00
 
BB+
   
1,023,400
 
 
300
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
 
No Opt. Call
 
BBB+
   
323,028
 
     
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
   
737,529
 
 
370
 
5.500%, 7/01/43
 
7/23 at 100.00
 
BBB
   
355,603
 
 
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+
   
1,648,204
 
 
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
   
241,898
 
 
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
   
700,385
 
 
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
   
376,643
 

34
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
               
$
1,800
 
3.750%, 7/01/27
 
No Opt. Call
 
A3
 
$
1,685,124
 
 
300
 
5.000%, 7/01/31
 
7/22 at 100.00
 
A3
   
309,237
 
     
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
   
236,386
 
 
2,500
 
5.000%, 7/01/27
 
7/22 at 100.00
 
A
   
2,646,700
 
 
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
   
410,620
 
 
2,100
 
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–
   
2,136,120
 
 
1,160
 
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
   
1,208,917
 
 
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
   
1,140,034
 
 
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
 
BBB+
   
1,846,009
 
 
1,160
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
 
1/17 at 100.00
 
BBB+
   
1,169,210
 
 
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–
   
1,516,860
 
 
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
   
421,930
 
 
2,010
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
 
1/14 at 100.00
 
Ba2
   
2,007,447
 
     
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
   
1,254,713
 
 
1,155
 
5.000%, 7/01/46
 
7/16 at 100.00
 
A2
   
1,153,995
 
 
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
 
12/13 at 100.00
 
A1
   
2,649,815
 
 
33,570
 
Total Health Care
           
33,951,153
 
     
Housing/Multifamily – 3.3% (2.2% of Total Investments)
               
 
310
 
Essex County Improvement Authority, New Jersey, FNMA Enhanced Multifamily Revenue Bonds, Mount Carmel Towers, Series 2002, 4.750%, 11/01/22 (Alternative Minimum Tax)
 
1/14 at 100.00
 
Aa1
   
314,790
 
     
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
   
1,176,901
 
 
550
 
5.875%, 6/01/42
 
6/20 at 100.00
 
Baa3
   
580,949
 
     
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–
   
1,941,591
 
 
1,065
 
4.600%, 11/01/38 (Alternative Minimum Tax)
 
11/22 at 100.00
 
AA–
   
932,993
 
 
1,065
 
4.750%, 11/01/46 (Alternative Minimum Tax)
 
11/22 at 100.00
 
AA–
   
920,522
 
 
6,215
 
Total Housing/Multifamily
           
5,867,746
 
     
Housing/Single Family – 2.6% (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
 
Aa1
   
4,113,560
 
 
495
 
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
   
481,125
 
 
4,495
 
Total Housing/Single Family
           
4,594,685
 

Nuveen Investments
 
35

 
 

 
 
NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Long-Term Care – 2.5% (1.7% 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
 
$
1,328,845
 
 
750
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.800%, 11/01/31
 
11/14 at 100.00
 
BBB–
   
751,605
 
 
1,000
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.500%, 6/01/21
 
1/14 at 100.00
 
A–
   
1,001,410
 
 
1,455
 
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–
   
1,392,551
 
 
4,725
 
Total Long-Term Care
           
4,474,411
 
     
Tax Obligation/General – 6.2% (4.2% of Total Investments)
               
 
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
   
2,562,548
 
 
2,500
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%,
9/01/22 – AMBAC Insured
 
9/16 at 100.00
 
A2
   
2,741,100
 
 
555
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
 
8/20 at 100.00
 
AA
   
617,771
 
 
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+
   
1,527,967
 
 
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
   
1,773,699
 
 
1,780
 
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004, 4.750%, 9/01/17 – AMBAC Insured
 
9/14 at 100.00
 
A–
   
1,840,823
 
 
10,045
 
Total Tax Obligation/General
           
11,063,908
 
     
Tax Obligation/Limited – 38.2% (26.1% of Total Investments)
               
 
1,000
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
 
No Opt. Call
 
Aaa
   
1,213,010
 
 
5,385
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/19 – AGM Insured
 
12/13 at 100.00
 
Aa2
   
5,416,555
 
 
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
   
1,394,281
 
 
3,000
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25 – AGM Insured
 
No Opt. Call
 
AAA
   
1,892,040
 
 
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
   
1,222,430
 
 
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
   
1,461,793
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
               
 
1,835
 
5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
1,851,845
 
 
1,185
 
5.125%, 1/01/42
 
1/22 at 100.00
 
A
   
1,186,090
 
 
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
   
515,571
 
 
3,450
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/25
 
6/16 at 100.00
 
A+
   
3,774,783
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
               
 
1,050
 
5.000%, 6/15/19
 
No Opt. Call
 
BBB+
   
1,179,518
 
 
1,200
 
5.000%, 6/15/26
 
6/22 at 100.00
 
BBB+
   
1,246,308
 
 
2,200
 
5.000%, 6/15/28
 
No Opt. Call
 
BBB+
   
2,222,902
 
 
3,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
 
7/14 at 100.00
 
A
   
3,305,184
 

36
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
               
$
120
 
5.125%, 6/15/27
 
6/17 at 100.00
 
Baa3
 
$
121,634
 
 
205
 
5.125%, 6/15/37
 
6/17 at 100.00
 
Baa3
   
202,911
 
 
3,600
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/22
 
No Opt. Call
 
A+
   
4,176,828
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
               
 
1,155
 
5.000%, 9/01/37 – AMBAC Insured
 
9/17 at 100.00
 
A+
   
1,188,738
 
 
2,310
 
5.000%, 9/01/37
 
9/17 at 100.00
 
A+
   
2,377,475
 
 
505
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
 
10/18 at 100.00
 
A+
   
514,161
 
 
1,500
 
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured
 
No Opt. Call
 
A
   
1,737,495
 
     
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
 
A1
   
442,904
 
 
715
 
5.000%, 6/15/18 – FGIC Insured
 
6/16 at 100.00
 
A1
   
791,105
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
 
No Opt. Call
 
A+
   
4,949,279
 
 
1,700
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
 
No Opt. Call
 
A+
   
2,040,646
 
 
2,600
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
 
No Opt. Call
 
A+
   
2,980,250
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
               
 
6,000
 
0.000%, 12/15/32 – AGM Insured
 
No Opt. Call
 
AA–
   
2,141,880
 
 
12,000
 
0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA–
   
4,027,080
 
 
4,000
 
0.000%, 12/15/34 – AGM Insured
 
No Opt. Call
 
AA–
   
1,243,160
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
 
12/17 at 100.00
 
A+
   
4,449,480
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
 
No Opt. Call
 
A+
   
920,440
 
 
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
   
919,865
 
 
780
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
 
7/16 at 100.00
 
BBB+
   
518,567
 
 
2,810
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43
 
8/21 at 100.00
 
A+
   
2,102,161
 
 
1,125
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.238%, 3/01/34 (IF) (4)
 
No Opt. Call
 
AA+
   
1,416,094
 
 
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
   
1,013,260
 
 
87,980
 
Total Tax Obligation/Limited
           
68,157,723
 
     
Transportation – 25.1% (17.1% 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
 
A
   
3,117,720
 
 
2,500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 – NPFG Insured
 
1/15 at 100.00
 
A1
   
2,582,025
 
 
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
   
1,650,960
 

Nuveen Investments
 
37

 
 

 

NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
               
$
1,105
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 5.000%, 7/01/25
 
7/22 at 100.00
 
A2
 
$
1,238,484
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
516,290
 
 
1,095
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/25
 
No Opt. Call
 
BBB–
   
1,130,697
 
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
               
 
350
 
5.125%, 9/15/23 (Alternative Minimum Tax)
 
3/14 at 100.00
 
B
   
334,940
 
 
675
 
5.250%, 9/15/29 (Alternative Minimum Tax)
 
9/22 at 101.00
 
B
   
623,592
 
 
3,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
 
No Opt. Call
 
A1
   
3,130,530
 
 
1,875
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
 
9/15 at 100.00
 
A
   
2,012,250
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
225
 
6.500%, 1/01/16 – AMBAC Insured
 
No Opt. Call
 
A3
   
253,454
 
 
370
 
6.500%, 1/01/16 – NPFG Insured
 
No Opt. Call
 
A+
   
416,790
 
 
2,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
 
1/20 at 100.00
 
A+
   
2,618,600
 
 
2,380
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B,
5.000%, 1/01/28
 
1/23 at 100.00
 
A+
   
2,591,511
 
 
1,250
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.169%, 1/01/43 (IF) (4)
 
7/22 at 100.00
 
A+
   
1,376,663
 
 
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
   
247,927
 
 
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
   
2,805,550
 
     
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–
   
4,231,480
 
 
3,000
 
5.000%, 12/01/34
 
6/15 at 101.00
 
AA–
   
3,128,880
 
 
585
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
 
AA–
   
759,494
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
 
1/14 at 101.00
 
AA–
   
1,016,630
 
 
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)
 
12/13 at 100.00
 
A
   
8,079,599
 
 
790
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22
 
No Opt. Call
 
A–
   
913,129
 
 
42,790
 
Total Transportation
           
44,777,195
 
     
U.S. Guaranteed – 23.2% (15.8% of Total Investments) (5)
               
 
2,075
 
Egg Harbor Township School District, Atlantic County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 4/01/27 (Pre-refunded 4/01/15) – NPFG Insured
 
4/15 at 100.00
 
N/R (5)
   
2,214,917
 
     
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)
   
1,264,727
 
 
2,755
 
5.000%, 4/01/35 (Pre-refunded 4/01/15) – AMBAC Insured
 
4/15 at 100.00
 
AA- (5)
   
2,940,356
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
               
 
500
 
5.750%, 6/15/29 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
517,460
 
 
1,600
 
5.500%, 6/15/31 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
1,653,376
 
 
2,540
 
5.750%, 6/15/34 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
2,628,697
 
 
1,435
 
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)
   
1,719,661
 

38
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
               
$
595
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
 
7/16 at 100.00
 
A (5)
 
$
665,579
 
 
1,145
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair
State University, Series 2004L, 5.125%, 7/01/19 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
 
A (5)
   
1,183,060
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
               
 
1,375
 
5.000%, 7/01/18 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
1,386,165
 
 
725
 
5.000%, 7/01/19 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
730,887
 
 
1,530
 
4.750%, 7/01/20 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
1,541,781
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 (Pre-refunded 7/01/14) – RAAI Insured
 
7/14 at 100.00
 
BBB+ (5)
   
310,722
 
 
400
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C, 5.000%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
 
A+ (5)
   
412,964
 
     
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
 
A+ (5)
   
2,839,733
 
 
3,000
 
5.000%, 9/15/28 (Pre-refunded 9/15/15) – AMBAC Insured
 
9/15 at 100.00
 
A+ (5)
   
3,257,820
 
 
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)
   
1,530,363
 
 
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)
   
2,208,380
 
 
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)
   
1,194,948
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
125
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
 
No Opt. Call
 
A3 (5)
   
141,446
 
 
195
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A (5)
   
220,656
 
 
470
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
531,838
 
 
195
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A+ (5)
   
220,656
 
 
120
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
 
No Opt. Call
 
A3 (5)
   
135,788
 
 
4,105
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
4,542,223
 
 
1,100
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
 
No Opt. Call
 
AA+ (5)
   
1,217,161
 
 
750
 
Newark Housing Authority, New Jersey, Port Authority Terminal
Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
 
1/14 at 100.00
 
A (5)
   
756,390
 
 
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)
   
2,293,321
 
 
1,000
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, University Housing Associates, LLC, Series 2004, 5.000%, 6/15/29 (Pre-refunded 6/15/14) – NPFG Insured
 
6/14 at 100.00
 
N/R (5)
   
1,029,740
 
 
38,340
 
Total U.S. Guaranteed
           
41,290,815
 
     
Utilities – 0.1% (0.1% of Total Investments)
               
 
245
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
 
BBB
   
239,397
 
     
Water and Sewer – 7.3% (4.9% of Total Investments)
               
 
250
 
Jersey City Sewer Authority, Hudson County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993, 6.250%, 1/01/14 – AMBAC Insured
 
No Opt. Call
 
N/R
   
252,028
 
 
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
   
3,718,431
 
 
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
   
1,330,375
 
 
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
   
434,977
 

Nuveen Investments
 
39

 
 

 
 
NNJ
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
1,780
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.335%, 9/01/21 (IF) (4)
 
No Opt. Call
 
AAA
 
$
2,273,594
 
 
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
   
1,717,518
 
     
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
   
1,083,480
 
 
1,100
 
5.000%, 6/01/42 – NPFG Insured
 
6/22 at 100.00
 
A
   
1,121,483
 
 
915
 
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
   
993,809
 
 
12,695
 
Total Water and Sewer
           
12,925,695
 
$
277,515
 
Total Long-Term Investments (cost $257,250,911)
           
261,680,615
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.7)% (6)
           
(88,600,000
)
     
Other Assets Less Liabilities – 2.9%
           
5,123,912
 
     
Net Assets Applicable to Common Shares – 100%
         
$
178,204,527
 

(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 Services, 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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.9%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
 
See accompanying notes to financial statements.

40
 
Nuveen Investments

 
 

 
 
NXJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 144.8% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 144.8% (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
 
$
173,410
 
 
230
 
5.125%, 1/01/37
 
1/15 at 100.00
 
Caa1
   
152,876
 
 
490
 
Total Consumer Discretionary
           
326,286
 
     
Consumer Staples – 5.1% (3.6% 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
 
B1
   
584,993
 
 
5,075
 
4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
3,694,296
 
 
835
 
5.000%, 6/01/41
 
6/17 at 100.00
 
B2
   
605,960
 
 
6,540
 
Total Consumer Staples
           
4,885,249
 
     
Education and Civic Organizations – 9.9% (6.8% of Total Investments)
               
 
375
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.073%, 12/15/36 (IF) (4)
 
6/23 at 100.00
 
AA–
   
442,110
 
 
250
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
 
7/14 at 100.00
 
BBB
   
252,428
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
               
 
1,115
 
5.000%, 7/01/32 – FGIC Insured
 
7/17 at 100.00
 
A
   
1,157,359
 
 
735
 
5.000%, 7/01/39 – FGIC Insured
 
7/17 at 100.00
 
A
   
739,939
 
 
60
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/21 – NPFG Insured
 
7/14 at 100.00
 
AA–
   
61,477
 
 
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–
   
993,241
 
 
665
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.641%, 7/01/19 (IF)
 
No Opt. Call
 
AAA
   
828,284
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/42
 
7/22 at 100.00
 
A
   
309,129
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
               
 
260
 
5.000%, 7/01/32
 
7/21 at 100.00
 
BBB+
   
261,628
 
 
170
 
5.000%, 7/01/37
 
7/21 at 100.00
 
BBB+
   
167,668
 
 
390
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
 
7/23 at 100.00
 
A
   
407,304
 
 
250
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
 
12/19 at 100.00
 
AA
   
264,178
 
 
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
   
139,879
 
 
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
   
375,963
 
 
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
   
1,194,587
 
 
560
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736, 11.867%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
430,550
 
 
300
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.917%, 6/01/30 (IF) (4)
 
6/19 at 100.00
 
AA
   
375,684
 

Nuveen Investments
 
41

 
 

 
 
NXJ
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
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–
 
$
186,775
 
 
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–
   
62,219
 
 
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
 
12/13 at 100.00
 
BBB–
   
394,775
 
 
315
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 17.993%, 5/01/21 (IF) (4)
 
No Opt. Call
 
AA–
   
382,268
 
 
9,210
 
Total Education and Civic Organizations
           
9,427,445
 
     
Financials – 1.9% (1.3% of Total Investments)
               
 
850
 
New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
 
1/14 at 100.00
 
N/R
   
794,011
 
 
250
 
New Jersey Economic Development Authority, Industrial Development
Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14
 
1/14 at 100.00
 
Baa3
   
252,175
 
 
750
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
 
No Opt. Call
 
Ba2
   
776,453
 
 
1,850
 
Total Financials
           
1,822,639
 
     
Health Care – 16.3% (11.2% of Total Investments)
               
 
310
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
 
8/14 at 100.00
 
BBB
   
310,930
 
 
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+
   
734,261
 
 
370
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.351%, 7/01/38 – AGC Insured (IF) (4)
 
7/19 at 100.00
 
AA–
   
419,654
 
 
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+
   
882,674
 
 
180
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
 
No Opt. Call
 
BBB+
   
193,817
 
     
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
   
410,281
 
 
225
 
5.500%, 7/01/43
 
7/23 at 100.00
 
BBB
   
216,245
 
 
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+
   
882,784
 
 
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
   
1,529,820
 
 
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
   
131,028
 
 
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
   
440,242
 
 
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
   
180,788
 
     
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
   
973,627
 
 
500
 
5.000%, 7/01/31
 
7/22 at 100.00
 
A3
   
515,395
 
 
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
   
246,372
 
 
1,240
 
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–
   
1,261,328
 

42
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
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
 
$
126,255
 
 
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
 
BBB+
   
1,603,656
 
 
445
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
 
1/17 at 100.00
 
BBB+
   
448,533
 
 
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–
   
707,868
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
 
1/14 at 100.00
 
Ba2
   
1,997,460
 
     
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
   
667,507
 
 
615
 
5.000%, 7/01/46
 
7/16 at 100.00
 
A2
   
614,465
 
 
15,305
 
Total Health Care
           
15,494,990
 
     
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:
               
 
560
 
5.750%, 6/01/31
 
6/20 at 100.00
 
Baa3
   
599,150
 
 
300
 
5.875%, 6/01/42
 
6/20 at 100.00
 
Baa3
   
316,881
 
 
860
 
Total Housing/Multifamily
           
916,031
 
     
Housing/Single Family – 5.4% (3.7% of Total Investments)
               
 
5,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
 
4/21 at 100.00
 
Aa1
   
5,141,950
 
     
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 1999A, 2.125%, 12/01/29 (Mandatory put 12/01/17)
 
No Opt. Call
 
A–
   
672,345
 
     
Long-Term Care – 3.0% (2.1% 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
   
542,029
 
 
250
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.800%, 11/01/31
 
11/14 at 100.00
 
BBB–
   
250,535
 
     
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001:
               
 
1,000
 
6.000%, 6/01/25
 
12/13 at 100.00
 
A–
   
1,001,330
 
 
335
 
5.500%, 6/01/31
 
12/13 at 100.00
 
A–
   
335,241
 
 
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–
   
277,553
 
 
500
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998,
5.125%, 7/01/25
 
1/14 at 100.00
 
BBB–
   
482,930
 
 
2,995
 
Total Long-Term Care
           
2,889,618
 
     
Tax Obligation/General – 3.8% (2.7% of Total Investments)
               
 
1,000
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%,
9/01/22 – AMBAC Insured
 
9/16 at 100.00
 
A2
   
1,096,440
 
 
1,100
 
Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23
 
5/21 at 100.00
 
AA–
   
1,169,619
 
 
300
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
 
8/20 at 100.00
 
AA
   
333,930
 
 
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
   
286,570
 

Nuveen Investments
 
43

 
 

 
 
NXJ
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
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+
 
$
766,573
 
 
3,390
 
Total Tax Obligation/General
           
3,653,132
 
     
Tax Obligation/Limited – 36.8% (25.4% 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
   
727,806
 
 
1,745
 
Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
 
12/13 at 100.00
 
AA
   
1,751,910
 
 
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
 
Aa2
   
1,074,270
 
 
1,100
 
Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured
 
1/15 at 102.00
 
A–
   
1,168,123
 
 
620
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
 
No Opt. Call
 
Aa2
   
748,445
 
 
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
   
3,603,510
 
 
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
   
611,215
 
 
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
   
853,210
 
 
1,785
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/27
 
6/16 at 100.00
 
A+
   
1,906,451
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
               
 
600
 
5.000%, 6/15/19
 
No Opt. Call
 
BBB+
   
674,010
 
 
360
 
5.000%, 6/15/21
 
No Opt. Call
 
BBB+
   
398,221
 
 
400
 
5.000%, 6/15/25
 
6/22 at 100.00
 
BBB+
   
420,700
 
 
600
 
5.000%, 6/15/26
 
6/22 at 100.00
 
BBB+
   
623,154
 
 
200
 
5.000%, 6/15/28
 
No Opt. Call
 
BBB+
   
202,082
 
 
1,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
 
7/14 at 100.00
 
A
   
1,239,444
 
     
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
   
65,885
 
 
115
 
5.125%, 6/15/37
 
6/17 at 100.00
 
Baa3
   
113,828
 
 
1,105
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/28
 
1/14 at 100.00
 
A+
   
1,199,268
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
               
 
615
 
5.000%, 9/01/37 – AMBAC Insured
 
9/17 at 100.00
 
A+
   
632,964
 
 
1,235
 
5.000%, 9/01/37
 
9/17 at 100.00
 
A+
   
1,271,074
 
 
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–
   
508,559
 
 
250
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
 
10/18 at 100.00
 
A+
   
254,535
 
     
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
 
A1
   
387,541
 
 
610
 
5.000%, 6/15/18 – FGIC Insured
 
6/16 at 100.00
 
A1
   
674,928
 
 
6,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
 
No Opt. Call
 
A+
   
2,474,640
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
 
No Opt. Call
 
A+
   
1,560,494
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
 
No Opt. Call
 
A+
   
1,490,125
 

44
 
Nuveen Investments

 
 

 
 
 
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:
               
$
3,000
 
0.000%, 12/15/32 – AGM Insured
 
No Opt. Call
 
AA–
 
$
1,070,940
 
 
3,500
 
0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA–
   
1,174,565
 
 
6,000
 
0.000%, 12/15/34 – AGM Insured
 
No Opt. Call
 
AA–
   
1,864,740
 
 
1,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
 
12/17 at 100.00
 
A+
   
1,112,370
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
 
No Opt. Call
 
A+
   
920,440
 
 
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
   
744,847
 
 
405
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
 
7/16 at 100.00
 
BBB+
   
269,256
 
 
575
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.238%, 3/01/34 (IF) (4)
 
No Opt. Call
 
AA+
   
723,781
 
 
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
   
557,293
 
 
44,585
 
Total Tax Obligation/Limited
           
35,074,624
 
     
Transportation – 22.5% (15.5% of Total Investments)
               
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
               
 
1,000
 
5.000%, 1/01/25 – NPFG Insured
 
1/15 at 100.00
 
A1
   
1,047,050
 
 
1,000
 
5.000%, 1/01/26 – NPFG Insured
 
1/15 at 100.00
 
A1
   
1,039,300
 
 
500
 
5.000%, 1/01/27 – NPFG Insured
 
1/15 at 100.00
 
A1
   
516,405
 
 
325
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 4.000%, 7/01/27
 
7/22 at 100.00
 
A2
   
331,676
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
516,290
 
 
1,260
 
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–
   
1,265,431
 
 
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+
   
315,282
 
 
900
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
 
11/13 at 100.00
 
B
   
899,973
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
 
No Opt. Call
 
A1
   
1,043,510
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
 
9/15 at 100.00
 
A
   
1,073,200
 
 
35
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
 
No Opt. Call
 
A+
   
39,426
 
 
300
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
 
No Opt. Call
 
AA–
   
340,299
 
 
1,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
 
1/20 at 100.00
 
A+
   
1,047,440
 
 
1,660
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B,
5.000%, 1/01/28
 
1/23 at 100.00
 
A+
   
1,807,524
 
 
375
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.169%, 1/01/43 (IF) (4)
 
7/22 at 100.00
 
A+
   
412,999
 
 
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
   
247,927
 
 
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–
   
1,564,440
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.664%, 8/15/32 – AGM Insured (IF)
 
8/17 at 100.00
 
AA–
   
402,467
 
 
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–
   
860,940
 
 
500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
 
1/14 at 101.00
 
AA–
   
508,315
 

Nuveen Investments
 
45

 
 

 
 
NXJ
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
               
$
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)
 
12/13 at 100.00
 
A
 
$
5,049,750
 
 
950
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22
 
No Opt. Call
 
A–
   
1,098,067
 
 
20,655
 
Total Transportation
           
21,427,711
 
     
U.S. Guaranteed – 27.2% (18.8% of Total Investments) (5)
               
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
               
 
600
 
5.750%, 6/15/29 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
620,952
 
 
1,200
 
5.750%, 6/15/34 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
1,241,904
 
 
385
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
 
7/16 at 100.00
 
A (5)
   
430,669
 
 
690
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair
State University, Series 2004L, 5.125%, 7/01/21 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
 
A (5)
   
712,936
 
     
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)
   
754,467
 
 
1,000
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
 
A1 (5)
   
1,077,810
 
 
520
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
 
7/15 at 100.00
 
A1 (5)
   
560,461
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B, 5.000%, 7/01/21 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
1,008,120
 
 
625
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
 
A+ (5)
   
645,256
 
     
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)
   
31,756
 
 
100
 
6.500%, 12/01/20 (Pre-refunded 6/01/19)
 
6/19 at 100.00
 
N/R (5)
   
127,023
 
 
5
 
7.125%, 12/01/23 (Pre-refunded 6/01/19)
 
6/19 at 100.00
 
N/R (5)
   
6,518
 
 
630
 
New Jersey Educational Facilities Authority, Revenue Bonds, William
Paterson University, Series 2004A, 5.125%, 7/01/19 (Pre-refunded 7/01/14) – FGIC Insured
 
7/14 at 100.00
 
AA- (5)
   
650,941
 
     
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
 
A+ (5)
   
1,004,495
 
 
1,400
 
5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured
 
9/15 at 100.00
 
A+ (5)
   
1,520,316
 
 
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)
   
1,018,233
 
 
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)
   
1,377,958
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
15
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A (5)
   
16,974
 
 
125
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
141,446
 
 
25
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A+ (5)
   
28,289
 
 
435
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
481,332
 
 
375
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) –
NPFG Insured
 
1/14 at 100.00
 
A (5)
   
378,195
 
 
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
 
Baa1 (5)
   
11,983,275
 
 
20
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, University Housing Associates, LLC, Series 2004, 5.250%, 6/15/21 (Pre-refunded 6/15/14) – NPFG Insured
 
6/14 at 100.00
 
N/R (5)
   
20,626
 
 
45
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, University Housing Associates, LLC, Series 2004, 5.000%, 6/15/36 (Pre-refunded 6/15/14) – NPFG Insured
 
6/14 at 100.00
 
N/R (5)
   
46,338
 
 
28,810
 
Total U.S. Guaranteed
           
25,886,290
 

46
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities – 2.5% (1.7% of Total Investments)
               
$
1,510
 
Industrial Pollution Control Financing Authority of Cape May County, New Jersey, Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured
 
No Opt. Call
 
A
 
$
1,861,090
 
 
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
   
483,100
 
 
2,040
 
Total Utilities
           
2,344,190
 
     
Water and Sewer – 8.4% (5.8% of Total Investments)
               
 
225
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
 
7/15 at 100.00
 
Ba2
   
227,498
 
     
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
               
 
670
 
5.000%, 10/01/23
 
No Opt. Call
 
A
   
769,160
 
 
2,730
 
4.250%, 10/01/47 (Alternative Minimum Tax)
 
10/22 at 100.00
 
A
   
2,344,415
 
 
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
   
266,075
 
 
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
   
331,411
 
 
1,680
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31
 
9/21 at 100.00
 
AAA
   
1,510,018
 
 
925
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.335%, 9/01/21 (IF) (4)
 
No Opt. Call
 
AAA
   
1,181,503
 
     
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
   
725,932
 
 
640
 
5.000%, 6/01/42 – NPFG Insured
 
6/22 at 100.00
 
A
   
652,499
 
 
8,110
 
Total Water and Sewer
           
8,008,511
 
$
150,510
 
Total Long-Term Investments (cost $134,868,392)
           
137,971,011
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.2)% (6)
           
(45,000,000
)
     
Other Assets Less Liabilities – 2.4%
           
2,331,299
 
     
Net Assets Applicable to Common Shares – 100%
         
$
95,302,310
 

(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 Services, 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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.6%
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
 
See accompanying notes to financial statements.

Nuveen Investments
 
47

 
 

 
 
NUJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund 2
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 151.9% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 151.9% (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
 
$
120,053
 
 
150
 
5.125%, 1/01/37
 
1/15 at 100.00
 
Caa1
   
99,702
 
 
330
 
Total Consumer Discretionary
           
219,755
 
     
Consumer Staples – 5.4% (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
 
B1
   
394,638
 
 
3,625
 
4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
2,638,782
 
 
535
 
5.000%, 6/01/41
 
6/17 at 100.00
 
B2
   
388,250
 
 
4,585
 
Total Consumer Staples
           
3,421,670
 
     
Education and Civic Organizations – 12.7% (8.4% 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+
   
442,757
 
 
210
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.073%, 12/15/36 (IF) (4)
 
6/23 at 100.00
 
AA–
   
247,582
 
 
200
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
 
7/14 at 100.00
 
BBB
   
201,942
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
               
 
790
 
5.000%, 7/01/32 – FGIC Insured
 
7/17 at 100.00
 
A
   
820,012
 
 
495
 
5.000%, 7/01/39 – FGIC Insured
 
7/17 at 100.00
 
A
   
498,326
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2007E, 5.000%, 7/01/33
 
No Opt. Call
 
AAA
   
1,093,290
 
 
335
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 3922, 13.641%, 7/01/19 (IF)
 
No Opt. Call
 
AAA
   
417,256
 
 
275
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B, 5.000%, 7/01/37
 
7/22 at 100.00
 
A
   
284,361
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
               
 
170
 
5.000%, 7/01/32
 
7/21 at 100.00
 
BBB+
   
171,064
 
 
115
 
5.000%, 7/01/37
 
7/21 at 100.00
 
BBB+
   
113,422
 
 
285
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
 
7/23 at 100.00
 
A
   
297,645
 
 
25
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B,
6.000%, 12/01/17
 
No Opt. Call
 
N/R
   
29,217
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A, 5.000%, 7/01/19
 
No Opt. Call
 
AA
   
351,063
 
 
170
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
 
12/19 at 100.00
 
AA
   
179,641
 
 
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
   
108,795
 
 
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
   
187,982
 
 
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
   
1,108,899
 

48
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
395
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736, 11.867%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
 
$
303,692
 
 
200
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.917%, 6/01/30 (IF) (4)
 
6/19 at 100.00
 
AA
   
250,456
 
 
575
 
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42
 
7/22 at 100.00
 
A+
   
594,159
 
 
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–
   
149,420
 
 
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–
   
62,219
 
 
180
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 17.993%, 5/01/21 (IF) (4)
 
No Opt. Call
 
AA–
   
218,439
 
 
7,800
 
Total Education and Civic Organizations
           
8,131,639
 
     
Financials – 5.2% (3.4% 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)
 
1/14 at 100.00
 
N/R
   
560,478
 
 
1,250
 
New Jersey Economic Development Authority, Industrial Development
Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14
 
1/14 at 100.00
 
Baa3
   
1,260,875
 
 
1,450
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
 
No Opt. Call
 
Ba2
   
1,501,142
 
 
3,300
 
Total Financials
           
3,322,495
 
     
Health Care – 25.6% (16.9% of Total Investments)
               
 
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
   
1,004,540
 
 
220
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
 
8/14 at 100.00
 
BBB
   
220,660
 
 
400
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
 
7/18 at 100.00
 
A+
   
413,668
 
 
260
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.351%, 7/01/38 – AGC Insured (IF) (4)
 
7/19 at 100.00
 
AA–
   
294,892
 
 
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+
   
511,700
 
 
150
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24
 
No Opt. Call
 
BBB+
   
161,514
 
     
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
   
288,174
 
 
170
 
5.500%, 7/01/43
 
7/23 at 100.00
 
BBB
   
163,385
 
 
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+
   
622,542
 
 
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
   
1,019,880
 
 
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
   
90,712
 
 
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
   
170,745
 
 
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
   
748,944
 
 
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
   
1,095,970
 

Nuveen Investments
 
49

 
 

 
 
NUJ
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
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
 
$
153,983
 
 
935
 
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–
   
951,082
 
 
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
   
786,838
 
 
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
   
132,107
 
 
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
 
BBB+
   
1,201,453
 
 
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–
   
505,620
 
 
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
   
274,255
 
 
1,520
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
 
1/14 at 100.00
 
Ba2
   
1,518,070
 
     
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
   
2,464,254
 
 
435
 
5.000%, 7/01/46
 
7/16 at 100.00
 
A2
   
434,622
 
 
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
 
12/13 at 100.00
 
A1
   
1,099,923
 
 
16,160
 
Total Health Care
           
16,329,533
 
     
Housing/Multifamily – 2.7% (1.8% 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
   
406,566
 
 
200
 
5.875%, 6/01/42
 
6/20 at 100.00
 
Baa3
   
211,254
 
     
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–
   
571,056
 
 
310
 
4.600%, 11/01/38 (Alternative Minimum Tax)
 
11/22 at 100.00
 
AA–
   
271,576
 
 
310
 
4.750%, 11/01/46 (Alternative Minimum Tax)
 
11/22 at 100.00
 
AA–
   
267,945
 
 
1,825
 
Total Housing/Multifamily
           
1,728,397
 
     
Housing/Single Family – 1.9% (1.2% of Total Investments)
               
 
1,000
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.650%, 10/01/29
 
4/21 at 100.00
 
Aa1
   
1,028,390
 
 
185
 
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
   
179,814
 
 
1,185
 
Total Housing/Single Family
           
1,208,204
 
     
Industrials – 1.1% (0.7% of Total Investments)
               
 
670
 
Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999A, 2.125%, 12/01/29 (Mandatory put 12/01/17)
 
No Opt. Call
 
A–
   
672,345
 
     
Long-Term Care – 10.2% (6.7% 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
   
616,339
 
     
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001:
               
 
1,000
 
5.500%, 6/01/21
 
1/14 at 100.00
 
A–
   
1,001,410
 
 
4,000
 
5.500%, 6/01/31
 
12/13 at 100.00
 
A–
   
4,002,876
 

50
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Long-Term Care (continued)
               
$
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–
 
$
411,544
 
 
520
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998,
5.125%, 7/01/25
 
1/14 at 100.00
 
BBB–
   
502,247
 
 
6,655
 
Total Long-Term Care
           
6,534,416
 
     
Tax Obligation/General – 4.4% (2.9% of Total Investments)
               
 
700
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
 
9/16 at 100.00
 
A2
   
767,508
 
 
190
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
 
8/20 at 100.00
 
AA
   
211,489
 
 
330
 
Monroe Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2003, 3.000%, 1/15/33
 
1/22 at 100.00
 
AA
   
264,700
 
 
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+
   
766,573
 
 
635
 
West Deptford, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – AGM Insured
 
7/17 at 100.00
 
AA–
   
689,235
 
 
100
 
Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds,, 5.000%, 7/15/19
 
No Opt. Call
 
AA–
   
117,047
 
 
2,695
 
Total Tax Obligation/General
           
2,816,552
 
     
Tax Obligation/Limited – 41.3% (27.2% 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
   
485,204
 
 
1,000
 
Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
 
12/13 at 100.00
 
AA
   
1,003,960
 
 
750
 
Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured
 
1/15 at 102.00
 
A–
   
796,448
 
 
435
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
 
No Opt. Call
 
Aa2
   
525,119
 
 
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
   
611,215
 
 
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
   
632,449
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
               
 
670
 
5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
676,151
 
 
265
 
5.125%, 1/01/42
 
1/22 at 100.00
 
A
   
265,244
 
 
500
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1,
5.000%, 1/01/29
 
1/22 at 100.00
 
A
   
522,810
 
 
1,305
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26
 
6/16 at 100.00
 
A+
   
1,427,853
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
               
 
700
 
5.000%, 6/15/19
 
No Opt. Call
 
BBB+
   
786,345
 
 
250
 
5.000%, 6/15/21
 
No Opt. Call
 
BBB+
   
276,543
 
 
1,100
 
5.000%, 6/15/25
 
6/22 at 100.00
 
BBB+
   
1,156,925
 
 
680
 
5.000%, 6/15/26
 
6/22 at 100.00
 
BBB+
   
706,241
 
 
500
 
5.000%, 6/15/28
 
No Opt. Call
 
BBB+
   
505,205
 
 
395
 
5.000%, 6/15/29
 
No Opt. Call
 
BBB+
   
395,253
 
     
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
   
50,681
 
 
75
 
5.125%, 6/15/37
 
6/17 at 100.00
 
Baa3
   
74,236
 
 
1,400
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/22
 
No Opt. Call
 
A+
   
1,624,322
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
               
 
435
 
5.000%, 9/01/37 – AMBAC Insured
 
9/17 at 100.00
 
A+
   
447,706
 
 
870
 
5.000%, 9/01/37
 
9/17 at 100.00
 
A+
   
895,413
 

Nuveen Investments
 
51

 
 

 
 
NUJ
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
200
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
 
10/18 at 100.00
 
A+
 
$
203,628
 
     
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
 
A1
   
326,642
 
 
525
 
5.000%, 6/15/18 – FGIC Insured
 
6/16 at 100.00
 
A1
   
580,881
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
 
No Opt. Call
 
A+
   
1,649,760
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
 
No Opt. Call
 
A+
   
960,304
 
 
900
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
 
No Opt. Call
 
A+
   
1,031,625
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
               
 
2,000
 
0.000%, 12/15/32 – AGM Insured
 
No Opt. Call
 
AA–
   
713,960
 
 
4,000
 
0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA–
   
1,342,360
 
 
5,000
 
0.000%, 12/15/34 – AGM Insured
 
No Opt. Call
 
AA–
   
1,553,950
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
 
No Opt. Call
 
A+
   
1,495,715
 
     
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
   
983,332
 
 
695
 
3.500%, 5/01/35
 
5/22 at 100.00
 
Aa3
   
565,758
 
 
290
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
 
7/16 at 100.00
 
BBB+
   
192,801
 
 
425
 
Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 18.238%, 3/01/34 (IF) (4)
 
No Opt. Call
 
AA+
   
534,969
 
 
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
   
354,641
 
 
34,455
 
Total Tax Obligation/Limited
           
26,355,649
 
     
Transportation – 19.6% (12.9% 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
 
A
   
311,772
 
 
500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 – NPFG Insured
 
1/15 at 100.00
 
A1
   
516,405
 
 
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
   
825,480
 
 
300
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 4.000%, 7/01/27
 
7/22 at 100.00
 
A2
   
306,162
 
 
700
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
722,806
 
 
660
 
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–
   
662,845
 
     
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+
   
241,940
 
 
250
 
3.625%, 9/01/34
 
9/22 at 100.00
 
A+
   
215,820
 
 
600
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
 
11/13 at 100.00
 
B
   
599,982
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
 
No Opt. Call
 
A1
   
1,043,510
 
 
765
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
 
9/15 at 100.00
 
A
   
820,998
 
 
30
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C,
6.500%, 1/01/16
 
No Opt. Call
 
A3
   
33,794
 

52
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
               
$
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
 
No Opt. Call
 
AA–
 
$
1,701,495
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B,
5.000%, 1/01/28
 
1/23 at 100.00
 
A+
   
1,306,644
 
 
500
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.169%, 1/01/43 (IF) (4)
 
7/22 at 100.00
 
A+
   
550,665
 
 
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
   
371,891
 
 
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–
   
947,034
 
 
500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
 
1/14 at 101.00
 
AA–
   
508,315
 
 
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)
 
12/13 at 100.00
 
A
   
50,498
 
 
650
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22
 
No Opt. Call
 
A–
   
751,309
 
 
11,990
 
Total Transportation
           
12,489,365
 
     
U.S. Guaranteed – 12.2% (8.1% of Total Investments) (5)
               
 
95
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 (ETM)
 
No Opt. Call
 
Aaa
   
107,419
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
               
 
500
 
5.750%, 6/15/29 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
517,460
 
 
400
 
5.500%, 6/15/31 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
413,344
 
 
700
 
5.750%, 6/15/34 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
724,444
 
 
175
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
 
7/16 at 100.00
 
A (5)
   
195,759
 
 
575
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B, 5.000%, 7/01/21 (Pre-refunded 1/01/14) – AMBAC Insured
 
1/14 at 100.00
 
A+ (5)
   
579,669
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/19 (Pre-refunded 7/01/14) – FGIC Insured
 
7/14 at 100.00
 
AA- (5)
   
516,620
 
     
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
 
A+ (5)
   
711,291
 
 
985
 
5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured
 
9/15 at 100.00
 
A+ (5)
   
1,069,651
 
 
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)
   
715,892
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
15
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
A3 (5)
   
16,974
 
 
185
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
209,340
 
 
1,590
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (5)
   
1,759,350
 
 
20
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A+ (5)
   
22,130
 
 
250
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) –
NPFG Insured
 
1/14 at 100.00
 
A (5)
   
252,130
 
 
7,310
 
Total U.S. Guaranteed
           
7,811,473
 
     
Utilities – 1.0% (0.7% 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
   
633,499
 
     
Water and Sewer – 8.2% (5.4% of Total Investments)
               
 
150
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
 
7/15 at 100.00
 
Ba2
   
151,665
 
     
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
               
 
520
 
5.000%, 10/01/23
 
No Opt. Call
 
A
   
596,960
 
 
2,115
 
4.250%, 10/01/47 (Alternative Minimum Tax)
 
10/22 at 100.00
 
A
   
1,816,276
 

Nuveen Investments
 
53

 
 

 
 
NUJ
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
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
 
$
532,150
 
 
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
   
227,845
 
 
660
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.335%, 9/01/21 (IF) (4)
 
No Opt. Call
 
AAA
   
843,018
 
     
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
   
541,740
 
 
535
 
5.000%, 6/01/42 – NPFG Insured
 
6/22 at 100.00
 
A
   
545,449
 
 
5,200
 
Total Water and Sewer
           
5,255,103
 
$
104,855
 
Total Long-Term Investments (cost $97,057,657)
           
96,930,095
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (54.9)% (6)
           
(35,050,000
)
     
Other Assets Less Liabilities – 3.0%
           
1,944,103
 
     
Net Assets Applicable to Common Shares – 100%
         
$
63,824,198
 

(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 Services, 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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 36.2%
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
 
See accompanying notes to financial statements.

54
 
Nuveen Investments

 
 

 

NJV
 
 
Nuveen New Jersey Municipal Value Fund
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 100.9% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 100.9% (100.0% of Total Investments
               
     
Consumer Staples – 4.9% (4.9% 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
 
$
109,191
 
 
1,520
 
5.000%, 6/01/41
 
6/17 at 100.00
 
B2
   
1,103,064
 
 
1,670
 
Total Consumer Staples
           
1,212,255
 
     
Education and Civic Organizations – 10.7% (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+
   
114,596
 
 
45
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.073%, 12/15/36 (IF) (4)
 
6/23 at 100.00
 
AA–
   
53,053
 
 
900
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36
 
9/19 at 100.00
 
A2
   
956,097
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
               
 
50
 
5.000%, 7/01/32
 
7/21 at 100.00
 
BBB+
   
50,313
 
 
30
 
5.000%, 7/01/37
 
7/21 at 100.00
 
BBB+
   
29,588
 
 
75
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38
 
7/23 at 100.00
 
A
   
78,328
 
 
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
   
1,063,070
 
 
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
   
31,084
 
 
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
   
98,478
 
 
100
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 4736, 11.867%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
 
12/22 at 100.00
 
AA
   
76,884
 
 
60
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 17.993%, 5/01/21 (IF) (4)
 
No Opt. Call
 
AA–
   
72,813
 
 
2,500
 
Total Education and Civic Organizations
           
2,624,304
 
     
Health Care – 23.4% (23.2% of Total Investments)
               
 
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
   
100,454
 
 
500
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25
 
2/15 at 100.00
 
BBB
   
500,660
 
 
105
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
 
A
   
108,835
 
 
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–
   
2,067,100
 
 
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
   
97,686
 
 
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
   
1,000,550
 
 
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–
   
101,720
 
 
90
 
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
   
93,795
 

Nuveen Investments
 
55

 
 

 
 
NJV
Nuveen New Jersey Municipal Value Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
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
 
BBB+
 
$
72,190
 
 
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–
   
826,853
 
 
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
   
84,386
 
 
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
   
707,658
 
 
5,620
 
Total Health Care
           
5,761,887
 
     
Housing/Multifamily – 4.5% (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
   
106,991
 
 
50
 
5.875%, 6/01/42
 
6/20 at 100.00
 
Baa3
   
52,814
 
 
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+
   
935,650
 
 
1,150
 
Total Housing/Multifamily
           
1,095,455
 
     
Housing/Single Family – 1.6% (1.6% of Total Investments)
               
 
385
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29
 
10/21 at 100.00
 
Aa1
   
396,989
 
     
Long-Term Care – 1.1% (1.1% 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
   
139,878
 
 
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–
   
133,991
 
 
300
 
Total Long-Term Care
           
273,869
 
     
Tax Obligation/General – 9.3% (9.2% of Total Investments)
               
 
100
 
Bloomfield Township Board of Education, Essex County, New Jersey, General Obligation Bonds, Series 2011, 3.000%, 9/01/16
 
No Opt. Call
 
AA–
   
106,063
 
 
50
 
East Brunswick Township Board of Education, New Jersey, General Obligation Bonds, Series 2005, 4.250%, 11/01/13 – AGM Insured
 
No Opt. Call
 
Aa2
   
50,000
 
 
10
 
Hillsborough Township School District, Somerset County, New Jersey, General Obligation School Bonds, Series 2001, 5.375%, 10/01/16 – AGM Insured
 
No Opt. Call
 
AA–
   
11,419
 
 
255
 
Millville, New Jersey, General Obligation Bonds, Improvement Series 2011, 5.000%, 11/01/14 – AGM Insured
 
No Opt. Call
 
AA–
   
266,610
 
 
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
   
51,891
 
 
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
   
159,861
 
 
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured
 
No Opt. Call
 
N/R
   
166,547
 
 
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
   
573,140
 
 
30
 
North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009, 4.000%, 2/01/17
 
No Opt. Call
 
AA–
   
33,051
 
 
75
 
Passaic County, New Jersey, General Obligation Bonds, Refunding Series 2009, 3.000%, 9/01/14 – AGC Insured
 
No Opt. Call
 
Aa3
   
76,647
 
 
50
 
Passaic County, New Jersey, General Obligation Bonds, Series 2004, 3.500%, 3/15/15 – NPFG Insured
 
No Opt. Call
 
Aa3
   
52,090
 
 
75
 
Peapack-Gladstone, New Jersey, General Obligation Bonds, General Improvements Series 2009, 3.000%, 12/01/14
 
No Opt. Call
 
Aa2
   
77,080
 
 
100
 
Swedesboro Woolwich Consolidated School District, Gloucester County,
New Jersey, General Obligation Bonds, Series 2006, 4.500%, 1/15/14 –
AGM Insured
 
No Opt. Call
 
Aa3
   
100,800
 

56
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
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
 
$
26,173
 
 
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+
   
155,387
 
 
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+
   
177,657
 
 
100
 
Upper Freehold Township, New Jersey, General Obligation Bonds, Series 2012, 3.000%, 12/15/14
 
No Opt. Call
 
AA
   
102,699
 
 
100
 
Winslow Township, New Jersey, General Obligation Bonds, Refunding Series 2007, 5.000%, 10/01/14 – AGM Insured
 
No Opt. Call
 
A1
   
103,898
 
 
2,140
 
Total Tax Obligation/General
           
2,291,013
 
     
Tax Obligation/Limited – 27.9% (27.6% of Total Investments)
               
 
25
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.000%, 12/15/13 – AGM Insured
 
No Opt. Call
 
Aa2
   
25,143
 
 
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
   
244,486
 
 
630
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
 
12/19 at 100.00
 
BBB+
   
659,868
 
 
25
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 4.000%, 12/01/13 – AGM Insured
 
No Opt. Call
 
AA–
   
25,070
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
               
 
100
 
5.000%, 6/15/14
 
No Opt. Call
 
BBB+
   
102,612
 
 
150
 
5.000%, 6/15/25
 
6/22 at 100.00
 
BBB+
   
157,763
 
 
400
 
5.000%, 6/15/28
 
No Opt. Call
 
BBB+
   
404,164
 
 
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
 
A+
   
712,698
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31
 
10/19 at 100.00
 
A+
   
2,235,440
 
 
5,380
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39
 
No Opt. Call
 
A+
   
1,211,307
 
 
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
   
103,861
 
 
1,000
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,Series 2009A-1, 5.000%, 10/01/39
 
10/19 at 100.00
 
BBB
   
977,230
 
 
10,715
 
Total Tax Obligation/Limited
           
6,859,642
 
     
Transportation – 7.6% (7.5% 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
 
A
   
259,810
 
 
250
 
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–
   
251,078
 
 
500
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax) (5)
 
5/14 at 100.00
 
N/R
   
525,000
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
20
 
6.500%, 1/01/16
 
No Opt. Call
 
A3
   
22,529
 
 
5
 
6.500%, 1/01/16 – AMBAC Insured
 
No Opt. Call
 
A3
   
5,632
 
 
765
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E,
5.250%, 1/01/40
 
1/19 at 100.00
 
A+
   
804,092
 
 
1,790
 
Total Transportation
           
1,868,141
 

Nuveen Investments
 
57

 
 

 
 
NJV
Nuveen New Jersey Municipal Value Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed – 8.4% (8.4% of Total Investments) (6)
               
$
50
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 – RAAI Insured (ETM)
 
No Opt. Call
 
Aaa
 
$
56,537
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
               
 
25
 
5.750%, 6/15/29 (Pre-refunded 6/15/14) – AGC Insured
 
6/14 at 100.00
 
Aaa
   
25,873
 
 
1,000
 
5.750%, 6/15/34 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
   
1,034,920
 
 
50
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2007-T3, 5.000%, 9/01/20 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
 
AA– (6)
   
52,018
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
               
 
15
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
A3 (6)
   
16,974
 
 
70
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (6)
   
79,210
 
 
415
 
6.500%, 1/01/16 (ETM)
 
No Opt. Call
 
AA+ (6)
   
459,202
 
 
110
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
A+ (6)
   
121,712
 
 
220
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14)
 
2/14 at 100.00
 
A+ (6)
   
224,220
 
 
1,955
 
Total U.S. Guaranteed
           
2,070,666
 
     
Utilities – 1.5% (1.5% of Total Investments)
               
 
300
 
Industrial Pollution Control Financing Authority of Cape May County, New Jersey, Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured
 
No Opt. Call
 
A
   
369,753
 
$
28,525
 
Total Long-Term Investments (cost $22,894,381)
           
24,823,974
 
     
Floating Rate Obligations – (6.1)%
           
(1,500,000
)
     
Other Assets Less Liabilities – 5.2%
           
1,281,838
 
     
Net Assets Applicable to Common Shares – 100%
         
$
24,605,812
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(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.

58
 
Nuveen Investments

 
 

 
 
NQP
 
 
Nuveen Pennsylvania Investment Quality Municipal Fund
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS 155.5% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 155.5% (100.0% of Total Investments
               
     
Consumer Staples – 0.5% (0.3% of Total Investments)
               
$
1,000
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
 
No Opt. Call
 
AA–
 
$
1,101,290
 
     
Education and Civic Organizations – 23.2% (14.9% of Total Investments)
               
 
200
 
Allegheny County Higher Education Building Authority, Pennsylvania,
College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
 
No Opt. Call
 
Baa3
   
209,292
 
 
1,095
 
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–
   
1,267,922
 
 
1,235
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
 
2/16 at 100.00
 
Baa3
   
1,168,792
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
               
 
1,710
 
5.000%, 8/01/23 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
1,887,908
 
 
840
 
5.000%, 8/01/24 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
922,354
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
               
 
790
 
5.000%, 5/01/32 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
767,256
 
 
250
 
5.000%, 5/01/35 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
238,135
 
     
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
   
782,490
 
 
815
 
0.000%, 11/01/16 – AMBAC Insured
 
No Opt. Call
 
N/R
   
756,336
 
 
815
 
0.000%, 11/01/17 – AMBAC Insured
 
No Opt. Call
 
N/R
   
731,650
 
 
815
 
0.000%, 11/01/18 – AMBAC Insured
 
No Opt. Call
 
N/R
   
701,438
 
 
815
 
0.000%, 11/01/19 – AMBAC Insured
 
No Opt. Call
 
N/R
   
667,102
 
 
1,985
 
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32
 
5/22 at 100.00
 
A
   
2,030,516
 
 
1,515
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 –
RAAI Insured
 
4/16 at 100.00
 
BBB
   
1,442,204
 
 
900
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
 
4/20 at 100.00
 
BBB
   
921,087
 
 
355
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
347,999
 
 
620
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
 
9/23 at 100.00
 
BBB–
   
624,873
 
 
2,175
 
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
   
2,555,756
 
 
4,600
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
 
6/18 at 100.00
 
AA
   
4,787,220
 
 
1,900
 
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–
   
1,906,213
 
 
1,435
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
 
5/16 at 100.00
 
A–
   
1,442,720
 

Nuveen Investments
 
59

 
 

 
 
NQP
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
2,650
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
 
11/17 at 100.00
 
A
 
$
2,678,488
 
 
750
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41
 
5/21 at 100.00
 
A
   
779,183
 
 
3,870
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
 
4/16 at 100.00
 
Aa3
   
4,253,246
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
 
3/20 at 100.00
 
A+
   
1,027,230
 
 
300
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
 
9/22 at 100.00
 
A+
   
305,124
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
 
7/15 at 100.00
 
AA+
   
2,072,980
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
               
 
285
 
4.000%, 11/01/39
 
11/22 at 100.00
 
A3
   
250,107
 
 
910
 
5.000%, 11/01/42
 
11/22 at 100.00
 
A3
   
920,520
 
 
615
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 (WI/DD, Settling 11/07/13)
 
No Opt. Call
 
A–
   
608,795
 
 
785
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds,
York College Project, Series 2005EE1, 5.250%, 11/01/27 – SYNCORA
GTY Insured
 
11/15 at 100.00
 
A
   
833,843
 
 
6,500
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 (UB)
 
9/15 at 100.00
 
AA
   
6,865,820
 
 
600
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
 
8/20 at 100.00
 
BBB+
   
626,280
 
 
1,800
 
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–
   
1,794,096
 
 
3,650
 
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
   
3,906,194
 
 
600
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
 
11/20 at 100.00
 
A
   
610,272
 
 
51,995
 
Total Education and Civic Organizations
           
53,691,441
 
     
Health Care – 28.5% (18.4% of Total Investments)
               
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
               
 
1,150
 
5.000%, 4/01/25
 
4/15 at 100.00
 
Ba3
   
1,019,211
 
 
1,555
 
5.125%, 4/01/35
 
4/15 at 100.00
 
Ba3
   
1,266,345
 
 
3,360
 
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012, 5.000%, 5/15/26
 
5/21 at 100.00
 
AA–
   
3,575,107
 
 
1,400
 
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
   
1,256,304
 
 
890
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
 
12/21 at 100.00
 
AA–
   
910,737
 
 
2,460
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46
 
11/21 at 100.00
 
A–
   
2,804,179
 
 
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
   
1,604,682
 
 
1,400
 
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
   
1,367,674
 
 
500
 
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28
 
7/23 at 100.00
 
BBB
   
504,355
 

60
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
1,300
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
 
7/20 at 100.00
 
Ba2
 
$
1,338,090
 
 
280
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
 
11/17 at 100.00
 
Aa3
   
282,066
 
 
3,335
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
 
7/20 at 100.00
 
A+
   
3,371,952
 
 
1,190
 
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond 4234, 13.640%, 1/01/36 (IF)
 
1/22 at 100.00
 
AA–
   
1,223,106
 
 
1,890
 
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26
 
3/17 at 100.00
 
AA–
   
2,003,891
 
     
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002:
               
 
250
 
5.800%, 11/15/22
 
11/13 at 100.00
 
B+
   
250,013
 
 
2,800
 
5.900%, 11/15/28
 
11/13 at 100.00
 
B+
   
2,668,568
 
 
3,280
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 –
AGM Insured
 
7/18 at 100.00
 
AA–
   
3,313,062
 
 
1,620
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43
 
No Opt. Call
 
A+
   
1,316,056
 
 
5,345
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/30 – AGC Insured
 
11/17 at 100.00
 
AA–
   
5,666,448
 
 
1,700
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32
 
No Opt. Call
 
A
   
1,490,186
 
     
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A:
               
 
3,000
 
5.500%, 7/01/28
 
7/19 at 100.00
 
A–
   
3,093,150
 
 
1,000
 
5.750%, 7/01/39
 
7/19 at 100.00
 
A–
   
1,020,960
 
     
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A:
               
 
290
 
4.000%, 1/01/25
 
1/22 at 100.00
 
A
   
288,051
 
 
1,240
 
5.000%, 1/01/41
 
1/22 at 100.00
 
A
   
1,184,088
 
 
710
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
 
1/17 at 100.00
 
A
   
701,409
 
 
1,600
 
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
   
1,648,912
 
 
215
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
 
8/20 at 100.00
 
AA
   
227,113
 
 
1,000
 
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A, 5.500%, 8/15/35
 
8/18 at 100.00
 
A3
   
1,013,120
 
 
1,790
 
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+
   
1,950,205
 
 
1,860
 
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
   
1,868,370
 
 
1,240
 
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–
   
1,257,521
 
 
1,795
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
 
5/20 at 100.00
 
AA
   
1,802,916
 
 
1,165
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.630%, 7/01/19 (IF)
 
No Opt. Call
 
AA
   
1,231,522
 

Nuveen Investments
 
61

 
 

 
 
NQP
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
1,800
 
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+
 
$
1,526,580
 
 
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
   
643,002
 
 
1,613
 
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%, 7/01/29
 
7/20 at 100.00
 
BBB+
   
1,662,277
 
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
               
 
525
 
5.000%, 12/01/27 – RAAI Insured
 
12/15 at 100.00
 
BBB–
   
527,105
 
 
370
 
5.000%, 12/01/29 – RAAI Insured
 
12/15 at 100.00
 
BBB–
   
370,019
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement
Series 2011:
               
 
1,635
 
6.875%, 8/01/31
 
8/21 at 100.00
 
BBB+
   
1,851,687
 
 
1,365
 
7.000%, 8/01/41
 
8/21 at 100.00
 
BBB+
   
1,538,014
 
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:
               
 
125
 
6.250%, 1/01/31
 
1/21 at 100.00
 
BBB+
   
134,188
 
 
1,875
 
6.500%, 1/01/36
 
1/21 at 100.00
 
BBB+
   
2,020,856
 
 
1,280
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.625%, 1/01/32
 
1/22 at 100.00
 
BBB+
   
1,306,765
 
 
65,433
 
Total Health Care
           
66,099,862
 
     
Housing/Multifamily – 4.5% (2.9% of Total Investments)
               
 
200
 
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
   
196,714
 
     
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+
   
1,045,730
 
 
400
 
5.000%, 7/01/32
 
7/22 at 100.00
 
BBB+
   
402,772
 
 
140
 
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–
   
127,331
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 – SYNCORA GTY Insured
 
7/17 at 100.00
 
BBB
   
4,800,700
 
 
3,300
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
 
7/15 at 100.00
 
BBB
   
3,197,403
 
 
800
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
 
5/15 at 102.00
 
Baa3
   
736,560
 
 
10,840
 
Total Housing/Multifamily
           
10,507,210
 
     
Housing/Single Family – 3.8% (2.4% of Total Investments)
               
 
1,215
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96B, 3.950%, 4/01/16
 
No Opt. Call
 
AA+
   
1,281,667
 
 
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+
   
1,364,051
 
 
1,125
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax)
 
10/16 at 100.00
 
AA+
   
1,131,334
 
 
275
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
 
10/20 at 100.00
 
AA+
   
284,281
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
               
 
1,875
 
3.300%, 10/01/32
 
No Opt. Call
 
AA+
   
1,550,456
 
 
815
 
3.650%, 10/01/37
 
No Opt. Call
 
AA+
   
673,394
 
 
1,105
 
3.700%, 10/01/42
 
No Opt. Call
 
AA+
   
900,807
 

62
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
               
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950:
               
$
1,000
 
12.692%, 4/01/27 (IF)
 
4/21 at 100.00
 
AA+
 
$
1,045,130
 
 
300
 
10.796%, 4/01/33 (IF) (4)
 
10/22 at 100.00
 
AA+
   
167,988
 
 
525
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 4296, 14.719%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
 
10/22 at 100.00
 
AA+
   
328,687
 
 
9,590
 
Total Housing/Single Family
           
8,727,795
 
     
Industrials – 1.6% (1.0% of Total Investments)
               
     
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A:
               
 
1,275
 
5.000%, 11/01/23 (Alternative Minimum Tax)
 
11/22 at 100.00
 
A1
   
1,410,992
 
 
2,000
 
5.000%, 11/01/41 (Alternative Minimum Tax)
 
11/22 at 100.00
 
A1
   
1,921,420
 
 
350
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
 
No Opt. Call
 
A–
   
349,857
 
 
3,625
 
Total Industrials
           
3,682,269
 
     
Long-Term Care – 4.2% (2.7% of Total Investments)
               
 
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
 
1/19 at 100.00
 
BBB+
   
1,584,390
 
 
1,330
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
 
1/17 at 100.00
 
BBB+
   
1,293,438
 
 
1,000
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
 
6/17 at 100.00
 
BBB
   
1,035,890
 
     
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
   
1,581,543
 
 
415
 
5.000%, 11/01/36
 
11/16 at 100.00
 
A
   
415,286
 
 
220
 
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+
   
197,987
 
 
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–
   
1,239,495
 
 
900
 
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–
   
909,882
 
 
1,500
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
 
1/14 at 100.00
 
Baa1
   
1,500,735
 
 
9,915
 
Total Long-Term Care
           
9,758,646
 
     
Materials – 1.3% (0.8% of Total Investments)
               
 
1,260
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
 
12/15 at 100.00
 
BBB
   
1,282,567
 
 
1,750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
 
5/14 at 100.00
 
N/R
   
1,705,935
 
 
3,010
 
Total Materials
           
2,988,502
 
     
Tax Obligation/General – 38.3% (24.7% of Total Investments)
               
 
3,430
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
 
5/21 at 100.00
 
A+
   
3,649,554
 
     
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72:
               
 
1,260
 
5.250%, 12/01/32
 
12/23 at 100.00
 
A+
   
1,318,187
 
 
1,000
 
5.250%, 12/01/33
 
12/23 at 100.00
 
A+
   
1,041,280
 
 
3,000
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
 
8/19 at 100.00
 
Aa2
   
3,345,450
 

Nuveen Investments
 
63

 
 

 

NQP
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
     
Centre County, Pennsylvania, General Obligation Bonds, Series 2012B:
               
$
310
 
4.000%, 7/01/24
 
7/20 at 100.00
 
AA
 
$
328,213
 
 
1,430
 
4.000%, 7/01/25
 
7/20 at 100.00
 
AA
   
1,499,484
 
 
915
 
4.000%, 7/01/26
 
7/20 at 100.00
 
AA
   
950,804
 
 
6,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
 
No Opt. Call
 
A+
   
6,776,880
 
 
7,350
 
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured
 
No Opt. Call
 
N/R
   
3,169,394
 
 
4,715
 
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32
 
10/22 at 100.00
 
Aa3
   
4,524,325
 
 
1,050
 
Hampton Township School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2011A, 4.000%, 11/15/18
 
No Opt. Call
 
AA–
   
1,185,807
 
 
2,000
 
Hempfield School District, Lancaster County, Pennsylvania, General Obligation Bonds, Series 2011A, 4.000%, 10/15/15
 
No Opt. Call
 
Aa2
   
2,138,260
 
 
1,260
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured
 
No Opt. Call
 
Baa1
   
1,371,649
 
 
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–
   
5,072,900
 
 
4,830
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 13.075%, 3/01/15 (IF)
 
No Opt. Call
 
AA
   
5,998,812
 
 
1,675
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
 
No Opt. Call
 
Aa3
   
1,689,774
 
 
2,620
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
 
8/20 at 100.00
 
A2
   
2,902,619
 
 
4,135
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
 
7/15 at 100.00
 
AA–
   
4,202,401
 
 
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–
   
3,272,880
 
     
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B:
               
 
2,590
 
5.000%, 9/01/25
 
9/22 at 100.00
 
A1
   
2,879,407
 
 
2,965
 
5.000%, 9/01/26
 
9/22 at 100.00
 
A1
   
3,258,476
 
 
1,765
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34
 
2/18 at 100.00
 
Aa2
   
1,493,843
 
 
1,130
 
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37
 
11/22 at 100.00
 
Aa1
   
1,064,822
 
 
1,070
 
Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2006A, 5.000%, 4/01/22 – FGIC Insured
 
4/16 at 100.00
 
Aa3
   
1,170,569
 
 
585
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A,
8.500%, 9/01/22
 
No Opt. Call
 
N/R
   
563,946
 
 
585
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C,
7.250%, 9/01/22
 
No Opt. Call
 
N/R
   
534,526
 
 
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–
   
23,490,180
 
 
86,670
 
Total Tax Obligation/General
           
88,894,442
 
     
Tax Obligation/Limited – 8.9% (5.7% of Total Investments)
               
 
500
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35
 
5/22 at 100.00
 
Baa2
   
464,240
 
 
300
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2013B, 4.000%, 6/01/15
 
No Opt. Call
 
AA–
   
317,049
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
               
 
1,670
 
5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
1,685,331
 
 
655
 
5.125%, 1/01/42
 
1/22 at 100.00
 
A
   
655,603
 

64
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
     
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A:
               
$
2,000
 
5.000%, 7/01/15
 
No Opt. Call
 
Aaa
 
$
2,158,420
 
 
4,000
 
5.000%, 7/01/16
 
No Opt. Call
 
Aaa
   
4,487,560
 
 
2,910
 
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
   
2,990,141
 
 
2,140
 
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
   
2,217,746
 
 
3,140
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
 
No Opt. Call
 
BBB+
   
509,810
 
 
2,405
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.500%, 8/01/44
 
8/19 at 100.00
 
A+
   
2,211,229
 
 
1,590
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42
 
2/20 at 100.00
 
A+
   
1,282,987
 
 
2,255
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43
 
8/21 at 100.00
 
A+
   
1,686,966
 
 
23,565
 
Total Tax Obligation/Limited
           
20,667,082
 
     
Transportation – 13.7% (8.8% of Total Investments)
               
 
400
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
413,032
 
     
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:
               
 
2,310
 
5.000%, 1/01/24
 
No Opt. Call
 
BBB–
   
2,427,718
 
 
205
 
5.000%, 1/01/25
 
No Opt. Call
 
BBB–
   
211,683
 
 
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)
 
11/13 at 100.00
 
Baa1
   
2,025,436
 
 
1,200
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.000%, 12/01/38
 
12/19 at 100.00
 
AA
   
1,225,812
 
 
2,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2012A, 5.000%, 12/01/31
 
12/21 at 100.00
 
AA
   
2,623,550
 
 
3,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA
   
3,067,920
 
 
6,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
 
12/27 at 100.00
 
A–
   
5,807,406
 
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A:
               
 
3,820
 
5.000%, 12/01/22 – AMBAC Insured
 
6/16 at 100.00
 
A+
   
4,099,280
 
 
2,930
 
5.000%, 12/01/24 – AMBAC Insured
 
6/16 at 100.00
 
A+
   
3,142,220
 
 
750
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
 
12/19 at 100.00
 
A–
   
756,225
 
 
5,605
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
 
6/15 at 100.00
 
A+
   
5,314,325
 
 
800
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
 
1/14 at 100.00
 
A
   
674,584
 
 
32,155
 
Total Transportation
           
31,789,191
 
     
U.S. Guaranteed – 8.0% (5.2% of Total Investments) (5)
               
 
1,400
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.250%, 5/01/20 (Pre-refunded
5/01/14) – NPFG Insured
 
5/14 at 100.00
 
N/R (5)
   
1,435,812
 

Nuveen Investments
 
65

 
 

 
 
NQP
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
               
$
5,525
 
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
 
A1 (5)
 
$
5,753,735
 
 
1,250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24 (Pre-refunded 11/01/14)
 
11/14 at 100.00
 
A (5)
   
1,316,650
 
 
1,560
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
 
10/16 at 100.00
 
AA (5)
   
1,764,454
 
 
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)
   
549,395
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
               
 
510
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
 
1/17 at 100.00
 
Baa1 (5)
   
579,187
 
 
860
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
 
1/17 at 100.00
 
Baa1 (5)
   
980,013
 
 
465
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
 
No Opt. Call
 
A (5)
   
561,311
 
 
960
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue
Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34
(Pre-refunded 11/15/14)
 
11/14 at 100.00
 
Aa2 (5)
   
1,010,496
 
 
2,465
 
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)
   
2,741,524
 
 
1,765
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
 
No Opt. Call
 
Aaa
   
1,893,757
 
 
17,260
 
Total U.S. Guaranteed
           
18,586,334
 
     
Utilities – 7.0% (4.5% of Total Investments)
               
 
1,250
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
 
No Opt. Call
 
A2
   
1,253,450
 
 
5,475
 
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–
   
5,327,668
 
 
1,430
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
 
2/15 at 100.00
 
A
   
1,437,765
 
 
700
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
 
9/14 at 100.00
 
AA–
   
719,068
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
 
1/14 at 100.00
 
AA–
   
2,006,560
 
 
5,490
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
 
10/17 at 100.00
 
BBB+
   
5,414,403
 
 
16,345
 
Total Utilities
           
16,158,914
 
     
Water and Sewer – 12.0% (7.7% of Total Investments)
               
 
2,100
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/21 – NPFG Insured
 
12/15 at 100.00
 
A1
   
2,266,278
 
 
2,205
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 –
AGM Insured
 
11/14 at 100.00
 
AA–
   
2,309,782
 
 
2,000
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
 
7/14 at 100.00
 
AA–
   
1,988,000
 
 
4,420
 
Lehigh County Authority, Pennsylvania, Water and Sewer Capital
Appreciation Revenue Bonds, City of Allentown Concession, Series 2013B, 0.000%, 12/01/35
 
No Opt. Call
 
A
   
1,195,389
 
 
5,500
 
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
   
5,527,880
 
 
1,600
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
 
12/19 at 100.00
 
A1
   
1,669,552
 

66
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
500
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
 
1/20 at 100.00
 
BBB
 
$
500,730
 
 
3,500
 
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
 
10/19 at 100.00
 
AA–
   
3,571,680
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds,
Series 2005A:
               
 
2,150
 
5.000%, 7/01/23 – AGM Insured
 
7/15 at 100.00
 
AA–
   
2,267,514
 
 
2,500
 
5.000%, 7/01/28 – AGM Insured
 
7/15 at 100.00
 
AA–
   
2,614,500
 
 
2,620
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
 
1/21 at 100.00
 
A1
   
2,656,051
 
 
1,135
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43
 
1/22 at 100.00
 
A1
   
1,168,879
 
 
30,230
 
Total Water and Sewer
           
27,736,235
 
$
361,633
 
Total Long-Term Investments (cost $357,259,741)
           
360,389,213
 
     
Floating Rate Obligations – (11.1)%
           
(25,810,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (48.5)% (6)
           
(112,500,000
)
     
Other Assets Less Liabilities – 4.1%
           
9,730,591
 
     
Net Assets Applicable to Common Shares – 100%
         
$
231,809,804
 

(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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.2%.
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.

Nuveen Investments
 
67

 
 

 
 
NPY
 
 
Nuveen Pennsylvania Premium Income Municipal Fund 2
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 147.3% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 147.3% (100.0% of Total Investments
               
     
Education and Civic Organizations – 28.0% (19.0% of Total Investments)
               
$
200
 
Allegheny County Higher Education Building Authority, Pennsylvania,
College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
 
No Opt. Call
 
Baa3
 
$
209,292
 
 
445
 
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–
   
515,274
 
 
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–
   
5,568,485
 
     
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
   
1,039,250
 
 
2,865
 
3.500%, 3/01/34
 
3/23 at 100.00
 
A2
   
2,241,347
 
 
1,140
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
 
2/16 at 100.00
 
Baa3
   
1,078,885
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
               
 
1,565
 
5.000%, 8/01/23 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
1,727,823
 
 
770
 
5.000%, 8/01/24 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
845,491
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
               
 
725
 
5.000%, 5/01/32 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
704,127
 
 
250
 
5.000%, 5/01/35 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
238,135
 
 
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
   
3,028,145
 
 
1,985
 
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32
 
5/22 at 100.00
 
A
   
2,030,516
 
 
1,575
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 –
RAAI Insured
 
4/16 at 100.00
 
BBB
   
1,499,321
 
 
855
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
 
4/20 at 100.00
 
BBB
   
875,033
 
 
325
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
318,591
 
 
575
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
 
9/23 at 100.00
 
BBB–
   
579,520
 
 
4,200
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
 
6/18 at 100.00
 
AA
   
4,370,940
 
 
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
   
1,189,228
 
 
1,285
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
 
5/16 at 100.00
 
A–
   
1,291,913
 
 
2,420
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
 
11/17 at 100.00
 
A
   
2,446,015
 
 
750
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41
 
5/21 at 100.00
 
A
   
779,183
 
 
320
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32
 
11/22 at 100.00
 
BBB+
   
271,667
 

68
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
3,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
 
4/16 at 100.00
 
Aa3
 
$
3,297,090
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
 
3/20 at 100.00
 
A+
   
1,027,230
 
 
300
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
 
9/22 at 100.00
 
A+
   
305,124
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
 
7/15 at 100.00
 
AA+
   
2,072,980
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
               
 
485
 
4.000%, 11/01/39
 
11/22 at 100.00
 
A3
   
425,621
 
 
2,910
 
5.000%, 11/01/42
 
11/22 at 100.00
 
A3
   
2,943,640
 
 
540
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 (WI/DD, Settling 11/07/13)
 
No Opt. Call
 
A–
   
534,551
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds,
York College Project, Series 2005EE1, 5.250%, 11/01/27 – SYNCORA
GTY Insured
 
11/15 at 100.00
 
A
   
849,776
 
 
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
   
993,620
 
 
2,000
 
Pennsylvania State University, General Revenue Bonds, Series 2010,
5.000%, 3/01/35
 
3/20 at 100.00
 
AA
   
2,119,760
 
 
10,600
 
Pennsylvania State University, General Revenue Bonds, Series 2007A, 4.500%, 8/15/36 (UB)
 
8/16 at 100.00
 
AA
   
10,465,380
 
 
530
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
 
8/20 at 100.00
 
BBB+
   
553,214
 
 
1,900
 
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–
   
1,893,768
 
 
300
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
 
11/20 at 100.00
 
A
   
305,136
 
 
59,890
 
Total Education and Civic Organizations
           
60,635,071
 
     
Health Care – 30.5% (20.7% of Total Investments)
               
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
               
 
1,150
 
5.000%, 4/01/25
 
4/15 at 100.00
 
Ba3
   
1,019,211
 
 
1,455
 
5.125%, 4/01/35
 
4/15 at 100.00
 
Ba3
   
1,184,908
 
     
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012:
               
 
1,210
 
5.000%, 5/15/27
 
5/21 at 100.00
 
AA–
   
1,271,178
 
 
2,000
 
5.000%, 5/15/28
 
5/21 at 100.00
 
AA–
   
2,077,540
 
 
1,000
 
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
   
897,360
 
 
2,070
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
 
12/21 at 100.00
 
AA–
   
2,118,231
 
 
1,640
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46
 
11/21 at 100.00
 
A–
   
1,869,452
 
 
1,325
 
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
   
1,294,406
 
 
1,000
 
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28
 
7/23 at 100.00
 
BBB
   
1,008,710
 
 
1,200
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
 
7/20 at 100.00
 
Ba2
   
1,235,160
 
 
395
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
 
11/17 at 100.00
 
Aa3
   
397,915
 

Nuveen Investments
 
69

 
 

 
 
NPY
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
1,835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
 
7/20 at 100.00
 
A+
 
$
1,855,332
 
 
1,320
 
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond 4234, 13.640%, 1/01/36 (IF)
 
1/22 at 100.00
 
AA–
   
1,356,722
 
 
1,885
 
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26
 
3/17 at 100.00
 
AA–
   
1,998,590
 
 
5,000
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
 
11/13 at 100.00
 
B+
   
4,765,300
 
 
2,990
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 –
AGM Insured
 
7/18 at 100.00
 
AA–
   
3,020,139
 
 
1,490
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43
 
No Opt. Call
 
A+
   
1,210,446
 
 
4,505
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/30 – AGC Insured
 
11/17 at 100.00
 
AA–
   
4,775,931
 
 
1,700
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32
 
No Opt. Call
 
A
   
1,490,186
 
     
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A:
               
 
3,000
 
5.500%, 7/01/28
 
7/19 at 100.00
 
A–
   
3,093,150
 
 
1,000
 
5.750%, 7/01/39
 
7/19 at 100.00
 
A–
   
1,020,960
 
 
1,340
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A, 5.000%, 1/01/41
 
1/22 at 100.00
 
A
   
1,279,579
 
 
650
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
 
1/17 at 100.00
 
A
   
642,135
 
 
1,450
 
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
   
1,494,327
 
 
565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
 
8/20 at 100.00
 
AA
   
596,832
 
     
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
   
1,324,192
 
 
1,000
 
5.500%, 8/15/35
 
8/18 at 100.00
 
A3
   
1,013,120
 
 
880
 
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+
   
958,760
 
 
1,715
 
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
   
1,722,718
 
 
930
 
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–
   
943,141
 
 
3,575
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
 
5/20 at 100.00
 
AA
   
3,590,766
 
 
695
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.630%, 7/01/19 (IF)
 
No Opt. Call
 
AA
   
734,685
 
 
2,000
 
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+
   
1,696,200
 
 
2,000
 
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24
 
1/14 at 100.00
 
N/R
   
1,959,440
 
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
               
 
475
 
5.000%, 12/01/27 – RAAI Insured
 
12/15 at 100.00
 
BBB–
   
476,905
 
 
330
 
5.000%, 12/01/29 – RAAI Insured
 
12/15 at 100.00
 
BBB–
   
330,017
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement
Series 2011:
               
 
1,495
 
6.875%, 8/01/31
 
8/21 at 100.00
 
BBB+
   
1,693,132
 
 
1,135
 
7.000%, 8/01/41
 
8/21 at 100.00
 
BBB+
   
1,278,861
 

70
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
1,500
 
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+
 
$
1,529,280
 
 
1,720
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
 
1/21 at 100.00
 
BBB+
   
1,853,799
 
 
1,300
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
 
1/22 at 100.00
 
BBB+
   
1,354,444
 
 
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
   
581,756
 
 
65,735
 
Total Health Care
           
66,014,916
 
     
Housing/Multifamily – 3.3% (2.2% 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
   
140,672
 
 
750
 
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
   
737,678
 
 
130
 
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–
   
118,236
 
     
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
   
2,104,638
 
 
3,400
 
5.000%, 7/01/37 – SYNCORA GTY Insured
 
7/15 at 100.00
 
BBB
   
3,294,294
 
 
740
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
 
5/15 at 102.00
 
Baa3
   
681,318
 
 
7,215
 
Total Housing/Multifamily
           
7,076,836
 
     
Housing/Single Family – 4.0% (2.8% of Total Investments)
               
 
1,355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
1,364,051
 
 
910
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
915,123
 
 
240
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
 
10/20 at 100.00
 
AA+
   
248,100
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
               
 
2,380
 
3.300%, 10/01/32
 
No Opt. Call
 
AA+
   
1,968,046
 
 
1,040
 
3.650%, 10/01/37
 
No Opt. Call
 
AA+
   
859,300
 
 
1,410
 
3.700%, 10/01/42
 
No Opt. Call
 
AA+
   
1,149,446
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950:
               
 
1,820
 
12.692%, 4/01/27 (IF)
 
4/21 at 100.00
 
AA+
   
1,902,137
 
 
225
 
10.796%, 4/01/33 (IF) (4)
 
10/22 at 100.00
 
AA+
   
125,991
 
 
395
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 4296, 14.719%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
 
10/22 at 100.00
 
AA+
   
247,298
 
 
9,775
 
Total Housing/Single Family
           
8,779,492
 
     
Industrials – 0.8% (0.5% of Total Investments)
               
 
1,220
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A, 5.000%, 11/01/23 (Alternative Minimum Tax)
 
11/22 at 100.00
 
A1
   
1,350,125
 
 
320
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
 
No Opt. Call
 
A–
   
319,869
 
 
1,540
 
Total Industrials
           
1,669,994
 

Nuveen Investments
 
71

 
 

 
 
NPY
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Long-Term Care – 6.3% (4.3% of Total Investments)
               
$
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
 
1/19 at 100.00
 
BBB+
 
$
1,584,390
 
 
4,905
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
 
1/17 at 100.00
 
BBB+
   
4,770,162
 
 
500
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
 
6/17 at 100.00
 
BBB
   
517,945
 
     
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006:
               
 
1,565
 
5.000%, 11/01/31
 
11/16 at 100.00
 
A
   
1,573,874
 
 
230
 
5.000%, 11/01/36
 
11/16 at 100.00
 
A
   
230,159
 
 
210
 
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+
   
188,987
 
 
825
 
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–
   
834,059
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Dr. Gertrude A. Barber Center Inc., Series 2000:
               
 
1,000
 
6.150%, 12/01/20 – RAAI Insured
 
2/14 at 100.00
 
BBB–
   
1,002,210
 
 
2,000
 
5.900%, 12/01/30 – RAAI Insured
 
12/13 at 100.00
 
BBB–
   
2,000,560
 
 
930
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/28
 
12/13 at 100.00
 
N/R
   
909,577
 
 
13,665
 
Total Long-Term Care
           
13,611,923
 
     
Materials – 2.6% (1.8% of Total Investments)
               
 
1,190
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
 
12/15 at 100.00
 
BBB
   
1,211,313
 
 
4,500
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
 
5/14 at 100.00
 
N/R
   
4,386,690
 
 
5,690
 
Total Materials
           
5,598,003
 
     
Tax Obligation/General – 21.3% (14.5% of Total Investments)
               
     
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72:
               
 
1,085
 
5.250%, 12/01/32
 
12/23 at 100.00
 
A+
   
1,135,105
 
 
1,000
 
5.250%, 12/01/33
 
12/23 at 100.00
 
A+
   
1,041,280
 
 
3,965
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37
 
12/22 at 100.00
 
A+
   
3,982,089
 
 
3,025
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
 
8/19 at 100.00
 
Aa2
   
3,373,329
 
     
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–
   
1,054,428
 
 
2,750
 
0.000%, 11/01/22 – AGM Insured
 
5/16 at 73.64
 
AA–
   
1,608,283
 
 
2,750
 
0.000%, 5/01/23 – AGM Insured
 
5/16 at 71.71
 
AA–
   
1,553,888
 
 
260
 
Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007, 5.000%, 9/01/23
 
9/17 at 100.00
 
Aaa
   
296,855
 
 
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
   
2,336,081
 
 
4,835
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 13.075%, 3/01/15 (IF)
 
No Opt. Call
 
AA
   
6,005,022
 
 
1,500
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
 
No Opt. Call
 
Aa3
   
1,513,230
 
     
Philadelphia School District, Pennsylvania, General Obligation Bonds,
Series 2011C:
               
 
1,000
 
5.000%, 9/01/14
 
No Opt. Call
 
Aa3
   
1,037,270
 
 
1,400
 
5.000%, 9/01/15
 
No Opt. Call
 
Aa3
   
1,502,648
 
 
1,555
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D, 4.000%, 9/01/15
 
No Opt. Call
 
Aa3
   
1,640,820
 
 
3,775
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
 
7/15 at 100.00
 
AA–
   
3,836,533
 

72
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
3,050
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B,
5.000%, 9/01/26
 
9/22 at 100.00
 
A1
 
$
3,351,889
 
 
2,700
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
 
No Opt. Call
 
AA–
   
3,021,057
 
 
1,600
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34
 
2/18 at 100.00
 
Aa2
   
1,354,192
 
 
6,710
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
 
No Opt. Call
 
A
   
2,890,400
 
 
540
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A,
8.500%, 9/01/22
 
No Opt. Call
 
N/R
   
520,565
 
 
545
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C,
7.250%, 9/01/22
 
No Opt. Call
 
N/R
   
497,977
 
 
2,400
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
 
12/15 at 100.00
 
AA
   
2,521,008
 
 
50,310
 
Total Tax Obligation/General
           
46,073,949
 
     
Tax Obligation/Limited – 9.1% (6.2% of Total Investments)
               
 
500
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35
 
5/22 at 100.00
 
Baa2
   
464,240
 
 
1,500
 
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
   
1,504,680
 
 
3,000
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/16
 
No Opt. Call
 
Aaa
   
3,365,670
 
 
2,910
 
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
 
A+
   
2,990,141
 
 
1,950
 
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
   
2,020,844
 
 
2,550
 
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–
   
2,794,035
 
 
4,225
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
 
No Opt. Call
 
Baa3
   
3,344,679
 
 
2,880
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
 
No Opt. Call
 
BBB+
   
467,597
 
 
5,670
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
 
No Opt. Call
 
AA–
   
1,031,203
 
 
435
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
 
No Opt. Call
 
A
   
413,998
 
 
1,265
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 1171, 17.123%, 8/15/37 (IF) (4)
 
8/23 at 100.00
 
A+
   
1,374,410
 
 
26,885
 
Total Tax Obligation/Limited
           
19,771,497
 
     
Transportation – 10.8% (7.3% of Total Investments)
               
 
1,480
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
1,528,218
 
     
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–
   
1,374,216
 
 
1,080
 
5.000%, 1/01/23
 
No Opt. Call
 
BBB–
   
1,151,885
 
 
2,200
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.000%, 12/01/38
 
12/19 at 100.00
 
AA
   
2,247,322
 
 
5,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
 
12/27 at 100.00
 
A–
   
4,839,505
 
 
2,680
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
 
6/16 at 100.00
 
A+
   
2,874,112
 
 
1,400
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
 
12/19 at 100.00
 
A–
   
1,411,620
 

Nuveen Investments
 
73

 
 

 
 
NPY
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
               
$
3,495
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
 
6/15 at 100.00
 
A+
 
$
3,313,749
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
 
12/15 at 100.00
 
A
   
2,049,320
 
 
2,250
 
Scranton Parking Authority, Pennsylvania , Guaranteed Revenue Bonds, Series 2007, 5.250%, 6/01/39 – RAAI Insured
 
6/17 at 100.00
 
N/R
   
1,751,063
 
 
940
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
 
1/14 at 100.00
 
A
   
792,636
 
 
24,295
 
Total Transportation
           
23,333,646
 
     
U.S. Guaranteed – 11.8% (8.0% of Total Investments) (5)
               
 
1,245
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2004A, 5.000%, 3/01/19 (Pre-refunded 3/01/14) – FGIC Insured
 
3/14 at 100.00
 
A (5)
   
1,265,206
 
 
1,615
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.250%, 5/01/23 (Pre-refunded
5/01/14) – NPFG Insured
 
5/14 at 100.00
 
N/R (5)
   
1,656,312
 
 
3,500
 
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
 
A1 (5)
   
3,644,900
 
 
1,250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24 (Pre-refunded 11/01/14)
 
11/14 at 100.00
 
A (5)
   
1,316,650
 
 
330
 
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
 
No Opt. Call
 
Aaa
   
354,899
 
 
3,200
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
 
10/16 at 100.00
 
AA (5)
   
3,619,392
 
 
1,000
 
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
 
1/16 at 100.00
 
AA (5)
   
1,098,790
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
               
 
470
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
 
1/17 at 100.00
 
Baa1 (5)
   
533,760
 
 
790
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
 
1/17 at 100.00
 
Baa1 (5)
   
900,245
 
 
3,385
 
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)
   
3,999,547
 
 
1,970
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
 
No Opt. Call
 
A (5)
   
2,413,999
 
 
1,015
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue
Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34
(Pre-refunded 11/15/14)
 
11/14 at 100.00
 
Aa2 (5)
   
1,068,389
 
 
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
 
Aa3 (5)
   
1,654,293
 
 
545
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
 
No Opt. Call
 
Aaa
   
584,758
 
 
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)
   
1,520,330
 
 
23,260
 
Total U.S. Guaranteed
           
25,631,470
 
     
Utilities – 4.6% (3.1% of Total Investments)
               
 
1,125
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
 
No Opt. Call
 
A2
   
1,128,105
 
 
2,150
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
 
2/15 at 100.00
 
A
   
2,161,675
 
 
700
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
 
9/14 at 100.00
 
AA–
   
719,068
 
 
1,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
 
1/14 at 100.00
 
AA–
   
1,003,280
 
 
5,050
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
 
10/17 at 100.00
 
BBB+
   
4,980,462
 
 
10,025
 
Total Utilities
           
9,992,590
 

74
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer – 14.2% (9.6% of Total Investments)
               
     
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A:
               
$
1,900
 
5.000%, 12/01/21 – NPFG Insured
 
12/15 at 100.00
 
A1
 
$
2,050,442
 
 
2,120
 
5.000%, 12/01/23 – NPFG Insured
 
12/15 at 100.00
 
A1
   
2,277,834
 
 
545
 
5.000%, 12/01/30 – NPFG Insured
 
12/15 at 100.00
 
A1
   
572,201
 
 
2,500
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 –
AGM Insured
 
11/14 at 100.00
 
AA–
   
2,618,800
 
     
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 4015:
               
 
1,665
 
13.354%, 12/01/19 (IF) (4)
 
No Opt. Call
 
AA–
   
2,043,038
 
 
205
 
13.342%, 12/01/19 (IF) (4)
 
No Opt. Call
 
AA–
   
238,837
 
 
2,000
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
 
7/14 at 100.00
 
AA–
   
1,988,000
 
 
7,295
 
Lehigh County Authority, Pennsylvania, Water and Sewer Capital
Appreciation Revenue Bonds, City of Allentown Concession, Series 2013B, 0.000%, 12/01/34
 
No Opt. Call
 
A
   
2,101,908
 
 
5,100
 
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
   
5,125,857
 
 
1,600
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
 
12/19 at 100.00
 
A1
   
1,669,552
 
 
500
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
 
1/20 at 100.00
 
BBB
   
500,730
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds,
Series 2005A:
               
 
2,000
 
5.000%, 7/01/23 – AGM Insured
 
7/15 at 100.00
 
AA–
   
2,109,320
 
 
1,675
 
5.000%, 7/01/28 – AGM Insured
 
7/15 at 100.00
 
AA–
   
1,751,715
 
 
2,440
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
 
1/21 at 100.00
 
A1
   
2,473,575
 
 
1,080
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43
 
1/22 at 100.00
 
A1
   
1,112,231
 
 
2,000
 
Unity Township Municipal Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/34 – AGM Insured
 
12/14 at 100.00
 
AA–
   
2,034,480
 
 
34,625
 
Total Water and Sewer
           
30,668,520
 
$
332,910
 
Total Long-Term Investments (cost $315,041,881)
           
318,857,907
 
     
Floating Rate Obligations – (3.4)%
           
(7,445,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (48.5)% (6)
           
(105,000,000
)
     
Other Assets Less Liabilities – 4.6%
           
10,011,697
 
     
Net Assets Applicable to Common Shares – 100%
         
$
216,424,604
 

(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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.9%.
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.

Nuveen Investments
 
75

 
 

 
 
NXM
 
 
Nuveen Pennsylvania Dividend Advantage Municipal Fund
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 146.5% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 146.5% (100.0% of Total Investments
               
     
Consumer Staples – 2.3% (1.6% of Total Investments)
               
$
1,000
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
 
No Opt. Call
 
AA–
 
$
1,101,290
 
     
Education and Civic Organizations – 24.7% (16.9% of Total Investments)
               
 
100
 
Allegheny County Higher Education Building Authority, Pennsylvania,
College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
 
No Opt. Call
 
Baa3
   
104,646
 
 
235
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
 
2/16 at 100.00
 
Baa3
   
222,402
 
 
700
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.500%, 10/15/25
 
10/15 at 102.00
 
N/R
   
702,940
 
 
720
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
 
12/17 at 100.00
 
BBB–
   
729,799
 
 
300
 
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured
 
10/16 at 100.00
 
N/R
   
269,859
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
               
 
295
 
5.000%, 8/01/23 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
325,692
 
 
145
 
5.000%, 8/01/24 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
159,216
 
 
160
 
Erie Higher Education Building Authority, Pennsylvania, College
Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
155,394
 
 
200
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
 
4/20 at 100.00
 
BBB
   
204,686
 
 
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
   
1,048,870
 
 
75
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
73,521
 
 
130
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
 
9/23 at 100.00
 
BBB–
   
131,022
 
 
500
 
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
   
587,530
 
 
900
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
 
6/18 at 100.00
 
AA
   
936,630
 
 
500
 
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–
   
501,635
 
 
220
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
 
5/16 at 100.00
 
A–
   
221,184
 
 
540
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
 
11/17 at 100.00
 
A
   
545,805
 
 
400
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42
 
5/22 at 100.00
 
BBB
   
379,044
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
 
4/16 at 100.00
 
Aa3
   
769,321
 
 
70
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
 
9/22 at 100.00
 
A+
   
71,196
 

76
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
               
$
120
 
4.000%, 11/01/39
 
11/22 at 100.00
 
A3
 
$
105,308
 
 
215
 
5.000%, 11/01/42
 
11/22 at 100.00
 
A3
   
217,485
 
 
155
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 (WI/DD, Settling 11/07/13)
 
No Opt. Call
 
A–
   
153,436
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2010,
5.000%, 3/01/35
 
3/20 at 100.00
 
AA
   
1,059,880
 
 
470
 
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
   
288,665
 
 
110
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
 
8/20 at 100.00
 
BBB+
   
114,818
 
 
400
 
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–
   
398,688
 
 
230
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006,
6.250%, 5/01/33
 
5/16 at 100.00
 
BBB–
   
230,867
 
 
750
 
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
   
802,643
 
 
150
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
 
11/20 at 100.00
 
A
   
152,568
 
 
11,490
 
Total Education and Civic Organizations
           
11,664,750
 
     
Health Care – 27.3% (18.6% of Total Investments)
               
 
540
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
 
4/15 at 100.00
 
Ba3
   
439,760
 
 
265
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
 
No Opt. Call
 
N/R
   
278,918
 
 
700
 
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012, 5.000%, 5/15/27
 
5/21 at 100.00
 
AA–
   
735,392
 
 
765
 
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
   
686,480
 
 
445
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
 
12/21 at 100.00
 
AA–
   
455,369
 
 
275
 
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
   
268,650
 
 
200
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
 
7/20 at 100.00
 
Ba2
   
205,860
 
 
80
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
 
11/17 at 100.00
 
Aa3
   
80,590
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
 
7/20 at 100.00
 
A+
   
844,252
 
 
230
 
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40
 
7/16 at 100.00
 
N/R
   
218,907
 
 
400
 
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond 4234, 13.640%, 1/01/36 (IF)
 
1/22 at 100.00
 
AA–
   
411,128
 
 
600
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
 
11/13 at 100.00
 
B+
   
571,836
 
 
650
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 –
AGM Insured
 
7/18 at 100.00
 
AA–
   
656,552
 
 
360
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43
 
No Opt. Call
 
A+
   
292,457
 
 
1,025
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured
 
11/17 at 100.00
 
AA–
   
1,046,320
 

Nuveen Investments
 
77

 
 

 
 
NXM
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
350
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32
 
No Opt. Call
 
A
 
$
306,803
 
 
700
 
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–
   
714,672
 
     
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A:
               
 
75
 
4.000%, 1/01/25
 
1/22 at 100.00
 
A
   
74,496
 
 
170
 
5.000%, 1/01/41
 
1/22 at 100.00
 
A
   
162,335
 
 
140
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
 
1/17 at 100.00
 
A
   
138,306
 
 
330
 
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
   
340,088
 
 
165
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
 
8/20 at 100.00
 
AA
   
174,296
 
 
310
 
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–
   
314,380
 
 
1,495
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
 
5/20 at 100.00
 
AA
   
1,501,593
 
 
230
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.630%, 7/01/19 (IF)
 
No Opt. Call
 
AA
   
243,133
 
 
400
 
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+
   
339,240
 
 
25
 
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24
 
1/14 at 100.00
 
N/R
   
24,493
 
 
240
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005, 5.000%, 12/01/25 – RAAI Insured
 
12/15 at 100.00
 
BBB–
   
242,242
 
 
625
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
 
1/21 at 100.00
 
BBB+
   
673,619
 
 
420
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
 
1/22 at 100.00
 
BBB+
   
437,590
 
 
13,045
 
Total Health Care
           
12,879,757
 
     
Housing/Multifamily – 2.8% (1.9% of Total Investments)
               
 
150
 
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
   
147,536
 
 
350
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/32
 
7/22 at 100.00
 
BBB+
   
352,426
 
 
50
 
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–
   
45,476
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
 
7/15 at 100.00
 
BBB
   
678,237
 
 
100
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
 
5/15 at 102.00
 
Baa3
   
92,070
 
 
1,350
 
Total Housing/Multifamily
           
1,315,745
 
     
Housing/Single Family – 3.9% (2.7% of Total Investments)
               
 
240
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96B, 3.950%, 4/01/16
 
No Opt. Call
 
AA+
   
253,169
 
 
225
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
226,267
 

78
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
               
$
40
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
 
10/20 at 100.00
 
AA+
 
$
41,350
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
               
 
375
 
3.300%, 10/01/32
 
No Opt. Call
 
AA+
   
310,091
 
 
165
 
3.650%, 10/01/37
 
No Opt. Call
 
AA+
   
136,331
 
 
220
 
3.700%, 10/01/42
 
No Opt. Call
 
AA+
   
179,346
 
 
665
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 12.692%, 4/01/27 (IF)
 
4/21 at 100.00
 
AA+
   
695,011
 
 
1,930
 
Total Housing/Single Family
           
1,841,565
 
     
Industrials – 1.6% (1.1% of Total Investments)
               
 
350
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
 
No Opt. Call
 
BB–
   
352,594
 
 
290
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A, 5.000%, 11/01/27 (Alternative Minimum Tax)
 
11/22 at 100.00
 
A1
   
305,312
 
 
100
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
 
No Opt. Call
 
A–
   
99,959
 
 
740
 
Total Industrials
           
757,865
 
     
Long-Term Care – 14.9% (10.1% of Total Investments)
               
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
               
 
220
 
5.750%, 1/01/27
 
1/17 at 100.00
 
N/R
   
217,681
 
 
360
 
5.750%, 1/01/37
 
1/17 at 100.00
 
N/R
   
334,354
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
 
1/19 at 100.00
 
BBB+
   
1,056,260
 
 
220
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
 
1/17 at 100.00
 
BBB+
   
213,952
 
 
230
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
 
6/17 at 100.00
 
BBB
   
238,255
 
 
200
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36
 
11/16 at 100.00
 
A
   
200,138
 
 
50
 
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+
   
44,997
 
 
185
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
 
7/17 at 100.00
 
N/R
   
186,103
 
 
785
 
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
 
12/14 at 100.00
 
N/R
   
782,457
 
 
190
 
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–
   
192,086
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B:
               
 
670
 
5.250%, 7/01/23 – AMBAC Insured
 
1/14 at 100.00
 
Baa1
   
670,677
 
 
2,875
 
5.250%, 7/01/31 – AMBAC Insured
 
1/14 at 100.00
 
Baa1
   
2,874,770
 
 
6,985
 
Total Long-Term Care
           
7,011,730
 
     
Materials – 2.0% (1.4% of Total Investments)
               
 
210
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
 
12/15 at 100.00
 
BBB
   
213,761
 
 
750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
 
5/14 at 100.00
 
N/R
   
731,115
 
 
960
 
Total Materials
           
944,876
 
 
Nuveen Investments
 
79

 
 

 
 
NXM
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General – 23.6% (16.1% of Total Investments)
               
$
500
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
 
5/21 at 100.00
 
A+
 
$
532,005
 
 
1,965
 
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32
 
10/22 at 100.00
 
Aa3
   
1,885,535
 
 
500
 
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%, 12/01/46
 
12/16 at 100.00
 
A
   
503,205
 
 
1,000
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured
 
6/18 at 100.00
 
AA–
   
1,007,770
 
 
375
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
 
No Opt. Call
 
Aa3
   
378,308
 
 
840
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
 
7/15 at 100.00
 
AA–
   
853,692
 
 
3,000
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/14 – AGM Insured
 
No Opt. Call
 
AA–
   
3,131,400
 
 
500
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B,
5.000%, 9/01/26
 
9/22 at 100.00
 
A1
   
549,490
 
 
505
 
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37
 
11/22 at 100.00
 
Aa1
   
475,872
 
 
2,220
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
 
No Opt. Call
 
A
   
956,287
 
 
115
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A,
8.500%, 9/01/22
 
No Opt. Call
 
N/R
   
110,861
 
 
115
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C,
7.250%, 9/01/22
 
No Opt. Call
 
N/R
   
105,078
 
 
600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
 
12/15 at 100.00
 
AA
   
630,252
 
 
12,235
 
Total Tax Obligation/General
           
11,119,755
 
     
Tax Obligation/Limited – 14.1% (9.6% of Total Investments)
               
 
1,000
 
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
   
973,740
 
 
225
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35
 
5/22 at 100.00
 
Baa2
   
208,908
 
 
450
 
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series 2005, 5.000%, 1/15/36 – FGIC Insured
 
1/15 at 100.00
 
AA
   
451,404
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/16
 
No Opt. Call
 
Aaa
   
1,121,890
 
 
680
 
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
   
698,727
 
 
425
 
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
   
440,440
 
 
1,000
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
 
No Opt. Call
 
AA–
   
1,176,250
 
 
610
 
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–
   
668,377
 
 
275
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured
 
No Opt. Call
 
A
   
218,292
 
 
630
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
 
No Opt. Call
 
BBB+
   
102,287
 
 
240
 
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
   
229,692
 
 
320
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 1171, 17.123%, 8/15/37 (IF) (5)
 
8/23 at 100.00
 
A+
   
347,677
 
 
6,855
 
Total Tax Obligation/Limited
           
6,637,684
 
 
80
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation – 10.0% (6.8% of Total Investments)
               
$
680
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
 
$
702,154
 
 
505
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/23
 
No Opt. Call
 
BBB–
   
538,613
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
               
 
880
 
0.000%, 12/01/34
 
12/20 at 100.00
 
AA
   
811,105
 
 
250
 
5.000%, 12/01/38
 
12/19 at 100.00
 
AA
   
255,378
 
 
680
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2012A, 5.000%, 12/01/31
 
12/21 at 100.00
 
AA
   
713,606
 
 
420
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
 
6/16 at 100.00
 
A+
   
450,421
 
 
150
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
 
12/19 at 100.00
 
A–
   
151,245
 
 
1,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA
   
975,280
 
 
160
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
 
1/14 at 100.00
 
A
   
134,917
 
 
4,725
 
Total Transportation
           
4,732,719
 
     
U.S. Guaranteed – 4.3% (2.9% of Total Investments) (4)
               
 
800
 
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
 
A1 (4)
   
833,120
 
 
250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24 (Pre-refunded 11/01/14)
 
11/14 at 100.00
 
A (4)
   
263,330
 
 
300
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
 
10/16 at 100.00
 
AA (4)
   
339,318
 
 
255
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
 
1/17 at 100.00
 
Baa1 (4)
   
289,593
 
 
110
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
 
No Opt. Call
 
A (4)
   
132,783
 
 
170
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue
Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34
(Pre-refunded 11/15/14)
 
11/14 at 100.00
 
Aa2 (4)
   
178,942
 
 
1,885
 
Total U.S. Guaranteed
           
2,037,086
 
     
Utilities – 6.0% (4.1% of Total Investments)
               
 
500
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
 
No Opt. Call
 
A2
   
501,380
 
 
1,125
 
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–
   
1,094,726
 
 
140
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
 
9/14 at 100.00
 
AA–
   
143,814
 
 
1,105
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
 
10/17 at 100.00
 
BBB+
   
1,089,784
 
 
2,870
 
Total Utilities
           
2,829,704
 
     
Water and Sewer – 9.0% (6.2% of Total Investments)
               
 
500
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 –
AGM Insured
 
11/14 at 100.00
 
AA–
   
523,760
 
 
375
 
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 4015, 13.342%, 12/01/19 (IF) (5)
 
No Opt. Call
 
AA–
   
436,898
 
 
Nuveen Investments
 
81

 
 

 
 
NXM
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
600
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
 
7/14 at 100.00
 
AA–
 
$
596,400
 
 
900
 
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
   
904,563
 
 
400
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
 
12/19 at 100.00
 
A1
   
417,386
 
 
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
   
100,140
 
 
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–
   
510,240
 
 
750
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
 
1/21 at 100.00
 
A1
   
760,320
 
 
4,125
 
Total Water and Sewer
           
4,249,707
 
$
70,195
 
Total Long-Term Investments (cost $68,679,854)
           
69,124,233
 
     
Floating Rate Obligations – (0.3)%
           
(130,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (49.2)% (6)
           
(23,190,000
)
     
Other Assets Less Liabilities – 3.0%
           
1,371,629
 
     
Net Assets Applicable to Common Shares – 100%
         
$
47,175,862
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.5%
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.
 
82
 
Nuveen Investments

 
 

 
 
NVY
 
 
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 151.4% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 151.4% (100.0% of Total Investments
               
     
Education and Civic Organizations – 26.3% (17.4% of Total Investments)
               
$
1,000
 
Allegheny County Higher Education Building Authority, Pennsylvania,
College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
 
No Opt. Call
 
Baa3
 
$
1,046,460
 
 
155
 
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–
   
179,478
 
 
800
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.500%, 10/15/25
 
10/15 at 102.00
 
N/R
   
803,360
 
 
720
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
 
12/17 at 100.00
 
BBB–
   
729,799
 
 
450
 
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured
 
10/16 at 100.00
 
N/R
   
404,789
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
               
 
340
 
5.000%, 8/01/23 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
375,374
 
 
165
 
5.000%, 8/01/24 – AMBAC Insured
 
8/16 at 100.00
 
A+
   
181,177
 
 
180
 
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 –
RAAI Insured
 
5/17 at 100.00
 
N/R
   
174,818
 
 
1,265
 
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32
 
5/22 at 100.00
 
A
   
1,294,006
 
 
200
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
 
4/20 at 100.00
 
BBB
   
204,686
 
 
80
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
 
5/17 at 100.00
 
N/R
   
78,422
 
 
140
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
 
9/23 at 100.00
 
BBB–
   
141,100
 
 
1,050
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
 
6/18 at 100.00
 
AA
   
1,092,735
 
 
285
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
 
5/16 at 100.00
 
A–
   
286,533
 
 
610
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
 
11/17 at 100.00
 
A
   
616,558
 
 
600
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42
 
5/22 at 100.00
 
BBB
   
568,566
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
 
4/16 at 100.00
 
Aa3
   
879,224
 
 
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
   
2,055,240
 
 
90
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
 
9/22 at 100.00
 
A+
   
91,537
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:
               
 
140
 
4.000%, 11/01/39
 
11/22 at 100.00
 
A3
   
122,860
 
 
265
 
5.000%, 11/01/42
 
11/22 at 100.00
 
A3
   
268,063
 
 
230
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 (WI/DD, Settling 11/07/13)
 
No Opt. Call
 
A–
   
227,679
 
 
Nuveen Investments
 
83

 
 

 
 
NVY
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
$
530
 
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
 
$
325,515
 
 
120
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
 
8/20 at 100.00
 
BBB+
   
125,256
 
 
400
 
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–
   
398,688
 
 
270
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006,
6.250%, 5/01/33
 
5/16 at 100.00
 
BBB–
   
271,018
 
 
600
 
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
   
642,114
 
 
50
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
 
11/20 at 100.00
 
A
   
50,856
 
 
13,535
 
Total Education and Civic Organizations
           
13,635,911
 
     
Health Care – 27.5% (18.2% of Total Investments)
               
 
610
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
 
4/15 at 100.00
 
Ba3
   
496,766
 
 
300
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
 
No Opt. Call
 
N/R
   
315,756
 
 
650
 
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012, 5.000%, 5/15/26
 
5/21 at 100.00
 
AA–
   
691,613
 
 
835
 
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
   
749,296
 
 
595
 
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011, 5.375%, 12/01/41
 
12/21 at 100.00
 
AA–
   
608,864
 
 
600
 
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
   
586,146
 
 
300
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
 
7/20 at 100.00
 
Ba2
   
308,790
 
 
95
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
 
11/17 at 100.00
 
Aa3
   
95,701
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
 
7/20 at 100.00
 
A+
   
844,252
 
 
270
 
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40
 
7/16 at 100.00
 
N/R
   
256,978
 
 
475
 
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond 4234, 13.640%, 1/01/36 (IF)
 
1/22 at 100.00
 
AA–
   
488,215
 
 
600
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
 
11/13 at 100.00
 
B+
   
571,836
 
 
740
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 –
AGM Insured
 
7/18 at 100.00
 
AA–
   
747,459
 
 
290
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43
 
No Opt. Call
 
A+
   
235,590
 
 
1,155
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured
 
11/17 at 100.00
 
AA–
   
1,179,024
 
 
850
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32
 
No Opt. Call
 
A
   
745,093
 
 
160
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
 
1/17 at 100.00
 
A
   
158,064
 
 
250
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A, 5.000%, 1/01/41
 
1/22 at 100.00
 
A
   
238,728
 
 
84
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
350
 
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
 
$
360,700
 
 
175
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
 
8/20 at 100.00
 
AA
   
184,860
 
 
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
   
935,092
 
 
425
 
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
   
426,913
 
 
620
 
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–
   
628,761
 
 
300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
 
5/20 at 100.00
 
AA
   
301,323
 
 
350
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.630%, 7/01/19 (IF)
 
No Opt. Call
 
AA
   
369,985
 
 
450
 
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+
   
381,645
 
 
260
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005, 5.000%, 12/01/25 – RAAI Insured
 
12/15 at 100.00
 
BBB–
   
262,428
 
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:
               
 
200
 
6.250%, 1/01/31
 
1/21 at 100.00
 
BBB+
   
214,700
 
 
335
 
6.500%, 1/01/36
 
1/21 at 100.00
 
BBB+
   
361,060
 
     
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity,
Series 2011B:
               
 
220
 
5.625%, 1/01/32
 
1/22 at 100.00
 
BBB+
   
224,600
 
 
250
 
5.750%, 1/01/41
 
1/22 at 100.00
 
BBB+
   
260,470
 
 
14,470
 
Total Health Care
           
14,230,708
 
     
Housing/Multifamily – 2.2% (1.4% of Total Investments)
               
 
200
 
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
   
196,714
 
 
50
 
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–
   
45,476
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
 
7/15 at 100.00
 
BBB
   
775,128
 
 
120
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
 
5/15 at 102.00
 
Baa3
   
110,484
 
 
1,170
 
Total Housing/Multifamily
           
1,127,802
 
     
Housing/Single Family – 6.1% (4.0% of Total Investments)
               
 
1,100
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
1,107,348
 
 
245
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
246,379
 
 
40
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
 
10/20 at 100.00
 
AA+
   
41,350
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
               
 
565
 
3.300%, 10/01/32
 
No Opt. Call
 
AA+
   
467,204
 
 
245
 
3.650%, 10/01/37
 
No Opt. Call
 
AA+
   
202,431
 
 
335
 
3.700%, 10/01/42
 
No Opt. Call
 
AA+
   
273,095
 
 
Nuveen Investments
 
85

 
 

 
 
NVY
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
               
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950:
               
$
665
 
12.692%, 4/01/27 (IF)
 
4/21 at 100.00
 
AA+
 
$
695,011
 
 
75
 
10.796%, 4/01/33 (IF) (4)
 
10/22 at 100.00
 
AA+
   
41,997
 
 
130
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 4296, 14.719%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
 
10/22 at 100.00
 
AA+
   
81,389
 
 
3,400
 
Total Housing/Single Family
           
3,156,204
 
     
Industrials – 1.5% (1.0% of Total Investments)
               
 
400
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
 
No Opt. Call
 
BB–
   
402,964
 
 
255
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A, 5.000%, 11/01/27 (Alternative Minimum Tax)
 
11/22 at 100.00
 
A1
   
268,464
 
 
105
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
 
No Opt. Call
 
A–
   
104,957
 
 
760
 
Total Industrials
           
776,385
 
     
Long-Term Care – 8.6% (5.7% of Total Investments)
               
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
               
 
250
 
5.750%, 1/01/27
 
1/17 at 100.00
 
N/R
   
247,365
 
 
400
 
5.750%, 1/01/37
 
1/17 at 100.00
 
N/R
   
371,504
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
 
1/19 at 100.00
 
BBB+
   
1,056,260
 
 
300
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
 
1/17 at 100.00
 
BBB+
   
291,753
 
 
300
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
 
6/17 at 100.00
 
BBB
   
310,767
 
 
205
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36
 
11/16 at 100.00
 
A
   
205,141
 
 
50
 
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+
   
44,997
 
 
185
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
 
7/17 at 100.00
 
N/R
   
186,103
 
 
785
 
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
 
12/14 at 100.00
 
N/R
   
782,457
 
 
200
 
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–
   
202,196
 
 
750
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/23 – AMBAC Insured
 
1/14 at 100.00
 
Baa1
   
750,758
 
 
4,425
 
Total Long-Term Care
           
4,449,301
 
     
Materials – 2.0% (1.3% of Total Investments)
               
 
280
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
 
12/15 at 100.00
 
BBB
   
285,015
 
 
750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
 
5/14 at 100.00
 
N/R
   
731,115
 
 
1,030
 
Total Materials
           
1,016,130
 
     
Tax Obligation/General – 28.0% (18.5% of Total Investments)
               
 
435
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
 
12/23 at 100.00
 
A+
   
455,088
 
 
1,135
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37
 
12/22 at 100.00
 
A+
   
1,139,892
 
 
86
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
4,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
 
No Opt. Call
 
A+
 
$
4,517,920
 
 
1,375
 
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%, 12/01/46
 
12/16 at 100.00
 
A
   
1,383,814
 
 
1,000
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured
 
6/18 at 100.00
 
AA–
   
1,007,770
 
 
1,000
 
Pennsylvania State, General Obligation Bonds, Second Series 2010A,
5.000%, 5/01/14
 
No Opt. Call
 
AA
   
1,024,410
 
    375  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
  No Opt. Call     Aa3       378,308  
 
725
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
 
8/20 at 100.00
 
A2
   
803,206
 
 
950
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
 
7/15 at 100.00
 
AA–
   
965,485
 
 
275
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B,
5.000%, 9/01/26
 
9/22 at 100.00
 
A1
   
302,220
 
 
225
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
 
No Opt. Call
 
AA–
   
251,755
 
 
340
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34
 
2/18 at 100.00
 
Aa2
   
287,766
 
 
2,510
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
 
No Opt. Call
 
A
   
1,081,208
 
 
125
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A,
8.500%, 9/01/22
 
No Opt. Call
 
N/R
   
120,501
 
 
125
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C,
7.250%, 9/01/22
 
No Opt. Call
 
N/R
   
114,215
 
 
600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
 
12/15 at 100.00
 
AA
   
630,252
 
 
15,195
 
Total Tax Obligation/General
           
14,463,810
 
     
Tax Obligation/Limited – 23.4% (15.4% of Total Investments)
               
 
1,000
 
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
   
973,740
 
 
250
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35
 
5/22 at 100.00
 
Baa2
   
232,120
 
 
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–
   
1,575,180
 
 
4,000
 
Harrisburg Parking Authority, Pennsylvania, Guaranteed Revenue Refunding Bonds, Series 2001J, 5.000%, 9/01/22 – NPFG Insured
 
3/14 at 100.00
 
Baa1
   
3,857,720
 
 
1,100
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/16
 
No Opt. Call
 
Aaa
   
1,234,079
 
 
500
 
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
   
513,770
 
 
610
 
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
   
632,161
 
 
1,200
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
 
No Opt. Call
 
AA–
   
1,411,500
 
 
660
 
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–
   
723,162
 
 
290
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured
 
No Opt. Call
 
A
   
230,199
 
 
710
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
 
No Opt. Call
 
BBB+
   
115,276
 
 
240
 
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
   
229,692
 
 
Nuveen Investments
 
87

 
 

 
 
NVY
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
345
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 1171, 17.123%, 8/15/37 (IF) (4)
 
8/23 at 100.00
 
A+
 
$
374,839
 
 
12,405
 
Total Tax Obligation/Limited
           
12,103,438
 
     
Transportation – 12.0% (7.9% of Total Investments)
               
 
720
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
743,458
 
 
840
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/23
 
No Opt. Call
 
BBB–
   
895,910
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
               
 
875
 
0.000%, 12/01/34
 
12/20 at 100.00
 
AA
   
806,496
 
 
250
 
5.000%, 12/01/38
 
12/19 at 100.00
 
AA
   
255,378
 
 
1,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA
   
1,022,640
 
 
670
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
 
6/16 at 100.00
 
A+
   
718,528
 
 
150
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
 
12/19 at 100.00
 
A–
   
151,245
 
 
1,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA
   
975,280
 
 
500
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
 
6/15 at 100.00
 
A+
   
474,070
 
 
180
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
 
1/14 at 100.00
 
A
   
151,781
 
 
6,185
 
Total Transportation
           
6,194,786
 
     
U.S. Guaranteed – 1.2% (0.8% of Total Investments) (5)
               
 
315
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
 
1/17 at 100.00
 
Baa1 (5)
   
357,733
 
 
40
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
 
No Opt. Call
 
A (5)
   
48,285
 
 
225
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue
Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34
(Pre-refunded 11/15/14)
 
11/14 at 100.00
 
Aa2 (5)
   
236,835
 
 
580
 
Total U.S. Guaranteed
           
642,853
 
     
Utilities – 4.3% (2.9% of Total Investments)
               
 
900
 
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–
   
875,781
 
 
145
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
 
9/14 at 100.00
 
AA–
   
148,950
 
 
1,240
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
 
10/17 at 100.00
 
BBB+
   
1,222,925
 
 
2,285
 
Total Utilities
           
2,247,656
 
     
Water and Sewer – 8.3% (5.5% of Total Investments)
               
 
245
 
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 4015, 13.342%, 12/01/19 (IF) (4)
 
No Opt. Call
 
AA–
   
285,440
 
 
600
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
 
7/14 at 100.00
 
AA–
   
596,400
 
 
1,000
 
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
   
1,005,070
 
 
88
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
400
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
 
12/19 at 100.00
 
A1
 
$
417,382
 
 
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–
   
510,240
 
 
400
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/28 –AGM Insured
 
7/15 at 100.00
 
AA–
   
418,320
 
 
750
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
 
1/21 at 100.00
 
A1
   
760,320
 
 
285
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43
 
1/22 at 100.00
 
A1
   
293,507
 
 
4,180
 
Total Water and Sewer
           
4,286,679
 
$
79,620
 
Total Long-Term Investments (cost $78,587,479)
           
78,331,663
 
     
Floating Rate Obligations – (7.3)%
           
(3,795,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (47.4)% (6)
           
(24,550,000
)
     
Other Assets Less Liabilities – 3.3%
           
1,757,465
 
     
Net Assets Applicable to Common Shares – 100%
         
$
51,744,128
 
 
(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. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.3%
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.
(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.
 
Nuveen Investments
 
89

 
 

 
 
NPN
 
 
Nuveen Pennsylvania Municipal Value Fund
 
Portfolio of Investments
 
October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 97.1% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 97.1% (100.0% of Total Investments
               
     
Consumer Staples – 3.6% (3.7% of Total Investments)
               
$
650
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
 
No Opt. Call
 
Baa1
 
$
676,774
 
     
Education and Civic Organizations – 14.7% (15.2% 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–
   
476,580
 
 
675
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30
 
10/18 at 100.00
 
BBB
   
698,571
 
 
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+
   
513,560
 
 
500
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 5.000%, 4/01/36 –
RAAI Insured
 
4/16 at 100.00
 
BBB
   
482,980
 
 
35
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38
 
9/23 at 100.00
 
BBB–
   
35,275
 
 
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
   
119,420
 
 
20
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42
 
9/22 at 100.00
 
A+
   
20,342
 
     
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
   
30,715
 
 
60
 
5.000%, 11/01/42
 
11/22 at 100.00
 
A3
   
60,694
 
 
75
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 (WI/DD, Settling 11/07/13)
 
No Opt. Call
 
A–
   
74,243
 
 
50
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
 
8/20 at 100.00
 
BBB+
   
52,190
 
 
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–
   
99,672
 
 
100
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
 
11/20 at 100.00
 
A
   
101,712
 
 
2,670
 
Total Education and Civic Organizations
           
2,765,954
 
     
Health Care – 23.3% (24.0% of Total Investments)
               
 
650
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
 
8/19 at 100.00
 
Aa3
   
698,822
 
 
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
   
34,192
 
 
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
   
616,014
 
 
100
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
 
A
   
103,652
 
 
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–
   
102,096
 
 
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+
   
544,750
 
 
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+
   
84,810
 
 
90
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
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–
 
$
1,200,056
 
 
720
 
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
   
784,462
 
 
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
 
BBB+
   
107,350
 
 
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
 
BBB+
   
104,188
 
 
4,205
 
Total Health Care
           
4,380,392
 
     
Housing/Multifamily – 4.7% (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
   
13,188
 
 
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
   
49,179
 
 
800
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily
Housing Revenue Bonds, Eva P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44
 
10/19 at 100.00
 
Aa1
   
815,224
 
 
865
 
Total Housing/Multifamily
           
877,591
 
     
Housing/Single Family – 0.8% (0.8% 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+
   
45,480
 
 
25
 
3.650%, 10/01/37
 
No Opt. Call
 
AA+
   
20,656
 
 
40
 
3.700%, 10/01/42
 
No Opt. Call
 
AA+
   
32,608
 
 
25
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 3950, 10.796%, 4/01/33 (IF) (4)
 
10/22 at 100.00
 
AA+
   
13,999
 
 
50
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 4296, 14.719%, 4/01/29 (Alternative Minimum Tax) (IF) (4)
 
10/22 at 100.00
 
AA+
   
31,304
 
 
195
 
Total Housing/Single Family
           
144,047
 
     
Long-Term Care – 4.3% (4.4% of Total Investments)
               
 
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–
   
797,730
 
     
Tax Obligation/General – 9.0% (9.3% of Total Investments)
               
 
220
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
 
12/23 at 100.00
 
A+
   
230,160
 
 
700
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33
 
8/19 at 100.00
 
Aa2
   
769,237
 
 
150
 
Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011A, 3.000%, 10/01/14 – AGM Insured
 
No Opt. Call
 
A1
   
153,414
 
 
390
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B,
5.000%, 9/01/26
 
9/22 at 100.00
 
A1
   
428,602
 
 
70
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34
 
2/18 at 100.00
 
Aa2
   
59,246
 
 
25
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A,
8.500%, 9/01/22
 
No Opt. Call
 
N/R
   
24,100
 
 
25
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C,
7.250%, 9/01/22
 
No Opt. Call
 
N/R
   
22,843
 
 
1,580
 
Total Tax Obligation/General
           
1,687,602
 
     
Tax Obligation/Limited – 16.3% (16.8% 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
   
23,212
 
 
240
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A,
5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
242,203
 
 
550
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
 
12/19 at 100.00
 
BBB+
   
576,076
 
 
1,075
 
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%, 5/15/21 – SYNCORA
GTY Insured
 
11/16 at 100.00
 
N/R
   
1,044,373
 
 
Nuveen Investments
 
91

 
 

 
 
NPN
Nuveen Pennsylvania Municipal Fund (continued)
 
Portfolio of Investments October 31, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
750
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
 
4/19 at 100.00
 
A2
 
$
817,230
 
 
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+
   
363,241
 
 
2,990
 
Total Tax Obligation/Limited
           
3,066,335
 
     
Transportation – 5.0% (5.1% of Total Investments)
               
 
240
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
 
1/20 at 100.00
 
A–
   
247,819
 
     
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
   
534,592
 
 
100
 
5.000%, 12/01/38
 
12/19 at 100.00
 
AA
   
102,151
 
 
50
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37
 
12/19 at 100.00
 
A–
   
50,415
 
 
970
 
Total Transportation
           
934,977
 
     
U.S. Guaranteed – 2.2% (2.3% 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)
   
5,399
 
 
200
 
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
 
A1 (5)
   
208,280
 
 
200
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32
(Pre-refunded 2/18/14)
 
2/14 at 100.00
 
A+ (5)
   
203,836
 
 
405
 
Total U.S. Guaranteed
           
417,515
 
     
Water and Sewer – 13.2% (13.6% of Total Investments)
               
 
175
 
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 4015, 13.342%, 12/01/19 (IF) (4)
 
No Opt. Call
 
AA–
   
203,886
 
 
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–
   
754,410
 
 
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
   
201,014
 
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds,
Series 2009A:
               
 
750
 
5.250%, 1/01/32
 
1/19 at 100.00
 
A1
   
792,608
 
 
500
 
5.250%, 1/01/36
 
1/19 at 100.00
 
A1
   
525,075
 
 
2,375
 
Total Water and Sewer
           
2,476,993
 
$
17,655
 
Total Long-Term Investments (cost $16,966,837)
           
18,225,910
 
     
Other Assets Less Liabilities – 2.9%
           
539,435
 
     
Net Assets Applicable to Common Shares – 100%
         
$
18,765,345
 
 
(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. Such investments are normally considered to be equivalent to AAA rated 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.
 
92
 
Nuveen Investments

 
 

 
 
 
Statement of
 
Assets & Liabilities
 
October 31, 2013 (Unaudited)

   
New Jersey
Investment
Quality
(NQJ
 
New Jersey
Premium
Income
(NNJ
 
New Jersey
Dividend
Advantage
(NXJ
 
New Jersey
Dividend
Advantage 2
(NUJ
 
New Jersey
Municipal
Value
(NJV
Assets
                             
Investments, at value (cost $425,908,070, $257,250,911, $134,868,392, $97,057,657 and $22,894,381, respectively)
  $ 430,430,802     $ 261,680,615     $ 137,971,011     $ 96,930,095     $ 24,823,974  
Cash
    2,196,789       1,298,712       696,657       481,276       850,583  
Receivable for:
                                       
Interest
    6,948,512       4,167,701       2,044,045       1,589,159       367,280  
Investments sold
          15,000                   174,565  
Deferred offering costs
    907,882       641,048       203,800       280,375        
Other assets
    175,612       111,268       45,637       5,590       3,387  
Total assets
    440,659,597       267,914,344       140,961,150       99,286,495       26,219,789  
Liabilities
                                       
Floating rate obligations
                            1,500,000  
Payable for:
                                       
Common share dividends
    1,207,472       751,169       344,943       248,879       77,478  
Interest
                      58,407        
Investments purchased
                            5,693  
Offering costs
    117,034       115,196       191,772              
MuniFund Term Preferred (MTP) Shares, at liquidation value
                      35,050,000        
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
    144,300,000       88,600,000       45,000,000              
Accrued expenses:
                                       
Management fees
    230,962       141,941       75,922       53,181       12,798  
Directors/Trustees fees
    59,558       35,819       1,150       794       198  
Other
    92,811       65,692       45,053       51,036       17,810  
Total liabilities
    146,007,837       89,709,817       45,658,840       35,462,297       1,613,977  
Net assets applicable to common shares
  $ 294,651,760     $ 178,204,527     $ 95,302,310     $ 63,824,198     $ 24,605,812  
Common shares outstanding
    20,490,335       12,083,027       6,568,188       4,525,814       1,565,036  
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
  $ 14.38     $ 14.75     $ 14.51     $ 14.10     $ 15.72  
Net assets applicable to common shares consist of:
                                       
Common shares, $.01 par value per share
  $ 204,903     $ 120,830     $ 65,682     $ 45,258     $ 15,650  
Paid-in surplus
    288,971,982       172,316,784       92,670,894       63,788,599       22,357,405  
Undistributed (Over-distribution of) net investment income
    3,226,646       2,283,999       348,130       365,813       89,959  
Accumulated net realized gain (loss)
    (2,274,503 )     (946,790 )     (885,015 )     (247,910 )     213,205  
Net unrealized appreciation (depreciation)
    4,522,732       4,429,704       3,102,619       (127,562 )     1,929,593  
Net assets applicable to common shares
  $ 294,651,760     $ 178,204,527     $ 95,302,310     $ 63,824,198     $ 24,605,812  
Authorized shares:
                                       
Common
    200,000,000       200,000,000    
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
    1,000,000       1,000,000    
Unlimited
   
Unlimited
      N/A  
 
N/A – Fund is not authorized to issue Preferred Shares.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 
Statement of Assets & Liabilities (Unaudited) (continued)

   
Pennsylvania
Investment
Quality
(NQP
 
Pennsylvania
Premium
Income 2
(NPY
 
Pennsylvania
Dividend
Advantage
(NXM
 
Pennsylvania
Dividend
Advantage 2
(NVY
 
Pennsylvania
Municipal
Value
(NPN
Assets
                             
Investments, at value (cost $357,259,741, $315,041,881, $68,679,854, $78,587,479 and $16,966,837, respectively)
  $ 360,389,213     $ 318,857,907     $ 69,124,233     $ 78,331,663     $ 18,225,910  
Cash
    2,099,850       2,578,936       742,258       257,383       296,936  
Receivable for:
                                       
Interest
    5,593,421       5,117,245       1,077,769       1,230,885       266,359  
Investments sold
    5,345,000       5,699,312       120,000       985,000       183,073  
Deferred offering costs
    624,914       574,109       177,749       202,435        
Other assets
    140,643       131,517       5,704       5,688       3,419  
Total assets
    374,193,041       332,959,026       71,247,713       81,013,054       18,975,697  
Liabilities
                                       
Floating rate obligations
    25,810,000       7,445,000       130,000       3,795,000        
Payable for:
                                       
Common share dividends
    980,543       992,646       187,078       224,968       60,206  
Interest
                40,582       43,978        
Investments purchased
    2,514,044       2,536,971       452,494       576,224       123,730  
Offering costs
    268,212       265,999                    
MuniFund Term Preferred (MTP) Shares, at liquidation value
                23,190,000       24,550,000        
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
    112,500,000       105,000,000                    
Accrued expenses:
                                       
Management fees
    180,098       171,154       37,908       43,019       9,262  
Directors/Trustees fees
    47,848       44,186       567       615       151  
Other
    82,492       78,466       33,222       35,122       17,003  
Total liabilities
    142,383,237       116,534,422       24,071,851       29,268,926       210,352  
Net assets applicable to common shares
  $ 231,809,804     $ 216,424,604     $ 47,175,862     $ 51,744,128     $ 18,765,345  
Common shares outstanding
    16,100,204       15,595,551       3,315,284       3,721,227       1,219,352  
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
  $ 14.40     $ 13.88     $ 14.23     $ 13.91     $ 15.39  
Net assets applicable to common shares consist of:
                                       
Common shares, $.01 par value per share
  $ 161,002     $ 155,956     $ 33,153     $ 37,212     $ 12,194  
Paid-in surplus
    227,817,207       213,269,585       46,797,886       52,434,754       17,431,695  
Undistributed (Over-distribution of) net investment income
    1,301,081       2,307,641       151,092       35,553       99,458  
Accumulated net realized gain (loss)
    (598,958 )     (3,124,604 )     (250,648 )     (507,575 )     (37,075 )
Net unrealized appreciation (depreciation)
    3,129,472       3,816,026       444,379       (255,816 )     1,259,073  
Net assets applicable to common shares
  $ 231,809,804     $ 216,424,604     $ 47,175,862     $ 51,744,128     $ 18,765,345  
Authorized shares:
                                       
Common
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
      N/A  
 
N/A – Fund is not authorized to issue Preferred Shares.
 
See accompanying notes to financial statements.
 
94
 
Nuveen Investments

 
 

 
 
Statement of
 
Operations
 
Six Months Ended October 31, 2013 (Unaudited)

   
New Jersey
Investment
Quality
(NQJ
 
New Jersey
Premium
Income
(NNJ
 
New Jersey
Dividend
Advantage
(NXJ
 
New Jersey
Dividend
Advantage 2
(NUJ
 
New Jersey
Municipal
Value
(NJV
Investment Income
  $ 10,577,923     $ 6,549,985     $ 3,308,494     $ 2,346,843     $ 614,610  
Expenses
                                       
Management fees
    1,381,262       849,492       454,142       318,017       76,857  
Shareholder servicing agent fees and expenses
    13,749       8,627       8,811       8,845       116  
Interest expense and amortization of offering costs
    133,111       82,704       591,100       429,727       5,305  
Liquidity fees
    676,060       415,100       73,332              
Remarketing fees
    73,753       45,284       8,000              
Custodian fees and expenses
    37,202       25,426       16,907       13,414       5,781  
Directors/Trustees fees and expenses
    6,490       3,952       2,050       1,428       354  
Professional fees
    65,226       59,046       4,246       14,220       10,519  
Shareholder reporting expenses
    9,616       8,942       11,251       19,873       6,410  
Stock exchange listing fees
    4,339       4,372       8,032       7,886       112  
Other expenses
    16,953       17,214       3,045       12,778       1,119  
Total expenses
    2,417,761       1,520,159       1,180,916       826,188       106,573  
Net investment income (loss)
    8,160,162       5,029,826       2,127,578       1,520,655       508,037  
Realized and Unrealized Gain (Loss)
                                       
Net realized gain (loss) from investments
    (943,756 )     (390,671 )     (159,482 )     22,770       (102,233 )
Change in net unrealized appreciation (depreciation) of investments
    (28,927,259 )     (18,276,434 )     (10,358,526 )     (7,248,703 )     (1,885,463 )
Net realized and unrealized gain (loss)
    (29,871,015 )     (18,667,105 )     (10,518,008 )     (7,225,933 )     (1,987,696 )
Net increase (decrease) in net assets applicable to common shares from operations
  $ (21,710,853 )   $ (13,637,279 )   $ (8,390,430 )   $ (5,705,278 )   $ (1,479,659 )
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 
 
Statement of Operations (Unaudited) (continued)

   
Pennsylvania
Investment
Quality
(NQP
 
Pennsylvania
Premium
Income 2
(NPY
 
Pennsylvania
Dividend
Advantage
(NXM
 
Pennsylvania
Dividend
Advantage 2
(NVY
 
Pennsylvania
Municipal
Value
(NPN
Investment Income
  $ 8,148,411     $ 8,033,656     $ 1,724,512     $ 1,913,385     $ 488,219  
Expenses
                                       
Management fees
    1,087,906       1,032,003       228,519       259,215       55,852  
Shareholder servicing agent fees and expenses
    14,373       12,151       8,820       8,736       87  
Interest expense and amortization of offering costs
    162,963       130,457       301,877       339,597        
Liquidity fees
    527,074       491,935                    
Remarketing fees
    57,500       53,667                    
Custodian fees and expenses
    32,473       30,670       11,346       12,198       4,427  
Directors/Trustees fees and expenses
    5,548       5,169       1,023       1,110       270  
Professional fees
    26,908       26,281       13,442       13,607       10,179  
Shareholder reporting expenses
    13,563       12,135       8,146       8,623       6,156  
Stock exchange listing fees
    4,328       4,328       7,800       7,827       86  
Other expenses
    14,663       13,862       3,515       3,581       665  
Total expenses
    1,947,299       1,812,658       584,488       654,494       77,722  
Net investment income (loss)
    6,201,112       6,220,998       1,140,024       1,258,891       410,497  
Realized and Unrealized Gain (Loss)
                                       
Net realized gain (loss) from investments
    (297,717 )     (479,966 )     (217,859 )     (236,691 )     (82,132 )
Change in net unrealized appreciation (depreciation)of investments
    (28,411,164 )     (24,205,835 )     (5,102,047 )     (5,719,651 )     (1,264,617 )
Net realized and unrealized gain (loss)
    (28,708,881 )     (24,685,801 )     (5,319,906 )     (5,956,342 )     (1,346,749 )
Net increase (decrease) in net assets applicable to common shares from operations
  $ (22,507,769 )   $ (18,464,803 )   $ (4,179,882 )   $ (4,697,451 )   $ (936,252 )
 
See accompanying notes to financial statements.
 
96
 
Nuveen Investments

 
 

 
 
Statement of
 
Changes in Net Assets (Unaudited)
   

   
New Jersey
Investment Quality (NQJ)
   
New Jersey
Premium Income (NNJ)
 
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
 
Operations
                       
Net investment income (loss)
  $ 8,160,162     $ 15,951,615     $ 5,029,826     $ 9,705,494  
Net realized gain (loss) from investments
    (943,756 )     1,028,392       (390,671 )     584,789  
Change in net unrealized appreciation (depreciation) of investments
    (28,927,259 )     10,937,098       (18,276,434 )     5,446,434  
Net increase (decrease) in net assets applicable to common shares from operations
    (21,710,853 )     27,917,105       (13,637,279 )     15,736,717  
Distributions to Common Shareholders
                               
From net investment income
    (8,237,116 )     (16,974,690 )     (5,147,370 )     (10,407,066 )
From accumulated net realized gains
                       
Decrease in net assets applicable to common shares from distributions to common shareholders
    (8,237,116 )     (16,974,690 )     (5,147,370 )     (10,407,066 )
Capital Share Transactions
                               
Common shares:
                               
Net proceeds from shares issued to shareholders due to reinvestment of distributions
          575,768             659,462  
Repurchased and retired
                       
Net increase (decrease) in net assets applicable to common shares from capital share transactions
          575,768             659,462  
Net increase (decrease) in net assets applicable to common shares
    (29,947,969 )     11,518,183       (18,784,649 )     5,989,113  
Net assets applicable to common shares at the beginning of period
    324,599,729       313,081,546       196,989,176       191,000,063  
Net assets applicable to common shares at the end of period
  $ 294,651,760     $ 324,599,729     $ 178,204,527     $ 196,989,176  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 3,226,646     $ 3,303,600     $ 2,283,999     $ 2,401,543  
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
97

 
 

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

   
New Jersey
Dividend Advantage (NXJ)
   
New Jersey
Dividend Advantage 2 (NUJ)
   
New Jersey
Municipal Value (NJV)
 
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
 
Operations
                                   
Net investment income (loss)
  $ 2,127,578     $ 4,113,689     $ 1,520,655     $ 3,065,004     $ 508,037     $ 1,045,864  
Net realized gain (loss) from investments
    (159,482 )     232,718       22,770       377,218       (102,233 )     374,231  
Change in net unrealized appreciation (depreciation) of investments
    (10,358,526 )     5,860,118       (7,248,703 )     2,200,083       (1,885,463 )     583,344  
Net increase (decrease) in net assets applicable to common shares from operations
    (8,390,430 )     10,206,525       (5,705,278 )     5,642,305       (1,479,659 )     2,003,439  
Distributions to Common Shareholders
                                               
From net investment income
    (2,168,190 )     (4,904,711 )     (1,534,590 )     (3,523,283 )     (488,291 )     (1,047,328 )
From accumulated net realized gains
                                  (395,298 )
Decrease in net assets applicable to common shares from distributions to common shareholders
    (2,168,190 )     (4,904,711 )     (1,534,590 )     (3,523,283 )     (488,291 )     (1,442,626 )
Capital Share Transactions
                                               
Common shares:
                                               
Net proceeds from shares issued to shareholders due to reinvestment of distributions
          12,510             48,492             56,345  
Repurchased and retired
    (31,324 )           (14,748 )                  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    (31,324 )     12,510       (14,748 )     48,492             56,345  
Net increase (decrease) in net assets applicable to common shares
    (10,589,944 )     5,314,324       (7,254,616 )     2,167,514       (1,967,950 )     617,158  
Net assets applicable to common shares at the beginning of period
    105,892,254       100,577,930       71,078,814       68,911,300       26,573,762       25,956,604  
Net assets applicable to common shares at the end of period
  $ 95,302,310     $ 105,892,254     $ 63,824,198     $ 71,078,814     $ 24,605,812     $ 26,573,762  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 348,130     $ 388,742     $ 365,813     $ 379,748     $ 89,959     $ 70,213  
 
See accompanying notes to financial statements.
 
98
 
Nuveen Investments

 
 

 


   
Pennsylvania Investment
Quality (NQP)
   
Pennsylvania Premium
Income 2 (NPY)
 
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
 
Operations
                       
Net investment income (loss)
  $ 6,201,112     $ 12,949,583     $ 6,220,998     $ 12,053,669  
Net realized gain (loss) from investments
    (297,717 )     666,639       (479,966 )     1,443,096  
Change in net unrealized appreciation (depreciation) of investments
    (28,411,164 )     7,906,461       (24,205,835 )     5,004,340  
Net increase (decrease) in net assets applicable to common shares from operations
    (22,507,769 )     21,522,683       (18,464,803 )     18,501,105  
Distributions to Common Shareholders
                               
From net investment income
    (6,765,628 )     (14,620,276 )     (6,550,131 )     (13,100,263 )
From accumulated net realized gains
                       
Decrease in net assets applicable to common shares from distributions to common shareholders
    (6,765,628 )     (14,620,276 )     (6,550,131 )     (13,100,263 )
Capital Share Transactions
                               
Common shares:
                               
Net proceeds from shares issued to shareholders due to reinvestment of distributions
          355,820              
Repurchased and retired
    (112,017 )                  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    (112,017 )     355,820              
Net increase (decrease) in net assets applicable to common shares
    (29,385,414 )     7,258,227       (25,014,934 )     5,400,842  
Net assets applicable to common shares at the beginning of period
    261,195,218       253,936,991       241,439,538       236,038,696  
Net assets applicable to common shares at the end of period
  $ 231,809,804     $ 261,195,218     $ 216,424,604     $ 241,439,538  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 1,301,081     $ 1,865,597     $ 2,307,641     $ 2,636,774  
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
99

 
 

 

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

   
Pennsylvania Dividend
Advantage (NXM)
   
Pennsylvania Dividend
Advantage 2 (NVY)
   
Pennsylvania Municipal
Value (NPN)
 
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
   
Six Months
Ended
10/31/13
   
Year
Ended
4/30/13
 
Operations
                                   
Net investment income (loss)
  $ 1,140,024     $ 2,248,575     $ 1,258,891     $ 2,641,181     $ 410,497     $ 830,900  
Net realized gain (loss) from investments
    (217,859 )     263,532       (236,691 )     244,365       (82,132 )     67,438  
Change in net unrealized appreciation (depreciation) of investments
    (5,102,047 )     1,540,508       (5,719,651 )     1,732,860       (1,264,617 )     385,887  
Net increase (decrease) in net assets applicable to common shares from operations
    (4,179,882 )     4,052,615       (4,697,451 )     4,618,406       (936,252 )     1,284,225  
Distributions to Common Shareholders
                                               
From net investment income
    (1,185,681 )     (2,589,487 )     (1,386,130 )     (3,187,858 )     (387,754 )     (775,508 )
From accumulated net realized gains
          (129,890 )           (125,213 )           (367,635 )
Decrease in net assets applicable to common shares from distributions to common shareholders
    (1,185,681 )     (2,719,377 )     (1,386,130 )     (3,313,071 )     (387,754 )     (1,143,143 )
Capital Share Transactions
                                               
Common shares:
                                               
Net proceeds from shares issued to shareholders due to reinvestment of distributions
                      7,060              
Repurchased and retired
    (81,684 )           (63,283 )                  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    (81,684 )           (63,283 )     7,060              
Net increase (decrease) in net assets applicable to common shares
    (5,447,247 )     1,333,238       (6,146,864 )     1,312,395       (1,324,006 )     141,082  
Net assets applicable to common shares at the beginning of period
    52,623,109       51,289,871       57,890,992       56,578,597       20,089,351       19,948,269  
Net assets applicable to common shares at the end of period
  $ 47,175,862     $ 52,623,109     $ 51,744,128     $ 57,890,992     $ 18,765,345     $ 20,089,351  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 151,092     $ 196,749     $ 35,553     $ 162,792     $ 99,458     $ 76,715  
 
See accompanying notes to financial statements.
 
100
 
Nuveen Investments

 
 

 
 
Statement of
 
Cash Flows
 
Six Months Ended October 31, 2013 (Unaudited)

     
New Jersey
Investment
Quality
(NQJ
)  
New Jersey
Premium
Income
(NNJ
)  
New Jersey
Dividend
Advantage
(NXJ
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(21,710,853
)
$
(13,637,279
)
$
(8,390,430
)
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
   
(31,830,957
)
 
(13,322,071
)
 
(3,786,834
)
Proceeds from sales and maturities of investments
   
30,406,263
   
12,478,681
   
4,429,264
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
295,096
   
109,456
   
(135,138
)
(Increase) Decrease in:
                   
Receivable for interest
   
(189,196
)
 
(269,137
)
 
(34,457
)
Receivable for investments sold
   
4,079,544
   
1,742,063
   
294,764
 
Other assets
   
2,308
   
534
   
(34,650
)
Increase (Decrease) in:
                   
Payable for interest
   
   
   
(85,980
)
Payable for investments purchased
   
(751,166
)
 
(455,252
)
 
(273,151
)
Accrued management fees
   
(3,050
)
 
(2,054
)
 
(1,438
)
Accrued Directors/Trustees fees
   
1,649
   
1,008
   
96
 
Accrued other expenses
   
(45,060
)
 
(26,746
)
 
(31,950
)
Net realized (gain) loss from investments
   
943,756
   
390,671
   
159,482
 
Change in net unrealized (appreciation) depreciation of investments
   
28,927,259
   
18,276,434
   
10,358,526
 
Taxes paid on undistributed capital gains
   
   
(2
)
 
(191
)
Net cash provided by (used in) operating activities
   
10,125,593
   
5,286,306
   
2,467,913
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(147,192
)
 
(116,162
)
 
80,735
 
Increase (Decrease) in:
                   
Floating rate obligations
   
   
   
 
Payable for offering costs
   
(142,966
)
 
(144,804
)
 
116,848
 
MTP Shares, at liquidation value
   
   
   
(44,861,000
)
VRDP Shares, at liquidation value
   
   
   
45,000,000
 
Cash distributions paid to common shareholders
   
(8,236,147
)
 
(5,141,464
)
 
(2,168,109
)
Cost of common shares repurchased and retired
   
   
   
(31,324
)
Net cash provided by (used in) financing activities
   
(8,526,305
)
 
(5,402,430
)
 
(1,862,850
)
Net Increase (Decrease) in Cash
   
1,599,288
   
(116,124
)
 
605,063
 
Cash at the beginning of period
   
597,501
   
1,414,836
   
91,594
 
Cash at the end of period
 
$
2,196,789
 
$
1,298,712
 
$
696,657
 
Supplemental Disclosure of Cash Flow Information
                   

     
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
 
     
Quality
   
Income
   
Advantage
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
Cash paid for interest (excluding amortization of offering costs)
 
$
120,303
 
$
73,866
 
$
466,269
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
101

 
 

 
 
Statement of Cash Flows (Unaudited) (continued)

     
New Jersey
Dividend
Advantage 2
(NUJ
)  
Pennsylvania
Investment
Quality
(NQP
)  
Pennsylvania
Premium
Income 2
(NPY
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(5,705,278
)
$
(22,507,769
)
$
(18,464,803
)
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
   
(8,611,856
)
 
(25,905,766
)
 
(23,243,887
)
Proceeds from sales and maturities of investments
   
7,508,992
   
23,161,368
   
27,525,001
 
Proceeds from (Purchases of) short-term investments, net
   
   
6,635,000
   
 
Amortization (Accretion) of premiums and discounts, net
   
69,070
   
459,059
   
214,106
 
(Increase) Decrease in:
                   
Receivable for interest
   
(56,561
)
 
272,546
   
154,786
 
Receivable for investments sold
   
1,172,102
   
(5,090,000
)
 
(4,139,312
)
Other assets
   
5,156
   
1,310
   
1,060
 
Increase (Decrease) in:
                   
Payable for interest
   
(7
)
 
   
 
Payable for investments purchased
   
(170,720
)
 
221,624
   
1,661,830
 
Accrued management fees
   
(1,059
)
 
(7,148
)
 
(3,818
)
Accrued Directors/Trustees fees
   
52
   
1,258
   
1,184
 
Accrued other expenses
   
(652
)
 
(72,674
)
 
(68,491
)
Net realized (gain) loss from investments
   
(22,770
)
 
297,717
   
479,966
 
Change in net unrealized (appreciation) depreciation of investments
   
7,248,703
   
28,411,164
   
24,205,835
 
Taxes paid on undistributed capital gains
   
(105
)
 
(193
)
 
(31
)
Net cash provided by (used in) operating activities
   
1,435,067
   
5,877,496
   
8,323,426
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
145,975
   
10,826
   
9,943
 
Increase (Decrease) in:
                   
Floating rate obligations
   
   
   
(110,000
)
Payable for offering costs
   
(66,748
)
 
(35,467
)
 
(35,454
)
MTP Shares, at liquidation value
   
   
   
 
VRDP Shares, at liquidation value
   
   
   
 
Cash distributions paid to common shareholders
   
(1,534,517
)
 
(6,772,755
)
 
(6,551,317
)
Cost of common shares repurchased and retired
   
(14,748
)
 
(112,017
)
 
 
Net cash provided by (used in) financing activities
   
(1,470,038
)
 
(6,909,413
)
 
(6,686,828
)
Net Increase (Decrease) in Cash
   
(34,971
)
 
(1,031,917
)
 
1,636,598
 
Cash at the beginning of period
   
516,247
   
3,131,767
   
942,338
 
Cash at the end of period
 
$
481,276
 
$
2,099,850
 
$
2,578,936
 
Supplemental Disclosure of Cash Flow Information
                   
     
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Investment
   
Premium
 
     
Advantage 2
   
Quality
   
Income 2
 
     
(NUJ
)
 
(NQP
)
 
(NPY
)
Cash paid for interest (excluding amortization of offering costs)
 
$
350,507
 
$
152,138
 
$
120,514
 
 
See accompanying notes to financial statements.
 
102
 
Nuveen Investments

 
 

 
 
     
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
 
     
(NXM
)
 
(NVY
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(4,179,882
)
$
(4,697,451
)
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
   
(3,477,287
)
 
(5,358,118
)
Proceeds from sales and maturities of investments
   
3,503,800
   
4,446,511
 
Proceeds from (Purchases of) short-term investments, net
   
   
1,000,000
 
Amortization (Accretion) of premiums and discounts, net
   
44,419
   
90,518
 
(Increase) Decrease in:
             
Receivable for interest
   
21,489
   
(7,866
)
Receivable for investments sold
   
(110,000
)
 
(980,000
)
Other assets
   
4,884
   
4,941
 
Increase (Decrease) in:
             
Payable for interest
   
(1
)
 
(6
)
Payable for investments purchased
   
452,494
   
(156,815
)
Accrued management fees
   
(1,000
)
 
(863
)
Accrued Directors/Trustees fees
   
37
   
39
 
Accrued other expenses
   
(16,790
)
 
(16,908
)
Net realized (gain) loss from investments
   
217,859
   
236,691
 
Change in net unrealized (appreciation) depreciation of investments
   
5,102,047
   
5,719,651
 
Taxes paid on undistributed capital gains
   
(2,225
)
 
(3,640
)
Net cash provided by (used in) operating activities
   
1,559,844
   
276,684
 
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
159,078
   
148,806
 
Increase (Decrease) in:
             
Floating rate obligations
   
(25,000
)
 
(30,000
)
Payable for offering costs
   
(101,217
)
 
(86,623
)
MTP Shares, at liquidation value
   
   
 
VRDP Shares, at liquidation value
   
   
 
Cash distributions paid to common shareholders
   
(1,185,855
)
 
(1,385,829
)
Cost of common shares repurchased and retired
   
(81,684
)
 
(63,283
)
Net cash provided by (used in) financing activities
   
(1,234,678
)
 
(1,416,929
)
Net Increase (Decrease) in Cash
   
325,166
   
(1,140,245
)
Cash at the beginning of period
   
417,092
   
1,397,628
 
Cash at the end of period
 
$
742,258
 
$
257,383
 
Supplemental Disclosure of Cash Flow Information
             
     
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
 
     
(NXM
)
 
(NVY
)
Cash paid for interest (excluding amortization of offering costs)
 
$
244,017
 
$
277,419
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
103

 
 

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

         
Investment Operations
   
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)  
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)  
Total
   
From
Net
Investment
Income to
Common
Shareholders
   
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
Net Asset
Value
   
Ending
Market
Value
 
New Jersey Investment Quality (NQJ)
                                         
Year Ended 4/30:
                                                                   
2014(f)
  $ 15.84     $ .40     $ (1.46 )   $     $     $ (1.06 )   $ (.40 )   $     $ (.40 )   $     $ 14.38     $ 12.99  
2013
    15.31       .77       .59                   1.36       (.83 )           (.83 )           15.84       15.15  
2012
    13.69       .83       1.63                   2.46       (.84 )           (.84 )           15.31       14.93  
2011
    14.44       .85       (.73 )     (.01 )           .11       (.83 )     (.03 )     (.86 )           13.69       12.68  
2010
    13.00       .92       1.31       (.03 )           2.20       (.76 )           (.76 )           14.44       13.56  
2009
    14.26       .91       (1.22 )     (.18 )     (.03 )     (.52 )     (.65 )     (.09 )     (.74 )     *     13.00       11.37  
                                                                                                 
New Jersey Premium Income (NNJ)
                                                                     
Year Ended 4/30:
                                                                                         
2014(f)
    16.30       .42       (1.54 )                 (1.12 )     (.43 )           (.43 )           14.75       13.30  
2013
    15.86       .80       .50                   1.30       (.86 )           (.86 )           16.30       15.97  
2012
    14.22       .85       1.65                   2.50       (.85 )     (.01 )     (.86 )           15.86       15.48  
2011
    14.96       .86       (.76 )     (.01 )           .09       (.82 )     (.01 )     (.83 )           14.22       13.44  
2010
    13.83       .90       1.02       (.03 )     *     1.89       (.74 )     (.02 )     (.76 )           14.96       14.19  
2009
    14.64       .88       (.78 )     (.17 )     (.03 )     (.10 )     (.63 )     (.08 )     (.71 )     *     13.83       11.96  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
104
 
Nuveen Investments

 
 

 
 
             
Ratios/Supplemental Data
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
 
Based
on
Common
Share Net
Asset
Value
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000
)
 
Expenses
(d)
 
Net
Investment
Income
(Loss
)
 
Portfolio
Turnover
Rate
(e)
                                   
                                   
 
(6.54
)%
 
(11.62
)%
$
294,652
   
1.61
%**
 
5.44
%**
 
7
%
 
8.91
   
7.04
   
324,600
   
1.61
   
4.97
   
14
 
 
18.41
   
24.98
   
313,082
   
1.61
   
5.70
   
9
 
 
.67
   
(.46
)
 
279,968
   
1.55
   
5.96
   
9
 
 
17.23
   
26.39
   
295,382
   
1.16
   
6.57
   
4
 
 
(3.41
)
 
(7.10
)
 
265,928
   
1.29
   
6.94
   
1
 
                                   
                                   
 
(6.76
)
 
(14.11
)
 
178,205
   
1.67
**
 
5.53
**
 
5
 
 
8.23
   
8.80
   
196,989
   
1.70
   
4.96
   
14
 
 
18.03
   
22.07
   
191,000
   
1.64
   
5.62
   
10
 
 
.57
   
.41
   
171,212
   
1.59
   
5.85
   
7
 
 
13.90
   
25.45
   
180,024
   
1.19
   
6.19
   
3
 
 
(.40
)
 
(5.69
)
 
166,428
   
1.28
   
6.44
   
1
 
 
(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:
       
2014(f)
   
.59
%**
2013
   
.61
 
2012
   
.58
 
2011
   
.51
 
2010
   
 
2009
   
 

New Jersey Premium Income (NNJ)
       
Year Ended 4/30:
       
2014(f)
   
.60
%**
2013
   
.67
 
2012
   
.58
 
2011
   
.51
 
2010
   
 
2009
   
 
 
(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, 2013.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
105

 
 

 

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

         
Investment Operations
   
Less Distributions
                         
   
Beginning
Common
Share
Net Asset
Value
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)  
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)  
Total
   
From
Net
Investment
Income to
Common
Shareholders
   
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
Net Asset
Value
   
Ending
Market
Value
 
New Jersey Dividend Advantage (NXJ)
                                           
Year Ended 4/30:
                                                                   
2014(g)
  $ 16.12     $ .32     $ (1.60 )   $     $     $ (1.28 )   $ (.33 )   $     $ (.33 )   $ *   $ 14.51     $ 12.64  
2013
    15.31       .63       .93                   1.56       (.75 )           (.75 )           16.12       14.94  
2012
    13.61       .71       1.83                   2.54       (.83 )     (.01 )     (.84 )           15.31       14.92  
2011
    14.51       .89       (.91 )     (.03 )     *     (.05 )     (.83 )     (.02 )     (.85 )           13.61       12.67  
2010
    12.97       .91       1.42       (.03 )     *     2.30       (.75 )     (.01 )     (.76 )           14.51       13.48  
2009
    14.26       .91       (1.27 )     (.16 )     (.03 )     (.55 )     (.66 )     (.08 )     (.74 )     *     12.97       11.15  
                                                                                                 
New Jersey Dividend Advantage 2 (NUJ)
                                                   
Year Ended 4/30:
                                                                                         
2014(g)
    15.70       .34       (1.60 )                 (1.26 )     (.34 )           (.34 )     *     14.10       12.43  
2013
    15.23       .68       .57                   1.25       (.78 )           (.78 )           15.70       15.28  
2012
    13.60       .77       1.73                   2.50       (.86 )     (.01 )     (.87 )           15.23       15.74  
2011
    14.47       .85       (.82 )     (.01 )           .02       (.85 )     (.04 )     (.89 )           13.60       12.55  
2010
    12.93       .94       1.45       (.03 )     (.01 )     2.35       (.78 )     (.03 )     (.81 )           14.47       14.68  
2009
    14.35       .95       (1.42 )     (.17 )     (.02 )     (.66 )     (.69 )     (.07 )     (.76 )     *     12.93       11.46  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing New Jersey Dividend Advantage (NXJ) for any fees or expenses. As of March 31, 2012, the Adviser is no longer reimbursing New Jersey Dividend Advantage 2 (NUJ) for any fees or expenses.
 
106
 
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 Net
Asset
Value
(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)
                                               
                                               
 
(7.92
)%
 
(13.21
)%
$
95,302
   
2.31
%***
 
4.49
%***
 
N/A
   
N/A
   
3
%
 
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
 
 
(.38
)
 
.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
 
 
(3.63
)
 
(8.95
)
 
85,230
   
1.29
   
6.74
   
1.06
   
6.98
   
**
                                               
                                               
 
(8.01
)
 
(16.47
)
 
63,824
   
2.54
***
 
4.68
***
 
N/A
   
N/A
   
8
 
 
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
 
 
.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
 
 
(4.36
)
 
(9.75
)
 
58,456
   
1.33
   
6.95
   
1.03
   
7.25
   
**
 
(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:
       
2014(g)
   
1.27
%***
2013
   
1.27
 
2012
   
1.41
 
2011
   
.15
 
2010
   
 
2009
   
 

New Jersey Dividend Advantage 2 (NUJ)
       
Year Ended 4/30:
       
2014(g)
   
1.32
%***
2013
   
1.23
 
2012
   
1.33
 
2011
   
.79
 
2010
   
 
2009
   
 
 
(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, 2013.
*
Rounds to less than $.01 per share.
**
Rounds to less than 1%.
***
Annualized.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
107

 
 

 

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

   
Investment Operations
 
Less Distributions
               
 
Beginning
Common
Share
Net Asset
Value
Net
Investment
Income
(Loss)
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders(a)
   
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders(a)
 
Total
 
From
Net
Investment
Income to
Common
Shareholders
   
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
 
Total
Discount
from
Common
Shares
Repurchased
and
Retired
 
Offering
Costs
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New Jersey Municipal Value (NJV)
                                       
Year Ended 4/30:
                                               
2014(g)
$16.98 $ .32 $(1.27 )   N/A     N/A   $ (.95)   $(.31 )     $   —   $(.31) $   —   $  —   $15.72   $14.05  
2013
16.62 .67 .61     N/A     N/A   1.28   (.67 )   (.25)   (.92)     16.98   16.02  
2012
14.72 .75 1.91     N/A     N/A   2.66   (.76 )     (.76)     16.62   16.34  
2011
15.84 .82 (1.15 )   N/A     N/A   (.33)   (.77 )   (.02)   (.79)     14.72   13.81  
2010
14.29 .70 1.55     N/A     N/A   2.25   (.70 )     (.70)   —*   15.84   15.21  
2009(e)
14.33 (.01)     N/A     N/A   (.01)           (.03)   14.29   15.00  
                                                     
Pennsylvania Investment Quality (NQP)
                                     
Year Ended 4/30:
                                               
2014(g)
16.21 .38 (1.77 )   $   —     $   —   (1.39)   (.42 )     (.42) —*     14.40   12.54  
2013
15.78 .80 .54           1.34   (.91 )     (.91)     16.21   15.24  
2012
14.11 .90 1.70           2.60   (.93 )     (.93)     15.78   15.67  
2011
14.82 .93 (.73 )   (.01 )     .19   (.90 )     (.90)     14.11   13.09  
2010
13.53 .96 1.16     (.03 )     2.09   (.80 )     (.80) —*     14.82   13.64  
2009
14.39 .96 (.94 )   (.20 )     (.18)   (.68 )     (.68) —*     13.53   11.34  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
108
 
Nuveen Investments

 
 

 
 
     
Ratios/Supplemental Data
 
Total Returns
         Ratios to Average Net Assets
Applicable to Common Shares(c)
     
 
Based
         
Ending
                   
 
on
         
Net
                   
 
Common
   
Based
   
Assets
         
Net
       
 
Share Net
   
on
   
Applicable
         
Investment
   
Portfolio
 
 
Asset
   
Market
   
to Common
         
Income
   
Turnover
 
 
Value
(b)
 
Value
(b)
 
Shares (000
)
 
Expenses
(d)
 
(Loss
)
 
Rate
(f)
                                   
                                   
 
(5.58
)%
 
(10.38
)%
$
24,606
   
.85
%**
 
4.04
%**
 
9
%
 
7.86
   
3.58
   
26,574
   
.83
   
3.95
   
7
 
 
18.43
   
24.34
   
25,957
   
.85
   
4.76
   
20
 
 
(2.17
)
 
(4.19
)
 
22,981
   
.85
   
5.32
   
2
 
 
16.05
   
6.32
   
24,722
   
.82
   
4.63
   
5
 
 
(.24
)
 
   
20,891
   
.64
**
 
(.64
)**
 
0
 
                                   
                                   
 
(8.45
)
 
(15.03
)
 
231,810
   
1.64
**
 
5.21
**
 
6
 
 
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
 
 
(1.01
)
 
(7.99
)
 
218,353
   
1.50
   
7.23
   
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 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 Municipal Value (NJV)
       
Year Ended 4/30:
       
2014(g)
   
.04
%**
2013
   
.04
 
2012
   
.04
 
2011
   
.06
 
2010
   
.06
 
2009(e)
   
 

Pennsylvania Investment Quality (NQP)
       
Year Ended 4/30:
       
2014(g)
   
.63
%**
2013
   
.72
 
2012
   
.61
 
2011
   
.55
 
2010
   
.07
 
2009
   
.19
 
 
(e)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
(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, 2013.
N/A
Fund is not authorized to issue ARPS.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
109

 
 

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

         
Investment Operations
   
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)   
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)   
Total
   
From
Net
Investment
Income to
Common
Shareholders
   
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
   
Total
   
Discount
from
Common
Shares
Repurchased
and Retired
   
Ending
Common
Share
Net Asset
Value
   
Ending
Market
Value
 
Pennsylvania Premium Income 2 (NPY)
                                                       
Year Ended 4/30:
                                                       
2014(g)
  $ 15.48     $ .40     $ (1.58 )   $     $     $ (1.18 )   $ (.42 )   $     $ (.42 )   $     $ 13.88     $ 12.21  
2013
    15.14       .77       .41                   1.18       (.84 )           (.84 )           15.48       14.64  
2012
    13.52       .83       1.63                   2.46       (.84 )           (.84 )           15.14       14.51  
2011
    14.11       .85       (.59 )     (.01 )           .25       (.84 )           (.84 )           13.52       12.29  
2010
    12.72       .91       1.28       (.03 )           2.16       (.77 )           (.77 )     *     14.11       12.91  
2009
    13.74       .91       (1.12 )     (.19 )           (.40 )     (.62 )           (.62 )     *     12.72       10.60  
                                                                                                 
Pennsylvania Dividend Advantage (NXM)
                                                                         
Year Ended 4/30:
                                                                           
2014(g)
    15.84       .34       (1.59 )                 (1.25 )     (.36 )           (.36 )     *     14.23       12.24  
2013
    15.44       .68       .54                   1.22       (.78 )     (.04 )     (.82 )           15.84       14.51  
2012
    14.00       .74       1.62                   2.36       (.86 )     (.06 )     (.92 )           15.44       14.42  
2011
    14.73       .85       (.65 )     (.01 )           .19       (.87 )     (.05 )     (.92 )           14.00       12.85  
2010
    13.09       .96       1.55       (.03 )     (.01 )     2.47       (.79 )     (.04 )     (.83 )     *     14.73       13.77  
2009
    14.47       .97       (1.47 )     (.18 )           (.68 )     (.70 )           (.70 )     *     13.09       11.31  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing Pennsylvania Dividend Advantage (NXM) for any fees or expenses.
 
110
 
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 Net
Asset
Value
(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) 
                                             
                                                             
  (7.55 )%     (13.79 )%   $ 216,425       1.63 %**     5.60 %**     N/A       N/A       7 %
  7.86       6.68       241,440       1.79       5.00       N/A       N/A       16  
  18.63       25.53       236,039       1.59       5.75       N/A       N/A       8  
  1.75       1.48       210,839       1.56       6.13       N/A       N/A       8  
  17.35       29.70       220,113       1.21       6.67       N/A       N/A       5  
  (2.65 )     (8.43 )     198,739       1.35       7.28       N/A       N/A       6  
                                                             
                                                             
  (7.90 )     (13.24 )     47,176       2.41 **     4.71 **     N/A       N/A       5  
  8.02       6.23       52,623       2.39       4.28       N/A       N/A       14  
  17.37       19.96       51,290       2.55       4.98       N/A       N/A       20  
  1.23       (.27 )     46,521       1.94       5.78       1.87 %     5.85 %     8  
  19.29       29.85       48,934       1.26       6.66       1.11       6.81       5  
  (4.57 )     (11.67 )     43,587       1.37       7.17       1.14       7.39       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:
 
Pennsylvania Premium Income 2 (NPY)
       
Year Ended 4/30:
       
2014(g)
   
.61
%**
2013
   
.71
 
2012
   
.57
 
2011
   
.52
 
2010
   
.05
 
2009
   
.04
 

Pennsylvania Dividend Advantage (NXM)
       
Year Ended 4/30:
       
2014(g)
   
1.25
%**
2013
   
1.19
 
2012
   
1.28
 
2011
   
.76
 
2010
   
.02
 
2009
   
 
 
(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, 2013.
N/A
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
;
111

 
 

 

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

         
Investment Operations
   
Less Distributions
                         
   
Beginning
Common
Share
Net Asset
Value
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)  
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)  
Total
   
From
Net
Investment
Income to
Common
Shareholders
   
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
   
Total
   
Discount
from
Common
Shares
Repurchased
and
Retired
   
Offering
Costs
   
Ending
Common
Share
Net Asset
Value
   
Ending
Market
Value
 
Pennsylvania Dividend Advantage 2 (NVY)
                                                 
Year Ended 4/30:
                                                             
2014(h)
  $ 15.53     $ .34     $ (1.59 )   $     $     $ (1.25 )   $ (.37 )   $     $ (.37 )   $ *   $     $ 13.91     $ 11.97  
2013
    15.18       .71       .53                   1.24       (.86 )     (.03 )     (.89 )                 15.53       14.26  
2012
    14.08       .79       1.26                   2.05       (.89 )     (.06 )     (.95 )                 15.18       14.90  
2011
    14.74       .89       (.60 )     (.01 )           .28       (.89 )     (.05 )     (.94 )                 14.08       13.00  
2010
    13.42       .97       1.27       (.02 )     (.01 )     2.21       (.82 )     (.07 )     (.89 )                 14.74       14.19  
2009
    14.49       .99       (1.17 )     (.19 )     *     (.37 )     (.70 )     *     (.70 )                 13.42       11.45  
                                                                                                         
Pennsylvania Municipal Value (NPN)
                                                                                 
Year Ended 4/30:
                                                                           
2014(h)
    16.48       .34       (1.11 )     N/A       N/A       (.77 )     (.32 )           (.32 )                 15.39       13.63  
2013
    16.36       .68       .38       N/A       N/A       1.06       (.64 )     (.30 )     (.94 )                 16.48       15.86  
2012
    14.79       .72       1.58       N/A       N/A       2.30       (.71 )     (.02 )     (.73 )                 16.36       15.38  
2011
    15.46       .79       (.70 )     N/A       N/A       .09       (.76 )           (.76 )                 14.79       13.96  
2010
    14.29       .70       1.19       N/A       N/A       1.89       (.72 )           (.72 )           *     15.46       15.43  
2009(f)
    14.33       (.01 )           N/A       N/A       (.01 )                             (.03 )     14.29       15.05  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2012, the Adviser is no longer reimbursing Pennsylvania Dividend Advantage 2 (NVY) for any fees and expenses.
 
112
 
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 Net
Asset
Value
(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
(g) 
                                             
                                             
  (8.02 )%     (13.51 )%   $ 51,744       2.46 %**     4.74 %**     N/A       N/A       6 %
  8.31       1.49       57,891       2.41       4.57       N/A       N/A       25  
  15.01       22.71       56,579       2.54       5.30       2.47 %     5.37 %     11  
  1.89       (2.00 )     52,470       1.88       5.94       1.74       6.08       7  
  16.80       32.47       54,920       1.30       6.61       1.08       6.83       5  
  (2.33 )     (9.16 )     49,993       1.37       7.07       1.06       7.38       4  
                                                             
                                                             
  (4.68 )     (12.12 )     18,765       .81 **     4.29 **     N/A       N/A       4  
  6.58       9.39       20,089       .81       4.11       N/A       N/A       7  
  15.89       15.68       19,948       .86       4.60       N/A       N/A       11  
  .59       (4.77 )     18,029       .87       5.17       N/A       N/A       3  
  13.49       7.52       18,805       .82       4.68       N/A       N/A       5  
  (.31 )     .33       15,816       .66 **     (.66 )**     N/A       N/A       0  
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note31 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Pennsylvania Dividend Advantage 2 (NVY)
       
Year Ended 4/30:
       
2014(h)
   
1.28
%**
2013
   
1.21
 
2012
   
1.28
 
2011
   
.71
 
2010
   
.08
 
2009
   
.01
 

Pennsylvania Municipal Value (NPN)
       
Year Ended 4/30:
       
2014(h)
   
%
2013
   
 
2012
   
 
2011
   
 
2010
   
 
2009(f)
   
 
 
(f)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
(g)
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.
(h)
For the six months ended October 31, 2013.
N/A
Pennsylvania Municipal Value (NPN) is not authorized to issue ARPS and does not have a contractual reimbursement agreement with the Adviser. Pennsylvania Dividend Advantage 2 (NVY) no longer has a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
113

 
 

 
 
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:
                                   
2014(b)
  $     $     $     $     $ 144,300     $ 304,194  
2013
                            144,300       324,948  
2012
                            144,300       316,966  
2011
                            144,300       294,018  
2010
    143,450       76,478                          
2009
    149,825       69,373                          
                                                 
New Jersey Premium Income (NNJ)
                                         
Year Ended 4/30:
                                               
2014(b)
                            88,600       301,134  
2013
                            88,600       322,335  
2012
                            88,600       315,576  
2011
                            88,600       293,242  
2010
    87,875       76,216                          
2009
    91,600       70,422                          
                                                 
New Jersey Dividend Advantage (NXJ)
                                         
Year Ended 4/30:
                                               
2014(b)
                            45,000       311,783  
2013
                44,861       33.60              
2012
                44,861       32.42              
2011
                44,861       29.93              
2010
    43,925       79,240                          
2009
    47,025       70,311                          
                                                 
New Jersey Dividend Advantage 2 (NUJ)
                                         
Year Ended 4/30:
                                               
2014(b)
                35,050       28.21              
2013
                35,050       30.28              
2012
                35,050       29.66              
2011
                35,050       27.55              
2010
    31,225       77,370                          
2009
    32,600       69,828                          

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
 
   
2014
(b)   
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
          10.09       10.07    
9.95
                                 
New Jersey Dividend Advantage 2 (NUJ)
                               
Series 2015 (NUJ PRC)
                               
Ending Market Value per Share
    10.01       10.04       10.04       9.62  
Average Market Value per Share
    10.02       10.05       9.91    
9.65
^^ 
 
(b)
For the six months ended October 31, 2013.
^
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.
 
See accompanying notes to financial statements.
 
114
 
Nuveen Investments

 
 

 

   
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
 
Pennsylvania Investment Quality (NQP)
                               
Year Ended 4/30:
                                   
2014(b)
  $     $     $     $     $ 112,500     $ 306,053  
2013
                            112,500       332,174  
2012
                            112,500       325,722  
2011
                            112,500       301,693  
2010
    111,750       78,326                          
2009
    111,750       73,849                          
                                                 
Pennsylvania Premium Income 2 (NPY)
                                         
Year Ended 4/30:
                                               
2014(b)
                            105,000       306,119  
2013
                            105,000       329,942  
2012
                            100,000       336,039  
2011
                            100,000       310,839  
2010
    99,275       80,430                          
2009
    99,275       75,047                          
                                                 
Pennsylvania Dividend Advantage (NXM)
                                       
Year Ended 4/30:
                                               
2014(b)
                23,190       30.34              
2013
                23,190       32.69              
2012
                23,190       32.12              
2011
                23,190       30.06              
2010
    22,500       79,372                          
2009
    22,500       73,430                          
                                                 
Pennsylvania Dividend Advantage 2 (NVY)
                                         
Year Ended 4/30:
                                               
2014(b)
                24,550       31.08              
2013
                24,550       33.58              
2012
                24,550       33.05              
2011
                24,550       31.37              
2010
    23,000       84,696                          
2009
    23,000       79,340                          
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
 
   
2014
(b)   
2013
   
2012
   
2011
 
Pennsylvania Dividend Advantage (NXM)
                       
Series 2015 (NXM PRC)
                       
Ending Market Value per Share
  $ 10.02     $ 10.05     $ 10.07     $ 9.65  
Average Market Value per Share
    10.03       10.05       9.95       9.75 Ω
                                 
Pennsylvania Dividend Advantage 2 (NVY)
                               
Series 2015 (NVY PRC)
                               
Ending Market Value per Share
    10.05       10.03       10.01       9.75  
Average Market Value per Share
    10.03       10.05       9.96       9.68 ΩΩ
 
(b)
For the six months ended October 31, 2013.
Ω
For the period October 4, 2010 (first issuance date of shares) through April 30, 2011.
ΩΩ
For the period October 27, 2010 (first issuance date of shares) through April 30, 2011.
 
See accompanying notes to financial statements.
 
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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 Premium Income Municipal Fund 2 (NPY) (“Pennsylvania Premium Income 2 (NPY)”)
 
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM) (“Pennsylvania Dividend Advantage (NXM)”)
 
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY) (“Pennsylvania Dividend Advantage 2 (NVY)”)
 
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), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY), 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), Pennsylvania Dividend Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY) 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), Pennsylvania Premium Income 2 (NPY), Pennsylvania Dividend Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY) and Pennsylvania Municipal Value (NPN) were organized as Massachusetts business trusts on June 1, 1999, April 19, 2001, January 26, 2009, December 20, 1990, February 9,1993, June 1, 1999, April 19, 2001 and January 26, 2009, respectively.
 
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.
 
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.
 
Approved Fund Reorganizations
On May 22, 2013, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain of the Pennsylvania Funds included in this report. On November 20, 2013 (subsequent to the close of this reporting period), the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain of the New Jersey Funds included in this report. Each reorganization is 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;
 
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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:
 
Acquired Funds
Acquiring Fund
Pennsylvania Premium Income 2 (NPY)
Pennsylvania Investment Quality (NQP)
Pennsylvania Dividend Advantage (NXM)
 
Pennsylvania Dividend Advantage 2 (NVY)
 
New Jersey Investment Quality (NQJ)
New Jersey Dividend Advantage (NXJ)
New Jersey Premium Income (NNJ)
 
New Jersey Dividend Advantage 2 (NUJ)p
 
 
On December 17, 2013 (subsequent to the close of this reporting period), the reorganizations for the Pennsylvania Funds were approved by shareholders. Subject to the satisfaction of certain customary closing conditions, the reorganizations are expected to close prior to the opening of the NYSE on January 13, 2014. The reorganizations for the New Jersey Funds are subject to customary conditions, including shareholder approval at annual shareholder meetings in mid-2014.
 
Upon the closing of the reorganizations, an Acquired Fund transfers its 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 Acquired Fund. Each Acquired Fund is then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of each Acquired Fund become shareholders of the Acquiring Fund. Holders of common shares will receive newly issued common shares of their Acquiring Fund, the aggregate net asset value of which equal the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares are sold on the open market and shareholders receive cash in lieu of such fractional shares. Holders of preferred shares of each Acquired Fund will receive on a one-for-one basis newly issued preferred shares of their Acquiring Fund, in exchange for preferred shares of the Acquired Fund held immediately prior to the reorganization.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment 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, 2013, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
   
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
   
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
   
(NQP
 
(NPY
 
(NXM
 
(NVY
)  
(NPN
)
Outstanding when-issued/delayed delivery purchase commitments
  $ 601,138     $ 527,828     $ 151,506     $ 224,816     $ 73,310  
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
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. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
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.

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Notes to Financial Statements (Unaudited) (continued)
 
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
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated par value per share. Each Fund’s MTP Shares are issued in one Series and trade on the NYSE MKT. 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.
 
On September 9, 2013, New Jersey Dividend Advantage (NXJ) redeemed all series of the Fund’s 2014 MTP Shares, at their $10.00 liquidation value per share plus dividend amounts owed. The Fund used the proceeds from its August 29, 2013 issuance of 450 Series 1 Variable Rate Demand Preferred Shares to qualified buyers in a private offering pursuant to Rule 144A of the securities Act of 1933 to redeem its 2014 MTP Shares.
 
As of October 31, 2013, the details of each Fund’s MTP Shares are as follows:
 
             
Shares
       
             
Outstanding
       
   
NYSE MKT
 
Shares
   
at $10 Per Share
   
Annual
 
 
Series
Ticker
 
Outstanding
   
Liquidation Value
   
Interest Rate
 
New Jersey Dividend Advantage 2 (NUJ)
2015
NUJ PRC
    3,505,000     $ 35,050,000       2.00 %
Pennsylvania Dividend Advantage (NXM)
2015
NXM PRC
    2,319,000     $ 23,190,000       2.10 %
Pennsylvania Dividend Advantage 2 (NVY)
2015
NVY PRC
    2,455,000     $ 24,550,000       2.15 %
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares were subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share 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 each Fund’s series of MTP Shares by NYSE MKT ticker symbol 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
 
Pennsylvania Dividend Advantage (NXM)
2015
 
NXM PRC
 
November 1, 2015
 
November 1, 2011
 
October 31, 2012
 
Pennsylvania Dividend Advantage 2 (NVY)
2015
 
NVY 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, 2013, were as follows:
 
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
   
Dividend
   
Dividend
   
Dividend
 
   
Advantage 2
   
Advantage
   
Advantage 2
 
   
(NUJ
 
(NXM
 
(NVY
Average liquidation value of MTP Shares outstanding
  $ 35,050,000     $ 23,190,000     $ 24,550,000  
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. 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 New Jersey Dividend Advantage’s (NXJ) redemption of MTP Shares, the remaining deferred offering costs of $112,854 were fully expensed during the current fiscal period, as the redemption was deemed an extinguishment of debt.
 
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. The Funds issued their VRDP Shares in privately negotiated offerings, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
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During the fiscal year ended April 30, 2013, New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) exchanged all 1,443, 886, 1,125 and 1,000 shares of their outstanding Series 1 VRDP for 1,443, 886, 1,125 and 1,000 shares of Series 2 VRDP, respectively. Concurrent with these exchanges, Pennsylvania Premium Income 2 (NPY) issued an additional 50 Series 2 VRDP Shares through a privately negotiated offering, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The Funds completed their exchange offers in which they refinanced their existing VRDP Shares with new VRDP Shares with a maturity date of April 1, 2043 for New Jersey Investment Quality (NQJ) and New Jersey Premium Income (NNJ) and December 1, 2042 for Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY).
 
During the current period, New Jersey Dividend Advantage (NXJ) issued 450 Series 1 VRDP Shares through a private negotiated offering, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
As of October 31, 2013, the details for each Fund’s series VRDP Shares outstanding are as follows:
 
               
Shares
   
               
Outstanding
   
         
Shares
   
at $100,000 Per Share
   
   
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
Pennsylvania Premium Income 2 (NPY)
    2       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 .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, 2013, were as follows:
 
   
New Jersey
   
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
   
Investment
   
Premium
   
Dividend
   
Investment
   
Premium
 
   
Quality
   
Income
   
Advantage
   
Quality
   
Income 2
 
   
(NQJ
 
(NNJ
 
(NXJ
)  
(NQP
 
(NPY
Average liquidation value of VRDP Shares outstanding
  $ 144,300,000     $ 88,600,000     $ 45,000,000     $ 112,500,000     $ 101,808,219  
Annualized dividend rate
    0.17%       0.17%       0.17%       0.19%       0.19%  
 
For financial reporting purposes only, 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 paid 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 a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. New Jersey Dividend Advantage (NXJ) incurred $205,000 of offering costs in conjunction with its shares issued during the six months ended October 31, 2013. 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.
 
New Jersey Investment Quality’s (NQJ), New Jersey Premium Income’s (NNJ), Pennsylvania Investment Quality’s (NQP) and Pennsylvania Premium Income 2’s (NPY) exchange of VRDP Shares was deemed a modification of debt. Offering costs of $260,000, $260,000, $385,000 and $385,000 were

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Notes to Financial Statements (Unaudited) (continued)
 
incurred with New Jersey Investment Quality’s (NQJ), New Jersey Premium Income’s (NNJ), Pennsylvania Investment Quality’s (NQP) and Pennsylvania Premium Income 2’s (NPY) issuance of Series 2 VRDP Shares, respectively, which were fully expensed during the fiscal year ended April 30, 2013.
 
Common Shares Equity Shelf Programs and Offering Costs
New Jersey Investment Quality (NQJ) and New Jersey Premium Income (NNJ) 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 Offering”).
 
Under the Shelf Offerings, the Funds, 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 net asset value (“NAV”) per common share.
 
Authorized common shares, common shares issued and offering proceeds, net of offering costs under each Fund's Shelf Offering for the six months ended October 31, 2013 and the fiscal year ended April 30, 2013 were as follows:

   
New Jersey
Investment Quality (NQJ)
   
New Jersey
Premium Income (NNJ)
 
   
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
 
Authorized common shares
    2,000,000 *           1,200,000 *      
Common shares issued
                       
Offering proceeds, net of offering costs
                       
 
 Shelf offering declared effective by the SEC during the current reporting period.
 
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 charges are recognized over the period such additional shares are sold by reducing the proceeds from the Shelf Offering. These deferred charges are not to exceed the one-year life of the Shelf Offering period and are 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 “Other expenses” on the Statement of Operations. Any additional costs in connection with the Funds’ Shelf Offerings are recorded as a reduction from the proceeds of the Shelf Offerings and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets.
 
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 have entered 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, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of October 31, 2013, the Funds were not invested in any portfolio securities or derivative instruments that are subject to netting agreements.
 
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
 
Investment Valuation
Prices of municipal bonds and other fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
120
 
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Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions 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
 
$
 
$
430,430,802
 
$
 
$
430,430,802
 
                           
New Jersey Premium Income (NNJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
261,680,615
 
$
 
$
261,680,615
 
                           
New Jersey Dividend Advantage (NXJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
137,971,011
 
$
 
$
137,971,011
 
                           
New Jersey Dividend Advantage 2 (NUJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
96,930,095
 
$
 
$
96,930,095
 
                           
New Jersey Municipal Value (NJV)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
24,823,974
 
$
 
$
24,823,974
 
                           
Pennsylvania Investment Quality (NQP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
360,389,213
 
$
 
$
360,389,213
 
                           
Pennsylvania Premium Income 2 (NPY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
318,857,907
 
$
 
$
318,857,907
 

*
Refer to the Fund’s Portfolio of Investments for industry classifications.

Nuveen Investments
 
121

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
Pennsylvania Dividend Advantage (NXM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
69,124,233
 
$
 
$
69,124,233
 
                           
Pennsylvania Dividend Advantage 2 (NVY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
78,331,663
 
$
 
$
78,331,663
 
                           
Pennsylvania Municipal Value (NPN)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
18,225,910
 
$
 
$
18,225,910
 

*
Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated 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 of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts 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 of Directors/Trustees, 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 of Directors/Trustees.
 
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.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of
 
122
 
Nuveen Investments

 
 

 

Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, 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.
 
During the six months ended October 31, 2013, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of October 31, 2013, 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
 
$
31,120,000
 
$
19,890,000
 
$
9,535,000
 
$
7,175,000
 
$
600,000
 
                                 
     
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
   
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Maximum exposure to Recourse Trusts
 
$
2,155,000
 
$
9,165,000
 
$
1,695,000
 
$
2,060,000
 
$
540,000
 

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended October 31, 2013, were as follows:
                                 
     
New Jersey
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
     
Municipal
   
Investment
   
Premium
   
Dividend
   
Dividend
 
     
Value
   
Quality
   
Income 2
   
Advantage
   
Advantage 2
 
     
(NJV
)
 
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
Average floating rate obligations outstanding
 
$
1,500,000
 
$
25,810,000
 
$
7,516,168
 
$
146,277
 
$
3,813,179
 
Average annual interest rate and fees
   
0.70%
 
 
0.36%
 
 
0.59%
 
 
0.71%
 
 
0.70%
 
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. 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 will limit 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, 2013.
 
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.
 
Nuveen Investments
 
123

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
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 were as follows:

   
New Jersey
   
New Jersey
   
New Jersey
 
   
Investment Quality (NQJ)
   
Premium Income (NNJ)
   
Dividend Advantage (NXJ)
 
   
Six Months
         
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
 
Common Shares:
                                   
Issued to shareholders due to reinvestment of distributions
          36,613             40,586             776  
Repurchased and retired
                            (2,500 )      
Weighted average common share:
                                               
Price per share repurchased and retired
                          $ 12.51        
Discount per share repurchased and retired
                            13.13%        
 
   
New Jersey
   
New Jersey
 
   
Dividend Advantage 2 (NUJ)
   
Municipal Value (NJV)
 
   
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
 
Common Shares:
                       
Issued to shareholders due to reinvestment of distributions
          3,072             3,325  
Repurchased and retired
    (1,200 )                  
Weighted average common share:
                               
Price per share repurchased and retired
  $ 12.27                    
Discount per share repurchased and retired
    12.36%                    

   
Pennsylvania
   
Pennsylvania
   
Pennsylvania
 
   
Investment Quality (NQP)
   
Premium Income 2 (NPY)
   
Dividend Advantage (NXM)
 
   
Six Months
         
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
 
Common Shares:
                                   
Issued to shareholders due to reinvestment of distributions
          22,021                          
Repurchased and retired
    (9,100 )                       (6,700 )      
Weighted average common share:
                                               
Price per share repurchased and retired
  $ 12.29                       $ 12.17        
Discount per share repurchased and retired
    13.48%                         13.81%        
 
124
 
Nuveen Investments

 
 

 

   
Pennsylvania
   
Pennsylvania
 
   
Dividend Advantage 2 (NVY)
   
Municipal Value (NPN)
 
   
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
10/31/13
   
4/30/13
   
10/31/13
   
4/30/13
 
Common Shares:
                       
Issued to shareholders due to reinvestment of distributions
          446              
Repurchased and retired
    (5,335 )                  
Weighted average common share:
                               
Price per share repurchased and retired
  $ 11.84                    
Discount per share repurchased and retired
    13.90%                    

Preferred Shares
With the exception of New Jersey Dividend Advantage (NXJ), the Funds with MTP Shares issued and outstanding did not have any transactions in MTP Shares during the six months ended October 31, 2013. The Funds did not have any transactions in MTP Shares during the fiscal year ended April 30, 2013.

Transactions in MTP Shares for New Jersey Dividend Advantage (NXJ) were as follows:
 
     
Six Months Ended 10/31/13
 
           
NYSE MKT
             
     
Series
   
Ticker
   
Shares
   
Amount
 
New Jersey Dividend Advantage (NXJ)
                         
MTP Shares redeemed
   
2014
   
NXJ PRACL
   
(4,486,100
)
$
(44,861,000
)
 
With the exception of New Jersey Dividend Advantage (NXJ), the Funds with VRDP Shares issued and outstanding did not have any transactions in VRDP Shares during the six months ended October 31, 2013. New Jersey Dividend Advantage (NXJ) did not have any transactions in MTP Shares during the fiscal year ended April 30, 2013.
 
Transactions in VRDP Shares were as follows:
                     
     
Year Ended 4/30/13
 
     
Series
   
Shares
   
Amount
 
New Jersey Investment Quality (NQJ)
                   
VRDP Shares issued
   
2
   
1,443
 
$
144,300,000
 
VRDP Shares exchanged
   
1
   
(1,443
)
 
(144,300,000
)
Net increase (decrease)
         
 
$
 
                     
     
Year Ended 4/30/13
 
     
Series
   
Shares
   
Amount
 
New Jersey Premium Income (NNJ)
                   
VRDP Shares issued
   
2
   
886
 
$
88,600,000
 
VRDP Shares exchanged
   
1
   
(886
)
 
(88,600,000
)
Net increase (decrease)
         
  $
 
                     
     
Six Months Ended 10/31/13
 
     
Series
   
Shares
   
Amount
 
New Jersey Dividend Advantage (NXJ)
                   
VRDP Shares issued
   
1
   
450
 
$
45,000,000
 
                     
     
Year Ended 4/30/13
 
     
Series
   
Shares
   
Amount
 
Pennsylvania Investment Quality (NQP)
                   
VRDP Shares issued
   
2
   
1,125
 
$
112,500,000
 
VRDP Shares exchanged
   
1
   
(1,125
)
 
(112,500,000
)
Net increase (decrease)
         
 
$
 

Nuveen Investments
 
125

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
                     
     
Year Ended 4/30/13
     
Series
   
Shares
   
Amount
 
Pennsylvania Premium Income 2 (NPY)
                   
VRDP Shares issued
   
2
   
1,050
 
$
105,000,000
 
VRDP Shares exchanged
   
1
   
(1,000
)
 
(100,000,000
)
Net increase (decrease)
         
50
 
$
5,000,000
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended October 31, 2013, were as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
 
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Purchases
 
$
31,830,957
 
$
13,322,071
 
$
3,786,834
 
$
8,611,856
 
$
2,452,447
 
Sales and maturities
   
30,406,263
   
12,478,681
   
4,429,264
   
7,508,992
   
2,331,590
 
                                 
   
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
 
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Purchases
 
$
25,905,766
 
$
23,243,887
 
$
3,477,287
 
$
5,358,118
 
$
736,863
 
Sales and maturities
   
23,161,368
   
27,525,001
   
3,503,800
   
4,446,511
   
953,798
 
 
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 net asset values of the Funds.
 
As of October 31, 2013, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
 
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Cost of investments
 
$
425,404,731
 
$
256,758,053
 
$
134,748,000
 
$
96,942,932
 
$
21,278,285
 
Gross unrealized:
                               
Appreciation
 
$
16,421,884
 
$
11,632,396
 
$
7,028,827
 
$
3,186,655
 
$
2,259,336
 
Depreciation
   
(11,395,813
)
 
(6,709,834
)
 
(3,805,816
)
 
(3,199,492
)
 
(213,647
)
Net unrealized appreciation (depreciation) of investments
 
$
5,026,071
 
$
4,922,562
 
$
3,223,011
 
$
(12,837
)
$
2,045,689
 
 
126
 
Nuveen Investments

 
 

 

 
                                 
   
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
 
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Cost of investments
 
$
331,588,860
 
$
307,448,252
 
$
68,512,319
 
$
75,014,742
 
$
16,838,992
 
Gross unrealized:
                               
Appreciation
 
$
11,457,029
 
$
14,529,188
 
$
2,134,378
 
$
2,227,103
 
$
1,516,782
 
Depreciation
   
(8,466,698
)
 
(10,564,646
)
 
(1,652,458
)
 
(2,705,114
)
 
(129,864
)
Net unrealized appreciation (depreciation) of investments
 
$
2,990,331
 
$
3,964,542
 
$
481,920
 
$
(478,011
)
$
1,386,918
 

Permanent differences, primarily due to federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of April 30, 2013, 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
 
$
(287,183
)
$
(279,771
)
$
(309,231
)
$
(170,076
)
$
(201
)
Undistributed (Over-distribution of) net investment income
   
282,523
   
276,089
   
302,771
   
150,080
   
(1
)
Accumulated net realized gain (loss)
   
4,660
   
3,682
   
6,460
   
19,996
   
202
 
                                 
   
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
 
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Paid-in-surplus
 
$
(407,434
)
$
(404,708
)
$
(111,996
)
$
(134,930
)
$
1,838
 
Undistributed (Over-distribution of) net investment income
   
407,360
   
404,291
   
131,960
   
137,598
   
(2,194
)
Accumulated net realized gain (loss)
   
74
   
417
   
(19,964
)
 
(2,668
)
 
356
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2013, 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
 
$
4,220,287
 
$
2,805,773
 
$
726,130
 
$
592,957
 
$
45,769
 
Undistributed net ordinary income2
   
   
   
   
   
15,923
 
Undistributed net long-term capital gains
   
   
   
   
   
303,326
 
                                 
   
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
 
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Undistributed net tax-exempt income1
 
$
2,806,377
 
$
3,184,839
 
$
325,615
 
$
321,680
 
$
24,346
 
Undistributed net ordinary income2
   
56,602
   
8,800
   
26,558
   
23,511
   
6,493
 
Undistributed net long-term capital gains
   
   
   
18,899
   
49,693
   
43,240
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2013, paid on May 1, 2013.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

Nuveen Investments
 
127

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
The tax character of distributions paid during the Funds’ last tax year ended April 30, 2013, was designated for purposes of the dividends paid deduction as follows:
                                 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income
   
Advantage
 
Advantage 2
   
Value
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NJV
)
Distributions from net tax-exempt income
 
$
17,424,455
 
$
10,662,777
 
$
6,030,169
 
$
4,289,294
 
$
1,031,516
 
Distributions from net ordinary income2
   
11,201
   
55
   
1,584
   
2,689
   
25,009
 
Distributions from net long-term capital gains
   
   
   
   
   
395,298
 
                                 
   
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Municipal
 
     
Quality
   
Income 2
   
Advantage
 
Advantage 2
   
Value
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
 
(NPN
)
Distributions from net tax-exempt income
 
$
15,057,384
 
$
13,380,053
 
$
3,109,697
 
$
3,762,240
 
$
775,508
 
Distributions from net ordinary income2
   
   
   
   
   
 
Distributions from net long-term capital gains
   
   
   
129,890
   
125,213
   
367,635
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of April 30, 2013, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.
                                       
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Investment
   
Premium
 
     
Quality
   
Income
   
Advantage
 
Advantage 2
   
Quality
   
Income 2
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NQP
)
 
(NPY
)
Expiration:
                                     
April 30, 2017
 
$
 
$
 
$
 
$
 
$
13,518
 
$
2,167,149
 
Not subject to expiration:
                                     
Short-term losses
   
   
1,268
   
   
   
   
 
Long-term losses
   
1,316,047
   
554,853
   
725,722
   
270,569
   
   
 
Total
 
$
1,316,047
 
$
556,121
 
$
725,722
 
$
270,569
 
$
13,518
 
$
2,167,149
 
 
During the Funds’ last tax year ended April 30, 2013, the following Funds utilized capital loss carryforwards as follows:
                                       
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
   
Investment
   
Premium
 
     
Quality
   
Income
   
Advantage
 
Advantage 2
   
Quality
   
Income 2
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
 
(NQP
)
 
(NPY
)
Utilized capital loss carryforwards
 
$
1,047,754
 
$
589,739
 
$
238,640
 
$
397,214
 
$
426,636
 
$
248,369
 
 
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
 
Pennsylvania
 
     
Investment
   
Premium
 
     
Quality
   
Income 2
 
     
(NQJ
)
 
(NPY
)
Post-October capital losses1
 
$
14,702
 
$
34,987
 
Late-year ordinary losses2
   
   
 

1
Capital losses incurred from November 1, 2012 through April 30, 2013, the Funds’ last tax year end.
2
Ordinary losses incurred from January 1, 2013 through April 30, 2013, and specified losses incurred from November 1, 2012 through April 30, 2013.

128
 
Nuveen Investments

 
 

 

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)
      Pennsylvania Premium Income 2 (NPY)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For the next $3 billion
   
.3875
 
For managed assets over $5 billion
   
.3750
 
         
      New Jersey Dividend Advantage (NXJ)
      New Jersey Dividend Advantage 2 (NUJ)
      Pennsylvania Dividend Advantage (NXM)
      Pennsylvania Dividend Advantage 2 (NVY)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For managed assets over $2 billion
   
.3750
 
         
      New Jersey Municipal Value (NJV)
      Pennsylvania Municipal Value (NPN)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4000
%
For the next $125 million
   
.3875
 
For the next $250 million
   
.3750
 
For the next $500 million
   
.3625
 
For the next $1 billion
   
.3500
 
For managed assets over $2 billion
   
.3375
 
 
Nuveen Investments
 
129

 
 

 

 
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
   
.2000
%
$56 billion
   
.1996
 
$57 billion
   
.1989
 
$60 billion
   
.1961
 
$63 billion
   
.1931
 
$66 billion
   
.1900
 
$71 billion
   
.1851
 
$76 billion
   
.1806
 
$80 billion
   
.1773
 
$91 billion
   
.1691
 
$125 billion
   
.1599
 
$200 billion
   
.1505
 
$250 billion
   
.1469
 
$300 billion
   
.1445
 

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to 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, 2013, the complex-level fee rate for each of these Funds was .1683%.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
130
 
Nuveen Investments

 
 

 
 
Annual Investment Management
 
Agreement Approval Process (Unaudited)
 
The Board of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
 
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.
 
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the

Nuveen Investments
 
131

 
 

 
 
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
 
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members visited certain of the Sub-Adviser’s investment teams in Minneapolis in September 2012, and the Sub-Adviser’s municipal team in November 2012. In addition, the ad hoc Securities Lending Committee of the Board met with certain service providers and the Audit Committee of the Board made a site visit to three pricing service providers.
 
The Board considers the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also are assisted throughout the process by independent legal counsel. Counsel provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
 
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any applicable initiatives Nuveen had taken for the closed-end fund product line.
 
132
 
Nuveen Investments

 
 

 

In considering advisory services, the Board recognized that the Adviser provides various oversight, administrative, compliance and other services for the Funds and the Sub-Adviser generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Adviser or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Adviser’s execution of its oversight responsibilities over the Sub-Adviser. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures. Given the Adviser’s emphasis on business risk, the Board also appointed an Independent Board Member as a point person to review and keep the Board apprised of developments in this area during the year.
 
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.
 
In reviewing the services provided, the Board considered the new services and service enhancements that the Adviser has implemented since the various advisory agreements were last reviewed. In reviewing the activities of 2012, the Board recognized the Adviser’s focus on product rationalization for both closed-end and open-end funds during the year, consolidating certain Nuveen funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various Nuveen funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain Nuveen funds. The Board recognized the Adviser’s significant investment in technology initiatives to, among other things, create a central repository for fund and other Nuveen product data, develop a group within the Adviser designed to handle and analyze fund performance data, and implement a data system to support the risk oversight group. The Board also recognized the enhancements in the valuation group within the Adviser, including upgrading the team and process and automating certain basic systems, and in the compliance group with the addition of personnel, particularly within the testing group. With the advent of the Open-End Fund Committee and Closed-End Fund Committee, the Board also noted the enhanced support and comprehensive in-depth presentations provided by the Adviser to these committees.
 
In addition to the foregoing actions, the Board also considered other initiatives related to the Nuveen closed-end funds, including the significant level of oversight and administration necessary to manage leverage that has become increasingly varied and complex and the ongoing redesign of technology systems to manage and track the various forms of leverage; continued capital management services, including developing shelf offering programs for various funds; the implementation of projects designed to enhance data integrity for information published on the web and to increase the use of data received from third parties to gain market intelligence; and the continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its
 
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
closed-end funds through a comprehensive secondary market communication program and campaigns designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: developing materials covering the Nuveen closed-end fund product line and educational materials regarding closed-end funds; designing and executing various marketing campaigns; supporting and promoting the alternative minimum tax (AMT)-free funds; sponsoring and participating in conferences; communicating with closed-end fund analysts and financial advisers throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
 
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013 (or for such shorter periods available for the Funds which did not exist for part of the foregoing time frame). In addition, with respect to closed-end funds (such as the Funds), the Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.
 
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data. The Board recognized that the performance data reflects a snapshot of time, in this case as of the end of the most recent calendar year or quarter. The Board noted that selecting a different performance period could derive significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period.
 
With respect to the comparative performance information, the Board recognized that the usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified, in relevant part, the Performance Peer Groups of certain funds (including the Nuveen New Jersey Dividend Advantage Municipal Fund (the “NJ Dividend Advantage Fund”), the Nuveen New Jersey Dividend Advantage Municipal Fund 2 (the “NJ Dividend Advantage Fund 2”), the Nuveen Jersey Investment Quality Municipal Fund, Inc. (the “NJ Investment Quality Fund”), the Nuveen New Jersey Premium Income Municipal Fund, Inc. (the “NJ Premium Income Fund”), the Nuveen Pennsylvania Investment Quality Municipal Fund
 
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(the “Pennsylvania Investment Quality Fund”), the Nuveen Pennsylvania Dividend Advantage Municipal Fund (the “Pennsylvania Dividend Advantage Fund”), the Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (the “Pennsylvania Dividend Advantage Fund 2”) and the Nuveen Pennsylvania Premium Income Municipal Fund 2 (the “Pennsylvania Premium Income Fund 2”)) as having significant differences from the funds but to still be somewhat relevant while the Performance Peer Groups of other funds (including the Nuveen New Jersey Municipal Value Fund (the “NJ Municipal Value Fund”) and the Nuveen Pennsylvania Municipal Value Fund (the “Pennsylvania Municipal Value Fund”)) were classified as having such significant differences as to be irrelevant. Accordingly, while the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the funds with their peers and/or benchmarks result in differences in performance results. In addition, with respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
 
In considering the performance data for the Funds, the Independent Board Members observed that the Pennsylvania Investment Quality Fund demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods and that such Fund also outperformed its benchmark for the one-, three- and five-year periods. In addition, the Independent Board Members observed that the NJ Dividend Advantage Fund, the NJ Investment Quality Fund, the Pennsylvania Dividend Advantage Fund and the Pennsylvania Dividend Advantage Fund 2 had satisfactory performance in comparison to peers, performing in the second or third quartile over various periods and that such Funds also outperformed their respective benchmarks for the one-, three- and five-year periods. They observed that the Pennsylvania Premium Income Fund 2 also had satisfactory performance in comparison to peers, and that although such Fund was in the fourth quartile for the one-year period, it was in the second quartile for the three- and five-year periods and outperformed its benchmark for the one-, three- and five-year periods. The Independent Board Members noted that NJ Dividend Advantage Fund 2 and the NJ Premium Income Fund appeared to lag their peers over various periods, with the NJ Dividend Advantage Fund 2 performing in the fourth quartile over the one-year period, the second quartile over the three-year period and the third quartile over the five-year period, and the NJ Premium Income Fund performing in the fourth quartile over the one-year period and the third quartile over the three- and five-year periods; however, as indicated above, the Performance Peer Groups of these Funds, although still classified as somewhat relevant, had significant differences from such Funds limiting the usefulness of the peer comparisons and, in addition, such Funds outperformed their respective benchmarks over the one-, three- and five-year periods. In considering the performance data for the Pennsylvania Municipal Value Fund and the NJ Municipal Value Fund, given that, as noted above, the Performance Peer Group of each such Fund was classified as irrelevant, thereby limiting the usefulness of the peer comparison data, the Board also considered such Funds’ performance compared to their respective benchmarks. In this regard, the Independent Board Members noted that the Pennsylvania Municipal Value Fund and the NJ Municipal Value Fund outperformed their respective benchmarks over the one- and three-year periods.
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
   
C.
Fees, Expenses and Profitability
   
 
1. Fees and Expenses
 
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratio in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
   
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; and differences in the states reflected in the Peer Universe may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
   
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets, as applicable), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
   
 
The Independent Board Members noted that the Funds other than the NJ Dividend Advantage Fund 2 and the Pennsylvania Dividend Advantage Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements) that were below or in line with their respective peer averages. The Independent Board Members observed that the NJ Dividend Advantage Fund 2 and the Pennsylvania Dividend Advantage Fund each had a net expense ratio that was slightly higher than its respective peer average, but a net management fee that was in line with its respective peer average.
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients
 
The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services
 
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involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
   
 
In reviewing profitability, the Independent Board Members recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.
   
 
With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of
 
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
   
 
the Funds. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.
 
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. With respect to fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Nevertheless, the Sub-Adviser may also engage in soft dollar arrangements on behalf of other clients, and the Funds as well as the Sub-Adviser may benefit from the research or other services received. Similarly, the Board recognized that

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the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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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.

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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.
 
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Glossary of Terms Used in this Report (continued)

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.
   
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 sometimes referred to as “‘40 Act Leverage” and 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.
 
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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.
               
                     

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
 
Ernst & Young LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60606
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
                 
 
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 has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Information
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the 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
 
NPY
 
NXM
 
NVY
 
NPN
 
Common shares repurchased
 
 
2,500
 
1,200
 
 
9,100
 
 
6,700
 
5,335
 
 
 
Nuveen Investments
 
143
 
 
 

 
 
 
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 afiliates—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 $215 billion as of September 30, 2013.
 

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-1013D
 
 
 

 

 
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, 2013
        0
 
        0
655,000
         
JUNE 1-30, 2013
        0
 
        0
655,000
         
JULY 1-31, 2013
        0
 
        0
655,000
 
       
AUGUST 1-31, 2013
        0
 
        0
655,000
         
SEPTEMBER 1-30, 2013
        0
 
        0
655,000
         
OCTOBER 1-31, 2013
2,500
$12.51          
2,500
652,500
         
TOTAL
2,500
     
 
* The registrant's repurchase program authorized the repurchase of 655,000 shares on November 15, 2012.  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 New Jersey Dividend Advantage Municipal Fund

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

Date: January 6, 2014
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: January 6, 2014

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

Date: January 6, 2014