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 811-10551
Nuveen New Jersey Dividend Advantage Municipal Fund 2
(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 |
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.
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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.
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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.
| Nuveen Investments | 115 |
| 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.
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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. |
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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. |
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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 | |||
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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.
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| 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
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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.
| Nuveen Investments | 139 |
| 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. |
| Nuveen Investments | 141 |
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 | 455,000 | |
| JUNE 1-30, 2013 | 0 | 0 | 455,000 | |
| JULY 1-31, 2013 | 0 | 0 | 455,000 | |
| AUGUST 1-31, 2013 | 0 | 0 | 455,000 | |
| SEPTEMBER 1-30, 2013 | 0 | 0 | 455,000 | |
| OCTOBER 1-31, 2013 | 1,200 | $12.27 | 1,200 | 453,800 |
| TOTAL | 1,200 |
* The registrant's repurchase program authorized the repurchase of 455,000 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 2
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