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Table of Contents
| Chairman's Letter to Shareholders | 4 |
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| Portfolio Manager's Comments | 5 |
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| Fund Leverage | 11 |
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| Common Share Information | 13 |
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| Risk Considerations | 15 |
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| Performance Overview and Holding Summaries | 16 |
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| Report of Independent Registered Public Accounting Firm | 20 |
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| Shareholder Meeting Report | 21 |
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| Portfolios of Investments | 22 |
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| Statement of Assets and Liabilities | 57 |
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| Statement of Operations | 58 |
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| Statement of Changes in Net Assets | 60 |
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| Statement of Cash Flows | 62 |
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| Financial Highlights | 64 |
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| Notes to Financial Statements | 69 |
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| Additional Fund Information | 84 |
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| Glossary of Terms Used in this Report | 85 |
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| Reinvest Automatically, Easily and Conveniently | 87 |
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| Board Members & Officers | 88 |
Chairman's Letter to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news, interest rates are rising in light of the next anticipated Federal Reserve (Fed) rate hikes and inflation is ticking higher.
The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted its second and third interest rate hikes in December 2016 and March 2017, respectively, a vote of confidence that its employment and inflation targets are on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump's win and the U.K.'s decision to leave the European Union (or "Brexit") remained in the minority in the Dutch general election in March, easing the political uncertainty surrounding France and Germany's elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with "hard" data such as consumer and business spending to gauge the economy's progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump's other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. 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 Board
April 24, 2017
Portfolio Manager's Comments
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
Nuveen Pennsylvania Municipal Value Fund (NPN)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio manager Paul L. Brennan, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the performance of the Nuveen New Jersey and Pennsylvania Funds during the abbreviated reporting period from the Funds' previous fiscal year end on April 30, 2016 through the Funds' new fiscal year end on February 28, 2017. Paul assumed portfolio management responsibility for these seven Funds in 2011.
During November 2016, the Funds' fiscal and tax year ends changed from April 30th to February 28th as approved by the Funds' Board of Trustees. As a result, the Funds are preparing an annual report for the ten-month period ended February 28, 2017.
Prior to market open on December 28, 2016, the Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) was renamed the Nuveen New Jersey Quality Municipal Income Fund (NXJ) and the Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) was renamed the Nuveen Pennsylvania Quality Municipal Income Fund (NQP). The renaming of the Funds was done to provide a more consistent classification.
What factors affected the U.S. economy and the national municipal bond market during the abbreviated reporting period ended February 28, 2017?
In the abbreviated reporting period, the U.S. economy continued to expand at its below-trend rate but showed some signs of strengthening in the latter months of the reporting period. For 2016 as a whole, the Bureau of Economic Analysis reported that the economy grew at an annual rate of 1.6%, as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes. Despite a boost in third-quarter GDP from a short-term jump in exports, economic activity in the other three calendar quarters of 2016 stayed near or below the 2% growth mark.
However, momentum appeared to be building in the second half of the reporting period. The labor market continued to tighten, inflation ticked higher, and consumer confidence and spending were higher. As reported by the Bureau of Labor Statistics, the
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| Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein. |
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc., (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Portfolio Manager's Comments (continued)
unemployment rate fell to 4.7% in February 2017 from 4.9% in February 2016 and job gains averaged around 200,000 per month for the past twelve months. Higher oil prices helped drive a steady increase in inflation over this reporting period. The twelvemonth change in the Consumer Price Index (CPI) rose from the low of 0.8% in July 2016 to 2.7% over the twelve-month reporting period ended February 2017 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.2% during the same period, slightly above the Federal Reserve's (Fed) unofficial longer term inflation objective of 2.0% and the fifteenth consecutive month in the range of 2.1% to 2.3%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.9% annual gain in January 2017 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 4.8% and 5.7%, respectively.
The U.S. economic outlook struck a more optimistic tone, prompting the Fed's policy making committee to raise its main benchmark interest rate in December 2016 and again in March 2017 (after the close of this reporting period). These moves were widely expected by the markets and additional increases are anticipated in 2017 as the Fed seeks to gradually "normalize" interest rates.
The political environment was another major influence on the markets over the reporting period. In the U.S., the surprising election of Donald Trump boosted consumer, business and market sentiment, on hopes that Trump's policy agenda of tax reform, infrastructure spending and reduced regulation would reignite the economy. While U.S. stocks rallied particularly strongly in the months following the election, the advance slowed as concerns about the new administration's immigration policy and the Republican's health care bill began to weigh on the markets. Prior to the U.S. presidential election, Britain's vote to leave the European Union, known as Brexit, roiled the markets in late June and July. Although world stock markets largely recovered, sterling dropped to a 31-year low and remained volatile as the U.K. prepared for exit negotiations. Investors also worried whether the undercurrent of populism and nationalism supporting the Trump and Brexit victories could spread across Europe, where several countries have key elections in 2017.
The municipal bond market encountered elevated volatility over the twelve-month reporting period, driven by a sell-off and widening credit spreads following the surprise election results. Prior to the election, municipal bond mutual funds had been drawing steady inflows from September 2015 to October 2016, which kept demand outpacing supply and supported prices. However, beginning in mid-October, demand began to soften in anticipation of a Fed rate hike. Municipal bond prices continued to fall in November after Trump's win triggered rising inflation and interest rate expectations as well as speculation on tax code changes, and in December due to tax-loss selling. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow. Municipal bond funds experienced large outflows in the fourth quarter of 2016, especially in the high yield municipal segment, which drove mutual fund managers to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening.
In the reporting period overall, municipal bond issuance nationwide totaled $442.7 billion, an 11.5% gain from the issuance for the twelve-month period ended February 29, 2016. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this was an overall positive technical factor on municipal bond investment performance in recent years. However, since the low in July 2016, interest rates have moved higher on expectations of additional Fed rate hikes,
rising inflation and stronger economic growth. Issuers have begun to pull future refunding deals, as higher interest rates have eroded the potential cost savings of replacing older bonds.
Although the municipal bond market experienced widening credit spreads post-election, the trend was more attributable to technical conditions than a change in the fundamental backdrop. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
How were the economic and market environments in New Jersey and Pennsylvania during the abbreviated reporting period ended February 28, 2017?
New Jersey's economy has been slow to recover, but in 2016 the state finally regained all of the jobs lost during the recession. While the public sector contracted slightly, the private sector added jobs across a number of industries including construction, health care, manufacturing and transportation. The state has several characteristics that position it to do quite well, such as its proximity to New York City's extensive job market, a shoreline along the Atlantic coast that benefits a strong tourism industry and two large transportation hubs in the Port of New York and New Jersey and Newark airport. However, for years following the recession, the state's recovery fell short of many of its peers. New Jersey had the slowest job growth rate in the Northeast until the middle of 2015. As of February 2017, the state's unemployment rate registered 4.4%, down from 5.0% a year prior. Maintaining and upgrading infrastructure is key to economic growth. To address the dire need to finance infrastructure projects, the New Jersey legislature voted to raise the per-gallon tax on gas and diesel effective November 1, 2016. Prior to this, all revenues coming into the transportation trust fund were needed to cover debt service. While resources dedicated to transportation funding are set to increase, the state reduced its sales tax rate and will phase out the estate tax over two years, so general operating revenues are projected to decline. The sluggishness of the state's recovery exacerbated fiscal pressures caused by growing pension, retirement health care and debt service payments. In the proposed Fiscal Year 2018 budget, expenditures on these three line items constitutes 24% of revenues. The $2.5 billion pension payment in the Fiscal Year 2018 budget proposed by Governor Christie funds only 50% of the actuarially recommended contribution. The state has been downgraded several times in recent years and now carries an A- rating with negative outlook by S&P, an A3 with stable outlook by Moody's and an A with stable outlook by Fitch. For the twelve months ending February 28, 2017, the state issued $12.7 billion in tax-exempt debt, a gross issuance, year-over-year increase of 27.8%.
Pennsylvania is the sixth-largest state by population and by gross state product. The commonwealth's economy remains slow-growing. Pennsylvania's unemployment rate of 5.0% in February 2017 was above that of the nation at 4.7%. Mining and manufacturing remain drags on growth, but these are offset by improvements in other parts of the economy. Education and health care remain the commonwealth's largest employment sectors and they contributed strongly to growth in 2016. On the fiscal front, Pennsylvania faces increasing pressure from a structurally unbalanced budget. The commonwealth balanced the 2015 and 2016 budgets with one-time items. This is also the case for the 2017 budget, although the commonwealth did pass some recurring new revenues as well. Governor Wolf's proposed Fiscal 2018 budget seeks $2 billion of spending cuts and $1 billion of increases in taxes that are not broad-based but rather come from loopholes in taxes on sales, corporate profits and insurance premiums. Pennsylvania has an average bonded debt burden compared to other states. Net tax-supported debt is equal to a moderate 2.3% of personal income. The commonwealth's pension plans are poorly funded. Currently, Pennsylvania's unfunded pension liability is estimated at more than $70 billion, split between the State Employees Retirement System and the Public School Employees Retirement System. As of February 2017, Pennsylvania's general obligation (GO) debt was rated Aa3 by Moody's and AA- by S&P
Portfolio Manager's Comments (continued)
and Fitch. For the twelve months ended February 28, 2017, $21.6 billion in new municipal bonds were issued in the commonwealth, a gross issuance increase of 40.4% from the previous twelve months.
What key strategies were used to manage these Funds during the abbreviated reporting period ended February 28, 2017?
The broad municipal bond market posted a small negative return over the abbreviated reporting period, after the post-election sell-off erased gains from earlier in the period. New Jersey's municipal market performed similarly to the national market, while the Pennsylvania municipal market's return underperformed that of the national market. Both states continued to be hampered by budget gaps, driven by the states' lower-than-expected revenues, weaker job growth and lagging economic growth, which has weighed on their municipal bond markets.
Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. Additionally, with both Pennsylvania and New Jersey facing ongoing fiscal challenges, we continued to limit exposure to state-supported obligations in all four Funds. Although New Jersey's market is dominated by state-issued and higher quality bonds, which are among the features we've tended to deemphasize within the Funds' positioning, we have found opportunities to invest in bonds offering attractive yields and relative value.
To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. Refunding activity was elevated in the Funds during this reporting period as borrowers continued to refinance debt before the expected increase in interest rates. Other notable sales during the reporting period included the elimination of NJV's Virgin Islands exposure, due to increasing concerns about the territory's credit conditions. NXJ and NJV sold their remaining holdings of American Airlines common stock, which performed well and contributed positively to the Funds' performance. The Funds received American Airlines stock when their holding of bonds issued by Puerto Rico Ports Authority for American Airlines was converted into equity as part of the merger with US Airways, which was completed in December 2013. Over time, we have sold these shares and reinvested the proceeds into municipal bonds. NXJ's remaining Puerto Rico bonds were called during the reporting period, reducing the Fund's exposure to zero by the end of the reporting period. For NQP, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Fund's leverage.
In all four Funds, we took advantage of the changing market conditions during the reporting period to pursue a tax loss swap strategy. We sold some lower coupon bonds that were bought when interest rates were lower and used the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds' income distribution capabilities.
As of February 28, 2017, 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. As part of our duration management strategies, NQP and NXJ also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark. These swaps had a positive impact on performance.
How did the Funds perform during the abbreviated reporting period ended February 28, 2017?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the abbreviated, one-year, five-year, ten-year and since inception periods ended February 28, 2017. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification averages.
For the abbreviated reporting period ended February 28, 2017, the total return on common share NAV for these four Funds trailed the returns for their respective state's S&P Municipal Bond Index as well as that of the national S&P Municipal Bond Index.
The factors influencing the Funds' performance during this reporting period included yield curve and duration positioning, credit rating allocations and sector allocations. From a yield curve and duration standpoint, the Funds' bias toward longer duration credits was a detractor from performance because of the segment's relative underperformance in this reporting period. However, lower rated credits, which the four Funds have continued to emphasize, performed well and contributed positively to returns. On a sector basis, the strong performance of tobacco securitization bonds was beneficial to NXJ, NJV and NPN's returns. (Pennsylvania does not offer tobacco bonds. NPN holds District of Columbia tobacco securitization bonds, and NQP has no exposure to the tobacco sector.) A positive contribution from the New Jersey transportation sector, driven by toll road bonds, also boosted the New Jersey Funds' returns.
We should also note that in terms of individual credit selection, all four Funds generally saw positive results from holdings held over the entire reporting period, but credits bought in the latter half of 2016 tended to underperform because of the sharp rise in yields following the election. Additionally, the Pennsylvania Funds' exposure to energy supplier FirstEnergy was a meaningful detractor during this reporting period. The credits performed poorly as the company seeks to exit the power generation business, which has increased uncertainty about its financial health.
In addition, the use of regulatory leverage was a factor affecting the performance of NXJ and NQP. NJV and NPN do not use regulatory leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
Portfolio Manager's Comments (continued)
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NQP had limited exposure of 0.69%, which was either insured or investment grade, to Puerto Rico debt, while NXJ, NJV and NPN did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing months. Such changes could have an impact on the net asset value of the Fund's shares.
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. 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. The Fund's use of leverage through inverse floating rate securities was negligible to performance over this reporting period. Leverage had a positive impact on the performance of NXJ and NQP over this reporting period.
As of February 28, 2017, the Funds' percentages of leverage are as shown in the accompanying table.
| | NXJ | NJV | NQP | NPN | |
| Effective Leverage* | 38.98% | 9.37% | 40.53% | 4.34% | |
| Regulatory Leverage* | 32.65% | N/A | 35.29% | 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. Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of February 28, 2017, NXJ and NQP have issued and outstanding, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NJV and NPN do not use regulatory leverage.
| | VMTP Shares | | VRDP Shares | | | | |
| | | | | Shares | | | | | Shares | | | | |
| | | | | Issued at | | | | | Issued at | | | | |
| | | | | Liquidation | | | | | Liquidation | | | | |
| Fund | Series | | | Preference | | Series | | | Preference | | | Total | |
| NXJ | — | | | — | | 1 | | $ | 81,000,000 | | | | |
| | — | | | — | | 2 | | $ | 144,300,000 | | | | |
| | — | | | — | | 3 | | $ | 88,600,000 | | | | |
| | | | | | | | | $ | 313,900,000 | | $ | 313,900,000 | |
| NQP | 2019 | | $ | 87,000,000 | | 2 | | $ | 112,500,000 | | | | |
| | — | | | — | | 3 | | $ | 105,000,000 | | | | |
| | | | $ | 87,000,000 | | | | $ | 217,500,000 | | $ | 304,500,000 | |
During the current fiscal period, NQP refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NQP issued an additional $39,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NXJ and NQP each designated a special rate period until November 15, 2017, for each Fund's Series 2 and Series 3 VRDP Shares and NXJ's Series 1 VRDP Shares until January 24, 2018. In connection with the transition to the special rate period, the VRDP Shares of each series have been remarketed and sold to an institutional investor. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula.
Refer to Notes to Financial Statements, Note – 4 Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of February 28, 2017. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.
| | | Per Common Share Amounts |
| Monthly Distributions (Ex-Dividend Date) | | | NXJ | | | NJV | | | NQP | | | NPN | |
| May 2016 | | $ | 0.0680 | | $ | 0.0490 | | $ | 0.0675 | | $ | 0.0520 | |
| June | | | 0.0650 | | | 0.0490 | | | 0.0640 | | | 0.0520 | |
| July | | | 0.0650 | | | 0.0490 | | | 0.0640 | | | 0.0520 | |
| August | | | 0.0650 | | | 0.0490 | | | 0.0640 | | | 0.0520 | |
| September | | | 0.0605 | | | 0.0490 | | | 0.0600 | | | 0.0520 | |
| October | | | 0.0605 | | | 0.0490 | | | 0.0600 | | | 0.0520 | |
| November | | | 0.0605 | | | 0.0490 | | | 0.0600 | | | 0.0520 | |
| December | | | 0.0605 | | | 0.0490 | | | 0.0585 | | | 0.0520 | |
| January | | | 0.0605 | | | 0.0490 | | | 0.0585 | | | 0.0520 | |
| February 2017 | | | 0.0605 | | | 0.0490 | | | 0.0585 | | | 0.0520 | |
| Total Monthly Per Share Distributions | | $ | 0.6260 | | $ | 0.4900 | | $ | 0.6150 | | $ | 0.5200 | |
| Ordinary Income Distribution* | | $ | 0.0029 | | $ | 0.0287 | | $ | 0.0015 | | $ | 0.1246 | |
| Total Distributions from Net Investment Income | | $ | 0.6289 | | $ | 0.5187 | | $ | 0.6165 | | $ | 0.6446 | |
| Total Distributions from Long-Term Capital Gains* | | $ | — | | $ | 0.1503 | | $ | 0.0308 | | $ | 0.4771 | |
| Total Distributions | | $ | 0.6289 | | $ | 0.6690 | | $ | 0.6473 | | $ | 1.1217 | |
| | | | | | | | | | | | | | |
| Yields | | | | | | | | | | | | | |
| Market Yield** | | | 5.41 | % | | 3.77 | % | | 5.28 | % | | 3.94 | % |
| Taxable-Equivalent Yield** | | | 8.03 | % | | 5.59 | % | | 7.56 | % | | 5.64 | % |
| * | Distribution paid in December 2016. |
| | |
| ** | Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
Common Share Information (continued)
As of February 28, 2017, the Funds had positive UNII balances for tax purposes. NXJ, NJV and NPN had positive UNII balances while NQP had a negative UNII balance for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2016, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of February 28, 2017, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
| | NXJ | NJV | NQP | NPN | |
| Common shares cumulatively repurchased and retired | 608,600 | 15,000 | 363,400 | 0 | |
| Common shares authorized for repurchase | 4,260,000 | 155,000 | 3,775,000 | 120,000 | |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of February 28, 2017, 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.
| | | NXJ | | | NJV | | | NQP | | | NPN | |
| Common share NAV | | $ | 15.21 | | | $ | 15.56 | | | $ | 14.79 | | | $ | 15.16 | |
| Common share price | | $ | 13.42 | | | $ | 15.61 | | | $ | 13.30 | | | $ | 15.83 | |
| Premium/(Discount) to NAV | | | (11.77 | )% | | | 0.32 | % | | | (10.07 | )% | | | 4.42 | % |
| 10-month average premium/(discount) to NAV | | | (10.18 | )% | | | (1.40 | )% | | | (8.88 | )% | | | 3.06 | % |
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.
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXJ.
Nuveen New Jersey Municipal Value Fund (NJV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NJV.
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NQP.
Nuveen Pennsylvania Municipal Value Fund (NPN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NPN.
| NXJ | |
| | Nuveen New Jersey Quality Municipal Income Fund |
| | (formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund) |
| | Performance Overview and Holding Summaries as of February 28, 2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 28, 2017
| | Cumulative | | Average Annual |
| | 10-Month | | 1-Year | 5-Year | 10-Year | |
| NXJ at Common Share NAV | (2.20)% | | 0.68% | 4.82% | 5.32% | |
| NXJ at Common Share Price | (4.35)% | | 1.54% | 3.14% | 4.05% | |
| S&P Municipal Bond New Jersey Index | (0.30)% | | 1.29% | 3.37% | 4.32% | |
| S&P Municipal Bond Index | (0.37)% | | 0.76% | 3.25% | 4.22% | |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed 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. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 147.0% |
| Other Assets Less Liabilities | 1.2% |
| Net Assets Plus VRDP Shares, net of deferred offering costs | 148.2% |
| VRDP Shares, net of deferred offering costs | (48.2)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 22.2% |
| Transportation | 19.2% |
| Health Care | 14.4% |
| Education and Civic Organizations | 11.5% |
| U.S. Guaranteed | 9.1% |
| Tax Obligation/General | 4.5% |
| Consumer Staples | 4.1% |
| Other | 15.0% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 14.9% |
| AA | 36.5% |
| A | 31.1% |
| BBB | 9.6% |
| BB or Lower | 7.1% |
| N/R (not rated) | 0.8% |
| Total | 100% |
| NJV | |
| | Nuveen New Jersey Municipal Value Fund |
| | Performance Overview and Holding Summaries as of February 28, 2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 28, 2017
| | Cumulative | | Average Annual |
| | 10-Month | | 1-Year | 5-Year | Since Inception | |
| NJV at Common Share NAV | (0.57)% | | 0.77% | 4.04% | 6.25% | |
| NJV at Common Share Price | 7.39% | | 8.72% | 4.51% | 6.00% | |
| S&P Municipal Bond New Jersey Index | (0.30)% | | 1.29% | 3.37% | 5.08% | |
| S&P Municipal Bond Index | (0.37)% | | 0.76% | 3.25% | 4.97% | |
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed 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. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 102.8% |
| Short-Term Municipal Bonds | 2.1% |
| Other Assets Less Liabilities | 1.3% |
| Net Assets Plus Floating Rate Obligations | 106.2% |
| Floating Rate Obligations | (6.2)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 19.0% |
| Education and Civic Organizations | 16.6% |
| Health Care | 16.1% |
| Transportation | 13.3% |
| U.S. Guaranteed | 8.3% |
| Housing/Multifamily | 7.8% |
| Tax Obligation/General | 7.0% |
| Other | 11.9% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA | 11.6% |
| AA | 38.8% |
| A | 33.3% |
| BBB | 9.0% |
| BB or Lower | 6.2% |
| N/R (not rated) | 1.1% |
| Total | 100% |
| NQP | |
| | Nuveen Pennsylvania Quality Municipal Income Fund |
| | (formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund) |
| | Performance Overview and Holding Summaries as of February 28, 2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 28, 2017
| | Cumulative | | Average Annual |
| | 10-Month | | 1-Year | 5-Year | 10-Year | |
| NQP at Common Share NAV | (4.19)% | | (1.79)% | 4.23% | 5.18% | |
| NQP at Common Share Price | (6.66)% | | (1.43)% | 3.18% | 5.67% | |
| S&P Municipal Bond Pennsylvania Index | (0.51)% | | 0.75% | 3.44% | 4.38% | |
| S&P Municipal Bond Index | (0.37)% | | 0.76% | 3.25% | 4.22% | |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed 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. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 158.4% |
| Other Assets Less Liabilities | 4.8% |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred operating costs & VRDP Shares, net of deferred operating costs | 163.2% |
| Floating Rate Obligations | (8.8)% |
| VMTP Shares, net of deferred offering costs | (15.6)% |
| VRDP Shares, net of deferred offering costs | (38.8)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 20.7% |
| Tax Obligation/General | 18.0% |
| Education and Civic Organizations | 12.2% |
| U.S. Guaranteed | 12.1% |
| Housing/Single Family | 8.5% |
| Water and Sewer | 6.7% |
| Transportation | 5.9% |
| Tax Obligation/Limited | 5.9% |
| Other | 10.0% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 11.7% |
| AA | 44.1% |
| A | 27.7% |
| BBB | 7.2% |
| BB or Lower | 4.7% |
| N/R (not rated) | 4.6% |
| Total | 100% |
| NPN | |
| | Nuveen Pennsylvania Municipal Value Fund |
| | Performance Overview and Holding Summaries as of February 28, 2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 28, 2017
| | Cumulative | | Average Annual |
| | 10-Month | | 1-Year | 5-Year | Since Inception | |
| NPN at Common Share NAV | (1.33)% | | (0.16)% | 3.70% | 5.89% | |
| NPN at Common Share Price | 3.08% | | 9.95% | 5.45% | 6.03% | |
| S&P Municipal Bond Pennsylvania Index | (0.51)% | | 0.75% | 3.44% | 4.99% | |
| S&P Municipal Bond Index | (0.37)% | | 0.76% | 3.25% | 4.97% | |
Since inception returns are from 4/28/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed 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. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 99.8% |
| Short-Term Municipal Bonds | 2.7% |
| Other Assets Less Liabilities | (0.9)% |
| Net Assets Plus Floating Rate Obligations | 101.6% |
| Floating Rate Obligations | (1.6)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 23.9% |
| U.S. Guaranteed | 16.5% |
| Tax Obligation/Limited | 9.5% |
| Transportation | 8.5% |
| Housing/Single Family | 8.5% |
| Housing/Multifamily | 6.8% |
| Tax Obligation/General | 6.7% |
| Education and Civic Organizations | 5.8% |
| Other | 13.8% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 16.0% |
| AA | 46.7% |
| A | 18.1% |
| BBB | 13.7% |
| BB or Lower | 3.0% |
| N/R (not rated) | 2.5% |
| Total | 100% |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen New Jersey Quality Municipal Income Fund
(formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund)
Nuveen New Jersey Municipal Value Fund
Nuveen Pennsylvania Quality Municipal Income Fund
(formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund)
Nuveen Pennsylvania Municipal Value Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen New Jersey Quality Municipal Income Fund, Nuveen New Jersey Municipal Value Fund, Nuveen Pennsylvania Quality Municipal Income Fund, and Nuveen Pennsylvania Municipal Value Fund (the "Funds") as of February 28, 2017, and the related statements of operations and cash flows (where applicable) for the ten-month period from May 1, 2016 through February 28, 2017 and the one-year period ended April 30, 2016, the statements of changes in net assets for the ten-month period from May 1, 2016 through February 28, 2017 and each of the years in the two-year period ended April 30, 2016, and the financial highlights for the ten-month period from May 1, 2016 through February 28, 2017 and each of the years in the two-year period ended April 30, 2016. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through April 30, 2014 were audited by other auditors whose report dated June 25, 2014 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of February 28, 2017, the results of their operations, cash flows (where applicable), changes in their net assets, and the financial highlights for each of the periods described in the first paragraph, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
April 26, 2017
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on November 15, 2016 for NXJ, NJV, NQP and NPN; at this meeting the shareholders were asked to elect Board Members.
| | | | | | | | | | | | | | | | | | | | |
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| | | | Common and | | | | | | | | | Common and | | | | | | | |
| | | | Preferred | | | | | | | | | Preferred | | | | | | | |
| | | | shares voting | | | | | | | | | shares voting | | | | | | | |
| | | | together | | | Preferred | | | Common | | | together | | | Preferred | | | Common | |
| | | | as a class | | | Shares | | | Shares | | | as a class | | | Shares | | | Shares | |
| Approval of the Board Members was reached as follows: | | | | | | | | | | | | | | | | | | | |
| Judith M. Stockdale | | | | | | | | | | | | | | | | | | | |
| For | | | 38,091,936 | | | — | | | 1,410,837 | | | 31,041,500 | | | — | | | 1,041,160 | |
| Withhold | | | 972,289 | | | — | | | 17,211 | | | 1,711,649 | | | — | | | 84,312 | |
| Total | | | 39,064,225 | | | — | | | 1,428,048 | | | 32,753,149 | | | — | | | 1,125,472 | |
| Carole E. Stone | | | | | | | | | | | | | | | | | | | |
| For | | | 38,130,617 | | | — | | | 1,417,283 | | | 31,206,995 | | | — | | | 1,042,708 | |
| Withhold | | | 933,608 | | | — | | | 10,765 | | | 1,546,154 | | | — | | | 82,764 | |
| Total | | | 39,064,225 | | | — | | | 1,428,048 | | | 32,753,149 | | | — | | | 1,125,472 | |
| Margaret L. Wolff | | | | | | | | | | | | | | | | | | | |
| For | | | 38,115,709 | | | — | | | 1,420,141 | | | 31,331,321 | | | — | | | 1,043,708 | |
| Withhold | | | 948,516 | | | — | | | 7,907 | | | 1,421,828 | | | — | | | 81,764 | |
| Total | | | 39,064,225 | | | — | | | 1,428,048 | | | 32,753,149 | | | — | | | 1,125,472 | |
| William C. Hunter | | | | | | | | | | | | | | | | | | | |
| For | | | — | | | 1,549 | | | 1,410,837 | | | — | | | 1,510 | | | 1,054,058 | |
| Withhold | | | — | | | — | | | 17,211 | | | — | | | — | | | 71,414 | |
| Total | | | — | | | 1,549 | | | 1,428,048 | | | — | | | 1,510 | | | 1,125,472 | |
| William J. Schneider | | | | | | | | | | | | | | | | | | | |
| For | | | — | | | 1,549 | | | — | | | — | | | 1,510 | | | — | |
| Withhold | | | — | | | — | | | — | | | — | | | — | | | — | |
| Total | | | — | | | 1,549 | | | — | | | — | | | 1,510 | | | — | |
| NXJ | | |
| | Nuveen New Jersey Quality Municipal Income Fund | |
| | (formerly known as Nuveen New Jersey Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | LONG-TERM INVESTMENTS – 147.0% (100.0% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 147.0% (100.0% of Total Investments) | | | | | | |
| | | | Consumer Discretionary – 0.4% (0.3% of Total Investments) | | | | | | |
| | | | Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A: | | | | | | |
| $ | 1,720 | | 5.000%, 1/01/32 | 4/17 at 100.00 | | Caa1 | $ | 1,264,957 | |
| | 1,485 | | 5.125%, 1/01/37 | 4/17 at 100.00 | | Caa1 | | 1,054,202 | |
| | 3,205 | | Total Consumer Discretionary | | | | | 2,319,159 | |
| | | | Consumer Staples – 6.0% (4.1% of Total Investments) | | | | | | |
| | | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | | | | | | |
| | 3,325 | | 4.500%, 6/01/23 | 6/17 at 100.00 | | BBB+ | | 3,366,230 | |
| | 32,225 | | 4.750%, 6/01/34 | 6/17 at 100.00 | | BB– | | 30,881,214 | |
| | 4,890 | | 5.000%, 6/01/41 | 6/17 at 100.00 | | B | | 4,736,699 | |
| | 40,440 | | Total Consumer Staples | | | | | 38,984,143 | |
| | | | Education and Civic Organizations – 16.9% (11.5% of Total Investments) | | | | | | |
| | 1,760 | | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 | 12/23 at 100.00 | | A | | 1,964,670 | |
| | 2,025 | | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | | A | | 2,384,539 | |
| | 2,455 | | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, Formerly Tender Option Bond Trust 3359, 16.413%, 6/15/46 (IF) (4) | 6/23 at 100.00 | | AA– | | 3,544,136 | |
| | | | New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A: | | | | | | |
| | 2,475 | | 5.000%, 7/01/38 | 7/23 at 100.00 | | AA– | | 2,731,757 | |
| | 3,250 | | 5.000%, 7/01/43 | 7/23 at 100.00 | | AA– | | 3,573,440 | |
| | 250 | | New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27 | 7/17 at 100.00 | | BBB– | | 252,790 | |
| | 1,100 | | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured | 7/25 at 100.00 | | AA | | 1,099,956 | |
| | 5,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | | AA– | | 5,536,250 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2015D: | | | | | | |
| | 2,395 | | 5.000%, 7/01/31 | 7/25 at 100.00 | | AA– | | 2,715,834 | |
| | 1,600 | | 5.000%, 7/01/33 | 7/25 at 100.00 | | AA– | | 1,795,632 | |
| | 1,000 | | 5.000%, 7/01/34 | 7/25 at 100.00 | | AA– | | 1,116,860 | |
| | 5,955 | | New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | | AA | | 6,465,939 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C: | | | | | | |
| | 1,500 | | 5.250%, 7/01/32 | 7/20 at 100.00 | | A2 | | 1,588,830 | |
| | 1,000 | | 5.375%, 7/01/41 | 7/20 at 100.00 | | A2 | | 1,056,330 | |
| | 4,335 | | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0099, 12.464%, 7/01/39 (IF) | 7/21 at 100.00 | | AAA | | 5,894,213 | |
| | 4,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0149, 12.615%, 7/01/44 (IF) (4) | 7/24 at 100.00 | | AAA | | 5,740,600 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding Series 2012B: | | | | | | |
| $ | 550 | | 5.000%, 7/01/37 | 7/22 at 100.00 | | A | $ | 600,490 | |
| | 1,050 | | 5.000%, 7/01/42 | 7/22 at 100.00 | | A | | 1,143,965 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | | | | | | |
| | 1,140 | | 5.000%, 7/01/32 | 7/21 at 100.00 | | Baa2 | | 1,211,102 | |
| | 740 | | 5.000%, 7/01/37 | 7/21 at 100.00 | | Baa2 | | 777,007 | |
| | 1,200 | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2015C, 5.000%, 7/01/35 | 7/25 at 100.00 | | A– | | 1,319,160 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D: | | | | | | |
| | 675 | | 5.000%, 7/01/38 | 7/23 at 100.00 | | A– | | 745,025 | |
| | 1,935 | | 5.000%, 7/01/43 | 7/23 at 100.00 | | A– | | 2,127,571 | |
| | 1,970 | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C, 3.000%, 7/01/46 | 7/26 at 100.00 | | A– | | 1,625,447 | |
| | 2,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | | A | | 2,140,020 | |
| | 975 | | New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46 | 7/26 at 100.00 | | BB | | 948,968 | |
| | 4,560 | | New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2015C, 5.000%, 7/01/40 | 7/25 at 100.00 | | A+ | | 4,941,034 | |
| | | | New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A: | | | | | | |
| | 200 | | 5.000%, 7/01/18 | No Opt. Call | | AA– | | 210,082 | |
| | 1,000 | | 5.000%, 7/01/19 | No Opt. Call | | AA– | | 1,079,260 | |
| | | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A: | | | | | | |
| | 6,180 | | 3.500%, 12/01/32 (Alternative Minimum Tax) | 12/25 at 100.00 | | AA | | 5,581,343 | |
| | 1,430 | | 4.000%, 12/01/39 (Alternative Minimum Tax) | 12/25 at 100.00 | | AA | | 1,332,603 | |
| | 2,430 | | 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 | | 2,525,013 | |
| | 990 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25 | 12/19 at 100.00 | | AA | | 1,047,479 | |
| | 960 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30 | 12/20 at 100.00 | | Aa3 | | 1,015,882 | |
| | 1,255 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax) | 12/21 at 100.00 | | Aa3 | | 1,374,012 | |
| | | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A: | | | | | | |
| | 4,005 | | 4.250%, 12/01/25 (Alternative Minimum Tax) | 12/22 at 100.00 | | AA | | 4,223,633 | |
| | 1,320 | | 4.375%, 12/01/26 (Alternative Minimum Tax) | 12/22 at 100.00 | | AA | | 1,395,464 | |
| | 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 | | 535,940 | |
| | 1,320 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A, 3.750%, 12/01/26 (Alternative Minimum Tax) | 12/22 at 100.00 | | AA | | 1,308,661 | |
| | | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A: | | | | | | |
| | 5,000 | | 4.000%, 12/01/28 (Alternative Minimum Tax) | 12/24 at 100.00 | | AA | | 5,105,200 | |
| | 2,575 | | 4.000%, 12/01/30 (Alternative Minimum Tax) | 12/24 at 100.00 | | AA | | 2,607,909 | |
| | | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151: | | | | | | |
| | 1,235 | | 9.947%, 12/01/23 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | 1,258,243 | |
| | 1,105 | | 10.015%, 12/01/24 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | 1,068,745 | |
| | 750 | | 10.447%, 12/01/25 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | 715,080 | |
| | 220 | | 11.021%, 12/01/26 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | 212,397 | |
| | 2,500 | | 12.028%, 12/01/27 (Alternative Minimum Tax) (IF) (4) | 12/23 at 100.00 | | AA | | 2,771,300 | |
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | |
| $ | 2,000 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, Formerly Tender Option Bond Trust PA-4643, 17.340%, 6/01/30 (IF) (4) | 6/19 at 100.00 | | AA | $ | 2,592,160 | |
| | 575 | | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42 | 7/22 at 100.00 | | A1 | | 633,736 | |
| | 2,300 | | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | | A1 | | 2,514,544 | |
| | 2,170 | | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, Formerly Tender Option Bond Trust 3339, 16.532%, 5/01/43 (IF) (4) | 5/23 at 100.00 | | AA– | | 3,184,171 | |
| | 98,915 | | Total Education and Civic Organizations | | | | | 109,334,422 | |
| | | | Financials – 1.5% (1.1% of Total Investments) | | | | | | |
| | | | New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002: | | | | | | |
| | 7,875 | | 5.750%, 10/01/21 | No Opt. Call | | Ba2 | | 8,252,921 | |
| | 1,500 | | 6.500%, 4/01/28 | No Opt. Call | | Ba2 | | 1,739,685 | |
| | 9,375 | | Total Financials | | | | | 9,992,606 | |
| | | | Health Care – 21.2% (14.4% of Total Investments) | | | | | | |
| | | | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | | | | | | |
| | 175 | | 5.000%, 2/15/25 | 2/24 at 100.00 | | BBB+ | | 194,264 | |
| | 220 | | 5.000%, 2/15/26 | 2/24 at 100.00 | | BBB+ | | 241,091 | |
| | 1,320 | | 5.000%, 2/15/27 | 2/24 at 100.00 | | BBB+ | | 1,429,652 | |
| | 1,385 | | 5.000%, 2/15/28 | 2/24 at 100.00 | | BBB+ | | 1,486,936 | |
| | 1,385 | | 5.000%, 2/15/29 | 2/24 at 100.00 | | BBB+ | | 1,479,831 | |
| | 2,500 | | 5.000%, 2/15/32 | 2/24 at 100.00 | | BBB+ | | 2,639,725 | |
| | 3,040 | | 5.000%, 2/15/33 | 2/24 at 100.00 | | BBB+ | | 3,198,597 | |
| | 145 | | 5.000%, 2/15/34 | 2/24 at 100.00 | | BBB+ | | 152,207 | |
| | 1,950 | | 5.000%, 2/15/35 | 2/24 at 100.00 | | BBB+ | | 2,042,118 | |
| | 6,100 | | 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+ | | 6,770,573 | |
| | 225 | | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 | 7/18 at 100.00 | | AA– | | 235,064 | |
| | 2,500 | | New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 2016-XG0047, 17.324%, 7/01/38 – AGC Insured (IF) (4) | 7/19 at 100.00 | | AA | | 3,294,100 | |
| | | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011: | | | | | | |
| | 2,000 | | 6.000%, 7/01/26 | 7/21 at 100.00 | | BB+ | | 2,125,900 | |
| | 2,500 | | 6.250%, 7/01/35 | 7/21 at 100.00 | | BB+ | | 2,671,650 | |
| | 2,050 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | | BB+ | | 2,108,343 | |
| | 1,145 | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24 | 7/22 at 100.00 | | A+ | | 1,290,633 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013: | | | | | | |
| | 2,570 | | 5.250%, 7/01/31 | 7/23 at 100.00 | | A– | | 2,835,969 | |
| | 1,285 | | 5.500%, 7/01/43 | 7/23 at 100.00 | | A– | | 1,414,618 | |
| | 2,525 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41 | 1/27 at 100.00 | | AA– | | 2,541,261 | |
| | 10,000 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | | A+ | | 10,868,800 | |
| | 3,765 | | 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 | | AA | | 3,796,513 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Health Care (continued) | | | | | | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A: | | | | | | |
| $ | 2,055 | | 5.000%, 7/01/45 | 7/24 at 100.00 | | A+ | $ | 2,232,162 | |
| | 2,045 | | 4.000%, 7/01/45 | 7/24 at 100.00 | | A+ | | 2,004,100 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012: | | | | | | |
| | 4,155 | | 3.750%, 7/01/27 | No Opt. Call | | A3 | | 4,196,425 | |
| | 3,375 | | 5.000%, 7/01/31 | 7/22 at 100.00 | | A3 | | 3,667,511 | |
| | 1,500 | | 5.000%, 7/01/37 | 7/22 at 100.00 | | A3 | | 1,595,910 | |
| | | | 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+ | | 3,394,440 | |
| | 3,000 | | 5.000%, 7/01/26 | 7/22 at 100.00 | | A+ | | 3,371,190 | |
| | 2,500 | | 5.000%, 7/01/27 | 7/22 at 100.00 | | A+ | | 2,801,325 | |
| | 1,450 | | 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+ | | 1,606,571 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007: | | | | | | |
| | 7,520 | | 5.000%, 7/01/38 – AGC Insured | 7/18 at 100.00 | | AA | | 7,792,600 | |
| | 2,250 | | 5.000%, 7/01/38 | 7/18 at 100.00 | | AA | | 2,337,030 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A: | | | | | | |
| | 830 | | 5.000%, 7/01/32 | 7/26 at 100.00 | | Baa2 | | 935,485 | |
| | 1,055 | | 5.000%, 7/01/33 | 7/26 at 100.00 | | Baa2 | | 1,179,237 | |
| | 340 | | 5.000%, 7/01/34 | 7/26 at 100.00 | | Baa2 | | 377,461 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A: | | | | | | |
| | 4,235 | | 5.000%, 7/01/39 | 7/24 at 100.00 | | A+ | | 4,628,601 | |
| | 5,955 | | 5.000%, 7/01/43 | 7/24 at 100.00 | | A+ | | 6,496,429 | |
| | 3,945 | | 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+ | | 4,447,396 | |
| | 1,695 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | | A+ | | 1,863,398 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016: | | | | | | |
| | 885 | | 4.000%, 7/01/34 | 7/26 at 100.00 | | BBB– | | 851,689 | |
| | 2,600 | | 5.000%, 7/01/35 | 7/26 at 100.00 | | BBB– | | 2,746,848 | |
| | 1,700 | | 5.000%, 7/01/36 | 7/26 at 100.00 | | BBB– | | 1,790,661 | |
| | 6,955 | | 5.000%, 7/01/41 | 7/26 at 100.00 | | BBB– | | 7,287,727 | |
| | 5,805 | | 4.000%, 7/01/48 | 7/26 at 100.00 | | BBB– | | 5,272,043 | |
| | 2,345 | | 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 | | A– | | 2,319,111 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A: | | | | | | |
| | 5,055 | | 4.125%, 7/01/38 – AGM Insured | 7/25 at 100.00 | | AA | | 5,133,302 | |
| | 3,910 | | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | | AA | | 4,193,397 | |
| | 128,945 | | Total Health Care | | | | | 137,339,894 | |
| | | | Housing/Multifamily – 4.4% (3.0% of Total Investments) | | | | | | |
| | 1,900 | | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 | 1/25 at 100.00 | | BBB– | | 1,974,347 | |
| | 1,845 | | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2017A, 5.000%, 7/01/47 | 1/27 at 100.00 | | BBB– | | 1,931,125 | |
| | 6,075 | | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | | BBB– | | 6,239,268 | |
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Housing/Multifamily (continued) | | | | | | |
| | | | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident | | | | | | |
| | | | Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A: | | | | | | |
| $ | 3,870 | | 5.750%, 6/01/31 | 6/20 at 100.00 | | Baa3 | $ | 4,197,828 | |
| | 2,100 | | 5.875%, 6/01/42 | 6/20 at 100.00 | | Baa3 | | 2,270,016 | |
| | | | New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2: | | | | | | |
| | 2,165 | | 4.350%, 11/01/33 (Alternative Minimum Tax) | 11/22 at 100.00 | | AA | | 2,257,749 | |
| | 1,235 | | 4.600%, 11/01/38 (Alternative Minimum Tax) | 11/22 at 100.00 | | AA | | 1,275,397 | |
| | 1,235 | | 4.750%, 11/01/46 (Alternative Minimum Tax) | 11/22 at 100.00 | | AA | | 1,280,275 | |
| | 2,280 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | | AA– | | 2,285,882 | |
| | 4,870 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17 | No Opt. Call | | AA– | | 4,871,461 | |
| | 27,575 | | Total Housing/Multifamily | | | | | 28,583,348 | |
| | | | Housing/Single Family – 3.4% (2.3% of Total Investments) | | | | | | |
| | | | New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A: | | | | | | |
| | 10,000 | | 4.450%, 10/01/25 | 4/21 at 100.00 | | Aa2 | | 10,639,500 | |
| | 10,000 | | 4.650%, 10/01/29 | 4/21 at 100.00 | | Aa2 | | 10,511,500 | |
| | 545 | | 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 | | 545,294 | |
| | 20,545 | | Total Housing/Single Family | | | | | 21,696,294 | |
| | | | Industrials – 0.2% (0.1% of Total Investments) | | | | | | |
| | 1,340 | | Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999A, 6.850%, 12/01/29 (Mandatory put 12/01/17) | No Opt. Call | | A– | | 1,349,447 | |
| | | | Long-Term Care – 2.4% (1.6% of Total Investments) | | | | | | |
| | 7,835 | | 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 | | 8,009,956 | |
| | 510 | | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44 | 1/24 at 100.00 | | N/R | | 523,515 | |
| | 5,000 | | 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– | | 5,223,250 | |
| | 1,410 | | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29 | 7/24 at 100.00 | | BBB– | | 1,511,393 | |
| | 14,755 | | Total Long-Term Care | | | | | 15,268,114 | |
| | | | Tax Obligation/General – 6.6% (4.5% of Total Investments) | | | | | | |
| | 2,225 | | Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | | AA | | 2,485,703 | |
| | 825 | | Elizabeth, Union County, New Jersey, General Obligation Bonds, General Improvement Series 2014, 3.125%, 4/01/27 – AGM Insured | 4/24 at 100.00 | | AA | | 837,614 | |
| | 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+ | | 2,250,810 | |
| | 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– | | 686,391 | |
| | 1,100 | | Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23 | 5/21 at 100.00 | | AA– | | 1,184,348 | |
| | | | Medford Township Board of Education, Burlington County, New Jersey, General Obligation Bonds, Refunding Series 2015: | | | | | | |
| | 710 | | 5.000%, 3/01/22 | No Opt. Call | | Aa2 | | 814,271 | |
| | 755 | | 5.000%, 3/01/24 | No Opt. Call | | Aa2 | | 880,504 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | |
| $ | 1,975 | | Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27 | 8/20 at 100.00 | | AA | $ | 2,214,884 | |
| | 2,805 | | Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24 | No Opt. Call | | AAA | | 3,183,198 | |
| | 2,280 | | Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38 | 3/25 at 100.00 | | AA– | | 2,557,636 | |
| | 760 | | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A, 5.000%, 1/01/37 | 1/24 at 100.00 | | AAA | | 851,360 | |
| | | | New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012: | | | | | | |
| | 465 | | 5.000%, 9/01/28 | 9/22 at 100.00 | | A+ | | 518,894 | |
| | 610 | | 5.000%, 9/01/29 | 9/22 at 100.00 | | A+ | | 678,826 | |
| | 300 | | 5.000%, 9/01/31 | 9/22 at 100.00 | | A+ | | 332,505 | |
| | 250 | | 3.625%, 9/01/34 | 9/22 at 100.00 | | A+ | | 250,408 | |
| | | | New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016: | | | | | | |
| | 1,000 | | 3.000%, 9/01/32 | 9/25 at 100.00 | | AA | | 951,210 | |
| | 1,000 | | 3.000%, 9/01/33 | 9/25 at 100.00 | | AA | | 938,040 | |
| | | | South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014: | | | | | | |
| | 740 | | 3.000%, 9/01/17 | No Opt. Call | | AA | | 748,340 | |
| | 400 | | 5.000%, 9/01/22 | No Opt. Call | | AA | | 466,456 | |
| | | | Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2015: | | | | | | |
| | 1,000 | | 5.000%, 2/15/34 | 2/25 at 100.00 | | AA– | | 1,136,180 | |
| | 1,395 | | 5.000%, 2/15/35 | 2/25 at 100.00 | | AA– | | 1,579,712 | |
| | 4,260 | | Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22 | No Opt. Call | | AA+ | | 4,729,622 | |
| | 5,165 | | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax) | 12/21 at 100.00 | | AA+ | | 5,560,071 | |
| | 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 | | Aaa | | 2,726,838 | |
| | 1,515 | | Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured | No Opt. Call | | A2 | | 1,830,847 | |
| | 1,435 | | West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 9/01/28 – BAM Insured | 9/24 at 100.00 | | AA | | 1,531,819 | |
| | 635 | | West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 – AGM Insured | 7/17 at 100.00 | | AA | | 643,731 | |
| | 100 | | Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2010, 5.000%, 7/15/19 | No Opt. Call | | AA+ | | 109,045 | |
| | 39,160 | | Total Tax Obligation/General | | | | | 42,679,263 | |
| | | | Tax Obligation/Limited – 32.6% (22.2% of Total Investments) | | | | | | |
| | 3,775 | | 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 | | 4,653,971 | |
| | 4,150 | | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured | No Opt. Call | | AA+ | | 4,896,378 | |
| | 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 | | AA | | 2,233,530 | |
| | 3,015 | | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured | No Opt. Call | | AA | | 3,687,405 | |
| | 5,120 | | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured | No Opt. Call | | AA | | 5,453,005 | |
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | |
| | | | Government of Guam, Business Privilege Tax Bonds, Series 2011A: | | | | | | |
| $ | 5,005 | | 5.250%, 1/01/36 | 1/22 at 100.00 | | A | $ | 5,223,869 | |
| | 3,020 | | 5.125%, 1/01/42 | 1/22 at 100.00 | | A | | 3,124,341 | |
| | 500 | | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29 | 1/22 at 100.00 | | A | | 522,455 | |
| | 1,110 | | 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 | | 1,072,149 | |
| | | | Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016: | | | | | | |
| | 10,310 | | 5.000%, 5/01/46 | 5/26 at 100.00 | | AA | | 11,617,720 | |
| | 3,745 | | 5.250%, 5/01/51 | 5/26 at 100.00 | | AA | | 4,274,243 | |
| | | | New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | | | | | | |
| | 310 | | 5.000%, 6/15/21 | No Opt. Call | | BBB+ | | 336,976 | |
| | 6,400 | | 5.000%, 6/15/25 | 6/22 at 100.00 | | BBB+ | | 6,836,160 | |
| | 3,480 | | 5.000%, 6/15/26 | 6/22 at 100.00 | | BBB+ | | 3,702,059 | |
| | 7,945 | | 5.000%, 6/15/28 | 6/22 at 100.00 | | BBB+ | | 8,407,320 | |
| | 415 | | 5.000%, 6/15/29 | 6/22 at 100.00 | | BBB+ | | 437,410 | |
| | | | New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007: | | | | | | |
| | 440 | | 5.125%, 6/15/27 | 6/17 at 100.00 | | Baa3 | | 442,486 | |
| | 740 | | 5.125%, 6/15/37 | 6/17 at 100.00 | | Baa3 | | 742,930 | |
| | 5,000 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26 | 6/24 at 100.00 | | A3 | | 5,205,100 | |
| | 6,385 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU, 5.000%, 6/15/27 | 6/24 at 100.00 | | A3 | | 6,632,163 | |
| | 12,000 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40 | 6/25 at 100.00 | | A3 | | 12,200,760 | |
| | 6,000 | | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | | A– | | 6,310,620 | |
| | 1,400 | | 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 | | A3 | | 1,409,688 | |
| | | | New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006: | | | | | | |
| | 2,120 | | 5.000%, 6/15/17 – FGIC Insured | 3/17 at 100.00 | | AA– | | 2,127,950 | |
| | 3,750 | | 5.000%, 6/15/18 – FGIC Insured | 3/17 at 100.00 | | AA– | | 3,763,538 | |
| | | | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1: | | | | | | |
| | 1,130 | | 5.000%, 6/15/29 | 6/26 at 100.00 | | A+ | | 1,204,546 | |
| | 655 | | 5.000%, 6/15/30 | 6/26 at 100.00 | | A+ | | 694,477 | |
| | 32,965 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30 | No Opt. Call | | A3 | | 16,691,826 | |
| | 8,100 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22 | No Opt. Call | | A3 | | 8,932,275 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: | | | | | | |
| | 33,270 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | | AA | | 16,131,956 | |
| | 39,090 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | | AA | | 17,898,527 | |
| | 9,970 | | 0.000%, 12/15/34 – AGM Insured | No Opt. Call | | AA | | 4,312,324 | |
| | 7,500 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured | 12/17 at 100.00 | | A3 | | 7,702,275 | |
| | 7,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24 | No Opt. Call | | A3 | | 7,462,420 | |
| | 3,860 | | Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36 | 5/25 at 100.00 | | AA | | 3,900,530 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | |
| | | | 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 | $ | 986,065 | |
| | 4,495 | | 3.500%, 5/01/35 | 5/22 at 100.00 | | Aa3 | | 4,447,083 | |
| | 2,500 | | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, County College Facility Project, Series 2014B, 5.000%, 2/01/20 | No Opt. Call | | AA+ | | 2,768,275 | |
| | | | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019: | | | | | | |
| | 285 | | 21.186%, 5/01/28 (IF) (4) | No Opt. Call | | Aaa | | 621,425 | |
| | 285 | | 22.259%, 5/01/29 (IF) (4) | No Opt. Call | | Aaa | | 627,969 | |
| | 200 | | 22.259%, 5/01/30 (IF) (4) | No Opt. Call | | Aaa | | 445,630 | |
| | 370 | | 22.033%, 5/01/31 (IF) (4) | No Opt. Call | | Aaa | | 829,089 | |
| | 385 | | 22.151%, 5/01/32 (IF) (4) | No Opt. Call | | Aaa | | 869,838 | |
| | 400 | | 22.155%, 5/01/33 (IF) (4) | No Opt. Call | | Aaa | | 899,548 | |
| | 415 | | 22.259%, 5/01/34 (IF) (4) | No Opt. Call | | Aaa | | 926,778 | |
| | 3,975 | | Union County Improvement Authority, New Jersey, Lease Revenue Bonds, Plainfield – Park Madison Redevelopment Project, Tender Option Trust 2016-XG0057, 16.027%, 3/01/34 (IF) (4) | No Opt. Call | | AA+ | | 7,626,395 | |
| | 256,850 | | Total Tax Obligation/Limited | | | | | 211,293,477 | |
| | | | Transportation – 28.2% (19.2% of Total Investments) | | | | | | |
| | 5,550 | | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 4/17 at 100.00 | | AA– | | 5,655,284 | |
| | 2,400 | | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42 | 1/23 at 100.00 | | A1 | | 2,617,728 | |
| | | | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: | | | | | | |
| | 1,285 | | 5.000%, 1/01/34 | 1/24 at 100.00 | | A1 | | 1,424,397 | |
| | 5,890 | | 4.125%, 1/01/39 | 1/24 at 100.00 | | A1 | | 6,054,213 | |
| | 7,800 | | 5.000%, 1/01/44 | 1/24 at 100.00 | | A1 | | 8,560,734 | |
| | | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2015: | | | | | | |
| | 1,000 | | 4.000%, 7/01/34 – BAM Insured | 7/25 at 100.00 | | AA | | 1,038,070 | |
| | 2,820 | | 4.000%, 7/01/35 – BAM Insured | 7/25 at 100.00 | | AA | | 2,917,008 | |
| | | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017: | | | | | | |
| | 3,265 | | 5.000%, 7/01/42 (WI/DD, Settling 3/01/17) | 7/27 at 100.00 | | A1 | | 3,686,446 | |
| | 10,340 | | 5.000%, 7/01/47 (WI/DD, Settling 3/01/17) | 7/27 at 100.00 | | A1 | | 11,623,608 | |
| | | | Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2012A: | | | | | | |
| | 2,150 | | 5.000%, 7/01/24 | 7/22 at 100.00 | | A1 | | 2,475,188 | |
| | 1,105 | | 5.000%, 7/01/25 | 7/22 at 100.00 | | A1 | | 1,262,507 | |
| | 650 | | 4.000%, 7/01/26 | 7/22 at 100.00 | | A1 | | 694,434 | |
| | 625 | | 4.000%, 7/01/27 | 7/22 at 100.00 | | A1 | | 663,075 | |
| | | | 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 | | 1,088,820 | |
| | 5,005 | | 5.000%, 1/01/40 | 1/20 at 100.00 | | A | | 5,442,287 | |
| | 7,035 | | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40 | 1/24 at 100.00 | | A | | 7,730,128 | |
| | | | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012: | | | | | | |
| | 1,800 | | 5.000%, 1/01/24 | 1/23 at 100.00 | | A– | | 1,996,920 | |
| | 1,635 | | 5.000%, 1/01/25 | 1/23 at 100.00 | | A– | | 1,801,132 | |
| | 1,875 | | 5.000%, 1/01/26 | 1/23 at 100.00 | | A– | | 2,066,475 | |
| | 3,595 | | 5.000%, 1/01/27 | 1/23 at 100.00 | | A– | | 3,940,156 | |
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Transportation (continued) | | | | | | |
| $ | 5,555 | | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax) | 1/24 at 100.00 | | BBB | $ | 6,141,053 | |
| | | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: | | | | | | |
| | 1,000 | | 5.125%, 9/15/23 (Alternative Minimum Tax) | 3/17 at 100.00 | | BB– | | 1,059,950 | |
| | 1,800 | | 5.250%, 9/15/29 (Alternative Minimum Tax) | 8/22 at 101.00 | | BB– | | 1,900,962 | |
| | 2,250 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) | 3/24 at 101.00 | | BB– | | 2,452,073 | |
| | | | New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A: | | | | | | |
| | 6,000 | | 5.000%, 9/15/20 | No Opt. Call | | A | | 6,488,400 | |
| | 5,750 | | 5.000%, 9/15/21 | No Opt. Call | | A | | 6,290,213 | |
| | 7,780 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 | 1/25 at 100.00 | | A+ | | 8,658,518 | |
| | 3,065 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured | No Opt. Call | | AA | | 3,782,425 | |
| | 7,500 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35 | 1/20 at 100.00 | | A+ | | 8,127,000 | |
| | 7,620 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 | 1/23 at 100.00 | | A+ | | 8,644,738 | |
| | 3,625 | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 15.255%, 1/01/43 (IF) (4) | 7/22 at 100.00 | | A+ | | 5,080,293 | |
| | 2,100 | | 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 | | 2,287,866 | |
| | 2,750 | | Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured | 4/17 at 100.00 | | A2 | | 2,758,223 | |
| | 7,235 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | | AA– | | 8,194,289 | |
| | 5,700 | | 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– | | 5,777,406 | |
| | | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997: | | | | | | |
| | 19,655 | | 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax) | 4/17 at 100.00 | | AA– | | 19,943,533 | |
| | 12,130 | | 5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) | 4/17 at 100.00 | | AA– | | 12,325,900 | |
| | 168,340 | | Total Transportation | | | | | 182,651,452 | |
| | | | U.S. Guaranteed – 13.4% (9.1% of Total Investments) (5) | | | | | | |
| | 25 | | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured (ETM) | No Opt. Call | | Aa2 (5) | | 29,994 | |
| | 645 | | 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) | | 688,873 | |
| | | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U: | | | | | | |
| | 2,625 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured | 9/17 at 100.00 | | AAA | | 2,681,753 | |
| | 5,435 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | AAA | | 5,552,505 | |
| | 1,545 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured | 9/17 at 100.00 | | A– (5) | | 1,578,403 | |
| | 2,910 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | A3 (5) | | 2,973,380 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D: | | | | | | |
| | 7,310 | | 5.000%, 7/01/32 (Pre-refunded 7/01/17) – FGIC Insured | 7/17 at 100.00 | | AA– (5) | | 7,418,773 | |
| | 6,875 | | 5.000%, 7/01/39 (Pre-refunded 7/01/17) – FGIC Insured | 7/17 at 100.00 | | AA– (5) | | 6,977,300 | |
| | 1,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2007E, 5.000%, 7/01/33 (Pre-refunded 7/01/17) | 7/17 at 100.00 | | AAA | | 1,013,430 | |
| | 15 | | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.000%, 12/01/17 (ETM) | No Opt. Call | | N/R (5) | | 15,551 | |
| | | | 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) | | 28,023 | |
| | 100 | | 6.500%, 12/01/20 (Pre-refunded 6/01/19) | 6/19 at 100.00 | | N/R (5) | | 112,090 | |
| | 5 | | 7.125%, 12/01/23 (Pre-refunded 6/01/19) | 6/19 at 100.00 | | N/R (5) | | 5,672 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | U.S. Guaranteed (5) (continued) | | | | | | |
| $ | 30 | | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 (Pre-refunded 9/01/21) | 9/21 at 100.00 | | N/R (5) | $ | 32,407 | |
| | 4,885 | | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 (Pre-refunded 7/01/18) | 7/18 at 100.00 | | N/R (5) | | 5,154,799 | |
| | 6,840 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37 (Pre-refunded 7/01/17) | 7/17 at 100.00 | | N/R (5) | | 6,938,906 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013: | | | | | | |
| | 555 | | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | | N/R (5) | | 668,342 | |
| | 275 | | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | | N/R (5) | | 335,261 | |
| | 7,670 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) | 7/21 at 100.00 | | A+ (5) | | 9,026,746 | |
| | 5,000 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | | Baa3 (5) | | 5,379,750 | |
| | 3,805 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare's Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM) | 4/17 at 100.00 | | AA (5) | | 4,297,519 | |
| | 410 | | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18) | 10/18 at 100.00 | | N/R (5) | | 438,626 | |
| | 1,555 | | New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured (ETM) | No Opt. Call | | AA– (5) | | 1,854,073 | |
| | 1,650 | | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | | A3 (5) | | 1,901,163 | |
| | 305 | | North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A, 5.000%, 6/01/27 (Pre-refunded 6/01/22) | 6/22 at 100.00 | | N/R (5) | | 357,600 | |
| | 15,840 | | North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23 – NPFG Insured (ETM) | No Opt. Call | | A3 (5) | | 13,782,542 | |
| | 7,580 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/32 (Pre-refunded 8/15/17) – AGM Insured | 8/17 at 100.00 | | AA (5) | | 7,734,101 | |
| | 84,915 | | Total U.S. Guaranteed | | | | | 86,977,582 | |
| | | | Utilities – 4.3% (2.9% of Total Investments) | | | | | | |
| | 13,500 | | Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax) | 7/20 at 100.00 | | Ba2 | | 13,439,790 | |
| | 1,510 | | Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured | No Opt. Call | | AA– | | 1,758,516 | |
| | | | New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A: | | | | | | |
| | 1,000 | | 4.750%, 6/15/32 (Alternative Minimum Tax) | 6/22 at 100.00 | | Baa3 | | 1,021,290 | |
| | 1,225 | | 5.125%, 6/15/43 (Alternative Minimum Tax) | 6/22 at 100.00 | | Baa3 | | 1,258,038 | |
| | 5,100 | | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax) | 5/20 at 100.00 | | A+ | | 5,569,200 | |
| | 2,040 | | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax) | 11/20 at 100.00 | | A+ | | 2,167,806 | |
| | 2,300 | | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) | No Opt. Call | | BBB– | | 2,524,664 | |
| | 26,675 | | Total Utilities | | | | | 27,739,304 | |
| NXJ | Nuveen New Jersey Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Water and Sewer – 5.5% (3.7% of Total Investments) | | | | | | |
| | | | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C: | | | | | | |
| $ | 1,460 | | 5.000%, 10/01/23 | No Opt. Call | | A+ | $ | 1,694,710 | |
| | 15,670 | | 4.250%, 10/01/47 (Alternative Minimum Tax) | 10/22 at 100.00 | | A+ | | 15,901,603 | |
| | 1,650 | | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 | 9/21 at 100.00 | | AAA | | 1,675,658 | |
| | 6,270 | | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 2016-XF0395, 6.797%, 9/01/21 (IF) (4) | No Opt. Call | | AAA | | 7,678,117 | |
| | | | North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A: | | | | | | |
| | 3,515 | | 5.000%, 6/01/27 | 6/22 at 100.00 | | A | | 3,897,959 | |
| | 4,000 | | 5.000%, 6/01/42 – NPFG Insured | 6/22 at 100.00 | | A | | 4,345,720 | |
| | 300 | | 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 | | N/R | | 307,518 | |
| | 32,865 | | Total Water and Sewer | | | | | 35,501,285 | |
| $ | 953,900 | | Total Investments (cost $908,765,974) – 147.0% | | | | | 951,709,790 | |
| | | | Variable Rate Demand Preferred Shares, net of deferred operating costs – (48.2)% (6) | | | | | (312,319,496 | ) |
| | | | Other Assets Less Liabilities – 1.2% (7) | | | | | 8,235,480 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | $ | 647,625,774 | |
Investments in Derivatives as of February 28, 2017
Interest Rate Swaps
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Fund | | | | | Fixed Rate | | | | | | | Unrealized | |
| | | | Notional | | Pay/Receive | | Floating Rate | | Fixed Rate | | Payment | | Effective | | Termination | | | Appreciation | |
| Counterparty | | | Amount | | Floating Rate | | Index | | (Annualized) | | Frequency | | Date (8) | | Date | | | (Depreciation) | |
| JPMorgan Chase Bank, N.A. | | $ | 25,750,000 | | Receive | | USD-BMA | | 1.130% | | Quarterly | | 10/30/17 | | 10/30/26 | | $ | 1,720,413 | |
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (6) | Variable Rate Demand Preferred Shares, net of deferred operating costs as a percentage of Total Investments is 32.8%. |
| (7) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (8) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| USD-BMA | United State Dollar-Bond Market Association |
See accompanying notes to financial statements.
| NJV | | |
| | Nuveen New Jersey Municipal Value Fund | |
| | Portfolio of Investments | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | LONG-TERM INVESTMENTS – 102.8% (98.0% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 102.8% (98.0% of Total Investments) | | | | | | |
| | | | Consumer Staples – 4.3% (4.1% of Total Investments) | | | | | | |
| | | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | | | | | | |
| $ | 205 | | 4.750%, 6/01/34 | 6/17 at 100.00 | | BB– | $ | 196,452 | |
| | 870 | | 5.000%, 6/01/41 | 6/17 at 100.00 | | B | | 842,726 | |
| | 1,075 | | Total Consumer Staples | | | | | 1,039,178 | |
| | | | Education and Civic Organizations – 17.4% (16.6% of Total Investments) | | | | | | |
| | 110 | | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 | 12/23 at 100.00 | | A | | 122,792 | |
| | 115 | | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | | A | | 135,418 | |
| | 45 | | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, Formerly Tender Option Bond Trust 3359, 16.413%, 6/15/46 (IF) (4) | 6/23 at 100.00 | | AA– | | 64,964 | |
| | 185 | | New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40 | 7/26 at 100.00 | | AA– | | 156,242 | |
| | 910 | | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36 | 9/19 at 100.00 | | A2 | | 988,233 | |
| | 100 | | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured | 7/25 at 100.00 | | AA | | 99,996 | |
| | 155 | | New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | | AA | | 168,299 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | | | | | | |
| | 90 | | 5.000%, 7/01/32 | 7/21 at 100.00 | | Baa2 | | 95,613 | |
| | 30 | | 5.000%, 7/01/37 | 7/21 at 100.00 | | Baa2 | | 31,500 | |
| | 75 | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38 | 7/23 at 100.00 | | A– | | 82,781 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C: | | | | | | |
| | 335 | | 3.000%, 7/01/41 | 7/26 at 100.00 | | A– | | 284,388 | |
| | 50 | | 3.000%, 7/01/46 | 7/26 at 100.00 | | A– | | 41,255 | |
| | 100 | | New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | | A | | 107,001 | |
| | 25 | | New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46 | 7/26 at 100.00 | | BB | | 24,333 | |
| | 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 | | 1,074,020 | |
| | 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 | | 31,746 | |
| | 100 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax) | 12/22 at 100.00 | | A | | 107,188 | |
| | 195 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (Alternative Minimum Tax) | 12/24 at 100.00 | | AA | | 197,492 | |
| | 90 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 9.947%, 12/01/23 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | 91,694 | |
| | 200 | | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | | A1 | | 218,656 | |
| NJV | Nuveen New Jersey Municipal Value Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | |
| $ | 60 | | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, Formerly Tender Option Bond Trust 3339, 16.532%, 5/01/43 (IF) (4) | 5/23 at 100.00 | | AA– | $ | 88,042 | |
| | 4,000 | | Total Education and Civic Organizations | | | | | 4,211,653 | |
| | | | Health Care – 16.9% (16.1% of Total Investments) | | | | | | |
| | 105 | | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/25 | 2/24 at 100.00 | | BBB+ | | 116,558 | |
| | 115 | | 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+ | | 127,642 | |
| | 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 | | 2,158,820 | |
| | 85 | | 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 | | A– | | 93,797 | |
| | 70 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41 | 1/27 at 100.00 | | AA– | | 70,451 | |
| | 215 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | | A+ | | 233,679 | |
| | 100 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A, 4.000%, 7/01/45 | 7/24 at 100.00 | | A+ | | 98,000 | |
| | 20 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/21 | No Opt. Call | | A+ | | 22,769 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007: | | | | | | |
| | 100 | | 5.000%, 7/01/38 – AGC Insured | 7/18 at 100.00 | | AA | | 103,625 | |
| | 65 | | 5.000%, 7/01/38 | 7/18 at 100.00 | | AA | | 67,514 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A: | | | | | | |
| | 25 | | 5.000%, 7/01/32 | 7/26 at 100.00 | | Baa2 | | 28,177 | |
| | 40 | | 5.000%, 7/01/33 | 7/26 at 100.00 | | Baa2 | | 44,710 | |
| | 130 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39 | 7/24 at 100.00 | | A+ | | 142,082 | |
| | 110 | | 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+ | | 124,009 | |
| | 325 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016, 4.000%, 7/01/48 | 7/26 at 100.00 | | BBB– | | 295,162 | |
| | 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 | | A– | | 98,896 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A: | | | | | | |
| | 125 | | 4.125%, 7/01/38 – AGM Insured | 7/25 at 100.00 | | AA | | 126,936 | |
| | 110 | | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | | AA | | 117,973 | |
| | 3,840 | | Total Health Care | | | | | 4,070,800 | |
| | | | Housing/Multifamily – 8.2% (7.8% of Total Investments) | | | | | | |
| | 100 | | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 | 1/25 at 100.00 | | BBB– | | 103,913 | |
| | 55 | | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties LLC – Rowan University Student Housing Project, Series 2017A, 5.000%, 7/01/47 | 1/27 at 100.00 | | BBB– | | 57,567 | |
| | 155 | | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | | BBB– | | 159,191 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Housing/Multifamily (continued) | | | | | | |
| | | | 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 | $ | 108,471 | |
| | 50 | | 5.875%, 6/01/42 | 6/20 at 100.00 | | Baa3 | | 54,048 | |
| | 1,000 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A, 4.950%, 5/01/41 | 11/19 at 100.00 | | AA– | | 1,033,830 | |
| | 60 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | | AA– | | 60,155 | |
| | 130 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17 | No Opt. Call | | AA– | | 130,039 | |
| | 270 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40 | 11/25 at 100.00 | | AA– | | 260,380 | |
| | 1,920 | | Total Housing/Multifamily | | | | | 1,967,594 | |
| | | | Housing/Single Family – 0.5% (0.5% of Total Investments) | | | | | | |
| | 115 | | New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29 | 4/21 at 100.00 | | Aa2 | | 117,376 | |
| | | | Long-Term Care – 1.9% (1.8% of Total Investments) | | | | | | |
| | 260 | | 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 | | 265,806 | |
| | 15 | | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44 | 1/24 at 100.00 | | N/R | | 15,398 | |
| | 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– | | 146,251 | |
| | 40 | | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29 | 7/24 at 100.00 | | BBB– | | 42,876 | |
| | 455 | | Total Long-Term Care | | | | | 470,331 | |
| | | | Tax Obligation/General – 7.3% (7.0% of Total Investments) | | | | | | |
| | | | Medford Township Board of Education, Burlington County, New Jersey, General Obligation Bonds, Refunding Series 2015: | | | | | | |
| | 20 | | 5.000%, 3/01/22 | No Opt. Call | | Aa2 | | 22,937 | |
| | 20 | | 5.000%, 3/01/24 | No Opt. Call | | Aa2 | | 23,325 | |
| | 70 | | Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Refunding Series 2016B, 4.000%, 8/01/24 | No Opt. Call | | AAA | | 79,438 | |
| | 200 | | Monroe Township Board of Education of Gloucester County, New Jersey, General Obligation Bond, Refunding Series 2014, 3.000%, 3/01/17 | No Opt. Call | | AA– | | 200,040 | |
| | 110 | | Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38 | 3/25 at 100.00 | | AA– | | 123,395 | |
| | 20 | | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A, 5.000%, 1/01/37 | 1/24 at 100.00 | | AAA | | 22,404 | |
| | | | New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A: | | | | | | |
| | 310 | | 5.000%, 9/01/29 – BAM Insured | 9/26 at 100.00 | | AA | | 361,051 | |
| | 130 | | 5.000%, 9/01/39 – BAM Insured | 9/26 at 100.00 | | AA | | 146,778 | |
| | 195 | | New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016B, 3.000%, 9/01/39 – AGM Insured | 9/26 at 100.00 | | AA | | 169,714 | |
| | 105 | | Ridgewood Township Board of Education, Bergen County, New Jersey, General Obligation Bonds, Refunding Series 2016A, 3.000%, 3/15/35 | 3/27 at 100.00 | | AA+ | | 97,246 | |
| | 25 | | South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 3.000%, 9/01/17 | No Opt. Call | | AA | | 25,282 | |
| | 110 | | Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22 | No Opt. Call | | AA+ | | 122,126 | |
| NJV | Nuveen New Jersey Municipal Value Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | |
| $ | 150 | | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax) | 12/21 at 100.00 | | AA+ | $ | 161,474 | |
| | 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 | | Aaa | | 184,319 | |
| | 25 | | Washington Borough, Warren County, New Jersey, General Obligation Bonds, Series 2008, 4.500%, 3/01/17 – AGM Insured | No Opt. Call | | A2 | | 25,008 | |
| | 1,660 | | Total Tax Obligation/General | | | | | 1,764,537 | |
| | | | Tax Obligation/Limited – 20.0% (19.0% of Total Investments) | | | | | | |
| | 270 | | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured | No Opt. Call | | AA | | 330,215 | |
| | 175 | | Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016, 5.250%, 5/01/51 | 5/26 at 100.00 | | AA | | 199,731 | |
| | | | New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | | | | | | |
| | 250 | | 5.000%, 6/15/25 | 6/22 at 100.00 | | BBB+ | | 267,038 | |
| | 400 | | 5.000%, 6/15/28 | 6/22 at 100.00 | | BBB+ | | 423,276 | |
| | 545 | | 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 | | A3 | | 548,771 | |
| | 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 | | A3 | | 2,141,356 | |
| | 2,270 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39 | No Opt. Call | | A3 | | 669,991 | |
| | 110 | | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 21.689%, 5/01/30 (IF) (4) | No Opt. Call | | Aaa | | 241,412 | |
| | 6,020 | | Total Tax Obligation/Limited | | | | | 4,821,790 | |
| | | | Transportation – 14.0% (13.3% of Total Investments) | | | | | | |
| | 250 | | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 4/17 at 100.00 | | AA– | | 254,743 | |
| | | | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: | | | | | | |
| | 150 | | 4.125%, 1/01/39 | 1/24 at 100.00 | | A1 | | 154,182 | |
| | 200 | | 5.000%, 1/01/44 | 1/24 at 100.00 | | A1 | | 219,506 | |
| | 550 | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/47 (WI/DD, Settling 3/01/17) | 7/27 at 100.00 | | A1 | | 618,277 | |
| | 300 | | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27 | 1/23 at 100.00 | | A– | | 328,803 | |
| | 190 | | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax) | 1/24 at 100.00 | | BBB | | 210,045 | |
| | 80 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) | 3/24 at 101.00 | | BB– | | 87,185 | |
| | 295 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 | 1/25 at 100.00 | | A+ | | 328,311 | |
| | 765 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 | 1/19 at 100.00 | | A+ | | 812,009 | |
| | 315 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | | AA– | | 356,766 | |
| | 3,095 | | Total Transportation | | | | | 3,369,827 | |
| | | | U.S. Guaranteed – 8.7% (8.3% of Total Investments) (5) | | | | | | |
| | 630 | | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | | BBB+ (5) | | 707,314 | |
| | 5 | | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.125%, 7/01/22 (Pre-refunded 7/01/18) | 7/18 at 100.00 | | N/R (5) | | 5,285 | |
| | 20 | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | | N/R (5) | | 24,084 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | U.S. Guaranteed (5) (continued) | | | | | | |
| $ | 70 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) | 7/21 at 100.00 | | A+ (5) | $ | 82,382 | |
| | 515 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 (ETM) | No Opt. Call | | Baa3 (5) | | 535,399 | |
| | 155 | | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 (Pre-refunded 10/01/18) | 10/18 at 100.00 | | N/R (5) | | 165,822 | |
| | 500 | | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | | A3 (5) | | 576,110 | |
| | 1,895 | | Total U.S. Guaranteed | | | | | 2,096,396 | |
| | | | Utilities – 3.6% (3.5% of Total Investments) | | | | | | |
| | 470 | | Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax) | 7/20 at 100.00 | | Ba2 | | 467,904 | |
| | 300 | | Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21 – NPFG Insured | No Opt. Call | | AA– | | 349,374 | |
| | 60 | | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) | No Opt. Call | | BBB– | | 65,861 | |
| | 830 | | Total Utilities | | | | | 883,139 | |
| $ | 24,905 | | Total Long-Term Investments (cost $23,403,712) | | | | | 24,812,621 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | SHORT-TERM INVESTMENTS 2.1% (2.0% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS 2.1% (2.0% of Total Investments) | | | | | | |
| | | | Housing/Single Family – 2.1% (2.0% of Total Investments) | | | | | | |
| $ | 500 | | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Variable Rate Demand Obligation, Series 2005O, 0.710%, 10/01/26 (6) | 5/17 at 100.00 | | VMIG-1 | $ | 500,000 | |
| $ | 500 | | Total Short-Term Investments (cost $500,000) | | | | | 500,000 | |
| | | | Total Investments (cost $23,903,712) – 104.9% | | | | | 25,312,621 | |
| | | | Floating Rate Obligations – (6.2)% | | | | | (1,500,000 | ) |
| | | | Other Assets Less Liabilities – 1.3% | | | | | 326,112 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | $ | 24,138,733 | |
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (6) | Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (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.
| NQP | | |
| | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | (formerly known as Nuveen Pennsylvania Investment Quality Municipal Fund) | |
| | Portfolio of Investments | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | LONG-TERM INVESTMENTS – 158.4% (100.0% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 158.4% (100.0% of Total Investments) | | | | | | |
| | | | Consumer Staples – 0.4% (0.3% of Total Investments) | | | | | | |
| $ | 2,000 | | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax) | No Opt. Call | | AA– | $ | 2,432,300 | |
| | | | Education and Civic Organizations – 19.3% (12.2% of Total Investments) | | | | | | |
| | 1,420 | | 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 | | 1,582,874 | |
| | 5,035 | | 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– | | 5,775,598 | |
| | 2,865 | | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.500%, 3/01/34 | 3/23 at 100.00 | | A | | 2,729,543 | |
| | | | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016: | | | | | | |
| | 735 | | 3.000%, 10/15/30 | 10/26 at 100.00 | | Baa3 | | 645,551 | |
| | 1,000 | | 5.000%, 10/15/38 | 10/26 at 100.00 | | Baa3 | | 1,039,560 | |
| | 3,215 | | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016, 5.125%, 3/15/36 | 3/27 at 100.00 | | BBB– | | 3,319,455 | |
| | 1,440 | | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 | 12/17 at 100.00 | | BBB– | | 1,471,954 | |
| | 2,200 | | Crawford County Industrial Development Authority, Pennslyvania, College Revenue Bonds, Allegheny College, Series 2016, 3.000%, 5/01/34 | 5/26 at 100.00 | | A– | | 1,897,940 | |
| | 1,020 | | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37 | 5/24 at 100.00 | | Baa3 | | 1,055,884 | |
| | 750 | | Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured | 4/17 at 100.00 | | AA | | 750,795 | |
| | 4,595 | | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2016, 4.000%, 5/01/46 | 11/26 at 100.00 | | BBB+ | | 4,444,789 | |
| | | | Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2: | | | | | | |
| | 590 | | 3.250%, 5/01/36 | 5/26 at 100.00 | | BBB+ | | 502,680 | |
| | 1,815 | | 3.500%, 5/01/41 | 5/26 at 100.00 | | BBB+ | | 1,562,697 | |
| | | | Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, Series 1999B: | | | | | | |
| | 760 | | 0.000%, 11/01/17 – AMBAC Insured | No Opt. Call | | N/R | | 756,344 | |
| | 815 | | 0.000%, 11/01/19 – AMBAC Insured | No Opt. Call | | N/R | | 787,054 | |
| | 5,235 | | Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32 | 5/22 at 100.00 | | A | | 5,693,900 | |
| | 2,155 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40 | 4/20 at 100.00 | | BBB | | 2,260,272 | |
| | 1,465 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38 | 9/23 at 100.00 | | BBB– | | 1,590,067 | |
| | 10,750 | | Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33 | 6/18 at 100.00 | | Aa3 | | 11,220,633 | |
| | 2,405 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35 | 11/21 at 100.00 | | A | | 2,596,967 | |
| | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Bryn Mawr College, Refunding Series 2014: | | | | | | |
| | 2,545 | | 5.000%, 12/01/38 | 12/24 at 100.00 | | AA | | 2,874,196 | |
| | 2,080 | | 5.000%, 12/01/44 | 12/24 at 100.00 | | AA | | 2,341,414 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | |
| $ | 1,500 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41 | 5/21 at 100.00 | | A | $ | 1,670,100 | |
| | 1,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42 | 5/22 at 100.00 | | BBB | | 1,055,720 | |
| | 320 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32 | 11/22 at 100.00 | | BBB | | 321,763 | |
| | 1,195 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32 | 6/23 at 100.00 | | BBB+ | | 1,277,575 | |
| | 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 | | 2,195,440 | |
| | 7,125 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.250%, 9/01/50 | 3/25 at 100.00 | | A+ | | 7,858,448 | |
| | 760 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42 | 9/22 at 100.00 | | A+ | | 833,408 | |
| | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012: | | | | | | |
| | 1,030 | | 4.000%, 11/01/39 | 11/22 at 100.00 | | A3 | | 1,042,484 | |
| | 4,300 | | 5.000%, 11/01/42 | 11/22 at 100.00 | | A3 | | 4,726,689 | |
| | 1,310 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/36 | 11/25 at 100.00 | | A3 | | 1,438,380 | |
| | 1,590 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 | 7/23 at 100.00 | | A– | | 1,752,212 | |
| | 3,005 | | Pennsylvania State University, Revenue Bonds, Series 2010, 5.000%, 3/01/35 | 3/20 at 100.00 | | Aa1 | | 3,292,188 | |
| | 554 | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36 (4) | 4/17 at 100.00 | | N/R | | 6 | |
| | 4,500 | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 6.750%, 6/15/43 | 6/20 at 100.00 | | BB | | 4,739,715 | |
| | 500 | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33 | 4/17 at 100.00 | | N/R | | 500,145 | |
| | 2,320 | | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2016, 5.000%, 11/01/37 | 5/26 at 100.00 | | A– | | 2,531,955 | |
| | 5,250 | | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 5.000%, 6/01/46 | 6/26 at 100.00 | | N/R | | 5,039,318 | |
| | 5,000 | | State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31 | 3/21 at 100.00 | | A1 | | 5,610,400 | |
| | 95 | | State Public School Building Authority, Pennsylvania, College Revenue Bonds, Westmoreland County Community College, Series 2016A, 3.000%, 10/15/35 – AGM Insured | 10/25 at 100.00 | | AA | | 83,800 | |
| | 1,100 | | Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40 | 11/20 at 100.00 | | A– | | 1,203,906 | |
| | | | Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2015A: | | | | | | |
| | 1,890 | | 5.000%, 11/01/32 | 11/25 at 100.00 | | A– | | 2,112,434 | |
| | 740 | | 5.000%, 11/01/33 | 11/25 at 100.00 | | A– | | 822,984 | |
| | 740 | | 4.000%, 11/01/35 | 11/25 at 100.00 | | A– | | 753,564 | |
| | 102,714 | | Total Education and Civic Organizations | | | | | 107,762,801 | |
| | | | Health Care – 32.8% (20.7% of Total Investments) | | | | | | |
| | | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A: | | | | | | |
| | 2,025 | | 5.000%, 4/01/25 | 4/17 at 100.00 | | B2 | | 2,020,241 | |
| | 4,160 | | 5.125%, 4/01/35 | 4/17 at 100.00 | | B2 | | 3,854,323 | |
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Health Care (continued) | | | | | | |
| | | | Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012: | | | | | | |
| $ | 4,010 | | 5.000%, 5/15/26 | 5/21 at 100.00 | | A+ | $ | 4,423,752 | |
| | 1,910 | | 5.000%, 5/15/27 | 5/21 at 100.00 | | A+ | | 2,096,569 | |
| | 2,000 | | 5.000%, 5/15/28 | 5/21 at 100.00 | | A+ | | 2,190,240 | |
| | 3,300 | | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 4.500%, 11/01/41 | 5/22 at 100.00 | | A+ | | 3,405,864 | |
| | 4,000 | | Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.375%, 12/01/41 | 12/21 at 100.00 | | AA– | | 4,418,160 | |
| | | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A: | | | | | | |
| | 705 | | 5.000%, 11/15/41 | 11/25 at 100.00 | | A | | 774,901 | |
| | 2,985 | | 5.000%, 11/15/46 | 11/25 at 100.00 | | A | | 3,257,680 | |
| | 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 | | 1,712,743 | |
| | | | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A: | | | | | | |
| | 1,275 | | 5.000%, 6/01/34 | 6/26 at 100.00 | | A+ | | 1,429,352 | |
| | 360 | | 5.000%, 6/01/35 | 6/26 at 100.00 | | A+ | | 400,565 | |
| | 3,400 | | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 | 6/22 at 100.00 | | A+ | | 3,668,260 | |
| | 1,500 | | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | | BBB | | 1,611,900 | |
| | 2,275 | | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | | BBB | | 2,403,492 | |
| | 3,000 | | Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27 | 7/20 at 100.00 | | Ba2 | | 3,084,540 | |
| | 850 | | Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured | 11/17 at 100.00 | | AA | | 864,051 | |
| | 6,840 | | Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42 | 7/20 at 100.00 | | A+ | | 7,420,648 | |
| | 4,555 | | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2014A, 5.000%, 6/01/41 | 6/24 at 100.00 | | AA | | 5,004,670 | |
| | 1,370 | | Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 6.000%, 6/01/39 | 6/23 at 100.00 | | Ba1 | | 1,492,026 | |
| | 3,385 | | Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0064, 12.463%, 7/01/42 (IF) | 1/22 at 100.00 | | N/R | | 5,012,136 | |
| | 4,200 | | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46 | 8/26 at 100.00 | | AA– | | 4,650,240 | |
| | 3,000 | | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42 | 8/26 at 100.00 | | AA– | | 3,329,190 | |
| | 3,450 | | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Refunding Series 2016A, 4.000%, 7/01/35 | 7/26 at 100.00 | | A+ | | 3,457,866 | |
| | 2,565 | | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43 | 7/22 at 100.00 | | A+ | | 2,523,806 | |
| | | | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016: | | | | | | |
| | 1,265 | | 3.000%, 11/01/36 | 5/26 at 100.00 | | A | | 1,092,226 | |
| | 2,900 | | 4.000%, 11/01/41 | 5/26 at 100.00 | | A | | 2,915,370 | |
| | 5,240 | | 4.000%, 11/01/46 | 5/26 at 100.00 | | A | | 5,221,712 | |
| | 4,600 | | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32 | 11/22 at 100.00 | | A | | 4,726,822 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Health Care (continued) | | | | | | |
| | | | Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A: | | | | | | |
| $ | 6,000 | | 5.500%, 7/01/28 | 7/19 at 100.00 | | AA– | $ | 6,477,900 | |
| | 2,840 | | 5.750%, 7/01/39 | 7/19 at 100.00 | | AA– | | 3,099,462 | |
| | | | Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A: | | | | | | |
| | 365 | | 4.000%, 1/01/25 | 1/22 at 100.00 | | A– | | 382,330 | |
| | 3,000 | | 5.000%, 1/01/41 | 1/22 at 100.00 | | A– | | 3,154,980 | |
| | | | Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2016: | | | | | | |
| | 1,020 | | 3.375%, 7/01/32 | 7/26 at 100.00 | | A– | | 977,956 | |
| | 2,650 | | 5.000%, 7/01/41 | 7/26 at 100.00 | | A– | | 2,839,793 | |
| | 3,730 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31 | 6/22 at 100.00 | | A+ | | 4,084,537 | |
| | 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 | | 995,874 | |
| | 7,500 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | 1/25 at 100.00 | | Baa2 | | 7,925,400 | |
| | 4,000 | | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2013A, 5.000%, 7/01/43 | 7/23 at 100.00 | | Aa3 | | 4,345,520 | |
| | 3,100 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42 | 8/22 at 100.00 | | AA– | | 3,363,097 | |
| | 16,385 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System,Refunding Series 2016C, 4.000%, 8/15/41 (UB) (5) | 8/26 at 100.00 | | AA– | | 16,604,231 | |
| | 2,440 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children's Hospital of Philadelphia, Tender Option Bond Trust 2015-XF0114, 12.455%, 7/01/41 (IF) | 7/21 at 100.00 | | AA | | 3,124,274 | |
| | 4,650 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | 7/22 at 100.00 | | BBB– | | 4,974,384 | |
| | | | Pocono Mountains Industrial Park Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's Hospital – Monroe Project, Series 2015A: | | | | | | |
| | 3,000 | | 5.000%, 8/15/40 | 2/25 at 100.00 | | A– | | 3,211,290 | |
| | 1,590 | | 4.000%, 8/15/45 | 2/25 at 100.00 | | A– | | 1,579,283 | |
| | 3,000 | | Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2016B, 5.000%, 7/01/45 | 1/27 at 100.00 | | A+ | | 3,252,090 | |
| | 605 | | Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 | 11/20 at 100.00 | | AA– | | 651,615 | |
| | 3,000 | | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Refunding Series 2014A, 5.000%, 6/01/44 | 6/24 at 100.00 | | Aa3 | | 3,280,050 | |
| | | | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011: | | | | | | |
| | 3,130 | | 6.875%, 8/01/31 | 8/21 at 100.00 | | A– | | 3,596,808 | |
| | 2,500 | | 7.000%, 8/01/41 | 8/21 at 100.00 | | A– | | 2,849,125 | |
| | 3,470 | | Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington Hospital Project, Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | | A– | | 3,790,385 | |
| | | | West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011: | | | | | | |
| | 325 | | 6.250%, 1/01/31 | 1/21 at 100.00 | | AA | | 370,516 | |
| | 4,555 | | 6.500%, 1/01/36 | 1/21 at 100.00 | | AA | | 5,198,485 | |
| | | | West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B: | | | | | | |
| | 1,635 | | 5.625%, 1/01/32 | 1/22 at 100.00 | | AA | | 1,856,984 | |
| | 1,970 | | 5.750%, 1/01/41 | 1/22 at 100.00 | | AA | | 2,229,429 | |
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Health Care (continued) | | | | | | |
| $ | 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 | $ | 613,554 | |
| | 170,680 | | Total Health Care | | | | | 183,292,697 | |
| | | | Housing/Multifamily – 1.4% (0.9% 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 | | 165,414 | |
| | 1,235 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 | 7/24 at 100.00 | | BBB– | | 1,278,484 | |
| | 1,900 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | | BBB– | | 1,967,355 | |
| | | | 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+ | | 1,102,160 | |
| | 750 | | 5.000%, 7/01/32 | 7/22 at 100.00 | | BBB+ | | 814,238 | |
| | 420 | | 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 | 10/22 at 100.00 | | BBB– | | 434,738 | |
| | 270 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31 | 7/26 at 100.00 | | Baa3 | | 289,597 | |
| | 1,736 | | Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35 | 4/17 at 101.00 | | Baa3 | | 1,743,309 | |
| | 7,471 | | Total Housing/Multifamily | | | | | 7,795,295 | |
| | | | Housing/Single Family – 13.5% (8.5% 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) | 4/17 at 100.00 | | AA+ | | 1,356,856 | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: | | | | | | |
| | 4,750 | | 3.300%, 10/01/32 | 10/21 at 100.00 | | AA+ | | 4,737,270 | |
| | 2,275 | | 3.650%, 10/01/37 | 10/21 at 100.00 | | AA+ | | 2,283,554 | |
| | 2,160 | | 3.700%, 10/01/42 | 10/21 at 100.00 | | AA+ | | 2,242,620 | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B: | | | | | | |
| | 2,330 | | 3.950%, 10/01/40 | 10/24 at 100.00 | | AA+ | | 2,336,011 | |
| | 3,220 | | 4.000%, 4/01/45 | 10/24 at 100.00 | | AA+ | | 3,209,116 | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-117B: | | | | | | |
| | 3,290 | | 3.900%, 10/01/35 | 10/24 at 100.00 | | AA+ | | 3,307,536 | |
| | 2,465 | | 4.050%, 10/01/40 | 10/24 at 100.00 | | AA+ | | 2,479,346 | |
| | 4,225 | | 4.150%, 10/01/45 | 10/24 at 100.00 | | AA+ | | 4,260,490 | |
| | 7,175 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45 | 4/25 at 100.00 | | AA+ | | 7,263,611 | |
| | 2,045 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36 | 4/25 at 100.00 | | AA+ | | 1,982,750 | |
| | 7,000 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40 | 10/25 at 100.00 | | AA+ | | 6,428,870 | |
| | 2,450 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 | 10/25 at 100.00 | | AA+ | | 2,220,043 | |
| | 20,000 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB) | 10/25 at 100.00 | | AA+ | | 18,122,800 | |
| | 1,050 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 12.583%, 10/01/33 (Alternative Minimum Tax) (IF) | 10/22 at 100.00 | | AA+ | | 1,226,411 | |
| | 2,455 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB) | 4/17 at 100.00 | | AA+ | | 2,458,363 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Housing/Single Family (continued) | | | | | | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-122: | | | | | | |
| $ | 2,000 | | 3.650%, 10/01/32 (UB) (5) | 4/26 at 100.00 | | AA+ | $ | 2,020,660 | |
| | 6,725 | | 3.900%, 10/01/36 (UB) (5) | 4/26 at 100.00 | | AA+ | | 6,760,643 | |
| | 600 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 9.393%, 10/01/38 (IF) (5) | 10/22 at 100.00 | | AA+ | | 626,100 | |
| | 77,570 | | Total Housing/Single Family | | | | | 75,323,050 | |
| | | | Industrials – 1.0% (0.6% of Total Investments) | | | | | | |
| | | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A: | | | | | | |
| | 2,495 | | 5.000%, 11/01/23 (Alternative Minimum Tax) | 11/22 at 100.00 | | A1 | | 2,781,501 | |
| | 545 | | 5.000%, 11/01/27 (Alternative Minimum Tax) | 11/22 at 100.00 | | A1 | | 592,317 | |
| | 2,000 | | 5.000%, 11/01/41 (Alternative Minimum Tax) | 11/22 at 100.00 | | A1 | | 2,113,020 | |
| | 5,040 | | Total Industrials | | | | | 5,486,838 | |
| | | | Long-Term Care – 5.2% (3.3% of Total Investments) | | | | | | |
| | | | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007: | | | | | | |
| | 470 | | 5.750%, 1/01/27 | 4/17 at 100.00 | | N/R | | 470,381 | |
| | 760 | | 5.750%, 1/01/37 | 4/17 at 100.00 | | N/R | | 760,327 | |
| | 230 | | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/35 | 12/25 at 100.00 | | N/R | | 227,500 | |
| | | | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2016: | | | | | | |
| | 985 | | 5.000%, 1/01/28 | 1/26 at 100.00 | | N/R | | 1,102,836 | |
| | 1,070 | | 5.000%, 1/01/29 | 1/26 at 100.00 | | N/R | | 1,186,801 | |
| | 735 | | 5.000%, 1/01/30 | 1/26 at 100.00 | | N/R | | 808,787 | |
| | 300 | | 3.250%, 1/01/36 | 1/26 at 100.00 | | N/R | | 268,938 | |
| | 2,015 | | 3.250%, 1/01/39 | 1/26 at 100.00 | | N/R | | 1,740,396 | |
| | 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+ | | 543,525 | |
| | | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015: | | | | | | |
| | 4,380 | | 4.000%, 1/01/33 | 1/25 at 100.00 | | BBB+ | | 4,391,519 | |
| | 5,740 | | 5.000%, 1/01/38 | 1/25 at 100.00 | | BBB+ | | 6,075,273 | |
| | 2,030 | | Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21 | 6/17 at 100.00 | | BBB | | 2,045,266 | |
| | 640 | | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35 | 5/25 at 100.00 | | A | | 701,037 | |
| | 530 | | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne's Retirement Community, Inc., Series 2012, 5.000%, 4/01/33 | 4/22 at 100.00 | | BB+ | | 536,864 | |
| | 370 | | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30 | 7/17 at 100.00 | | N/R | | 372,483 | |
| | 1,250 | | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | | N/R | | 1,314,300 | |
| | | | Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013: | | | | | | |
| | 1,000 | | 5.375%, 5/01/28 | 5/23 at 100.00 | | BBB | | 1,084,770 | |
| | 1,665 | | 5.750%, 5/01/35 | 5/23 at 100.00 | | BBB | | 1,804,927 | |
| | 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– | | 1,502,145 | |
| | 2,150 | | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Refunding Series 2012, 5.000%, 11/15/26 | 5/22 at 100.00 | | A– | | 2,366,935 | |
| | 28,320 | | Total Long-Term Care | | | | | 29,305,010 | |
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Materials – 1.2% (0.8% of Total Investments) | | | | | | |
| $ | 6,455 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) | 11/24 at 100.00 | | N/R | $ | 6,841,655 | |
| | | | Tax Obligation/General – 28.6% (18.0% of Total Investments) | | | | | | |
| | 1,700 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 | 5/21 at 100.00 | | AA– | | 1,912,704 | |
| | | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72: | | | | | | |
| | 2,780 | | 5.250%, 12/01/32 | 12/23 at 100.00 | | AA– | | 3,200,308 | |
| | 2,000 | | 5.250%, 12/01/33 | 12/23 at 100.00 | | AA– | | 2,293,080 | |
| | | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74: | | | | | | |
| | 1,750 | | 5.000%, 12/01/32 | 12/24 at 100.00 | | AA– | | 1,964,813 | |
| | 1,285 | | 5.000%, 12/01/34 | 12/24 at 100.00 | | AA– | | 1,435,255 | |
| | 5,100 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37 | 12/22 at 100.00 | | AA– | | 5,737,857 | |
| | | | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2016: | | | | | | |
| | 1,500 | | 4.000%, 8/01/31 | 8/26 at 100.00 | | Aa2 | | 1,594,425 | |
| | 1,500 | | 4.000%, 8/01/32 | 8/26 at 100.00 | | Aa2 | | 1,583,175 | |
| | 1,255 | | 4.000%, 8/01/33 | 8/26 at 100.00 | | Aa2 | | 1,319,407 | |
| | 1,950 | | Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38 | 4/24 at 100.00 | | AA | | 2,158,026 | |
| | 3,000 | | Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2013, 5.250%, 6/01/43 | 6/23 at 100.00 | | A2 | | 3,319,260 | |
| | | | Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D: | | | | | | |
| | 3,000 | | 5.000%, 12/15/37 | 12/24 at 100.00 | | AA | | 3,350,130 | |
| | 1,075 | | 5.000%, 12/15/38 – BAM Insured | 12/24 at 100.00 | | AA | | 1,199,689 | |
| | 1,100 | | 5.000%, 12/15/39 | 12/24 at 100.00 | | AA | | 1,227,589 | |
| | | | Centre County, Pennsylvania, General Obligation Bonds, Series 2012B: | | | | | | |
| | 310 | | 4.000%, 7/01/24 | 7/20 at 100.00 | | AA | | 329,164 | |
| | 1,430 | | 4.000%, 7/01/25 | 7/20 at 100.00 | | AA | | 1,509,866 | |
| | 915 | | 4.000%, 7/01/26 | 7/20 at 100.00 | | AA | | 961,875 | |
| | 650 | | Cranberry Township, Pennsylvania, General Obligation Bonds, Refunding Series 2015, 3.250%, 10/01/32 | 10/25 at 100.00 | | Aa1 | | 651,924 | |
| | 10,000 | | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 | No Opt. Call | | A+ | | 10,172,600 | |
| | 7,450 | | Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | | N/R | | 4,157,473 | |
| | 6,680 | | Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32 | 10/22 at 100.00 | | Aa3 | | 6,925,223 | |
| | 6,225 | | Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured | 11/23 at 100.00 | | AA | | 6,845,508 | |
| | 2,000 | | Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured | 6/18 at 100.00 | | AA | | 2,081,000 | |
| | | | North Allegheny School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2015: | | | | | | |
| | 5,000 | | 5.000%, 5/01/31 | 5/25 at 100.00 | | AA | | 5,712,200 | |
| | 4,000 | | 5.000%, 5/01/32 | 5/25 at 100.00 | | AA | | 4,544,960 | |
| | 2,875 | | 5.000%, 5/01/33 | 5/25 at 100.00 | | AA | | 3,251,165 | |
| | | | Pennsbury School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A: | | | | | | |
| | 2,375 | | 5.000%, 10/01/31 | 4/25 at 100.00 | | Aa2 | | 2,712,131 | |
| | 3,115 | | 5.000%, 10/01/32 | 4/25 at 100.00 | | Aa2 | | 3,537,986 | |
| | 1,000 | | 5.000%, 10/01/33 | 4/25 at 100.00 | | Aa2 | | 1,130,440 | |
| | 2,660 | | 5.000%, 10/01/34 | 4/25 at 100.00 | | Aa2 | | 2,994,841 | |
| | 2,045 | | 5.000%, 10/01/35 | 4/25 at 100.00 | | Aa2 | | 2,294,695 | |
| | 1,410 | | 5.000%, 10/01/36 | 4/25 at 100.00 | | Aa2 | | 1,577,903 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | |
| $ | 2,620 | | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured | 1/24 at 100.00 | | AA | $ | 3,034,589 | |
| | 3,925 | | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured | No Opt. Call | | AA– | | 4,350,823 | |
| | 745 | | PIttsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured | 9/22 at 100.00 | | AA | | 848,227 | |
| | | | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B: | | | | | | |
| | 2,590 | | 5.000%, 9/01/25 | 9/22 at 100.00 | | AA– | | 2,948,870 | |
| | 6,790 | | 5.000%, 9/01/26 | 9/22 at 100.00 | | AA– | | 7,702,033 | |
| | | | Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, Refunding Series 2016: | | | | | | |
| | 375 | | 3.125%, 9/01/32 – AGM Insured | 9/25 at 100.00 | | AA | | 364,414 | |
| | 2,035 | | 3.300%, 9/01/34 – AGM Insured | 9/25 at 100.00 | | AA | | 1,949,550 | |
| | 2,930 | | Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, Series 2016A, 2.625%, 9/01/28 – AGM Insured | 9/26 at 100.00 | | AA | | 2,753,966 | |
| | 2,485 | | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34 | 2/18 at 100.00 | | Aa1 | | 2,448,123 | |
| | 1,000 | | Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37 | 11/22 at 100.00 | | Aa1 | | 1,033,300 | |
| | 11,440 | | Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured | No Opt. Call | | AA– | | 6,340,963 | |
| | | | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016: | | | | | | |
| | 280 | | 5.000%, 11/15/26 | 5/24 at 100.00 | | BB | | 289,867 | |
| | 2,925 | | 5.000%, 11/15/32 | 5/24 at 100.00 | | BB | | 2,984,231 | |
| | 1,150 | | South Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014, 3.375%, 8/01/32 – BAM Insured | 2/20 at 100.00 | | AA | | 1,155,716 | |
| | 1,890 | | State College Area School District, Centre County, Pennsylvania, General Obligation Bonds, Refunding Series 2015B, 5.000%, 5/15/23 | No Opt. Call | | Aa1 | | 2,236,040 | |
| | 21,000 | | State Public School Building Authority, Pennsylvania, School Revenue Bonds, Philadelphia School District Project, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (5) | No Opt. Call | | AA | | 24,918,600 | |
| | | | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A: | | | | | | |
| | 285 | | 5.000%, 11/15/21 | No Opt. Call | | BB | | 292,886 | |
| | 170 | | 5.000%, 11/15/28 | 5/24 at 100.00 | | BB | | 173,579 | |
| | 153,770 | | Total Tax Obligation/General | | | | | 159,512,449 | |
| | | | Tax Obligation/Limited – 9.4% (5.9% of Total Investments) | | | | | | |
| | 1,675 | | Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23 | 4/17 at 100.00 | | N/R | | 1,618,134 | |
| | 1,475 | | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35 | 5/22 at 100.00 | | Baa2 | | 1,540,092 | |
| | | | Government of Guam, Business Privilege Tax Bonds, Series 2011A: | | | | | | |
| | 1,670 | | 5.250%, 1/01/36 | 1/22 at 100.00 | | A | | 1,743,029 | |
| | 655 | | 5.125%, 1/01/42 | 1/22 at 100.00 | | A | | 677,630 | |
| | 1,746 | | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 | 7/24 at 100.00 | | N/R | | 1,778,964 | |
| | | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A: | | | | | | |
| | 1,440 | | 5.500%, 12/01/34 | 12/20 at 100.00 | | AA– | | 1,609,531 | |
| | 3,915 | | 5.000%, 12/01/38 | 12/19 at 100.00 | | AA– | | 4,227,965 | |
| | 3,180 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2012A, 5.000%, 12/01/31 | 12/21 at 100.00 | | AA– | | 3,510,402 | |
| | 7,000 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43 | 12/23 at 100.00 | | AA– | | 7,824,950 | |
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | |
| | | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A: | | | | | | |
| $ | 2,650 | | 0.000%, 12/01/37 (6) | No Opt. Call | | AA– | $ | 2,287,215 | |
| | 4,000 | | 0.000%, 12/01/44 (6) | No Opt. Call | | AA– | | 3,443,000 | |
| | 4,000 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41 | 12/21 at 100.00 | | AA– | | 4,339,160 | |
| | 2,200 | | Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured | No Opt. Call | | AA | | 2,327,908 | |
| | 5,530 | | Philadelphia Authority For Industrial Development, Pennsylvania, Revenue Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/30 | 12/25 at 100.00 | | A+ | | 6,213,619 | |
| | 3,820 | | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured | 8/22 at 100.00 | | AA | | 4,253,035 | |
| | 4,225 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured | No Opt. Call | | CC | | 4,469,459 | |
| | 440 | | 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 | | 440,048 | |
| | 49,621 | | Total Tax Obligation/Limited | | | | | 52,304,141 | |
| | | | Transportation – 9.4% (5.9% of Total Investments) | | | | | | |
| | 3,280 | | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 | 1/20 at 100.00 | | A | | 3,566,574 | |
| | | | 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 | | A– | | 1,385,722 | |
| | 2,425 | | 5.000%, 1/01/23 | No Opt. Call | | A– | | 2,678,243 | |
| | 2,310 | | 5.000%, 1/01/24 | 1/23 at 100.00 | | A– | | 2,562,714 | |
| | 610 | | 5.000%, 1/01/25 | 1/23 at 100.00 | | A– | | 671,982 | |
| | 3,990 | | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured | 1/24 at 100.00 | | AA | | 4,403,723 | |
| | 12,100 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (6) | 12/27 at 100.00 | | A– | | 14,646,200 | |
| | 820 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, 5.000%, 6/01/39 | 6/26 at 100.00 | | A3 | | 891,479 | |
| | 3,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44 | 12/24 at 100.00 | | A1 | | 3,279,810 | |
| | 10,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | | A1 | | 11,011,598 | |
| | 2,475 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37 | 12/19 at 100.00 | | A– | | 2,671,466 | |
| | 2,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | | AA | | 2,483,520 | |
| | 1,865 | | Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28 | 6/20 at 100.00 | | A | | 2,062,504 | |
| | 46,145 | | Total Transportation | | | | | 52,315,535 | |
| | | | U.S. Guaranteed – 19.1% (12.1% of Total Investments) (7) | | | | | | |
| | 2,240 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21) | 5/21 at 100.00 | | N/R (7) | | 2,604,784 | |
| | 6,025 | | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29 (Pre-refunded 8/01/19) | 8/19 at 100.00 | | Aa2 (7) | | 6,593,037 | |
| | 4,100 | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 (Pre-refunded 11/15/21) | 11/21 at 100.00 | | A (7) | | 5,124,590 | |
| | 4,500 | | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39 (Pre-refunded 1/01/19) | 1/19 at 100.00 | | N/R (7) | | 4,940,190 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | U.S. Guaranteed (7) (continued) | | | | | | |
| | | | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2007-GG3: | | | | | | |
| $ | 1,855 | | 5.000%, 5/01/32 (Pre-refunded 5/01/17) – RAAI Insured | 5/17 at 100.00 | | AA (7) | $ | 1,869,228 | |
| | 500 | | 5.000%, 5/01/35 (Pre-refunded 5/01/17) – RAAI Insured | 5/17 at 100.00 | | AA (7) | | 503,835 | |
| | 7,660 | | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18) – AGM Insured | 7/18 at 100.00 | | AA (7) | | 8,077,776 | |
| | | | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007: | | | | | | |
| | 9,850 | | 5.000%, 11/01/30 (Pre-refunded 11/01/17) – AGC Insured | 11/17 at 100.00 | | AA (7) | | 10,135,256 | |
| | 2,180 | | 5.000%, 11/01/37 (Pre-refunded 11/01/17) – AGC Insured | 11/17 at 100.00 | | AA (7) | | 2,243,133 | |
| | | | Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007: | | | | | | |
| | 200 | | 5.000%, 9/01/23 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | N/R (7) | | 204,418 | |
| | 60 | | 5.000%, 9/01/23 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | Aaa | | 61,325 | |
| | 1,115 | | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) | 8/20 at 100.00 | | N/R (7) | | 1,270,186 | |
| | 835 | | New Wilmington Municipal Authority, Pennsylvania, Revenue Bonds, Westminster College, Series 2007G, 5.125%, 5/01/33 (Pre-refunded 5/01/17) – RAAI Insured | 5/17 at 100.00 | | AA (7) | | 841,630 | |
| | | | Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A: | | | | | | |
| | 1,235 | | 5.250%, 8/15/23 (Pre-refunded 8/15/18) | 8/18 at 100.00 | | A– (7) | | 1,313,003 | |
| | 2,000 | | 5.500%, 8/15/35 (Pre-refunded 8/15/18) | 8/18 at 100.00 | | A– (7) | | 2,133,580 | |
| | 4,010 | | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) | 10/19 at 100.00 | | N/R (7) | | 4,442,037 | |
| | 6,220 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 (Pre-refunded 11/01/17) – NPFG Insured | 11/17 at 100.00 | | AA– (7) | | 6,398,390 | |
| | 1,300 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) | 7/20 at 100.00 | | N/R (7) | | 1,500,993 | |
| | 5,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 (Pre-refunded 7/01/17) – SYNCORA GTY Insured | 7/17 at 100.00 | | N/R (7) | | 5,074,250 | |
| | 2,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40 (Pre-refunded 3/01/20) | 3/20 at 100.00 | | A+ (7) | | 2,225,160 | |
| | 315 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | | N/R (7) | | 363,907 | |
| | 5,125 | | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 (Pre-refunded 12/01/18) – NPFG Insured | 12/18 at 100.00 | | AA (7) | | 5,486,620 | |
| | 12,885 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 (Pre-refunded 10/01/17) – AMBAC Insured | 10/17 at 100.00 | | A (7) | | 13,213,823 | |
| | 385 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM) | No Opt. Call | | AA– (7) | | 423,377 | |
| | 7,165 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) | 5/20 at 100.00 | | N/R (7) | | 8,010,040 | |
| | 1,645 | | 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+ (7) | | 1,796,636 | |
| | 3,345 | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) | 8/20 at 100.00 | | A+ (7) | | 3,936,429 | |
| | 1,470 | | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM) | No Opt. Call | | A3 (7) | | 1,621,616 | |
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | U.S. Guaranteed (7) (continued) | | | | | | |
| $ | 50 | | Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 (Pre-refunded 11/15/20) | 11/20 at 100.00 | | N/R (7) | $ | 56,725 | |
| | 2,250 | | Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007, 5.250%, 6/01/39 (Pre-refunded 6/01/17) – RAAI Insured | 6/17 at 100.00 | | AA (7) | | 2,277,045 | |
| | 1,613 | | South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%, 7/01/29 (Pre-refunded 7/01/20) | 7/20 at 100.00 | | N/R (7) | | 1,837,223 | |
| | 99,133 | | Total U.S. Guaranteed | | | | | 106,580,242 | |
| | | | Utilities – 6.5% (4.1% of Total Investments) | | | | | | |
| | 2,380 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21) | No Opt. Call | | CCC+ | | 833,000 | |
| | 3,000 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) | No Opt. Call | | B1 | | 2,729,310 | |
| | 5,960 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) | No Opt. Call | | CCC+ | | 2,086,000 | |
| | 9,655 | | 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 | | BB+ | | 3,379,250 | |
| | 7,250 | | Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43 | 7/20 at 100.00 | | Ba2 | | 7,253,698 | |
| | 4,015 | | Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39 | 12/19 at 100.00 | | A+ | | 4,380,245 | |
| | 2,220 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 | 9/25 at 100.00 | | BB– | | 2,247,683 | |
| | 4,575 | | 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– | | 4,942,190 | |
| | 5,000 | | Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009B, 5.000%, 11/15/40 | 11/19 at 100.00 | | AA– | | 5,413,850 | |
| | 2,735 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/29 | 8/25 at 100.00 | | A | | 3,065,771 | |
| | 46,790 | | Total Utilities | | | | | 36,330,997 | |
| | | | Water and Sewer – 10.6% (6.7% of Total Investments) | | | | | | |
| | | | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2015: | | | | | | |
| | 3,325 | | 5.000%, 12/01/40 | 12/25 at 100.00 | | A1 | | 3,682,371 | |
| | 3,320 | | 5.000%, 12/01/45 | 12/25 at 100.00 | | A1 | | 3,661,064 | |
| | 750 | | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/32 – AGM Insured | 12/26 at 100.00 | | AA | | 793,470 | |
| | | | Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123: | | | | | | |
| | 1,665 | | 11.863%, 12/01/29 – AGM Insured (IF) (5) | 12/21 at 100.00 | | AA | | 2,265,998 | |
| | 825 | | 11.853%, 12/01/33 – AGM Insured (IF) (5) | 12/21 at 100.00 | | AA | | 1,077,425 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Water and Sewer (continued) | | | | | | |
| | | | Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewer Revenue Bonds, Series 2015: | | | | | | |
| $ | 1,110 | | 5.000%, 5/01/40 | 5/25 at 100.00 | | Aa3 | $ | 1,235,774 | |
| | 2,220 | | 4.000%, 5/01/45 | 5/25 at 100.00 | | Aa3 | | 2,257,096 | |
| | | | Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015: | | | | | | |
| | 705 | | 3.125%, 12/01/33 – BAM Insured | 12/23 at 100.00 | | AA | | 674,001 | |
| | 1,155 | | 3.200%, 12/01/34 – BAM Insured | 12/23 at 100.00 | | AA | | 1,104,688 | |
| | | | Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series 2015: | | | | | | |
| | 205 | | 3.125%, 12/15/32 – BAM Insured | 12/20 at 100.00 | | AA | | 197,782 | |
| | 665 | | 3.375%, 12/15/35 – BAM Insured | 12/20 at 100.00 | | AA | | 638,068 | |
| | | | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B: | | | | | | |
| | 7,295 | | 0.000%, 12/01/34 | No Opt. Call | | A | | 3,563,753 | |
| | 4,420 | | 0.000%, 12/01/35 | No Opt. Call | | A | | 2,066,262 | |
| | 12,500 | | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23 at 100.00 | | A | | 13,775,623 | |
| | 1,100 | | Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 | 1/20 at 100.00 | | BBB+ | | 1,171,874 | |
| | 6,560 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/21 at 100.00 | | A+ | | 7,222,691 | |
| | 2,500 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43 | 1/22 at 100.00 | | A+ | | 2,760,175 | |
| | 5,000 | | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, First Lien Series 2013B, 5.250%, 9/01/40 | 9/23 at 100.00 | | A | | 5,619,750 | |
| | 2,840 | | Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured | 11/19 at 100.00 | | AA | | 2,776,753 | |
| | 1,930 | | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 2016-XF1058, 15.209%, 8/15/37 (IF) (5) | 8/23 at 100.00 | | Aa2 | | 2,705,069 | |
| | 60,090 | | Total Water and Sewer | | | | | 59,249,687 | |
| $ | 855,799 | | Total Investments (cost $859,310,440) – 158.4% | | | | | 884,532,697 | |
| | | | Floating Rate Obligations – (8.8)% | | | | | (49,295,000 | ) |
| | | | Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (15.6)% (8) | | | | | (86,981,616 | ) |
| | | | Variable Rate Demand Preferred Shares, net of deferred offering costs – (38.8)% (9) | | | | | (216,613,458 | ) |
| | | | Other Assets Less Liabilities – 4.8% (10) | | | | | 26,730,147 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | $ | 558,372,770 | |
| NQP | Nuveen Pennsylvania Quality Municipal Income Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
Investments in Derivatives as of February 28, 2017
Interest Rate Swaps
| | | | | | Fund | | | | Fixed Rate | | | | | | | Unrealized | |
| | | | Notional | | Pay/Receive | | Floating Rate | | Fixed Rate | | Payment | | Effective | | Termination | | | Appreciation | |
| Counterparty | | | Amount | | Floating Rate | | Index | | (Annualized | ) | Frequency | | Date (11 | ) | Date | | | (Depreciation | ) |
| JPMorgan Chase Bank, N.A. | | $ | 19,500,000 | | Receive | | USD-BMA | | 1.346% | | Quarterly | | 11/15/17 | | 11/15/28 | | $ | 1,330,992 | |
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | As of, 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 ceased accruing additional income on the Fund's records. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (6) | Step-up coupon. The rate shown is the coupon as of the end of the reporting period. |
| (7) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (8) | Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.8%. |
| (9) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 24.5%. |
| (10) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
| (11) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
| (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. |
| USD-BMA | United States Dollar-Bond Market Association |
See accompanying notes to financial statements.
| NPN | | |
| | Nuveen Pennsylvania Municipal Value Fund | |
| | Portfolio of Investments | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | LONG-TERM INVESTMENTS – 99.8% (97.4% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 99.8% (97.4% of Total Investments) | | | | | | |
| | | | Consumer Staples – 4.1% (4.0% of Total Investments) | | | | | | |
| $ | 635 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | | Baa1 | $ | 729,393 | |
| | 25 | | 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– | | 30,404 | |
| | 660 | | Total Consumer Staples | | | | | 759,797 | |
| | | | Education and Civic Organizations – 5.9% (5.8% of Total Investments) | | | | | | |
| | 70 | | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016, 5.125%, 3/15/36 | 3/27 at 100.00 | | BBB– | | 72,274 | |
| | 30 | | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37 | 5/24 at 100.00 | | Baa3 | | 31,055 | |
| | 280 | | Delaware County Authority, Pennsylvania, Revenue Bonds, Haverford College, Series 2017A, 3.750%, 10/01/46 (WI/DD, Settling 3/01/17) | 4/27 at 100.00 | | AA– | | 275,559 | |
| | 60 | | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2016, 4.000%, 5/01/46 | 11/26 at 100.00 | | BBB+ | | 58,039 | |
| | | | Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2: | | | | | | |
| | 15 | | 3.250%, 5/01/36 | 5/26 at 100.00 | | BBB+ | | 12,780 | |
| | 40 | | 3.500%, 5/01/41 | 5/26 at 100.00 | | BBB+ | | 34,440 | |
| | 35 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38 | 9/23 at 100.00 | | BBB– | | 37,988 | |
| | 120 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32 | 6/23 at 100.00 | | BBB+ | | 128,292 | |
| | 40 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42 | 9/22 at 100.00 | | A+ | | 43,864 | |
| | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012: | | | | | | |
| | 35 | | 4.000%, 11/01/39 | 11/22 at 100.00 | | A3 | | 35,424 | |
| | 60 | | 5.000%, 11/01/42 | 11/22 at 100.00 | | A3 | | 65,954 | |
| | 75 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 | 7/23 at 100.00 | | A– | | 82,652 | |
| | 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 | | 105,327 | |
| | 100 | | Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40 | 11/20 at 100.00 | | A– | | 109,446 | |
| | 1,060 | | Total Education and Civic Organizations | | | | | 1,093,094 | |
| | | | Health Care – 21.9% (21.3% of Total Investments) | | | | | | |
| | 695 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34 | 8/19 at 100.00 | | Aa3 | | 752,142 | |
| | 100 | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A, 5.000%, 11/15/46 | 11/25 at 100.00 | | A | | 109,135 | |
| | 55 | | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A, 5.000%, 6/01/35 | 6/26 at 100.00 | | A+ | | 61,197 | |
| | 35 | | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 | 6/22 at 100.00 | | A+ | | 37,762 | |
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Health Care (continued) | | | | | | |
| $ | 225 | | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | | BBB | $ | 237,708 | |
| | 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 | | 637,758 | |
| | 210 | | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46 | 8/26 at 100.00 | | AA– | | 232,512 | |
| | 150 | | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42 | 8/26 at 100.00 | | AA– | | 166,460 | |
| | | | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016: | | | | | | |
| | 30 | | 3.000%, 11/01/36 | 5/26 at 100.00 | | A | | 25,903 | |
| | 150 | | 4.000%, 11/01/41 | 5/26 at 100.00 | | A | | 150,795 | |
| | 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 | | AA– | | 109,136 | |
| | 200 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | 1/25 at 100.00 | | Baa2 | | 211,344 | |
| | 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 | | BBB– | | 106,976 | |
| | 200 | | Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2016B, 5.000%, 7/01/45 | 1/27 at 100.00 | | A+ | | 216,806 | |
| | 705 | | St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34 | 5/19 at 100.00 | | AA– | | 765,537 | |
| | 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 | | AA | | 114,005 | |
| | 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 | | AA | | 113,169 | |
| | 3,755 | | Total Health Care | | | | | 4,048,345 | |
| | | | Housing/Multifamily – 7.0% (6.8% of Total Investments) | | | | | | |
| | 15 | | Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45 | 8/23 at 100.00 | | Baa3 | | 15,508 | |
| | 30 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 | 7/24 at 100.00 | | BBB– | | 31,056 | |
| | 100 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | | BBB– | | 103,545 | |
| | 300 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | | Baa3 | | 317,466 | |
| | 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 | | 823,655 | |
| | 1,245 | | Total Housing/Multifamily | | | | | 1,291,230 | |
| | | | Housing/Single Family – 8.7% (8.5% of Total Investments) | | | | | | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: | | | | | | |
| | 65 | | 3.300%, 10/01/32 | 10/21 at 100.00 | | AA+ | | 64,826 | |
| | 25 | | 3.650%, 10/01/37 | 10/21 at 100.00 | | AA+ | | 25,094 | |
| | 30 | | 3.700%, 10/01/42 | 10/21 at 100.00 | | AA+ | | 31,148 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Housing/Single Family (continued) | | | | | | |
| $ | 125 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B, 4.000%, 4/01/45 | 10/24 at 100.00 | | AA+ | $ | 124,578 | |
| | 315 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45 | 4/25 at 100.00 | | AA+ | | 318,890 | |
| | 55 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36 | 4/25 at 100.00 | | AA+ | | 53,326 | |
| | 500 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40 | 10/25 at 100.00 | | AA+ | | 459,205 | |
| | 100 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 | 10/25 at 100.00 | | AA+ | | 90,614 | |
| | 400 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 3.200%, 10/01/41 (UB) | 10/25 at 100.00 | | AA+ | | 362,456 | |
| | 50 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 12.583%, 10/01/33 (Alternative Minimum Tax) (IF) | 10/22 at 100.00 | | AA+ | | 58,401 | |
| | 25 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 9.393%, 10/01/38 (IF) (4) | 10/22 at 100.00 | | AA+ | | 26,088 | |
| | 1,690 | | Total Housing/Single Family | | | | | 1,614,626 | |
| | | | Long-Term Care – 3.0% (3.0% of Total Investments) | | | | | | |
| | | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015: | | | | | | |
| | 120 | | 4.000%, 1/01/33 | 1/25 at 100.00 | | BBB+ | | 120,316 | |
| | 135 | | 5.000%, 1/01/38 | 1/25 at 100.00 | | BBB+ | | 142,885 | |
| | 20 | | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35 | 5/25 at 100.00 | | A | | 21,907 | |
| | 55 | | Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013, 5.750%, 5/01/35 | 5/23 at 100.00 | | BBB | | 59,622 | |
| | 200 | | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | 11/26 at 100.00 | | N/R | | 213,464 | |
| | 530 | | Total Long-Term Care | | | | | 558,194 | |
| | | | Materials – 0.9% (0.9% of Total Investments) | | | | | | |
| | 165 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) | 11/24 at 100.00 | | N/R | | 174,884 | |
| | | | Tax Obligation/General – 6.9% (6.7% of Total Investments) | | | | | | |
| | 220 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32 | 12/23 at 100.00 | | AA– | | 253,262 | |
| | 45 | | Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38 | 4/24 at 100.00 | | AA | | 49,801 | |
| | 115 | | Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D, 5.000%, 12/15/39 | 12/24 at 100.00 | | AA | | 128,339 | |
| | 195 | | Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured | 11/23 at 100.00 | | AA | | 214,438 | |
| | 15 | | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25 – BAM Insured | 9/22 at 100.00 | | AA | | 17,078 | |
| | 390 | | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26 | 9/22 at 100.00 | | AA– | | 442,385 | |
| | 35 | | Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, Refunding Series 2016, 3.300%, 9/01/34 – AGM Insured | 9/25 at 100.00 | | AA | | 33,530 | |
| | 35 | | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34 | 2/18 at 100.00 | | Aa1 | | 34,481 | |
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | |
| $ | 80 | | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 5.000%, 11/15/32 | 5/24 at 100.00 | | BB | $ | 81,620 | |
| | | | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A: | | | | | | |
| | 15 | | 5.000%, 11/15/21 | No Opt. Call | | BB | | 15,415 | |
| | 10 | | 5.000%, 11/15/28 | 5/24 at 100.00 | | BB | | 10,211 | |
| | 1,155 | | Total Tax Obligation/General | | | | | 1,280,560 | |
| | | | Tax Obligation/Limited – 9.8% (9.5% of Total Investments) | | | | | | |
| | 25 | | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35 | 5/22 at 100.00 | | Baa2 | | 26,103 | |
| | 120 | | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 | 1/22 at 100.00 | | A | | 125,248 | |
| | 104 | | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 | 7/24 at 100.00 | | N/R | | 105,964 | |
| | | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A: | | | | | | |
| | 480 | | 5.500%, 12/01/34 | 12/20 at 100.00 | | AA– | | 536,510 | |
| | 100 | | 5.000%, 12/01/38 | 12/19 at 100.00 | | AA– | | 107,994 | |
| | 100 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) | No Opt. Call | | AA– | | 86,310 | |
| | 750 | | Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34 | 4/19 at 100.00 | | A+ | | 815,647 | |
| | 1,679 | | Total Tax Obligation/Limited | | | | | 1,803,776 | |
| | | | Transportation – 8.7% (8.5% of Total Investments) | | | | | | |
| | 335 | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/42 (WI/DD, Settling 3/01/17) | 7/27 at 100.00 | | A1 | | 378,242 | |
| | 240 | | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 | 1/20 at 100.00 | | A | | 260,969 | |
| | 140 | | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured | 1/24 at 100.00 | | AA | | 154,517 | |
| | 175 | | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative Minimum Tax) | 6/26 at 100.00 | | BBB | | 188,375 | |
| | 525 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | | A1 | | 578,109 | |
| | 55 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37 | 12/19 at 100.00 | | A– | | 59,366 | |
| | 1,470 | | Total Transportation | | | | | 1,619,578 | |
| | | | U.S. Guaranteed – 16.9% (16.5% of Total Investments) (6) | | | | | | |
| | 550 | | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | | BBB+ (6) | | 617,496 | |
| | 500 | | Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg College Project, Series 2009, 5.250%, 2/01/39 (Pre-refunded 2/01/19) | 2/19 at 100.00 | | A+ (6) | | 540,775 | |
| | 5 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33 (Pre-refunded 6/01/19) | 6/19 at 100.00 | | A+ (6) | | 5,454 | |
| | 750 | | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | | A– (6) | | 852,274 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | U.S. Guaranteed (6) (continued) | | | | | | |
| $ | 350 | | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) | 10/19 at 100.00 | | N/R (6) | $ | 387,709 | |
| | 50 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) | 7/20 at 100.00 | | N/R (6) | | 57,731 | |
| | 105 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | | N/R (6) | | 121,302 | |
| | 500 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A, 5.250%, 1/01/36 (Pre-refunded 1/01/19) | 1/19 at 100.00 | | A+ (6) | | 539,155 | |
| | 2,810 | | Total U.S. Guaranteed | | | | | 3,121,896 | |
| | | | Utilities – 2.8% (2.8% of Total Investments) | | | | | | |
| | 110 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21) | No Opt. Call | | CCC+ | | 38,500 | |
| | 200 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) | No Opt. Call | | CCC+ | | 70,000 | |
| | 5 | | 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 | | BB+ | | 1,750 | |
| | 170 | | Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43 | 7/20 at 100.00 | | Ba2 | | 170,087 | |
| | 100 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 | 9/25 at 100.00 | | BB– | | 101,247 | |
| | 25 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, FirstEnergy Guarantor., Series 2006A, 2.550%, 11/01/41 (Mandatory put 12/03/18) | No Opt. Call | | B | | 8,750 | |
| | 125 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/30 | 8/25 at 100.00 | | A | | 139,526 | |
| | 735 | | Total Utilities | | | | | 529,860 | |
| | | | Water and Sewer – 3.1% (3.1% of Total Investments) | | | | | | |
| | 175 | | Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123, 11.815%, 12/01/33 – AGM Insured (IF) (4) | 12/21 at 100.00 | | AA | | 228,545 | |
| | 75 | | Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015, 3.125%, 12/01/33 – BAM Insured | 12/23 at 100.00 | | AA | | 71,702 | |
| | 200 | | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23 at 100.00 | | A | | 220,410 | |
| | 60 | | Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured | 11/19 at 100.00 | | AA | | 58,664 | |
| | 510 | | Total Water and Sewer | | | | | 579,321 | |
| $ | 17,464 | | Total Municipal Bonds (cost $17,642,379) | | | | | 18,475,161 | |
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| | Portfolio of Investments (continued) | February 28, 2017 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | Value | |
| | | | SHORT-TERM INVESTMENTS 2.7% (2.6% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS 2.7% (2.6% of Total Investments) | | | | | | |
| | | | Health Care – 2.7% (2.6% of Total Investments) | | | | | | |
| $ | 500 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital | 6/17 at 100.00 | | VMIG-1 | $ | 500,000 | |
| | | | Revenue Bonds, Children's Hospital of Philadelphia, Variable Rate Demand Obligations, Series 2005A, 0.560%, 2/15/21 (7) | | | | | | |
| $ | 500 | | Total Short-Term Investments (cost $500,000) | | | | | 500,000 | |
| | | | Total Investments (cost $18,142,379) – 102.5% | | | | | 18,975,161 | |
| | | | Floating Rate Obligations – (1.6)% | | | | | (300,000 | ) |
| | | | Other Assets Less Liabilities – (0.9)% | | | | | (157,804 | ) |
| | | | Net Assets Applicable to Common Shares – 100% | | | | $ | 18,517,357 | |
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Step-up coupon. The rate shown is the coupon as of the end of the reporting period. |
| (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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (7) | Investment has maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (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. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| Statement of | | |
| | Assets and Liabilities | February 28, 2017 |
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Assets | | | | | | | | | | | | | |
| Long-term investments, at value (cost $908,765,974, $23,403,712, $859,310,440 and $17,642,379, respectively) | | $ | 951,709,790 | | $ | 24,812,621 | | $ | 884,532,697 | | $ | 18,475,161 | |
| Short-term investments, at value (cost $—, $500,000, $— and $500,000, respectively) | | | — | | | 500,000 | | | — | | | 500,000 | |
| Cash | | | 3,510,503 | | | 455,428 | | | 4,329,873 | | | 351,138 | |
| Unrealized appreciation on interest rate swaps | | | 1,720,413 | | | — | | | 1,330,992 | | | — | |
| Receivable for: | | | | | | | | | | | | | |
| Interest | | | 10,104,670 | | | 312,063 | | | 10,601,716 | | | 232,998 | |
| Investments sold | | | 12,926,891 | | | 318,777 | | | 13,479,470 | | | 79,660 | |
| Other assets | | | 125,498 | | | 296 | | | 116,866 | | | 246 | |
| Total assets | | | 980,097,765 | | | 26,399,185 | | | 914,391,614 | | | 19,639,203 | |
| Liabilities | | | | | | | | | | | | | |
| Floating rate obligations | | | — | | | 1,500,000 | | | 49,295,000 | | | 300,000 | |
| Payable for: | | | | | | | | | | | | | |
| Dividends | | | 2,343,564 | | | 73,466 | | | 2,005,147 | | | 61,346 | |
| Interest | | | — | | | — | | | 105,330 | | | — | |
| Investments purchased | | | 16,919,223 | | | 644,757 | | | 40,794 | | | 722,000 | |
| Offering costs | | | 251,996 | | | — | | | 23,451 | | | — | |
| Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs (liquidation preference $—, $—, $87,000,000 and $—, respectively) | | | — | | | — | | | 86,981,616 | | | — | |
| Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs (liquidation preference $313,900,000, $—, $217,500,000 and $—, respectively) | | | 312,319,496 | | | — | | | 216,613,458 | | | — | |
| Accrued expenses: | | | | | | | | | | | | | |
| Management fees | | | 443,981 | | | 11,422 | | | 399,946 | | | 8,317 | |
| Trustees fees | | | 123,730 | | | 268 | | | 118,206 | | | 210 | |
| Other | | | 70,001 | | | 30,539 | | | 435,896 | | | 29,973 | |
| Total liabilities | | | 332,471,991 | | | 2,260,452 | | | 356,018,844 | | | 1,121,846 | |
| Net assets applicable to common shares | | $ | 647,625,774 | | $ | 24,138,733 | | $ | 558,372,770 | | $ | 18,517,357 | |
| Common shares outstanding | | | 42,584,679 | | | 1,551,216 | | | 37,754,841 | | | 1,221,414 | |
| Net assset value ("NAV") per common share outstanding | | $ | 15.21 | | $ | 15.56 | | $ | 14.79 | | $ | 15.16 | |
| Net assets applicable to common shares consist of: | | | | | | | | | | | | | |
| Common shares, $0.01 par value per share | | $ | 425,847 | | $ | 15,512 | | $ | 377,548 | | $ | 12,214 | |
| Paid-in surplus | | | 606,399,154 | | | 22,163,196 | | | 533,541,926 | | | 17,471,700 | |
| Undistributed (Over-distribution of) net investment income | | | 777,822 | | | 62,468 | | | (964,777 | ) | | 46,103 | |
| Accumulated net realized gain (loss) | | | (4,641,278 | ) | | 488,648 | | | (1,135,176 | ) | | 154,558 | |
| Net unrealized appreciation (depreciation) | | | 44,664,229 | | | 1,408,909 | | | 26,553,249 | | | 832,782 | |
| Net assets applicable to common shares | | $ | 647,625,774 | | $ | 24,138,733 | | $ | 558,372,770 | | $ | 18,517,357 | |
| Authorized shares: | | | | | | | | | | | | | |
| Common | | | Unlimited | | | Unlimited | | | Unlimited | | | Unlimited | |
| Preferred | | | Unlimited | | | N/A | | | Unlimited | | | N/A | |
N/A — Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
| | | NXJ | | NJV | |
| | | | 10 Months Ended | | | Year Ended | | | 10 Months Ended | | | Year Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 2/28/17 | | | 4/30/16 | |
| Investment Income | | $ | 35,588,571 | | $ | 44,216,190 | | $ | 953,063 | | $ | 1,193,022 | |
| Expenses | | | | | | | | | | | | | |
| Management fees | | | 4,985,501 | | | 5,923,090 | | | 128,696 | | | 155,745 | |
| Interest expense and amortization of offering costs | | | 2,504,716 | | | 544,066 | | | 14,217 | | | 10,307 | |
| Liquidity fees | | | 1,808,799 | | | 2,930,921 | | | — | | | — | |
| Remarketing fees | | | 190,140 | | | 319,134 | | | — | | | — | |
| Custodian fees | | | 90,558 | | | 103,383 | | | 11,954 | | | 14,208 | |
| Trustees fees | | | 23,780 | | | 26,654 | | | 602 | | | 720 | |
| Professional fees | | | 43,283 | | | 38,081 | | | 22,153 | | | 22,302 | |
| Shareholder reporting expenses | | | 65,904 | | | 52,521 | | | 8,745 | | | 7,975 | |
| Shareholder servicing agent fees | | | 27,743 | | | 32,538 | | | 205 | | | 245 | |
| Stock exchange listing fees | | | 13,866 | | | 17,284 | | | 291 | | | 345 | |
| Investor relations expenses | | | 85,785 | | | 61,346 | | | 3,069 | | | 2,579 | |
| Other | | | 160,187 | | | 294,828 | | | 9,455 | | | 8,653 | |
| Total expenses | | | 10,000,262 | | | 10,343,846 | | | 199,387 | | | 223,079 | |
| Net investment income (loss) | | | 25,588,309 | | | 33,872,344 | | | 753,676 | | | 969,943 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investments | | | 1,504,348 | | | 1,086,377 | | | 678,205 | | | 63,034 | |
| Swaps | | | (2,275,000 | ) | | — | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | (43,919,021 | ) | | 29,494,099 | | | (1,571,732 | ) | | 96,605 | |
| Swaps | | | 4,537,380 | | | (2,816,967 | ) | | — | | | — | |
| Net realized and unrealized gain (loss) | | | (40,152,293 | ) | | 27,763,509 | | | (893,527 | ) | | 159,639 | |
| Net increase (decrease) in net assets applicable to common shares from operations | | $ | (14,563,984 | ) | $ | 61,635,853 | | $ | (139,851 | ) | $ | 1,129,582 | |
See accompanying notes to financial statements.
| | | NQP | | NPN | |
| | | | 10 Months Ended | | | Year Ended | | | 10 Months Ended | | | Year Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 2/28/17 | | | 4/30/16 | |
| Investment Income | | $ | 31,794,149 | | $ | 39,246,239 | | $ | 775,132 | | $ | 996,525 | |
| Expenses | | | | | | | | | | | | | |
| Management fees | | | 4,439,816 | | | 5,212,388 | | | 95,204 | | | 115,287 | |
| Interest expense and amortization of offering costs | | | 3,170,030 | | | 1,038,642 | | | 1,483 | | | — | |
| Liquidity fees | | | 1,169,153 | | | 2,068,786 | | | — | | | — | |
| Remarketing fees | | | 120,832 | | | 221,123 | | | — | | | — | |
| Custodian fees | | | 82,762 | | | 95,877 | | | 11,406 | | | 12,548 | |
| Trustees fees | | | 21,057 | | | 23,247 | | | 470 | | | 583 | |
| Professional fees | | | 29,045 | | | 36,706 | | | 22,666 | | | 21,984 | |
| Shareholder reporting expenses | | | 70,265 | | | 50,695 | | | 8,596 | | | 7,373 | |
| Shareholder servicing agent fees | | | 49,554 | | | 59,567 | | | 137 | | | 163 | |
| Stock exchange listing fees | | | 12,576 | | | 12,089 | | | 229 | | | 271 | |
| Investor relations expenses | | | 76,516 | | | 63,996 | | | 2,719 | | | 2,214 | |
| Other | | | 49,390 | | | 44,211 | | | 9,482 | | | 8,166 | |
| Total expenses | | | 9,290,996 | | | 8,927,327 | | | 152,392 | | | 168,589 | |
| Net investment income (loss) | | | 22,503,153 | | | 30,318,912 | | | 622,740 | | | 827,936 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investments | | | 1,796,704 | | | 1,035,292 | | | 461,016 | | | 334,215 | |
| Swaps | | | — | | | — | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | (50,059,876 | ) | | 16,309,552 | | | (1,349,575 | ) | | (226,671 | ) |
| Swaps | | | 1,330,992 | | | — | | | — | | | — | |
| Net realized and unrealized gain (loss) | | | (46,932,180 | ) | | 17,344,844 | | | (888,559 | ) | | 107,544 | |
| Net increase (decrease) in net assets applicable to common shares from operations | | $ | (24,429,027 | ) | $ | 47,663,756 | | $ | (265,819 | ) | $ | 935,480 | |
See accompanying notes to financial statements.
| Statement of | | |
| | Changes in Net Assets | |
| | | NXJ | | NJV | |
| | | | Ten Months | | | Year | | | Year | | | Ten Months | | | Year | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | |
| Operations | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 25,588,309 | | $ | 33,872,344 | | $ | 17,283,663 | | $ | 753,676 | | $ | 969,943 | | $ | 963,306 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
| Investments | | | 1,504,348 | | | 1,086,377 | | | 2,172,472 | | | 678,205 | | | 63,034 | | | 672,509 | |
| Swaps | | | (2,275,000 | ) | | — | | | — | | | — | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | |
| Investments | | | (43,919,021 | ) | | 29,494,099 | | | (2,921,115 | ) | | (1,571,732 | ) | | 96,605 | | | (6,417 | ) |
| Swaps | | | 4,537,380 | | | (2,816,967 | ) | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | (14,563,984 | ) | | 61,635,853 | | | 16,535,020 | | | (139,851 | ) | | 1,129,582 | | | 1,629,398 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (26,781,505 | ) | | (34,887,468 | ) | | (17,478,928 | ) | | (799,685 | ) | | (938,856 | ) | | (981,771 | ) |
| From accumulated net realized gains | | | — | | | (344,985 | ) | | — | | | (237,527 | ) | | (323,803 | ) | | (276,526 | ) |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (26,781,505 | ) | | (35,232,453 | ) | | (17,478,928 | ) | | (1,037,212 | ) | | (1,262,659 | ) | | (1,258,297 | ) |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Issued in the reorganizations | | | — | | | — | | | 570,950,389 | | | — | | | — | | | — | |
| Cost of shares repurchased and retired | | | — | | | (6,101,727 | ) | | (1,517,510 | ) | | — | | | — | | | (213,171 | ) |
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | | | — | | | — | | | — | | | 18,824 | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | | | — | | | (6,101,727 | ) | | 569,432,879 | | | 18,824 | | | — | | | (213,171 | ) |
| Net increase (decrease) in net assets applicable to common shares | | | (41,345,489 | ) | | 20,301,673 | | | 568,488,971 | | | (1,158,239 | ) | | (133,077 | ) | | 157,930 | |
| Net assets applicable to common shares at the beginning of period | | | 688,971,263 | | | 668,669,590 | | | 100,180,619 | | | 25,296,972 | | | 25,430,049 | | | 25,272,119 | |
| Net assets applicable to common shares at the end of period | | $ | 647,625,774 | | $ | 688,971,263 | | $ | 668,669,590 | | $ | 24,138,733 | | $ | 25,296,972 | | $ | 25,430,049 | |
| Undistributed (Over-distribution of)net investment income at the end of period | | $ | 777,822 | | $ | 1,655,681 | | $ | 2,444,690 | | $ | 62,468 | | $ | 109,501 | | $ | 80,634 | |
See accompanying notes to financial statements.
| | | NQP | | NPN | |
| | | | Ten Months | | | Year | | | Year | | | Ten Months | | | Year | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | |
| Operations | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 22,503,153 | | $ | 30,318,912 | | $ | 30,831,662 | | $ | 622,740 | | $ | 827,936 | | $ | 815,704 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | |
| Investments | | | 1,796,704 | | | 1,035,292 | | | (451,244 | ) | | 461,016 | | | 334,215 | | | 18,377 | |
| Swaps | | | — | | | — | | | — | | | — | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | |
| Investments | | | (50,059,876 | ) | | 16,309,552 | | | 19,639,321 | | | (1,349,575 | ) | | (226,671 | ) | | 486,645 | |
| Swaps | | | 1,330,992 | | | — | | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | (24,429,027 | ) | | 47,663,756 | | | 50,019,739 | | | (265,819 | ) | | 935,480 | | | 1,320,726 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | | | | |
| From net investment income | | | (23,275,600 | ) | | (31,373,686 | ) | | (31,976,724 | ) | | (783,355 | ) | | (769,533 | ) | | (769,411 | ) |
| From accumulated net realized gains | | | (1,162,849 | ) | | — | | | — | | | (585,077 | ) | | — | | | — | |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (24,438,449 | ) | | (31,373,686 | ) | | (31,976,724 | ) | | (1,368,432 | ) | | (769,533 | ) | | (769,411 | ) |
| Capital Share Transactions | | | | | | | | | | | | | | | | | | | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Issued in the reorganizations | | | — | | | — | | | — | | | — | | | — | | | — | |
| Cost of shares repurchased and retired | | | — | | | (1,589,406 | ) | | (61,628 | ) | | — | | | — | | | — | |
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | | | — | | | — | | | — | | | 33,532 | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | | | — | | | (1,589,406 | ) | | (61,628 | ) | | 33,532 | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares | | | (48,867,476 | ) | | 14,700,664 | | | 17,981,387 | | | (1,600,719 | ) | | 165,947 | | | 551,315 | |
| Net assets applicable to common shares at the beginning of period | | | 607,240,246 | | | 592,539,582 | | | 574,558,195 | | | 20,118,076 | | | 19,952,129 | | | 19,400,814 | |
| Net assets applicable to common shares at the end of period | | $ | 558,372,770 | | $ | 607,240,246 | | $ | 592,539,582 | | $ | 18,517,357 | | $ | 20,118,076 | | $ | 19,952,129 | |
| Undistributed (Over-distribution of)net investment income at the end of period | | $ | (964,777 | ) | $ | (412,865 | ) | $ | 690,405 | | $ | 46,103 | | $ | 210,729 | | $ | 153,803 | |
See accompanying notes to financial statements.
| | | NXJ | | NQP | |
| | | | 10 Months Ended | | | Year Ended | | | 10 Months Ended | | | Year Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 2/28/17 | | | 4/30/16 | |
| Cash Flows from Operating Activities: | | | | | | | | | | | | | |
| Net Increase (Decrease) in Net Assets Applicable to | | | | | | | | | | | | | |
| Common Shares from Operations | | $ | (14,563,984 | ) | $ | 61,635,853 | | $ | 33(24,429,027 | ) | $ | 33347,663,756 | |
| 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 | | | (113,106,272 | ) | | (138,750,843 | ) | | (200,131,326 | ) | | (142,831,164 | ) |
| Proceeds from sales and maturities of investments | | | 118,221,376 | | | 137,927,576 | | | 149,650,145 | | | 150,168,102 | |
| Proceeds from (Payments for) swap contracts, net | | | (2,275,000 | ) | | — | | | — | | | — | |
| Taxes paid | | | (50 | ) | | (3,278 | ) | | (79 | ) | | (1,428 | ) |
| Amortization (Accretion) of premiums and discounts, net | | | 808,549 | | | 791,816 | | | 1,576,142 | | | 1,141,646 | |
| Amortization of deferred offering costs | | | 50,209 | | | 128,134 | | | 42,178 | | | 283,173 | |
| (Increase) Decrease in: | | | | | | | | | | | | | |
| Receivable for dividends | | | — | | | 4,686 | | | — | | | — | |
| Receivable for interest | | | 4,540,611 | | | (403,144 | ) | | 2,032,540 | | | 335,900 | |
| Receivable for investments sold | | | (12,926,891 | ) | | 7,662,896 | | | (3,272,165 | ) | | (7,582,305 | ) |
| Other assets | | | 262,028 | | | (18,053 | ) | | 186,543 | | | (15,392 | ) |
| Increase (Decrease) in: | | | | | | | | | | | | | |
| Payable for interest | | | — | | | — | | | 105,330 | | | (38,335 | ) |
| Payable for investments purchased | | | 8,904,438 | | | 396,086 | | | 40,794 | | | (2,021,277 | ) |
| Payable for offering costs | | | 251,996 | | | (102,456 | ) | | 23,451 | | | (208,858 | ) |
| Accrued management fees | | | (51,914 | ) | | 2,413 | | | (33,664 | ) | | 1,770 | |
| Accrued professional fees | | | (43,921 | ) | | (51,844 | ) | | (329,887 | ) | | (43,353 | ) |
| Accrued Trustees fees | | | 9,645 | | | (5,943 | ) | | 8,223 | | | (6,353 | ) |
| Accrued other expenses | | | (7,932 | ) | | (34,317 | ) | | 313,737 | | | (115,235 | ) |
| Net realized (gain) loss from: | | | | | | | | | | | | | |
| Investments | | | (1,504,348 | ) | | (1,086,377 | ) | | (1,796,704 | ) | | (1,035,292 | ) |
| Swaps | | | 2,275,000 | | | — | | | — | | | — | |
| Change in net unrealized (appreciation) depreciation of: | | | | | | | | | | | | | |
| Investments | | | 43,919,021 | | | (29,494,099 | ) | | 50,059,876 | | | (16,309,552 | ) |
| Swaps | | | (4,537,380 | ) | | 2,816,967 | | | (1,330,992 | ) | | — | |
| Net cash provided by (used in) operating activities | | | 30,225,181 | | | 41,518,529 | | | (27,284,885 | ) | | 29,594,661 | |
| Cash Flows from Financing Activities: | | | | | | | | | | | | | |
| Increase (Decrease) in: | | | | | | | | | | | | | |
| Cash overdraft | | | — | | | — | | | (2,871,672 | ) | | 2,871,672 | |
| Floating rate obligations | | | — | | | — | | | 20,225,000 | | | — | |
| VRDP Shares, at liquidation preference | | | — | | | — | | | 39,000,000 | | | — | |
| Cash distributions paid to common shareholders | | | (27,070,834 | ) | | (35,264,333 | ) | | (24,738,570 | ) | | (31,420,645 | ) |
| Cost of common shares repurchased and retired | | | — | | | (6,101,727 | ) | | — | | | (1,589,406 | ) |
| Net cash provided by (used in) financing activities | | | (27,070,834 | ) | | (41,468,516 | ) | | 31,614,758 | | | (30,347,237 | ) |
| Net Increase (Decrease) in Cash | | | 3,154,347 | | | 50,013 | | | 4,329,873 | | | (752,576 | ) |
| Cash at the beginning of period | | | 356,156 | | | 306,143 | | | — | | | 752,576 | |
| Cash at the end of period | | | 3,510,503 | | | 356,156 | | | 4,329,873 | | | — | |
| | | NXJ | | NQP | |
| | | | 10 Months Ended | | | Year Ended | | | 10 Months Ended | | | Year Ended | |
| Supplemental Disclosure of Cash Flow Information | | | 2/28/17 | | | 4/30/16 | | | 2/28/17 | | | 4/30/16 | |
| Cash paid for interest (excluding amortization of offering costs) | | $ | 2,174,507 | | $ | 481,203 | | $ | 2,737,524 | | $ | 1,002,662 | |
See accompanying notes to financial statements.
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Selected data for a common share outstanding throughout each period:
| | | Investment Operations | | Less Distributions to
Common Shareholders | | Common Share | |
| | | Beginning
Common
Share
NAV | | Net
Investment
Income
(Loss | ) | Net
Realized/
Unrealized
Gain (Loss | ) | Total | | From
Net
Investment
Income | | From
Accum-
ulated
Net
Realized
Gains | | Total | | Discount
Per
Share
Repurchased
and Retired | | Ending
NAV | | Ending
Share
Price | |
| NXJ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 2/28-2/29: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017(e) | | $ | 16.18 | | $ | 0.60 | | $ | (0.94 | ) | $ | (0.34 | ) | $ | (0.63 | ) | $ | — | | $ | (0.63 | ) | $ | — | | $ | 15.21 | | $ | 13.42 | |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | | 15.53 | | | 0.79 | | | 0.66 | | | 1.45 | | | (0.82 | ) | | (0.01 | ) | | (0.83 | ) | | 0.03 | | | 16.18 | | | 14.66 | |
| 2015 | | | 15.28 | | | 0.67 | | | 0.34 | | | 1.01 | | | (0.77 | ) | | — | | | (0.77 | ) | | 0.01 | | | 15.53 | | | 13.58 | |
| 2014 | | | 16.12 | | | 0.71 | | | (0.87 | ) | | (0.16 | ) | | (0.68 | ) | | — | | | (0.68 | ) | | —* | | | 15.28 | | | 13.64 | |
| 2013 | | | 15.31 | | | 0.63 | | | 0.93 | | | 1.56 | | | (0.75 | ) | | — | | | (0.75 | ) | | — | | | 16.12 | | | 14.94 | |
| 2012 | | | 13.61 | | | 0.71 | | | 1.83 | | | 2.54 | | | (0.83 | ) | | (0.01 | ) | | (0.84 | ) | | — | | | 15.31 | | | 14.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NJV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 2/28-2/29: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017(e) | | | 16.32 | | | 0.49 | | | (0.58 | ) | | (0.09 | ) | | (0.52 | ) | | (0.15 | ) | | (0.67 | ) | | — | | | 15.56 | | | 15.61 | |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | | 16.41 | | | 0.62 | | | 0.11 | | | 0.73 | | | (0.61 | ) | | (0.21 | ) | | (0.82 | ) | | — | | | 16.32 | | | 15.16 | |
| 2015 | | | 16.15 | | | 0.62 | | | 0.43 | | | 1.05 | | | (0.63 | ) | | (0.18 | ) | | (0.81 | ) | | 0.02 | | | 16.41 | | | 14.75 | |
| 2014 | | | 16.98 | | | 0.65 | | | (0.66 | ) | | (0.01 | ) | | (0.63 | ) | | (0.19 | ) | | (0.82 | ) | | — | | | 16.15 | | | 14.48 | |
| 2013 | | | 16.62 | | | 0.67 | | | 0.61 | | | 1.28 | | | (0.67 | ) | | (0.25 | ) | | (0.92 | ) | | — | | | 16.98 | | | 16.02 | |
| 2012 | | | 14.72 | | | 0.75 | | | 1.91 | | | 2.66 | | | (0.76 | ) | | — | | | (0.76 | ) | | — | | | 16.62 | | | 16.34 | |
| (a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Common Share Price 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. |
| | | | Common Share Supplemental Data/
Ratios Applicable to Common Shares | |
Common Share
Total Returns | | | | | | Ratios to Average Net Assets(b) | | | | |
Based
on
NAV | (a) | | Based
on
Share
Price | (a) | | Ending
Net
Assets
(000) | | | Expenses | (c) | | Net
Investment
Income (Loss | ) | | Portfolio
Turnover
Rate | (d) |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (2.20 | )% | | (4.35 | )% | $ | 647,626 | | | 1.76 | %** | | 4.54 | %** | | 12 | % |
| 9.85 | | | 14.79 | | | 688,971 | | | 1.56 | | | 5.12 | | | 14 | |
| 6.77 | | | 5.35 | | | 668,670 | | | 1.71 | | | 4.64 | | | 14 | |
| (0.71 | ) | | (3.78 | ) | | 100,181 | | | 2.07 | | | 4.83 | | | 6 | |
| 10.29 | | | 5.04 | | | 105,892 | | | 2.37 | | | 3.91 | | | 17 | |
| 19.09 | | | 25.08 | | | 100,578 | | | 2.52 | | | 4.82 | | | 15 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (0.57 | ) | | 7.39 | | | 24,139 | | | 0.96 | ** | | 3.62 | ** | | 14 | |
| 4.57 | | | 8.70 | | | 25,297 | | | 0.89 | | | 3.87 | | | 8 | |
| 6.68 | | | 7.62 | | | 25,430 | | | 0.87 | | | 3.75 | | | 13 | |
| 0.25 | | | (4.18 | ) | | 25,272 | | | 0.88 | | | 4.12 | | | 12 | |
| 7.86 | | | 3.58 | | | 26,574 | | | 0.83 | | | 3.95 | | | 7 | |
| 18.43 | | | 24.34 | | | 25,957 | | | 0.85 | | | 4.76 | | | 20 | |
| (b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
| (c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| NXJ | | |
| Year Ended 2/28-2/29: | | |
| 2017(e) | 0.79 | %** |
| Year Ended 4/30: | | |
| 2016 | 0.57 | |
| 2015 | 0.60 | |
| 2014 | 0.98 | |
| 2013 | 1.27 | |
| 2012 | 1.41 | |
| NJV | | |
| Year Ended 2/28-2/29: | | |
| 2017(e) | 0.07 | %** |
| Year Ended 4/30: | | |
| 2016 | 0.04 | |
| 2015 | 0.04 | |
| 2014 | 0.04 | |
| 2013 | 0.04 | |
| 2012 | 0.04 | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the ten months ended February 28, 2017. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
| | | | | Investment Operations | | Less Distributions to
Common Shareholders | | Common Share | |
| | | Beginning
Common
Share
NAV | | Net
Investment
Income
(Loss | ) | Net
Realized/
Unrealized
Gain (Loss | ) | Total | | From
Net
Investment
Income | | From
Accum-
ulated
Net
Realized
Gains | | Total | | Discount
Per
Share
Repurchased
and Retired | | Ending
NAV | | Ending
Share
Price | |
| NQP | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 2/28-2/29: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017(e) | | $ | 16.08 | | $ | 0.60 | | $ | (1.24 | ) | $ | (0.64 | ) | $ | (0.62 | ) | $ | (0.03 | ) | $ | (0.65 | ) | $ | — | | $ | 14.79 | | $ | 13.30 | |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | | 15.64 | | | 0.80 | | | 0.46 | | | 1.26 | | | (0.83 | ) | | — | | | (0.83 | ) | | 0.01 | | | 16.08 | | | 14.91 | |
| 2015 | | | 15.17 | | | 0.81 | | | 0.50 | | | 1.31 | | | (0.84 | ) | | — | | | (0.84 | ) | | — | * | | 15.64 | | | 13.87 | |
| 2014 | | | 16.21 | | | 0.74 | | | (0.93 | ) | | (0.19 | ) | | (0.85 | ) | | — | | | (0.85 | ) | | — | * | | 15.17 | | | 13.76 | |
| 2013 | | | 15.78 | | | 0.80 | | | 0.54 | | | 1.34 | | | (0.91 | ) | | — | | | (0.91 | ) | | — | | | 16.21 | | | 15.24 | |
| 2012 | | | 14.11 | | | 0.90 | | | 1.70 | | | 2.60 | | | (0.93 | ) | | — | | | (0.93 | ) | | — | | | 15.78 | | | 15.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NPN | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 2/28-2/29: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2017(e) | | | 16.50 | | | 0.51 | | | (0.73 | ) | | (0.22 | ) | | (0.64 | ) | | (0.48 | ) | | (1.12 | ) | | — | | | 15.16 | | | 15.83 | |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | | 16.36 | | | 0.68 | | | 0.09 | | | 0.77 | | | (0.63 | ) | | — | | | (0.63 | ) | | — | | | 16.50 | | | 16.45 | |
| 2015 | | | 15.91 | | | 0.67 | | | 0.41 | | | 1.08 | | | (0.63 | ) | | — | | | (0.63 | ) | | — | | | 16.36 | | | 15.57 | |
| 2014 | | | 16.48 | | | 0.67 | | | (0.56 | ) | | 0.11 | | | (0.64 | ) | | (0.04 | ) | | (0.68 | ) | | — | | | 15.91 | | | 14.45 | |
| 2013 | | | 16.36 | | | 0.68 | | | 0.38 | | | 1.06 | | | (0.64 | ) | | (0.30 | ) | | (0.94 | ) | | — | | | 16.48 | | | 15.86 | |
| 2012 | | | 14.79 | | | 0.72 | | | 1.58 | | | 2.30 | | | (0.71 | ) | | (0.02 | ) | | (0.73 | ) | | — | | | 16.36 | | | 15.38 | |
| (a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Common Share Price 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. |
| | | Common Share Supplemental Data/
Ratios Applicable to Common Shares | |
Common Share
Total Returns | | | | | Ratios to Average Net Assets(b) | | | | |
| | | | | | | | | | | | | | | | | |
| | | | Based | | | Ending | | | | | | | | | | |
| Based | | | on | | | Net | | | | | | Net | | | Portfolio | |
| on | | | Share | | | Assets | | | | | | Investment | | | Turnover | |
| NAV | (a) | | Price | (a) | | (000 | ) | | Expenses | (c) | | Income (Loss | ) | | Rate | (d) |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (4.19 | )% | | (6.66 | )% | $ | 558,373 | | | 1.87 | %** | | 4.57 | %** | | 16 | % |
| 8.46 | | | 14.21 | | | 607,240 | | | 1.51 | | | 5.13 | | | 16 | |
| 8.79 | | | 7.09 | | | 592,540 | | | 1.60 | | | 5.21 | | | 9 | |
| (0.69 | ) | | (3.65 | ) | | 574,558 | | | 1.87 | | | 5.33 | | | 8 | |
| 8.50 | | | 2.97 | | | 261,195 | | | 1.80 | | | 4.98 | | | 17 | |
| 18.88 | | | 27.48 | | | 253,937 | | | 1.63 | | | 6.00 | | | 18 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (1.33 | ) | | 3.08 | | | 18,517 | | | 0.93 | ** | | 3.80 | ** | | 23 | |
| 4.82 | | | 10.09 | | | 20,118 | | | 0.85 | | | 4.17 | | | 14 | |
| 6.87 | | | 12.30 | | | 19,952 | | | 0.85 | | | 4.11 | | | 5 | |
| 0.80 | | | (4.45 | ) | | 19,401 | | | 0.85 | | | 4.28 | | | 6 | |
| 6.58 | | | 9.39 | | | 20,089 | | | 0.81 | | | 4.11 | | | 7 | |
| 15.89 | | | 15.68 | | | 19,948 | | | 0.86 | | | 4.60 | | | 11 | |
| (b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
| (c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares), 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| NQP | | |
| Year Ended 2/28-2/29: | | |
| 2017(e) | 0.89 | %** |
| Year Ended 4/30: | | |
| 2016 | 0.56 | |
| 2015 | 0.60 | |
| 2014 | 0.68 | |
| 2013 | 0.72 | |
| 2012 | 0.61 | |
| NPN | | |
| Year Ended 2/28-2/29: | | |
| 2017(e) | 0.01 | %** |
| Year Ended 4/30: | | |
| 2016 | — | |
| 2015 | — | |
| 2014 | — | |
| 2013 | — | |
| 2012 | — | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the ten months ended February 28, 2017. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
Financial Highlights (continued)
| | | MTP Shares
at the End of Period (a) | | VMTP Shares
at the End of Period | | VRDP Shares
at the End of Period | | MTP, VMTP and/or
VRDP Shares at
the End of Period | |
| | | | | | | | | | | | | | | | | | | | | | Asset | |
| | | | Aggregate | | | Asset | | | Aggregate | | | Asset | | | Aggregate | | | Asset | | | Coverage | |
| | | | Amount | | | Coverage | | | Amount | | | Coverage | | | Amount | | | Coverage | | | Per $1 | |
| | | | Outstanding | | | Per $10 | | | Outstanding | | Per $100,000 | | | Outstanding | | Per $100,000 | | | Liquidation | |
| | | | (000 | ) | | Share | | | (000 | ) | | Share | | | (000 | ) | | Share | | | Preference | |
| NXJ | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 2/28-2/29: | | | | | | | | | | | | | | | | | | | | | | |
| 2017(b) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 313,900 | | $ | 306,316 | | $ | — | |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | | — | | | — | | | — | | | — | | | 313,900 | | | 319,488 | | | — | |
| 2015 | | | — | | | — | | | — | | | — | | | 313,900 | | | 313,020 | | | — | |
| 2014 | | | — | | | — | | | — | | | — | | | 45,000 | | | 322,624 | | | — | |
| 2013 | | | 44,861 | | | 33.60 | | | — | | | — | | | — | | | — | | | — | |
| 2012 | | | 44,861 | | | 32.42 | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| NQP | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 2/28-2/29: | | | | | | | | | | | | | | | | | | | | | | |
| 2017(b) | | | — | | | — | | | 87,000 | | | 283,374 | | | 217,500 | | | 283,374 | | | 2.83 | |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | |
| 2016 | | | — | | | — | | | 48,000 | | | 328,716 | | | 217,500 | | | 328,716 | | | 3.29 | |
| 2015 | | | — | | | — | | | 48,000 | | | 323,179 | | | 217,500 | | | 323,179 | | | 3.23 | |
| 2014 | | | 47,740 | | | 31.66 | | | — | | | — | | | 217,500 | | | 316,618 | | | 3.17 | |
| 2013 | | | — | | | — | | | — | | | — | | | 112,500 | | | 332,174 | | | — | |
| 2012 | | | — | | | — | | | — | | | — | | | 112,500 | | | 325,722 | | | — | |
| (a) | The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows: |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |
| NXJ | | | | | | | | | | | | | |
| Series 2014 (NXJ PRCCL) | | | | | | | | | | | | | |
| Ending Market Value per Share | | $ | — | | $ | — | | $ | 10.02 | | $ | 10.08 | |
| Average Market Value per Share | | | — | | | 10.03 | ^ | | 10.09 | | | 10.07 | |
| Series 2015 (NXJ PRCCL) | | | | | | | | | | | | | |
| Ending Market Value per Share | | | — | | | | | | | | | | |
| Average Market Value per Share | | | 10.01 | ^^ | | | | | | | | | |
| | | | | | | | | | | | | | |
| NQP | | | | | | | | | | | | | |
| Series 2015 (NQP PRCCL) | | | | | | | | | | | | | |
| Ending Market Value per Share | | | — | | | 10.05 | | | | | | | |
| Average Market Value per Share | | | 10.01 | ΩΩ | | 10.03 | Ω | | | | | | |
| Series 2015 (NQP PRDCL) | | | | | | | | | | | | | |
| Ending Market Value per Share | | | — | | | 10.04 | | | | | | | |
| Average Market Value per Share | | | 10.02 | ΩΩ | | 10.03 | Ω | | | | | | |
| (b) | For the ten months ended February 28, 2017. |
| ^ | For the period May 1, 2013 through September 9, 2013. |
| ^^ | For the period November 10, 2014 (effective date of the reorganizations) through February 9, 2015. |
| Ω | For the period February 11, 2014 (effective date of the reorganizations) through April 30, 2014. |
| ΩΩ | For the period May 1, 2014 through May 30, 2014. |
See accompanying notes to financial statements.
Notes to Financial Statements
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 Quality Municipal Income Fund (NXJ) |
| | • | Nuveen New Jersey Municipal Value Fund (NJV) |
| | • | Nuveen Pennsylvania Quality Municipal Income Fund (NQP) |
| | • | Nuveen Pennsylvania Municipal Value Fund (NPN) |
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified (non-diversified for NJV) closed-end management investment companies. Common shares of NXJ and NQP are traded on the NYSE while common shares of NJV and NPN are traded on the NYSE MKT. NXJ, NJV, NQP and NPN were organized as Massachusetts business trusts on June 1, 1999, January 26, 2009, December 20, 1990 and January 26, 2009, respectively.
Effective February 28, 2017, the Funds' fiscal year end changed from April 30 to February 28/29 as previously approved by the Funds' Board of Trustees (the "Board"). The end of the reporting period for the Funds is February 28, 2017, and the period covered by these Notes to Financial Statements is the ten months ended February 28, 2017 (the "current fiscal period").
Effective December 28, 2016, NXJ changed its name from Nuveen New Jersey Dividend Advantage Municipal Fund and NQP changed its name from Nuveen Pennsylvania Investment Quality Municipal Fund.
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, 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.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
Effective August 5, 2016, NXJ and NQP have added an investment policy to limit the amount of securities subject to the alternative minimum tax ("AMT") to no more than 20% of each Fund's managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates).
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
Notes to Financial Statements (continued)
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | NXJ | | | NJV | | | NPN | |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 16,919,223 | | $ | 644,757 | | $ | 711,825 | |
Investment Income
Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, 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.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables 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.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from
sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| | Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| | Level 3 – | Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments). |
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Board. The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such 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 observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
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:
| NXJ | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 951,709,790 | | $ | — | | $ | 951,709,790 | |
| Investments in Derivatives: | | | | | | | | | | | | | |
| Interest Rate Swaps** | | | — | | | 1,720,413 | | | — | | | 1,720,413 | |
| Total | | $ | — | | $ | 953,430,203 | | $ | — | | $ | 953,430,203 | |
| | | | | | | | | | | | | | |
| NJV | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 24,812,621 | | $ | — | | $ | 24,812,621 | |
| Short-Term Investments: | | | | | | | | | | | | | |
| Municipal Bonds | | | — | | | 500,000 | | | — | | | 500,000 | |
| Total | | $ | — | | $ | 25,312,621 | | $ | — | | $ | 25,312,621 | |
| | | | | | | | | | | | | | |
| NQP | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 884,532,697 | | $ | — | | $ | 884,532,697 | |
| Investments in Derivatives: | | | | | | | | | | | | | |
| Interest Rate Swaps** | | | — | | | 1,330,992 | | | — | | | 1,330,992 | |
| Total | | $ | — | | $ | 885,863,689 | | $ | — | | $ | 885,863,689 | |
Notes to Financial Statements (continued)
| NPN | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 18,475,161 | | $ | — | | $ | 18,475,161 | |
| Short-Term Investments: | | | | | | | | | | | | | |
| Municipal Bonds | | | — | | | 500,000 | | | — | | | 500,000 | |
| Total | | $ | — | | $ | 18,975,161 | | $ | — | | $ | 18,975,161 | |
| * | Refer to the Fund's Portfolio of Investments for industry classifications. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| | (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| | | |
| | (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater 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 Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Floating Rate Obligations Outstanding | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Floating rate obligations: self-deposited Inverse Floaters | | $ | — | | $ | 1,500,000 | | $ | 49,295,000 | | $ | 300,000 | |
| Floating rate obligations: externally-deposited Inverse Floaters | | | 99,875,000 | | | 995,000 | | | 26,705,000 | | | 540,000 | |
| Total | | $ | 99,875,000 | | $ | 2,495,000 | | $ | 76,000,000 | | $ | 840,000 | |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
| Self-Deposited Inverse Floaters | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Average floating rate obligations outstanding | | $ | — | | $ | 1,500,000 | | $ | 39,595,625 | | $ | 144,079 | |
| Average annual interest rate and fees | | | — | % | | 1.14 | % | | 1.13 | % | | 1.24 | % |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, NXJ had outstanding borrowings under such liquidity facilities in the amount of $8,435,784 which is recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for
Notes to Financial Statements (continued)
the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| Floating Rate Obligations — Recourse Trusts | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | | $ | — | | $ | 1,500,000 | | $ | 32,825,000 | | $ | — | |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | 91,210,000 | | | 995,000 | | | 11,955,000 | | | 400,000 | |
| Total | | $ | 91,210,000 | | $ | 2,495,000 | | $ | 44,780,000 | | $ | 400,000 | |
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
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which begin at a specified date in the future (the "effective date").
The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an OTC swap cleared through a clearing house ("OTC Cleared"), the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps" on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, NXJ and NQP invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to each Fund's benchmark.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
| | | | NXJ | | | NQP | |
| Average notional amount of interest rate swap contracts outstanding* | | $ | 43,850,000 | | $ | 11,700,000 | |
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
| | | | | Location on the Statement of Assets and Liabilities | |
| Underlying | | Derivative | | Asset Derivatives | | (Liability) Derivatives | |
| Risk Exposure | | Instrument | | Location | | | Value | | | Location | | | Value | |
| NXJ | | | | | | | | | | | | | | | |
| Interest rate | | Swaps (OTC Uncleared) | | Unrealized appreciation | | $ | 1,720,413 | | | — | | $ | — | |
| | | | | on interest rate swaps | | | | | | | | | | |
| NQP | | | | | | | | | | | | | | | |
| Interest rate | | Swaps (OTC Uncleared) | | Unrealized appreciation | | $ | 1,330,992 | | | — | | $ | — | |
| | | | | on interest rate swaps | | | | | | | | | | |
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.
| | | | | | | | | | | | | | | | | | | |
| | | | | | Gross | | Gross | | Amounts | | Net Unrealized | | | | | | | |
| | | | | | Unrealized | | Unrealized | | Netted on | | Appreciation | | Collateral | | | | |
| | | | | | Appreciation on | | (Depreciation) on | | Statement | | (Depreciation) on | | Pledged | | | | |
| | | | | | Interest | | Interest | | of Assets and | | Interest Rate | | to (from | ) | | Net | |
| Fund | | Counterparty | | Rate Swaps | * | Rate Swaps | * | Liabilities | | Swaps | | Counterparty | | Exposure | |
| NXJ | | JPMorgan Chase | | $ | 1,720,413 | | $ | — | | $ | — | | $ | 1,720,413 | | $ | (1,720,413 | ) | $ | — | |
| | | Bank, N.A. | | | | | | | | | | | | | | | | | | | |
| NQP | | JPMorgan Chase | | $ | 1,330,992 | | $ | — | | $ | — | | $ | 1,330,992 | | $ | (1,330,992 | ) | $ | — | |
| | | Bank, N.A. | | | | | | | | | | | | | | | | | | | |
| * | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| | | | | | | | | | | | |
| | | | | | | | | | | Change in Net | |
| | | | | | | | | | | | Unrealized | |
| | | | | | | | Net Realized | | Appreciation | |
| | | Underlying | | Derivative | | Gain (Loss) from | | (Depreciation) of | |
| Fund | | Risk Exposure | | Instrument | | Swaps | | Swaps | |
| NXJ | | Interest rate | | | Swaps | | $ | (2,275,000 | ) | $ | 4,537,380 | |
| NQP | | Interest rate | | | Swaps | | $ | — | | $ | 1,330,992 | |
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.
Notes to Financial Statements (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 Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal periods, where applicable, were as follows:
| | | | | | |
| | | NXJ | | NJV | |
| | | | Ten Months | | | Year | | | Year | | | Ten Months | | | Year | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Issued in the reorganizations | | | — | | | — | | | 36,615,391 | | | — | | | — | | | — | |
| Issued to shareholders due to reinvestments of distributions | | | — | | | — | | | — | | | 1,180 | | | — | | | — | |
| Repurchased and retired | | | — | | | (473,600 | ) | | (112,500 | ) | | — | | | — | | | (15,000 | ) |
| Weighted average common share: | | | | | | | | | | | | | | | | | | | |
| Price per share repurchased and retired | | $ | — | | $ | 12.86 | | $ | 13.47 | | $ | — | | $ | — | | $ | 14.19 | |
| Discount per share repurchased and retired | | | — | % | | 15.38 | % | | 13.85 | % | | — | % | | — | % | | 14.25 | % |
| | | NQP | | NPN | |
| | | | Ten Months | | | Year | | | Year | | | Ten Months | | | Year | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | | | 2/28/17 | | | 4/30/16 | | | 4/30/15 | |
| Common shares: | | | | | | | | | | | | | | | | | | | |
| Issued to shareholders due to reinvestments of distributions | | | — | | | — | | | — | | | 2,062 | | | — | | | — | |
| Repurchased and retired | | | — | | | (121,000 | ) | | (4,500 | ) | | — | | | — | | | — | |
| Weighted average common share: | | | | | | | | | | | | | | | | | | | |
| Price per share repurchased and retired | | $ | — | | $ | 13.12 | | $ | 13.68 | | $ | — | | $ | — | | $ | — | |
| Discount per share repurchased and retired | | | — | % | | 15.08 | % | | 13.83 | % | | — | % | | — | % | | — | % |
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for the Fund was as follows:
| | | | | | | Shares | | | Liquidation | |
| Fund | | | Series | | | Outstanding | | | Preference | |
| NQP | | | 2019 | | | 870 | | $ | 87,000,000 | |
During the current fiscal period, NQP refinanced all of its outstanding Series 2017 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing NQP issued an additional $39,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund's VMTP Shares are as follows:
| | | | | | | Term | | | Premium | |
| Fund | | | Series | | | Redemption Date | | | Expiration Date | |
| NQP | | | 2019 | | | September 1, 2019 | | | August 31, 2017 | |
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| | | | NQP | |
| Average liquidation preference of VMTP Shares outstanding | | $ | 71,220,395 | |
| Annualized dividend rate | | | 1.53 | % |
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred in connection with the Fund's offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
The Fund incurred offering costs of $145,000 in connection with its issuance of Series 2019 VMTP Shares, which was expensed as incurred and is recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds' VRDP Shares outstanding were as follows:
| | | | | �� | | Shares | | | Liquidation | | | | |
| Fund | | | Series | | | Outstanding | | | Preference | | | Maturity | |
| NXJ | | | 1 | | | 810 | | $ | 81,000,000 | | | August 3, 2043 | |
| | | | 2 | | | 1,443 | | | 144,300,000 | | | April 1, 2043 | |
| | | | 3 | | | 886 | | | 88,600,000 | | | April 1, 2043 | |
| NQP | | | 2 | | | 1,125 | | $ | 112,500,000 | | | December 1, 2042 | |
| | | | 3 | | | 1,050 | | | 105,000,000 | | | December 1, 2042 | |
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
During the current fiscal period, NXJ and NQP each designated a special rate period until November 15, 2017, for each Fund's Series 2 and Series 3 VRDP Shares and NXJ designated a special rate period until January 24, 2018 for the Fund's Series 1 VRDP Shares. In connection with the transition to the special rate period, each series of VRDP Shares have been remarketed and sold to an institutional investor. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which 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 preference per share plus any accumulated but unpaid dividends.
Notes to Financial Statements (continued)
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| | | | NXJ | | | NQP | |
| Average liquidation preference of VRDP Shares outstanding | | $ | 313,900,000 | | $ | 217,500,000 | |
| Annualized dividend rate | | | 0.83 | % | | 0.86 | % |
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal periods, where applicable, are noted in the following tables. Transactions in MuniFund Term Preferred Shares for the Funds, where applicable, were as follows:
| | | Year Ended | |
| | | April 30, 2015 | |
| | | | | | | NYSE | | | | | | | |
| | | | Series | | | Ticker | | | Shares | | | Amount | |
| NXJ | | | | | | | | | | | | | |
| MTP Shares issued in connection with the reorganization | | | 2015 | | | NXJ PRCCL | | | 3,505,000 | | $ | 35,050,000 | |
| MTP Shares redeemed | | | 2015 | | | NXJ PRCCL | | | (3,505,000 | ) | | (35,050,000 | ) |
| NQP | | | | | | | | | | | | | |
| MTP Shares redeemed: | | | 2015 | | | NQP PRCCL | | | (2,319,000 | ) | $ | (23,190,000 | ) |
| | | | 2015 | | | NQP PRDCL | | | (2,455,000 | ) | | (24,550,000 | ) |
| Total | | | | | | | | | (4,774,000 | ) | $ | (47,740,000 | ) |
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
| | | Ten Months Ended | |
| | | February 28, 2017 | |
| | | | Series | | | Shares | | | Amount | |
| NQP | | | | | | | | | | |
| VMTP Shares issued | | | 2019 | | | 870 | | $ | 87,000,000 | |
| VMTP Shares exchanged | | | 2017 | | | (480 | ) | | (48,000,000 | ) |
| Net increase (decrease) | | | | | | 390 | | $ | 39,000,000 | |
| | | Year Ended | |
| | | April 30, 2015 | |
| | | | Series | | | Shares | | | Amount | |
| NQP | | | | | | | | | | |
| VMTP Shares issued | | | 2017 | | | 480 | | $ | 48,000,000 | |
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
| | | Year Ended | |
| | | April 30, 2015 | |
| | | | Series | | | Shares | | | Amount | |
| NXJ | | | | | | | | | | |
| VRDP Shares issued in connection with the reorganization: | | | 2 | | | 1,443 | | $ | 144,300,000 | |
| | | | 3 | | | 886 | | | 88,600,000 | |
| VRDP Shares issued | | | 1 | | | 360 | | | 36,000,000 | |
| Total | | | | | | 2,689 | | $ | 268,900,000 | |
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Purchases | | $ | 113,106,272 | | $ | 3,702,357 | | $ | 200,131,327 | | $ | 4,485,772 | |
| Sales and maturities | | | 118,221,376 | | | 4,913,330 | | | 149,650,145 | | | 4,858,312 | |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of February 28, 2017, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Cost of investments | | $ | 907,716,861 | | $ | 22,333,445 | | $ | 810,109,419 | | $ | 17,824,990 | |
| Gross unrealized: | | | | | | | | | | | | | |
| Appreciation | | | 50,924,761 | | | 1,703,907 | | | 45,324,430 | | | 1,190,137 | |
| Depreciation | | | (6,931,832 | ) | | (224,731 | ) | | (20,196,196 | ) | | (339,966 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 43,992,929 | | $ | 1,479,176 | | $ | 25,128,234 | | $ | 850,171 | |
Permanent differences, primarily due to federal taxes paid, taxable market discount, distribution reallocations, nondeductible offering costs and nondeductible reorganization expenses, resulted in reclassifications among the Funds' components of common share net assets as of February 28, 2017, the Funds' tax year end, as follows:
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Paid-in-surplus | | $ | (329,924 | ) | $ | — | | $ | (289,095 | ) | $ | — | |
| Undistributed (Over-distribution of) net investment income | | | 315,337 | | | (1,024 | ) | | 220,535 | | | (4,011 | ) |
| Accumulated net realized gain (loss) | | | 14,587 | | | 1,024 | | | 68,560 | | | 4,011 | |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2017, the Funds' tax year end, were as follows:
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
Undistributed net tax-exempt income1 | | $ | 2,156,490 | | $ | 81,289 | | $ | 744,785 | | $ | 83,909 | |
Undistributed net ordinary income2 | | | 125,569 | | | — | | | 50,082 | | | 8,319 | |
| Undistributed net long-term capital gains | | | — | | | 475,570 | | | — | | | 154,558 | |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2017, paid on March 1, 2017. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
Notes to Financial Statements (continued)
The tax character of distributions paid during the Funds' tax years ended February 28, 2017, April 30, 2016 and April 30, 2015, was designated for purposes of the dividends paid deduction as follows:
| 2017 | | | NXJ | | | NJV | | | NQP | | | NPN | |
Distributions from net tax-exempt income3 | | $ | 29,151,901 | | $ | 759,626 | | $ | 25,923,253 | | $ | 634,294 | |
Distributions from net ordinary income2 | | | 123,496 | | | 43,739 | | | 56,632 | | | 152,003 | |
Distributions from net long-term capital gains4 | | | — | | | 233,789 | | | 1,162,849 | | | 582,027 | |
| 2016 | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Distributions from net tax-exempt income | | $ | 35,379,191 | | $ | 914,520 | | $ | 31,959,341 | | $ | 760,876 | |
Distributions from net ordinary income2 | | | 21,295 | | | 25,886 | | | 369,997 | | | 8,657 | |
| Distributions from net long-term capital gains | | | 345,375 | | | 323,803 | | | — | | | — | |
| 2015 | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Distributions from net tax-exempt income | | $ | 15,305,648 | | $ | 950,620 | | $ | 33,000,772 | | $ | 770,631 | |
Distributions from net ordinary income2 | | | 8,616 | | | 35,031 | | | 7,576 | | | — | |
| Distributions from net long-term capital gains | | | — | | | 276,526 | | | — | | | — | |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2017, as Exempt Interest Dividends. |
4 | The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2017. |
As of February 28, 2017, the Funds' tax year end, the following Fund has unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | | | NXJ5 | |
| Capital losses to be carried forward – not subject to expiration | | $ | 4,618,253 | |
5 | A portion of NXJ's capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
During the Funds' tax year ended February 28, 2017, NQP utilized $1,201,318 of its capital loss carryforwards.
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 following fiscal year. The following Fund has elected to defer losses as follows:
| | | | NQP | |
Post-October capital losses6 | | $ | 486,808 | |
Late-year ordinary losses7 | | | — | |
6 | Capital losses incurred from November 1, 2016 through February 28, 2017, the Funds' tax year end. |
7 | Ordinary losses incurred from January 1, 2017 through February 28, 2017 and/or specified losses incurred from November 1, 2016 through February 28, 2017. |
7. Management Fees and Other Transactions with Affiliates
Management Fees
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 each individual 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.
For the period May 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund was calculated according to the following schedules:
| | | NXJ | |
| Average Daily Managed Assets* | | Fund-Level Fee | |
| For the first $125 million | | | 0.4500 | % |
| For the next $125 million | | | 0.4375 | |
| For the next $250 million | | | 0.4250 | |
| For the next $500 million | | | 0.4125 | |
| For the next $1 billion | | | 0.4000 | |
| For managed assets over $2 billion | | | 0.3750 | |
| | | NJV | |
| | | NPN | |
| Average Daily Net Assets* | | Fund-Level Fee | |
| For the first $125 million | | | 0.4000 | % |
| For the next $125 million | | | 0.3875 | |
| For the next $250 million | | | 0.3750 | |
| For the next $500 million | | | 0.3625 | |
| For the next $1 billion | | | 0.3500 | |
| For managed assets over $2 billion | | | 0.3375 | |
| | | NQP | |
| Average Daily Managed Assets* | | Fund-Level Fee | |
| For the first $125 million | | | 0.4500 | % |
| For the next $125 million | | | 0.4375 | |
| For the next $250 million | | | 0.4250 | |
| For the next $500 million | | | 0.4125 | |
| For the next $1 billion | | | 0.4000 | |
| For the next $3 billion | | | 0.3875 | |
| For managed assets over $5 billion | | | 0.3750 | |
Effective August 1, 2016, annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
| | | NXJ | |
| | | NQP | |
| Average Daily Managed Assets* | | Fund-Level Fee | |
| For the first $125 million | | | 0.4500 | % |
| For the next $125 million | | | 0.4375 | |
| For the next $250 million | | | 0.4250 | |
| For the next $500 million | | | 0.4125 | |
| For the next $1 billion | | | 0.4000 | |
| For the next $3 billion | | | 0.3750 | |
| For managed assets over $5 billion | | | 0.3625 | |
| | | NJV | |
| | | NPN | |
| Average Daily Net Assets* | | Fund-Level Fee | |
| For the first $125 million | | | 0.4000 | % |
| For the next $125 million | | | 0.3875 | |
| For the next $250 million | | | 0.3750 | |
| For the next $500 million | | | 0.3625 | |
| For the next $1 billion | | | 0.3500 | |
| For the next $3 billion | | | 0.3250 | |
| For managed assets over $5 billion | | | 0.3125 | |
Notes to Financial Statements (continued)
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets (net assets for NJV and NPN):
| Complex-Level Managed Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |
| $55 billion | 0.2000 | % |
| $56 billion | 0.1996 | |
| $57 billion | 0.1989 | |
| $60 billion | 0.1961 | |
| $63 billion | 0.1931 | |
| $66 billion | 0.1900 | |
| $71 billion | 0.1851 | |
| $76 billion | 0.1806 | |
| $80 billion | 0.1773 | |
| $91 billion | 0.1691 | |
| $125 billion | 0.1599 | |
| $200 billion | 0.1505 | |
| $250 billion | 0.1469 | |
| $300 billion | 0.1445 | |
| * | For the 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 a determined amount (originally $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 February 28, 2017, the complex-level fee for each Fund was 0.1617%. |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:
| Inter-Fund Trades | | | NPN | |
| Purchases | | $ | 16,925 | |
| Sales | | | — | |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2016, (the only date utilized during the current fiscal period) the following Funds borrowed the following amounts from the Unsecured Credit Line, each at an annualized interest rate of 2.02% on their respective outstanding balance.
| | | | NQP | | | NPN | |
| Outstanding balance at December 31, 2016 | | $ | 1,761,790 | | $ | 892,606 | |
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. New Accounting Pronouncements
Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2015-03: Interest-Imputation of Interest
The Funds have adopted the disclosure provisions of ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the Statement of Assets and Liabilities as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented in the Statement of Assets and Liabilities as a deferred charge (i.e., an asset). ASU 2015-03 is limited to simplifying the presentation of debt issuance costs. ASU 2015-03 does not affect the recognition and measurement of debt issuance costs.
Amendments to Regulation S-X
In October 2016, the Securities and Exchange Commission (SEC) adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
Additional Fund Information (Unaudited)
| Board of Trustees | | | | | |
| William Adams IV* | Mongo Cook * | Jack B. Evans | William C. Hunter | David J. Kundert | Albin F. Moschner |
| John K. Nelson | William J. Schneider | Judith M. Stockdale | Carole E. Stone | Terence J. Toth | Margaret L. Wolff |
| | | | | | |
* 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 | and Trust Company, | Chicago, IL 60603 | KPMG LLP | State Street Bank |
| Chicago, IL 60606 | One Lincoln Street, | | 200 East Randolph Drive | & Trust Company |
| | Boston, MA 02111 | | Chicago, IL 60601 | 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 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 toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Common shares repurchased | | | — | | | — | | | — | | | — | |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
Glossary of Terms Used in this Report (Unaudited)
| | |
| ■ | 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. |
| | |
| ■ | Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes. |
| | |
| ■ | 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. 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. |
Glossary of Terms Used in this Report (Unaudited) (continued)
| ■ | Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding. |
| | |
| ■ | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value. |
| | |
| ■ | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
| | |
| ■ | S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| | |
| ■ | S&P Municipal Bond New Jersey Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New Jersey municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| | |
| ■ | S&P Municipal Bond Pennsylvania Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Pennsylvania municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| | |
| ■ | Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities. |
| | |
| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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.
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at twelve. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed | | Including other | | in Fund Complex |
| | | | | | and Term(1) | | Directorships | | Overseen by |
| | | | | | | | During Past 5 Years | | Board Member |
| | | | | | | | | | |
| Independent Board Members: | | | | | | |
| | | | | | | | | | |
| | WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Chairman and
Board Member | | 1996
Class III | | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | | 181 |
| | | | | | | | | | |
| | JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 1999
Class III | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 181 |
| | | | | | | | | | |
| | WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2003
Class I | | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; past Director (2005- 2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | | 181 |
| | | | | | | | | | |
| | DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2005
Class II | | Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016). | | 181 |
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed | | Including other | | in Fund Complex |
| | | | | | and Term(1) | | Directorships | | Overseen by |
| | | | | | | | During Past 5 Years | | Board Member |
| | | | | | | | | | |
| Independent Board Members (continued): | | | | |
| | | | | | | | | | |
| ■ | ALBIN F. MOSCHNER(2)
1952
333 W. Wacker Drive
Chicago, IL 60606 | | Board Member | | 2016
Class III | | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999- 2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991- 1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016). | | 181 |
| | | | | | | | | | |
| ■ | JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2013
Class II | | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | | 181 |
| | | | | | | | | | |
| ■ | JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 1997
Class I | | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994- 2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 181 |
| | | | | | | | | | |
| ■ | CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2007
Class I | | Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc.(since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | | 181 |
| | | | | | | | | | |
| ■ | TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2008
Class II | | Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc.(2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000- 2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | | 181 |
Board Members & Officers (Unaudited) (continued)
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed | | Including other | | in Fund Complex |
| | | | | | and Term(1) | | Directorships | | Overseen by |
| | | | | | | | During Past 5 Years | | Board Member |
| | | | | | | | | | |
| Independent Board Members (continued): | | | | |
| | | | | | | | | | |
| ■ | MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2016
Class I | | Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005- 2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | | 181 |
| | | | | | | | | | |
| Interested Board Members: | | | | | | |
| | | | | | | | | | |
| ■ | WILLIAM ADAMS IV(3)
1955
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2013
Class II | | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016) of Nuveen Investments, Inc.; Executive Vice President (since February 2017) of Nuveen, LLC; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Co-President, Global Products and Solutions (since January 2017), formerly, Chief Executive Officer (2016- 2017), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010). | | 181 |
| | | | | | | | | | |
| ■ | MARGO L. COOK(2)(3)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Board Member | | 2016
Class III | | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; Co-President, Global Products and Solutions (since January 2017), formerly, Co-Chief Executive Officer (2015-2016), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; Co-President (since October 2016), formerly Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst. | | 181 |
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed(4) | | During Past 5 Years | | in Fund Complex |
| | | | | | | | | | Overseen |
| | | | | | | | | | by Officer |
| | | | | | | | | | |
| Officers of the Funds: | | | | | | |
| | | | | | | | | | |
| ■ | CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Chief
Administrative
Officer | | 2007 | | Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC. | | 76 |
| | | | | | | | | | |
| ■ | LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President | | 1998 | | Managing Director (since 2004) of Nuveen. | | 182 |
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed(4) | | During Past 5 Years | | in Fund Complex |
| | | | | | | | | | Overseen |
| | | | | | | | | | by Officer |
| | | | | | | | | | |
| Officers of the Funds (continued): | | | | | | |
| | | | | | | | | | |
| ■ | STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President
and Controller | | 1998 | | Managing Director (since 2014), formerly, Senior Vice President (2013- 2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant. | | 182 |
| | | | | | | | | | |
| ■ | NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President
and Treasurer | | 2016 | | Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered Financial Analyst. | | 182 |
| | | | | | | | | | |
| ■ | WALTER M. KELLY
197o
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Chief Compliance
Officer and
Vice President | | 2003 | | Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen. | | 182 |
| | | | | | | | | | |
| ■ | DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President | | 2015 | | Managing Director (since January 2017), formerly, Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006. | | 76 |
| | | | | | | | | | |
| ■ | TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President | | 2002 | | Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | | 182 |
| | | | | | | | | | |
| ■ | KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President and
Assistant Secretary | | 2007 | | Senior Managing Director (since February 2017), formerly, Executive Vice President (2016-2017), Secretary (since 2016) and General Counsel (since 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Senior Managing Director (since January 2017), formerly, Executive Vice President (2016-2017), formerly, Managing Director (2008-2016), and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Executive Vice President (2016-2017), and Secretary (since 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Senior Managing Director (since February 2017), formerly, Executive Vice President (2016-2017) and Secretary (since 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Senior Managing Director (since February 2017), formerly, Executive Vice President (2016- 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC. | | 182 |
| | | | | | | | | | |
| ■ | KATHLEEN L. PRUDHOMME
1953
9o1 Marquette Avenue
Minneapolis, MN 554o2 | | Vice President and
Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 182 |
Board Members & Officers (Unaudited) (continued)
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed(4) | | During Past 5 Years | | in Fund Complex |
| | | | | | | | | | Overseen |
| | | | | | | | | | by Officer |
| | | | | | | | | | |
| Officers of the Funds (continued): | | | | | | |
| | | | | | | | | | |
| ■ | CHRISTOPHER M. ROHRBACHER
1971
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President and
Assistant Secretary | | 2008 | | Managing Director (since January 2017) of Nuveen Securities, LLC; Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC. | | 182 |
| | | | | | | | | | |
| ■ | JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President and
Assistant Secretary | | 2013 | | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | | 182 |
| | | | | | | | | | |
| ■ | GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 6o6o6 | | Vice President and
Secretary | | 1988 | | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | | 182 |
| (1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. |
| (2) | On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016. |
| (3) | "Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
Notes
Notes
Notes
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen 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 helps secure the long-term goals of individual investors and the advisors who serve them, providing access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $236 billion in assets as of December 31, 2016.
Find out how we can help you.
To learn more about how the products and services of Nuveen 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, 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
| Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | |
EAN-D-0217D 138525
