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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 | 9 |
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| Common Share Information | 11 |
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| Risk Considerations | 13 |
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| Performance Overview and Holding Summaries | 14 |
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| Portfolios of Investments | 18 |
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| Statement of Assets and Liabilities | 50 |
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| Statement of Operations | 51 |
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| Statement of Changes in Net Assets | 52 |
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| Statement of Cash Flows | 54 |
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| Financial Highlights | 56 |
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| Notes to Financial Statements | 61 |
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| Additional Fund Information | 75 |
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| Glossary of Terms Used in this Report | 76 |
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| Reinvest Automatically, Easily and Conveniently | 78 |
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| Annual Investment Management Agreement Approval Process | 79 |
Chairman's Letter to Shareholders
Dear Shareholders,
For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.
As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the economy's underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. How efficiently the financial markets process the confluence of rising borrowing costs, softer commodity prices, stubbornly low U.S. inflation, and a strong U.S. dollar, against a backdrop of anemic global economic growth, remains to be seen.
Nevertheless, the global recovery continues to be led by the United States. Policy makers in Europe and Japan are deploying their available tools to try to bolster their economies' fragile growth, while Chinese authorities have stepped up efforts to manage China's slowdown. With sentiment regarding China growing increasingly bearish and the Fed now working toward normalizing its interest-rate policy, the actions of the world's central banks remain under intense scrutiny.
In the meantime, asset prices could continue to churn as risks both known and unknown begin to emerge. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.
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
December 21, 2015
Portfolio Manager's Comments
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Municipal Value Fund (NPN)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Paul L. Brennan, CFA, reviews key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul assumed portfolio management responsibility for these four Funds in 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended October 31, 2015?
During this six-month reporting period, municipal bonds sold off in June and July as strengthening U.S. economic data increased the probability of the U.S. Federal Reserve (Fed) raising its benchmark interest rate possibly as early as September, but then rallied late in the reporting period as weaker economic data abroad caused those expectations to be reassessed. Overall, municipal bond yields, which move inversely to prices, ended the reporting period slightly lower than where they began. In general, Pennsylvania municipal paper slightly outperformed the national market, while municipal bonds issued in New Jersey tended to lag the overall municipal market return for the reporting period. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
National municipal supply was down 4.4% over this six-month reporting period compared to the prior six-month period (November 2014 through April 2015). Pennsylvania issuance saw an even larger drop, decreasing 18.6%, while New Jersey's supply rose 19.5% in gross issuance for the same time period comparison. State-level issuance can be volatile relative to the national level, depending on the size and frequency of deals coming to market in an individual state over a given period. In this case, New Jersey tapped the capital markets in this reporting period through the sale of two fairly large issues, which boosted the state's overall supply. In contrast, Pennsylvania's declining supply reflects the state's robust issuance in the prior six-month reporting period, with fewer deals in this current reporting period. Although municipal supply fell slightly, refunding activity continued at a robust pace, as bond issuers, prompted by low interest rates, sought to lower debt service costs by retiring older bonds from the proceeds of lower cost new bond issues.
Much of our investment activity focus was on reinvesting the cash generated by current calls into bonds with intermediate and longer maturities that could help us offset the decline in rates and maintain investment performance potential. We also boosted the Funds' exposure to credits with lower investment grade ratings, including A, BBB and BB rated bonds. These Funds were well positioned coming into the reporting period, so we could be selective in looking for opportunities to purchase bonds that added value and continued to help us achieve our goals for the Funds.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc., (Moody's) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
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)
For the New Jersey Funds, given the State of New Jersey's ongoing fiscal challenges, we continued to limit exposure to state-supported obligations and instead emphasized opportunities at the local (county and city/township) level, where many higher rated borrowers were issuing debt that we found attractive. Although the higher ratings of these local bonds offered lower yields, we believed the trade-off was worthwhile given the State's recent credit downgrade, the relative underperformance of state-supported bonds and our goal to keep the Funds fully invested. For those opportunities that did have a state-backed component, we tried to mitigate that exposure where possible. For example, in the education sector, we bought some credits issued for New Jersey public colleges that not only receive support from the state but also charge tuition, providing a more diverse revenue stream and the ability to raise tuition if needed. Also within the education sector, we added some New Jersey Higher Education Student Loan revenue bonds. Another notable purchase for the New Jersey Funds during this reporting period was one of the two large issues New Jersey sold in late August, a bond issued for the New Jersey Economic Development Authority (EDA). Prior to the bond's issuance, New Jersey's municipal market sold off and yield spreads widened, as investors continued to worry about the state's fiscal health and downgraded credit situation (as described in the performance section). We bought a position in the EDA credits and remain watchful of the situation. Another area of caution in the New Jersey municipal market has been Atlantic City, which has been mired in financial crisis. However, the New Jersey Funds have no exposure to the city's debt and we remained more focused on the concerns at the state level.
The overall positioning in the Pennsylvania Funds also remained relatively unchanged over this reporting period. As in the New Jersey Funds, NQP and NPN also tilted slightly toward lower rated credits as the period progressed. From a sector standpoint, the Pennsylvania Funds' U.S. guaranteed sector allocation rose during the reporting period, due to a number of advance refundings (which are typically escrowed in U.S. Treasury securities) rather than an active trading strategy. Additions to NQP and NPN included bonds issued for Albert Einstein Medical Center, a hospital in the Philadelphia suburbs and some utility projects. We continued to minimize exposure to Pennsylvania's state government-backed bonds, as its fiscal situation is hampered by an aging population, a lagging jobs recovery and pension legacy issues, to name a few concerns.
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, call activity was elevated during the reporting period, providing ample cash and driving much of our trading. In NXJ and NJV, we continued to carefully manage exposure to New Jersey State-backed bonds in favor of county and municipality issuers. Furthermore, as the fundamentals and the outlook for the Commonwealth of Puerto Rico continued to deteriorate, all four Funds further reduced their allocations to Puerto Rico holdings, with NJV and NPN selling all of their remaining exposure before the end of the reporting period. NXJ sold some bonds issued for schools on the Island. Although the schools had no direct ties to the government, we believed their bonds faced ratings pressure due to a declining fundamental backdrop, as the population has continued to decline and college-age students have been leaving the Island.
As of October 31, 2015, 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, NXJ also invested in forward interest rates swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark. Since interest rates generally decrease during the reporting periods, the swaps had a negative impact on performance.
How did the Funds perform during the six-month reporting period ended October 31, 2015?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and since inception periods ended October 31, 2015. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification averages. For the six months ended October 31, 2015, the total returns at common share NAV for NXJ and NQP exceeded the returns for their respective state's S&P Municipal Bond Index as well as the national S&P Municipal Bond Index, while NJV and NPN
trailed their respective state's S&P Municipal Bond Index and the national S&P Municipal Bond Index. For the same period, NXJ outpaced the average return for the Lipper New Jersey Municipal Debt Funds Classification Average, but NJV lagged the average. NQP outperformed the Lipper Pennsylvania Municipal Debt Funds Classification Average, while NPN underperformed this Lipper average for the six-month reporting period.
Key management factors that influenced the Funds' returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the performance of NXJ and NQP. The main reason that NJV and NPN trailed the other corresponding state Funds in this report for the six-month reporting period was that these two Funds do not use regulatory leverage and had in place only modest effective leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities. In general, the Funds' durations and yield curve positioning were positive for performance. Consistent with our long term strategy, these Funds tended to have longer durations than their respective states' municipal markets, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NXJ, which had the longest duration among the four Funds and its greater sensitivity to changes in interest rates benefited NXJ's performance.
During this reporting period, lower rated bonds generally outperformed higher quality bonds. Investors have been more willing to accept risk, as credit fundamentals have broadly continued to improve (with notable exceptions, such as State of New Jersey and to a lesser extent Commonwealth of Pennsylvania) and demand for higher yielding assets remained robust in the low interest rate environment. These Funds tended to have overweights in A rated and BBB rated bonds and underweights in the AAA rated and AA rated categories relative to their benchmark. Credit exposure was a positive contributor to the two Pennsylvania Funds' performance, but had less impact on the two New Jersey Funds' returns.
The performance of NXJ and NJV was primarily driven by the overall weakening in issues tied to the State of New Jersey during this reporting period. New Jersey state general obligation bonds (GOs) underperformed as the market continued to penalize these bonds for credit downgrades by all three major rating agencies. As of April 2015, New Jersey state GO debt ratings were A2/A/A by Moody's S&P and Fitch (with negative outlooks by Moody's and Fitch) and New Jersey appropriation-backed debt was rated A3/A-/A- by Moody's, S&P and Fitch, respectively, also with negative outlooks by Moody's and Fitch. Relative to the state benchmark index, the New Jersey Funds have underweight exposure to the State of New Jersey, which was generally advantageous to relative performance. However, on absolute terms, gains in NXJ and NJV were tempered by the lagging performance of bond issues tied to the State of New Jersey.
Pennsylvania faces some of the same budgetary and pension issues as New Jersey although to a lesser degree. Pennsylvania's budget was due July 1st, but legislators remained at an impasse as of the close of this reporting period. In mid-October, Moody's issued a negative outlook, citing concerns about the state's fiscal imbalances and its political gridlock, and signaled the potential for another credit downgrade. Pennsylvania already saw the ratings on its GO debt lowered in 2014, from Aa2/AA/AA to Aa3/AA-/AA-as of October 2014. The Pennsylvania Funds have less exposure to their state GOs than the New Jersey Funds have to New Jersey GOs, as Pennsylvania's municipal bond market offers a broader range of non-GO opportunities than New Jersey's market.
Although state GOs were an underperforming segment of the market and a detractor from the performance of these four Funds, sector positioning was generally beneficial to relative performance. The health care sector was a positive contributor to all four Funds, especially for NXJ and NJV. The health care sector has been an attractive source of ideas for us. The advent of the Affordable Health Care Act has encouraged health care providers to increase the scale of their businesses through affiliations and consolidations. Consolidation activity has been particularly strong in New Jersey, to the benefit of the New Jersey Funds' health care holdings. Tobacco settlement bonds also provided relative gains for the New Jersey Funds. Tobacco settlement bonds, which are repaid from the money U.S. tobacco companies owe to states under the 1998 Master Settlement Agreement, performed well during this reporting
Portfolio Manager's Comments (continued)
period. Several positive developments drove the rally, including a potential rise in tobacco shipments after a decade of declines, as well as a favorable litigation outcome for the State of New York that bodes well for the other states still in dispute with tobacco companies. In the Pennsylvania Funds, toll roads were another standout performer, with strong results from bonds issued for the Pennsylvania State Turnpike Commission and two toll bridge projects that connect New Jersey, Delaware and Pennsylvania. The projects are managed by bi-state agencies, the Delaware River Port Authority and the Delaware River Joint Toll Bridge, and the bonds they issue are tax-exempt in both of their respective states. Additionally, good performance from a retirement facility credit added value to NQP and NPN during this reporting period.
The poorest performing market segment for the reporting period was pre-refunded bonds, which are often backed by U.S. Treasury securities. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. All of these Funds had allocations of pre-refunded bonds, with the two Pennsylvania Funds having the heaviest weightings.
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.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NXJ and NQP had limited exposure to Puerto Rico debt, 0.60% and 0.67%, respectively, at the end of the reporting period, while NJV and NPN did not hold any Puerto Rico bonds at period-end. 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.
Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NJV and NPN do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
As of October 31, 2015, the Funds' percentages of leverage are as shown in the accompanying table.
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Effective Leverage* | | | 38.78% | | | 9.14% | | | 36.72% | | | 2.65% | |
| Regulatory Leverage* | | | 32.39% | | | N/A | | | 31.15% | | | N/A | |
| * | Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
| | |
| N/A | The Fund does not use Regulatory leverage. |
Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of October 31, 2015, 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 | | | | |
| | | | Series | | | Value | | | Series | | | Value | | | Total | |
| NXJ | | | — | | | — | | | 1 | | $ | 81,000,000 | | | | |
| | | | — | | | — | | | 2 | | $ | 144,300,000 | | | | |
| | | | — | | | — | | | 3 | | $ | 88,600,000 | | | | |
| | | | | | | | | | | | $ | 313,900,000 | | $ | 313,900,000 | |
| NQP | | | 2017 | | $ | 48,000,000 | | | 2 | | $ | 112,500,000 | | | | |
| | | | — | | | — | | | 3 | | $ | 105,000,000 | | | | |
| | | | | | $ | 48,000,000 | | | | | $ | 217,500,000 | | $ | 265,500,000 | |
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 October 31, 2015. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.
| | | | Per Common Share Amounts | |
| Ex-Dividend Date | | | NXJ | | | NJV | | | NQP | | | NPN | |
| May 2015 | | $ | 0.0680 | | $ | 0.0500 | | $ | 0.0690 | | $ | 0.0520 | |
| June | | | 0.0680 | | | 0.0490 | | | 0.0690 | | | 0.0520 | |
| July | | | 0.0680 | | | 0.0490 | | | 0.0690 | | | 0.0520 | |
| August | | | 0.0680 | | | 0.0490 | | | 0.0690 | | | 0.0520 | |
| September | | | 0.0680 | | | 0.0490 | | | 0.0690 | | | 0.0520 | |
| October 2015 | | | 0.0680 | | | 0.0490 | | | 0.0690 | | | 0.0520 | |
| | | | | | | | | | | | | | |
| Market Yield* | | | 6.18 | % | | 4.07 | % | | 6.19 | % | | 4.19 | % |
| Taxable-Equivalent Yield* | | | 9.17 | % | | 6.04 | % | | 8.87 | % | | 6.00 | % |
| * | Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2015, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by 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 Information (continued)
COMMON SHARE REPURCHASES
During August 2015, 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 October 31, 2015, 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 | | | 569,400 | | | 15,000 | | | 363,400 | | | 0 | |
| Common shares authorized for repurchase | | | 4,285,000 | | | 155,000 | | | 3,780,000 | | | 120,000 | |
During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
| | | | NXJ | | | NQP | |
| Common shares repurchased and retired | | | 434,400 | | | 121,000 | |
| Weighted average price per common share repurchased and retired | | $ | 12.84 | | $ | 13.12 | |
| Weighted average discount per common share repurchased and retired | | | 15.41 | % | | 15.08 | % |
OTHER COMMON SHARE INFORMATION
As of October 31, 2015, 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 | | $ | 15.37 | | $ | 16.20 | | $ | 15.55 | | $ | 16.27 | |
| Common share price | | $ | 13.20 | | $ | 14.46 | | $ | 13.38 | | $ | 14.88 | |
| Premium/(Discount) to NAV | | | (14.12 | )% | | (10.74 | )% | | (13.95 | )% | | (8.54 | )% |
| 6-month average premium/(discount) to NAV | | | (14.87 | )% | | (12.65 | )% | | (14.56 | )% | | (7.55 | )% |
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 Dividend Advantage Municipal Fund (NXJ)
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 Investment Quality Municipal Fund (NQP)
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 Dividend Advantage Municipal Fund |
| | Performance Overview and Holding Summaries as of October 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015
| | | Cumulative | | Average Annual |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year |
| NXJ at Common Share NAV | | 1.65% | | 2.75% | | 6.08% | | 5.66% |
| NXJ at Common Share Price | | 0.29% | | 3.66% | | 3.49% | | 4.86% |
| S&P Municipal Bond New Jersey Index | | 0.84% | | 1.40% | | 4.26% | | 4.70% |
| S&P Municipal Bond Index | | 1.58% | | 2.87% | | 4.41% | | 4.69% |
| Lipper New Jersey Municipal Debt Funds Classification Average | | 1.22% | | 2.18% | | 6.24% | | 5.82% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 146.7% |
| Common Stocks | 0.1% |
| Other Assets Less Liabilities | 1.1% |
| Net Assets Plus VRDP Shares, at Liquidation Value | 147.9% |
| VRDP Shares, at Liquidation Value | (47.9)% |
| Net Assets | 100% |
| Portfolio Composition | |
(% of total investments)1 | |
| Tax Obligation/Limited | 22.9% |
| Transportation | 17.6% |
| Health Care | 16.2% |
| Education and Civic Organizations | 10.6% |
| U.S. Guaranteed | 9.4% |
| Tax Obligation/General | 5.6% |
| Water and Sewer | 4.2% |
| Other | 13.5% |
| Total | 100% |
| Credit Quality | |
(% of total investment exposure)1 | |
| AAA/U.S. Guaranteed | 15.8% |
| AA | 35.7% |
| A | 31.7% |
| BBB | 9.7% |
| BB or Lower | 6.4% |
| N/R (not rated) | 0.6% |
| N/A (not applicable) | 0.1% |
| Total | 100% |
| 1 | Excluding investments in derivatives. |
| NJV | |
| | Nuveen New Jersey Municipal Value Fund |
| | Performance Overview and Holding Summaries as of October 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015
| | | Cumulative | | Average Annual |
| | | 6-Month | | 1-Year | | 5-Year | | Since
Inception |
| NJV at Common Share NAV | | 0.54% | | 2.30% | | 5.01% | | 7.02% |
| NJV at Common Share Price | | 0.07% | | 7.14% | | 3.78% | | 4.76% |
| S&P Municipal Bond New Jersey Index | | 0.84% | | 1.40% | | 4.26% | | 5.36% |
| S&P Municipal Bond Index | | 1.58% | | 2.87% | | 4.41% | | 5.51% |
| Lipper New Jersey Municipal Debt Funds Classification Average | | 1.22% | | 2.18% | | 6.24% | | 6.45% |
Since inception returns are from April 28, 2009. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 101.0% |
| Common Stocks | 2.8% |
| Other Assets Less Liabilities | 2.2% |
| Net Assets Plus Floating Rate Obligations | 106.0% |
| Floating Rate Obligations | (6.0)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 26.3% |
| Health Care | 19.0% |
| Education and Civic Organizations | 13.2% |
| Transportation | 10.9% |
| Tax Obligation/General | 7.8% |
| Housing/Multifamily | 6.4% |
| U.S. Guaranteed | 5.7% |
| Other | 10.7% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA | 5.5% |
| AA | 35.0% |
| A | 32.7% |
| BBB | 17.8% |
| BB or Lower | 4.4% |
| N/R (not rated) | 2.0% |
| N/A (not applicable) | 2.6% |
| Total | 100% |
| NQP | |
| | Nuveen Pennsylvania Investment Quality Municipal Fund |
| | Performance Overview and Holding Summaries as of October 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015
| | | Cumulative | | Average Annual |
| | | 6-Month | | 1-Year | | 5-Year | | 10-Year |
| NQP at Common Share NAV | | 2.11% | | 4.14% | | 6.43% | | 5.83% |
| NQP at Common Share Price | | (0.48)% | | 3.47% | | 4.32% | | 5.60% |
| S&P Municipal Bond Pennsylvania Index | | 1.69% | | 3.07% | | 4.62% | | 4.83% |
| S&P Municipal Bond Index | | 1.58% | | 2.87% | | 4.41% | | 4.69% |
| Lipper Pennsylvania Municipal Debt Funds Classification Average | | 1.93% | | 3.94% | | 6.22% | | 5.47% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 147.5% |
| Other Assets Less Liabilities | 2.8% |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value | 150.3% |
| Floating Rate Obligations | (5.0)% |
| VMTP Shares, at Liquidation Value | (8.2)% |
| VRDP Shares, at Liquidation Value | (37.1)% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 19.7% |
| Tax Obligation/General | 18.7% |
| Education and Civic Organizations | 13.8% |
| U.S. Guaranteed | 10.6% |
| Tax Obligation/Limited | 7.2% |
| Water and Sewer | 7.1% |
| Transportation | 5.5% |
| Utilities | 5.3% |
| Other | 12.1% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 10.6% |
| AA | 44.8% |
| A | 27.8% |
| BBB | 11.0% |
| BB or Lower | 3.2% |
| N/R (not rated) | 2.6% |
| Total | 100% |
| NPN | |
| | Nuveen Pennsylvania Municipal Value Fund |
| | Performance Overview and Holding Summaries as of October 31, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015
| | | Cumulative | | Average Annual |
| | | 6-Month | | 1-Year | | 5-Year | | Since
Inception |
| NPN at Common Share NAV | | 1.37% | | 3.25% | | 5.27% | | 6.80% |
| NPN at Common Share Price | | (2.41)% | | 2.36% | | 4.01% | | 4.85% |
| S&P Municipal Bond Pennsylvania Index | | 1.69% | | 3.07% | | 4.62% | | 5.56% |
| S&P Municipal Bond Index | | 1.58% | | 2.87% | | 4.41% | | 5.51% |
| Lipper Pennsylvania Municipal Debt Funds Classification Average | | 1.93% | | 3.94% | | 6.22% | | 6.25% |
Since inception returns are from April 28, 2009. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 98.9% |
| Other Assets Less Liabilities | 1.1% |
| Net Assets | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| U.S. Guaranteed | 17.2% |
| Health Care | 14.8% |
| Tax Obligation/Limited | 13.0% |
| Education and Civic Organizations | 9.7% |
| Water and Sewer | 9.7% |
| Tax Obligation/General | 8.8% |
| Long-Term Care | 5.9% |
| Utilities | 5.8% |
| Housing/Multifamily | 5.3% |
| Other | 9.8% |
| Total | 100% |
| Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 16.7% |
| AA | 36.5% |
| A | 26.7% |
| BBB | 16.9% |
| BB or Lower | 1.7% |
| N/R (not rated) | 1.5% |
| Total | 100% |
| NXJ | | |
| | Nuveen New Jersey Dividend Advantage Municipal Fund | |
| | Portfolio of Investments | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 146.8% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 146.7% (99.9% 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 | 1/16 at 100.00 | | Caa1 | | $ | 1,296,020 | |
| | 1,485 | | 5.125%, 1/01/37 | 1/16 at 100.00 | | Caa1 | | | 1,119,274 | |
| | 3,205 | | Total Consumer Discretionary | | | | | | 2,415,294 | |
| | | | Consumer Staples – 5.2% (3.5% of Total Investments) | | | | | | | |
| | | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | | | | | | | |
| | 3,620 | | 4.500%, 6/01/23 | 6/17 at 100.00 | | BB | | | 3,644,435 | |
| | 32,225 | | 4.750%, 6/01/34 | 6/17 at 100.00 | | B– | | | 26,129,959 | |
| | 4,890 | | 5.000%, 6/01/41 | 6/17 at 100.00 | | B– | | | 3,976,744 | |
| | 40,735 | | Total Consumer Staples | | | | | | 33,751,138 | |
| | | | Education and Civic Organizations – 15.5% (10.6% of Total Investments) | | | | | | | |
| | 1,760 | | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32 | 12/23 at 100.00 | | A | | | 1,972,115 | |
| | 345 | | Gloucester County Improvement Authority, New Jersey, Revenue Bonds, Rowan University Projects, Series 2015A, 3.375%, 7/01/36 – AGM Insured | 7/25 at 100.00 | | AA | | | 332,128 | |
| | 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 | | | 2,467,463 | |
| | 2,455 | | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.283%, 12/15/36 (IF) (4) | 6/23 at 100.00 | | Aa3 | | | 3,568,784 | |
| | | | 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 | | | 2,717,476 | |
| | 3,250 | | 5.000%, 7/01/43 | 7/23 at 100.00 | | AA | | | 3,552,413 | |
| | 250 | | New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27 | 7/17 at 100.00 | | Baa2 | | | 262,083 | |
| | 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 | | | 1,104,334 | |
| | 5,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44 | No Opt. Call | | AA– | | | 5,509,250 | |
| | | | 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– | | | 2,733,869 | |
| | 1,600 | | 5.000%, 7/01/33 | 7/25 at 100.00 | | AA– | | | 1,815,040 | |
| | 1,000 | | 5.000%, 7/01/34 | 7/25 at 100.00 | | AA– | | | 1,131,750 | |
| | 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 | | | 6,468,142 | |
| | | | 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 | | | 1,639,815 | |
| | 1,000 | | 5.375%, 7/01/41 | 7/20 at 100.00 | | A2 | | | 1,088,620 | |
| | 1,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2007E, 5.000%, 7/01/33 | No Opt. Call | | AAA | | | 1,065,880 | |
| | 4,335 | | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0099, 13.539%, 7/01/19 (IF) | No Opt. Call | | AAA | | | 5,867,553 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Education and Civic Organizations (continued) | | | | | | | |
| $ | 4,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0149, 13.802%, 7/01/44 (IF) (4) | 7/24 at 100.00 | | AAA | | $ | 5,879,200 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B: | | | | | | | |
| | 550 | | 5.000%, 7/01/37 | 7/22 at 100.00 | | A | | | 598,670 | |
| | 1,050 | | 5.000%, 7/01/42 | 7/22 at 100.00 | | A | | | 1,137,392 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | | | | | | | |
| | 1,120 | | 5.000%, 7/01/32 | 7/21 at 100.00 | | BBB | | | 1,193,797 | |
| | 740 | | 5.000%, 7/01/37 | 7/21 at 100.00 | | BBB | | | 783,712 | |
| | 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 | | | 1,338,180 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D: | | | | | | | |
| | 675 | | 5.000%, 7/01/38 | 7/23 at 100.00 | | A | | | 741,130 | |
| | 1,935 | | 5.000%, 7/01/43 | 7/23 at 100.00 | | A | | | 2,115,052 | |
| | 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+ | | | 4,991,376 | |
| | | | New Jersey Educational Facilities Authority, Revenue Refunding Bonds, College of New Jersey, Series 2012A: | | | | | | | |
| | 200 | | 5.000%, 7/01/18 | No Opt. Call | | AA | | | 219,626 | |
| | 1,000 | | 5.000%, 7/01/19 | No Opt. Call | | AA | | | 1,123,720 | |
| | 3,070 | | 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 | | | 3,306,114 | |
| | 1,185 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25 | 12/19 at 100.00 | | AA | | | 1,251,206 | |
| | 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 | | | 1,032,557 | |
| | 1,750 | | 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 | | | 1,946,438 | |
| | | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A: | | | | | | | |
| | 5,670 | | 4.250%, 12/01/25 (Alternative Minimum Tax) | 12/22 at 100.00 | | AA | | | 6,021,540 | |
| | 1,925 | | 4.375%, 12/01/26 (Alternative Minimum Tax) | 12/22 at 100.00 | | AA | | | 2,049,528 | |
| | 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 | | | 538,010 | |
| | 1,000 | | 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 | | | 1,013,790 | |
| | | | 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 | | | 5,046,250 | |
| | 2,575 | | 4.000%, 12/01/30 (Alternative Minimum Tax) | 12/24 at 100.00 | | AA | | | 2,579,841 | |
| | | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151: | | | | | | | |
| | 1,400 | | 11.829%, 12/01/23 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | | 1,562,400 | |
| | 1,250 | | 11.762%, 12/01/24 (Alternative Minimum Tax) (IF) (4) | No Opt. Call | | AA | | | 1,318,150 | |
| | 850 | | 12.327%, 12/01/25 (Alternative Minimum Tax) (IF) (4) | No Opt. Call | | AA | | | 883,592 | |
| | 250 | | 12.897%, 12/01/26 (Alternative Minimum Tax) (IF) (4) | No Opt. Call | | AA | | | 263,790 | |
| | 2,500 | | 13.898%, 12/01/27 (IF) (4) | No Opt. Call | | AA | | | 2,678,400 | |
| | 2,000 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.917%, 6/01/30 (IF) (4) | 6/19 at 100.00 | | AA | | | 2,807,440 | |
| | 575 | | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42 | 7/22 at 100.00 | | A1 | | | 630,902 | |
| | 2,170 | | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.203%, 5/01/21 (IF) (4) | No Opt. Call | | Aa3 | | | 3,169,133 | |
| | 89,105 | | Total Education and Civic Organizations | | | | | | 101,517,651 | |
| NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Financials – 1.7% (1.2% of Total Investments) | | | | | | | |
| | | | New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002: | | | | | | | |
| $ | 8,700 | | 5.750%, 10/01/21 | No Opt. Call | | Ba2 | | $ | 9,377,295 | |
| | 1,500 | | 6.500%, 4/01/28 | No Opt. Call | | Ba2 | | | 1,831,485 | |
| | 10,200 | | Total Financials | | | | | | 11,208,780 | |
| | | | Health Care – 23.9% (16.2% 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 | No Opt. Call | | BBB+ | | | 198,952 | |
| | 220 | | 5.000%, 2/15/26 | No Opt. Call | | BBB+ | | | 248,376 | |
| | 1,320 | | 5.000%, 2/15/27 | No Opt. Call | | BBB+ | | | 1,476,235 | |
| | 1,385 | | 5.000%, 2/15/28 | No Opt. Call | | BBB+ | | | 1,530,577 | |
| | 1,385 | | 5.000%, 2/15/29 | No Opt. Call | | BBB+ | | | 1,514,027 | |
| | 2,500 | | 5.000%, 2/15/32 | 2/24 at 100.00 | | BBB+ | | | 2,692,175 | |
| | 3,040 | | 5.000%, 2/15/33 | No Opt. Call | | BBB+ | | | 3,262,528 | |
| | 145 | | 5.000%, 2/15/34 | No Opt. Call | | BBB+ | | | 155,191 | |
| | 1,950 | | 5.000%, 2/15/35 | No Opt. Call | | BBB+ | | | 2,081,372 | |
| | 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+ | | | 6,890,316 | |
| | 5,110 | | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 | 7/18 at 100.00 | | A+ | | | 5,529,327 | |
| | 2,500 | | New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 18.741%, 7/01/38 – AGC Insured (IF) (4) | 7/19 at 100.00 | | AA | | | 3,526,800 | |
| | | | 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+ | | | 2,179,820 | |
| | 2,500 | | 6.250%, 7/01/35 | 7/21 at 100.00 | | BB+ | | | 2,695,850 | |
| | 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+ | | | 2,122,242 | |
| | 1,140 | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24 | No Opt. Call | | A– | | | 1,311,399 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013: | | | | | | | |
| | 3,125 | | 5.250%, 7/01/31 | 7/23 at 100.00 | | BBB | | | 3,427,125 | |
| | 1,560 | | 5.500%, 7/01/43 | 7/23 at 100.00 | | BBB | | | 1,724,533 | |
| | 6,840 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37 | 7/17 at 100.00 | | A+ | | | 7,152,041 | |
| | 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– | | | 10,851,900 | |
| | 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 | | A3 | | | 3,917,821 | |
| | | | 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 | | | 2,249,095 | |
| | 3,295 | | 4.000%, 7/01/45 | 7/24 at 100.00 | | A | | | 3,280,667 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012: | | | | | | | |
| | 4,140 | | 3.750%, 7/01/27 | No Opt. Call | | A3 | | | 4,151,012 | |
| | 3,375 | | 5.000%, 7/01/31 | 7/22 at 100.00 | | A3 | | | 3,697,819 | |
| | 1,500 | | 5.000%, 7/01/37 | 7/22 at 100.00 | | A3 | | | 1,617,465 | |
| | | | 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+ | | | 3,450,090 | |
| | 3,000 | | 5.000%, 7/01/26 | 7/22 at 100.00 | | A+ | | | 3,429,330 | |
| | 2,500 | | 5.000%, 7/01/27 | 7/22 at 100.00 | | A+ | | | 2,843,025 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 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+ | | $ | 1,617,316 | |
| | 7,605 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured | 7/18 at 100.00 | | AA | | | 8,042,211 | |
| | | | 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 | | | 4,674,635 | |
| | 5,955 | | 5.000%, 7/01/43 | 7/24 at 100.00 | | A | | | 6,556,872 | |
| | 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 | | | 4,532,963 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B: | | | | | | | |
| | 1,620 | | 5.000%, 7/01/25 – RAAI Insured | 1/16 at 100.00 | | AA | | | 1,622,673 | |
| | 2,885 | | 5.000%, 7/01/35 – RAAI Insured | 1/16 at 100.00 | | AA | | | 2,888,145 | |
| | 7,670 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 | 7/21 at 100.00 | | A– | | | 8,768,037 | |
| | 3,480 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29 | 1/17 at 100.00 | | A– | | | 3,577,684 | |
| | 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 | 7/18 at 100.00 | | BBB– | | | 5,538,750 | |
| | 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– | | | 2,339,818 | |
| | | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006: | | | | | | | |
| | 670 | | 5.000%, 7/01/25 | 7/16 at 100.00 | | A2 | | | 685,551 | |
| | 8,780 | | 5.000%, 7/01/36 | 7/16 at 100.00 | | A2 | | | 8,933,387 | |
| | 3,575 | | 5.000%, 7/01/46 | 7/16 at 100.00 | | A2 | | | 3,629,233 | |
| | 3,750 | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Adjustable Rate Industrial Revenue Bonds, American Home Products Corporation, Series 1983A, 5.100%, 12/01/18 | 12/15 at 100.00 | | A1 | | | 3,833,100 | |
| | 144,640 | | Total Health Care | | | | | | 156,447,485 | |
| | | | Housing/Multifamily – 4.0% (2.8% 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– | | | 1,978,071 | |
| | 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– | | | 6,017,348 | |
| | | | 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 | | | 4,312,186 | |
| | 2,100 | | 5.875%, 6/01/42 | 6/20 at 100.00 | | Baa3 | | | 2,325,036 | |
| | | | New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2: | | | | | | | |
| | 2,515 | | 4.350%, 11/01/33 (Alternative Minimum Tax) | 11/22 at 100.00 | | AA | | | 2,584,540 | |
| | 1,375 | | 4.600%, 11/01/38 (Alternative Minimum Tax) | 11/22 at 100.00 | | AA | | | 1,422,836 | |
| | 1,375 | | 4.750%, 11/01/46 (Alternative Minimum Tax) | 11/22 at 100.00 | | AA | | | 1,415,989 | |
| | 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– | | | 2,244,706 | |
| | 4,870 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17 | No Opt. Call | | AA– | | | 4,890,064 | |
| | 26,360 | | Total Housing/Multifamily | | | | | | 27,190,776 | |
| NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | 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 | 10/21 at 100.00 | | Aa2 | | $ | 10,841,100 | |
| | 10,000 | | 4.650%, 10/01/29 | 4/21 at 100.00 | | Aa2 | | | 10,649,400 | |
| | 680 | | 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 | | | 686,440 | |
| | 20,680 | | Total Housing/Single Family | | | | | | 22,176,940 | |
| | | | 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 1999B, 6.850%, 12/01/29 (Mandatory put 12/01/17) | No Opt. Call | | A– | | | 1,369,909 | |
| | | | Long-Term Care – 1.9% (1.3% of Total Investments) | | | | | | | |
| | 5,255 | | 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 | | | 5,344,230 | |
| | 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 | | | 522,378 | |
| | 4,920 | | 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– | | | 5,213,576 | |
| | 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– | | | 1,523,632 | |
| | 12,095 | | Total Long-Term Care | | | | | | 12,603,816 | |
| | | | Tax Obligation/General – 8.3% (5.6% of Total Investments) | | | | | | | |
| | 500 | | Carlstadt School District, Bergen County, New Jersey, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/26 | 5/24 at 100.00 | | AA– | | | 591,305 | |
| | 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 | | | 2,487,439 | |
| | 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 | | | 844,982 | |
| | 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+ | | | 2,381,760 | |
| | 690 | | Haddon Heights School District, Camden County, New Jersey, General Obligation Bonds, Refunding Series 2012, 3.250%, 1/01/30 | 1/23 at 100.00 | | AA– | | | 691,732 | |
| | 1,100 | | Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23 | 5/21 at 100.00 | | AA– | | | 1,195,986 | |
| | 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 | | | 2,259,341 | |
| | 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– | | | 2,585,246 | |
| | 1,000 | | Monroe Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2003, 3.000%, 1/15/33 | 1/22 at 100.00 | | AA | | | 963,780 | |
| | 760 | | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37 | 1/24 at 100.00 | | AA+ | | | 855,882 | |
| | | | 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+ | | | 525,343 | |
| | 610 | | 5.000%, 9/01/29 | 9/22 at 100.00 | | A+ | | | 685,677 | |
| | 300 | | 5.000%, 9/01/31 | 9/22 at 100.00 | | A+ | | | 333,882 | |
| | 250 | | 3.625%, 9/01/34 | 9/22 at 100.00 | | A+ | | | 248,875 | |
| | 1,650 | | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured | 12/19 at 100.00 | | A3 | | | 1,941,258 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| | | | Ocean County, New Jersey, General Obligation Bonds, Refunding Series 2015A: | | | | | | | |
| $ | 6,175 | | 4.000%, 8/01/19 (4) | No Opt. Call | | Aaa | | $ | 6,858,696 | |
| | 2,340 | | 4.000%, 8/01/20 | No Opt. Call | | Aaa | | | 2,642,164 | |
| | 2,015 | | 4.000%, 8/01/21 | No Opt. Call | | Aaa | | | 2,300,384 | |
| | | | South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014: | | | | | | | |
| | 740 | | 3.000%, 9/01/17 | No Opt. Call | | AA | | | 771,080 | |
| | 400 | | 5.000%, 9/01/22 | No Opt. Call | | AA | | | 480,740 | |
| | | | Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2015: | | | | | | | |
| | 1,595 | | 5.000%, 2/15/32 | 2/25 at 100.00 | | AA– | | | 1,840,742 | |
| | 1,000 | | 5.000%, 2/15/34 | 2/25 at 100.00 | | AA– | | | 1,147,980 | |
| | 1,395 | | 5.000%, 2/15/35 | 2/25 at 100.00 | | AA– | | | 1,595,378 | |
| | 4,260 | | Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22 | No Opt. Call | | AA+ | | | 4,834,078 | |
| | 420 | | The Board of Education of the Township of Mount Olive, Morris County, New Jersey School Bonds, Refunding Series 2014, 2.000%, 1/15/16 | No Opt. Call | | AA | | | 421,604 | |
| | 5,165 | | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax) | 12/21 at 100.00 | | AA+ | | | 5,635,738 | |
| | 2,515 | | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41 | 6/21 at 100.00 | | AA+ | | | 2,783,099 | |
| | 1,485 | | Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured | No Opt. Call | | A2 | | | 1,823,832 | |
| | 1,435 | | West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Refunding Bonds, Series 2014, 4.000%, 9/01/28 – BAM Insured | 9/24 at 100.00 | | AA | | | 1,538,306 | |
| | 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 | | | 674,910 | |
| | 100 | | Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, Series 2010, 5.000%, 7/15/19 | No Opt. Call | | AA+ | | | 114,144 | |
| | 48,555 | | Total Tax Obligation/General | | | | | | 54,055,363 | |
| | | | Tax Obligation/Limited – 33.7% (22.9% 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 | | | 4,801,385 | |
| | 1,000 | | Camden County Improvement Authority, New Jersey, County Guaranteed Lease Revenue Bonds, Series 2005A, 5.000%, 9/01/16 – AGM Insured | 1/16 at 100.00 | | AA | | | 1,004,010 | |
| | 1,850 | | Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured | 12/15 at 102.00 | | BBB– | | | 1,863,764 | |
| | 4,175 | | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured | No Opt. Call | | Aa2 | | | 5,105,148 | |
| | 3,000 | | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Refunding Series 2012A, 5.000%, 11/01/20 | No Opt. Call | | AAA | | | 3,448,470 | |
| | 3,000 | | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25 – AGM Insured | No Opt. Call | | AAA | | | 2,312,250 | |
| | 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 | | AAA | | | 3,766,549 | |
| | 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 | | AAA | | | 5,721,600 | |
| | | | Government of Guam, Business Privilege Tax Bonds, Series 2011A: | | | | | | | |
| | 5,005 | | 5.250%, 1/01/36 | 1/22 at 100.00 | | A | | | 5,489,884 | |
| | 3,020 | | 5.125%, 1/01/42 | 1/22 at 100.00 | | A | | | 3,262,204 | |
| | 500 | | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29 | 1/22 at 100.00 | | A | | | 553,545 | |
| NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| $ | 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 | | $ | 1,057,652 | |
| | 3,450 | | New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/25 | 6/16 at 100.00 | | A– | | | 3,547,773 | |
| | | | New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | | | | | | | |
| | 4,400 | | 5.000%, 6/15/19 | No Opt. Call | | BBB+ | | | 4,792,436 | |
| | 310 | | 5.000%, 6/15/21 | No Opt. Call | | BBB+ | | | 339,831 | |
| | 6,400 | | 5.000%, 6/15/25 | 6/22 at 100.00 | | BBB+ | | | 6,868,736 | |
| | 3,480 | | 5.000%, 6/15/26 | 6/22 at 100.00 | | BBB+ | | | 3,710,585 | |
| | 7,945 | | 5.000%, 6/15/28 | No Opt. Call | | BBB+ | | | 8,357,504 | |
| | 415 | | 5.000%, 6/15/29 | No Opt. Call | | BBB+ | | | 434,742 | |
| | 4,675 | | New Jersey Economic Development Authority, Lease Revenue Bonds, Liberty State Park Project, Series 2005C, 5.000%, 3/01/27 – AGM Insured | 12/15 at 100.00 | | AA | | | 4,692,718 | |
| | | | 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 | | | 452,870 | |
| | 740 | | 5.125%, 6/15/37 | 6/17 at 100.00 | | Baa3 | | | 754,460 | |
| | 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 | | A– | | | 5,276,950 | |
| | 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 | | A– | | | 6,647,040 | |
| | 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 | | A– | | | 12,524,520 | |
| | 1,805 | | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 | 10/18 at 100.00 | | A– | | | 1,882,705 | |
| | | | New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006: | | | | | | | |
| | 2,120 | | 5.000%, 6/15/17 – FGIC Insured | 6/16 at 100.00 | | AA– | | | 2,179,318 | |
| | 3,750 | | 5.000%, 6/15/18 – FGIC Insured | 6/16 at 100.00 | | AA– | | | 3,854,100 | |
| | 34,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30 | No Opt. Call | | A– | | | 15,378,538 | |
| | 8,100 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22 | No Opt. Call | | A– | | | 9,030,933 | |
| | 9,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured | No Opt. Call | | AA– | | | 9,454,140 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: | | | | | | | |
| | 21,000 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | | AA | | | 9,146,760 | |
| | 34,855 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | | AA | | | 14,393,370 | |
| | 30,310 | | 0.000%, 12/15/34 – AGM Insured | No Opt. Call | | AA | | | 11,831,812 | |
| | 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 | | A– | | | 7,871,625 | |
| | 7,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24 | No Opt. Call | | A– | | | 7,516,040 | |
| | 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 | | | 3,857,259 | |
| | | | Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012: | | | | | | | |
| | 865 | | 5.000%, 5/01/21 | No Opt. Call | | Aa3 | | | 1,009,602 | |
| | 4,560 | | 3.500%, 5/01/35 | 5/22 at 100.00 | | Aa3 | | | 4,521,742 | |
| | 2,640 | | Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured | 7/16 at 100.00 | | CC | | | 1,969,810 | |
| | 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+ | | | 2,889,650 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| | | | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019: | | | | | | | |
| $ | 285 | | 24.520%, 5/01/28 (IF) (4) | No Opt. Call | | Aa1 | | $ | 666,467 | |
| | 285 | | 24.604%, 5/01/29 (IF) (4) | No Opt. Call | | Aa1 | | | 665,418 | |
| | 200 | | 24.604%, 5/01/30 (IF) (4) | No Opt. Call | | Aa1 | | | 467,870 | |
| | 370 | | 24.345%, 5/01/31 (IF) (4) | No Opt. Call | | Aa1 | | | 862,341 | |
| | 385 | | 24.480%, 5/01/32 (IF) (4) | No Opt. Call | | Aa1 | | | 910,263 | |
| | 400 | | 24.484%, 5/01/33 (IF) (4) | No Opt. Call | | Aa1 | | | 944,800 | |
| | 415 | | 24.604%, 5/01/34 (IF) (4) | No Opt. Call | | Aa1 | | | 974,545 | |
| | 3,975 | | Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield – Park Madison Redevelopment Project, Tender Option Trust 1145, 17.865%, 3/01/34 (IF) (4) | No Opt. Call | | AA+ | | | 7,663,085 | |
| | 3,550 | | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29 | 10/20 at 100.00 | | Baa2 | | | 3,880,434 | |
| | 273,940 | | Total Tax Obligation/Limited | | | | | | 220,609,253 | |
| | | | Transportation – 25.8% (17.6% of Total Investments) | | | | | | | |
| | 5,550 | | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 1/16 at 100.00 | | AA– | | | 5,569,148 | |
| | 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 | | | 2,653,656 | |
| | | | 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 | | | 1,458,963 | |
| | 5,890 | | 4.125%, 1/01/39 | 1/24 at 100.00 | | A1 | | | 6,140,855 | |
| | 7,800 | | 5.000%, 1/01/44 | 1/24 at 100.00 | | A1 | | | 8,706,906 | |
| | | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2015: | | | | | | | |
| | 440 | | 3.000%, 7/01/27 – BAM Insured | 7/25 at 100.00 | | AA | | | 439,006 | |
| | 1,000 | | 4.000%, 7/01/34 – BAM Insured | 7/25 at 100.00 | | AA | | | 1,032,380 | |
| | 2,820 | | 4.000%, 7/01/35 – BAM Insured | 7/25 at 100.00 | | AA | | | 2,895,068 | |
| | | | Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A: | | | | | | | |
| | 2,115 | | 5.000%, 7/01/24 | 7/22 at 100.00 | | A1 | | | 2,472,583 | |
| | 1,105 | | 5.000%, 7/01/25 | 7/22 at 100.00 | | A1 | | | 1,282,551 | |
| | 650 | | 4.000%, 7/01/26 | 7/22 at 100.00 | | A1 | | | 704,555 | |
| | 625 | | 4.000%, 7/01/27 | 7/22 at 100.00 | | A1 | | | 670,131 | |
| | | | 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 | | | 1,113,890 | |
| | 5,000 | | 5.000%, 1/01/40 | 1/20 at 100.00 | | A | | | 5,565,250 | |
| | 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 | | | 7,858,306 | |
| | | | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012: | | | | | | | |
| | 1,800 | | 5.000%, 1/01/24 | No Opt. Call | | BBB | | | 2,044,152 | |
| | 1,635 | | 5.000%, 1/01/25 | No Opt. Call | | BBB | | | 1,853,485 | |
| | 1,350 | | 5.000%, 1/01/26 | No Opt. Call | | BBB | | | 1,518,791 | |
| | 3,595 | | 5.000%, 1/01/27 | No Opt. Call | | BBB | | | 4,033,410 | |
| | 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– | | | 6,029,286 | |
| | | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: | | | | | | | |
| | 1,000 | | 5.125%, 9/15/23 (Alternative Minimum Tax) | 3/16 at 100.00 | | BB– | | | 1,091,520 | |
| | 1,800 | | 5.250%, 9/15/29 (Alternative Minimum Tax) | 9/22 at 101.00 | | BB– | | | 1,962,270 | |
| | 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– | | | 2,506,388 | |
| NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Transportation) (continued) | | | | | | | |
| | | | 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 | | $ | 6,740,940 | |
| | 5,750 | | 5.000%, 9/15/21 | No Opt. Call | | A | | | 6,515,900 | |
| | 6,765 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 (WI/DD, Settling 11/04/15) | 1/25 at 100.00 | | A+ | | | 7,481,346 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | | | | | | | |
| | 30 | | 6.500%, 1/01/16 | No Opt. Call | | A3 | | | 30,318 | |
| | 225 | | 6.500%, 1/01/16 – AMBAC Insured | No Opt. Call | | A3 | | | 227,385 | |
| | 510 | | 6.500%, 1/01/16 – NPFG Insured | No Opt. Call | | AA– | | | 515,406 | |
| | 3,065 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured | No Opt. Call | | AA | | | 3,776,693 | |
| | 7,500 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35 | 1/20 at 100.00 | | A+ | | | 8,328,900 | |
| | 7,620 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 | 1/23 at 100.00 | | A+ | | | 8,739,149 | |
| | 3,625 | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.079%, 1/01/43 (IF) (4) | 7/22 at 100.00 | | A+ | | | 5,113,280 | |
| | 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 | | | 2,353,344 | |
| | 2,750 | | Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured | 1/16 at 100.00 | | A2 | | | 2,759,433 | |
| | 7,225 | | 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– | | | 8,222,122 | |
| | 6,700 | | 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– | | | 6,716,348 | |
| | | | 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) | 12/15 at 100.00 | | AA– | | | 19,750,914 | |
| | 12,130 | | 5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) | 12/15 at 100.00 | | AA– | | | 12,166,026 | |
| | 155,350 | | Total Transportation | | | | | | 169,040,054 | |
| | | | U.S. Guaranteed – 13.8% (9.4% of Total Investments) (5) | | | | | | | |
| | 8,500 | | Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 (Pre-refunded 9/01/16) – AMBAC Insured | 9/16 at 100.00 | | A1 (5) | | | 8,829,715 | |
| | | | New Jersey Building Authority, State Building Revenue Bonds, Series 2007A: | | | | | | | |
| | 7,005 | | 5.000%, 6/15/26 (Pre-refunded 6/15/16) | 6/16 at 100.00 | | AA+ (5) | | | 7,213,469 | |
| | 1,785 | | 5.000%, 6/15/27 (Pre-refunded 6/15/16) | 6/16 at 100.00 | | AA+ (5) | | | 1,838,122 | |
| | 95 | | New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 (ETM) | No Opt. Call | | Aaa | | | 98,124 | |
| | 930 | | New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18 (ETM) | No Opt. Call | | N/R (5) | | | 1,048,296 | |
| | | | 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 | | | 2,832,454 | |
| | 5,435 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | AAA | | | 5,864,528 | |
| | 1,545 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured | 9/17 at 100.00 | | A– (5) | | | 1,667,101 | |
| | 2,910 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | A– (5) | | | 3,139,977 | |
| | 3,080 | | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured | 7/16 at 100.00 | | AA– (5) | | | 3,177,882 | |
| | | | 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) | | | 7,846,627 | |
| | 6,875 | | 5.000%, 7/01/39 (Pre-refunded 7/01/17) – FGIC Insured | 7/17 at 100.00 | | AA– (5) | | | 7,379,694 | |
| | 4,710 | | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 (Pre-refunded 7/01/16) – AMBAC Insured | 7/16 at 100.00 | | AA– (5) | | | 4,857,423 | |
| | 25 | | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.000%, 12/01/17 (ETM) | No Opt. Call | | N/R (5) | | | 27,088 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | U.S. Guaranteed (5) (continued) | | | | | | | |
| | | | 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) | | $ | 29,698 | |
| | 100 | | 6.500%, 12/01/20 (Pre-refunded 6/01/19) | 6/19 at 100.00 | | N/R (5) | | | 118,793 | |
| | 5 | | 7.125%, 12/01/23 (Pre-refunded 6/01/19) | 6/19 at 100.00 | | N/R (5) | | | 6,049 | |
| | 2,040 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36 (Pre-refunded 7/01/16) | 7/16 at 100.00 | | A– (5) | | | 2,104,831 | |
| | 1,340 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35 (Pre-refunded 7/01/16) | 7/16 at 100.00 | | A– (5) | | | 1,383,711 | |
| | 85 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006, 5.000%, 7/01/46 (Pre-refunded 7/01/16) | 7/16 at 100.00 | | N/R (5) | | | 87,573 | |
| | 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) | No Opt. Call | | AA (5) | | | 4,484,687 | |
| | 1,500 | | New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured (ETM) | No Opt. Call | | AA– (5) | | | 1,856,130 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | | | | | | | |
| | 15 | | 6.500%, 1/01/16 (ETM) | No Opt. Call | | A3 (5) | | | 15,163 | |
| | 125 | | 6.500%, 1/01/16 – AMBAC Insured (ETM) | No Opt. Call | | A3 (5) | | | 126,356 | |
| | 265 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | | AA– (5) | | | 267,875 | |
| | 950 | | 6.500%, 1/01/16 (ETM) | No Opt. Call | | AA+ (5) | | | 960,308 | |
| | 275 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | | AA– (5) | | | 277,984 | |
| | 120 | | 6.500%, 1/01/16 – AMBAC Insured (ETM) | No Opt. Call | | A3 (5) | | | 121,302 | |
| | 610 | | 6.500%, 1/01/16 (ETM) | No Opt. Call | | AA+ (5) | | | 616,619 | |
| | 100 | | 6.500%, 1/01/16 – AMBAC Insured (ETM) | No Opt. Call | | A3 (5) | | | 101,085 | |
| | 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) | | | 13,606,718 | |
| | 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) | | | 8,178,744 | |
| | 87,610 | | Total U.S. Guaranteed | | | | | | 90,164,126 | |
| | | | Utilities – 2.8% (1.9% of Total Investments) | | | | | | | |
| | 6,300 | | 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 | | | 6,439,104 | |
| | 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– | | | 1,827,296 | |
| | | | 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) | No Opt. Call | | Baa3 | | | 1,023,690 | |
| | 1,225 | | 5.125%, 6/15/43 (Alternative Minimum Tax) | 6/22 at 100.00 | | Baa3 | | | 1,260,035 | |
| | 5,000 | | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax) | 5/20 at 100.00 | | A+ | | | 5,628,300 | |
| | 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+ | | | 2,189,981 | |
| | 17,075 | | Total Utilities | | | | | | 18,368,406 | |
| | | | Water and Sewer – 6.1% (4.2% of Total Investments) | | | | | | | |
| | | | Bergen County Utilities Authority, New Jersey, Water Pollution Control System Revenue Bonds, Refunding Series 2014: | | | | | | | |
| | 1,000 | | 3.125%, 12/15/30 | 12/24 at 100.00 | | AA– | | | 988,840 | |
| | 1,000 | | 3.125%, 12/15/31 | 12/24 at 100.00 | | AA– | | | 979,380 | |
| | | | 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+ | | | 1,732,845 | |
| | 15,670 | | 4.250%, 10/01/47 (Alternative Minimum Tax) | 10/22 at 100.00 | | A+ | | | 15,831,086 | |
| | 1,680 | | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 | 9/21 at 100.00 | | AAA | | | 1,701,000 | |
| NXJ | Nuveen New Jersey Dividend Advantage Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Water and Sewer (continued) | | | | | | | |
| $ | 6,270 | | New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.395%, 9/01/21 (IF) (4) | No Opt. Call | | AAA | | $ | 8,103,912 | |
| | 1,650 | | New Jersey Water Supply Authority, Water Supply Authority Bonds, Manasquan Reservoir, Series 2005, 5.000%, 8/01/31 – NPFG Insured | 1/16 at 100.00 | | AA | | | 1,655,775 | |
| | | | North Hudson Sewerage Authority, Gross Revenue Senior Lien Lease Certificates, Series 2012A: | | | | | | | |
| | 3,820 | | 5.000%, 6/01/27 – NPFG Insured | 6/22 at 100.00 | | A | | | 4,293,069 | |
| | 4,000 | | 5.000%, 6/01/42 – NPFG Insured | 6/22 at 100.00 | | A | | | 4,330,520 | |
| | 570 | | 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 | | A2 | | | 600,974 | |
| | 37,120 | | Total Water and Sewer | | | | | | 40,217,401 | |
| $ | 968,010 | | Total Municipal Bonds (cost $911,674,963) | | | | | | 961,136,392 | |
| | Shares | | Description (1) | | | | Value | |
| | | | COMMON STOCKS – 0.1% (0.1% of Total Investments) | | | | | |
| | | | Airlines – 0.1% (0.1% of Total Investments) | | | | | |
| | 19,512 | | American Airlines Group Inc., (6) | | | $ | 901,845 | |
| | | | Total Common Stocks (cost $0) | | | | 901,845 | |
| | | | Total Long-Term Investments (cost $911,674,963) | | | | 962,038,237 | |
| | | | Variable Rate Demand Preferred Shares, at Liquidation Value – (47.9)% (7) | | | | (313,900,000 | ) |
| | | | Other Assets Less Liabilities – 1.1% (8) | | | | 7,069,668 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | $ | 655,207,905 | |
Investments in Derivatives as of October 31, 2015
Interest Rate Swaps outstanding:
| | | | | Fund | | | | | | Fixed Rate | | | | | | Unrealized | |
| | | Notional | | Pay/Receive | | Floating Rate | | Fixed Rate | | Payment | | Effective | | Termination | | Appreciation | |
| Counterparty | | Amount | | Floating Rate | | Index | | (Annualized | ) | Frequency | | Date (9) | | Date | | (Depreciation | ) |
| JPMorgan | | $58,500,000 | | Receive | | USD-BMA | | 1.825% | | Quarterly | | 9/14/16 | | 9/14/25 | | $(1,020,180 | ) |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (6) | On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period. |
| (7) | Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.6%. |
| (8) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchanged-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. |
| (9) | 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. |
| USD-BMA | United States Dollar-Bond Market Association |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| NJV | | |
| | Nuveen New Jersey Municipal Value Fund | |
| | Portfolio of Investments | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 103.8% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 101.0% (97.3% of Total Investments) | | | | | | | |
| | | | Consumer Staples – 3.3% (3.2% of Total Investments) | | | | | | | |
| | | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | | | | | | | |
| $ | 150 | | 4.750%, 6/01/34 | 6/17 at 100.00 | | B– | | $ | 121,629 | |
| | 870 | | 5.000%, 6/01/41 | 6/17 at 100.00 | | B– | | | 707,519 | |
| | 1,020 | | Total Consumer Staples | | | | | | 829,148 | |
| | | | Education and Civic Organizations – 13.7% (13.2% of Total Investments) | | | | | | | |
| | 110 | | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32 | 12/23 at 100.00 | | A | | | 123,257 | |
| | 30 | | Gloucester County Improvement Authority, Revenue Bonds, Rowan University Projects, Series 2015A, 3.375%, 7/01/36 – AGM Insured | 7/25 at 100.00 | | AA | | | 28,881 | |
| | 115 | | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | | A | | | 140,128 | |
| | 45 | | New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond Trust 3359, 18.283%, 12/15/36 (IF) (4) | 6/23 at 100.00 | | Aa3 | | | 65,416 | |
| | 900 | | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36 | 9/19 at 100.00 | | A2 | | | 1,015,020 | |
| | 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 | | | 100,394 | |
| | 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 | | | 168,356 | |
| | | | New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | | | | | | | |
| | 50 | | 5.000%, 7/01/32 | 7/21 at 100.00 | | BBB | | | 53,295 | |
| | 30 | | 5.000%, 7/01/37 | 7/21 at 100.00 | | BBB | | | 31,772 | |
| | 75 | | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38 | 7/23 at 100.00 | | A | | | 82,348 | |
| | 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 | | | 1,100,929 | |
| | 30 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30 | 12/20 at 100.00 | | Aa3 | | | 32,267 | |
| | 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 | | | 107,602 | |
| | 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 | | | 195,367 | |
| | 100 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151, 11.829%, 12/01/23 (Alternative Minimum Tax) (IF) (4) | 12/22 at 100.00 | | AA | | | 111,600 | |
| | 60 | | Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 3339, 18.203%, 5/01/21 (IF) (4) | No Opt. Call | | Aa3 | | | 87,626 | |
| | 3,095 | | Total Education and Civic Organizations | | | | | | 3,444,258 | |
| | | | Health Care – 19.8% (19.0% 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 | No Opt. Call | | BBB+ | | | 119,371 | |
| | 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+ | | | 112,956 | |
| | 5 | | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.125%, 7/01/22 | 7/18 at 100.00 | | A+ | | | 5,479 | |
| NJV | Nuveen New Jersey Municipal Value Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 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 | | $ | 2,205,360 | |
| | 100 | | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31 | 7/23 at 100.00 | | BBB | | | 109,668 | |
| | 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– | | | 233,316 | |
| | 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 | | | 99,565 | |
| | 20 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011, 5.000%, 7/01/21 | No Opt. Call | | A+ | | | 23,511 | |
| | 100 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured | 7/18 at 100.00 | | AA | | | 105,749 | |
| | 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 | | | 143,495 | |
| | 100 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | | A | | | 114,904 | |
| | 70 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 | 7/21 at 100.00 | | A– | | | 80,021 | |
| | 750 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 | No Opt. Call | | BBB– | | | 793,883 | |
| | 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– | | | 99,779 | |
| | 705 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006, 5.000%, 7/01/36 | 7/16 at 100.00 | | A2 | | | 717,316 | |
| | 4,600 | | Total Health Care | | | | | | 4,964,373 | |
| | | | Housing/Multifamily – 6.6% (6.4% 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– | | | 104,109 | |
| | 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– | | | 153,529 | |
| | | | 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 | | | 111,426 | |
| | 50 | | 5.875%, 6/01/42 | 6/20 at 100.00 | | Baa3 | | | 55,358 | |
| | 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– | | | 1,044,219 | |
| | 60 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | | AA– | | | 59,071 | |
| | 130 | | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B, 1.000%, 11/01/17 | No Opt. Call | | AA– | | | 130,536 | |
| | 1,595 | | Total Housing/Multifamily | | | | | | 1,658,248 | |
| | | | Housing/Single Family – 0.9% (0.9% of Total Investments) | | | | | | | |
| | 230 | | New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 4.500%, 10/01/29 | 10/21 at 100.00 | | Aa2 | | | 236,113 | |
| | | | Long-Term Care – 1.5% (1.4% of Total Investments) | | | | | | | |
| | 160 | | Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38 | 1/18 at 100.00 | | N/R | | | 162,717 | |
| | 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 | | | 15,364 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Long-Term Care (continued) | | | | | | | |
| $ | 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– | | $ | 148,354 | |
| | 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– | | | 43,224 | |
| | 355 | | Total Long-Term Care | | | | | | 369,659 | |
| | | | Tax Obligation/General – 8.1% (7.8% of Total Investments) | | | | | | | |
| | 100 | | Bloomfield Township Board of Education, Essex County, New Jersey, General Obligation Bonds, Series 2011, 3.000%, 9/01/16 | No Opt. Call | | A | | | 101,930 | |
| | 10 | | Hillsborough Township School District, Somerset County, New Jersey, General Obligation School Bonds, Series 2001, 5.375%, 10/01/16 – AGM Insured | No Opt. Call | | AA | | | 10,449 | |
| | 150 | | Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2006, 5.000%, 12/01/15 – AMBAC Insured | No Opt. Call | | N/R | | | 150,578 | |
| | | | Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007: | | | | | | | |
| | 50 | | 5.000%, 12/01/15 – AMBAC Insured | No Opt. Call | | N/R | | | 50,192 | |
| | 150 | | 5.000%, 12/01/16 – AMBAC Insured | No Opt. Call | | N/R | | | 156,519 | |
| | 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– | | | 206,642 | |
| | 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– | | | 124,727 | |
| | 20 | | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A, 5.000%, 1/01/37 | 1/24 at 100.00 | | AA+ | | | 22,523 | |
| | 500 | | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured | 12/19 at 100.00 | | A3 | | | 588,260 | |
| | 30 | | North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009, 4.000%, 2/01/17 | No Opt. Call | | AA– | | | 31,268 | |
| | 25 | | South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 3.000%, 9/01/17 | No Opt. Call | | AA | | | 26,050 | |
| | 100 | | Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22 | No Opt. Call | | AA+ | | | 113,476 | |
| | 80 | | The Board of Education of the Township of Mount Olive, Morris County, New Jersey School Bonds, Refunding Series 2014, 2.000%, 1/15/16 | No Opt. Call | | AA | | | 80,306 | |
| | 150 | | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax) | 12/21 at 100.00 | | AA+ | | | 163,671 | |
| | 170 | | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41 | 6/21 at 100.00 | | AA+ | | | 188,122 | |
| | 25 | | Washington Borough, Warren County, New Jersey, General Obligation Bonds, Series 2008, 4.500%, 3/01/17 – AGM Insured | No Opt. Call | | A2 | | | 26,255 | |
| | 1,870 | | Total Tax Obligation/General | | | | | | 2,040,968 | |
| | | | Tax Obligation/Limited – 27.3% (26.3% of Total Investments) | | | | | | | |
| | 250 | | Burlington County Bridge Commission, New Jersey, Governmental Leasing Program Revenue Bonds, County Guaranteed, Refunding Series 2014, 3.000%, 8/15/16 | No Opt. Call | | AA | | | 255,325 | |
| | 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 | | | 337,303 | |
| | 630 | | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | 12/19 at 100.00 | | BBB+ | | | 697,675 | |
| | | | New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | | | | | | | |
| | 250 | | 5.000%, 6/15/25 | 6/22 at 100.00 | | BBB+ | | | 268,310 | |
| | 400 | | 5.000%, 6/15/28 | No Opt. Call | | BBB+ | | | 420,768 | |
| | 700 | | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38 | 10/18 at 100.00 | | A– | | | 730,135 | |
| NJV | Nuveen New Jersey Municipal Value Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| $ | 2,000 | | New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31 | 10/19 at 100.00 | | A– | | $ | 2,178,698 | |
| | 2,540 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39 | No Opt. Call | | A– | | | 656,920 | |
| | 110 | | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 23.950%, 5/01/30 (IF) (4) | No Opt. Call | | Aa1 | | | 253,310 | |
| | 1,000 | | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/39 | 10/19 at 100.00 | | BBB | | | 1,060,859 | |
| | 8,150 | | Total Tax Obligation/Limited | | | | | | 6,859,303 | |
| | | | Transportation – 11.3% (10.9% of Total Investments) | | | | | | | |
| | 250 | | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 1/16 at 100.00 | | AA– | | | 250,863 | |
| | | | 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 | | | 156,389 | |
| | 200 | | 5.000%, 1/01/44 | 1/24 at 100.00 | | A1 | | | 223,254 | |
| | 300 | | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/27 | No Opt. Call | | BBB | | | 336,585 | |
| | 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– | | | 206,222 | |
| | 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– | | | 89,116 | |
| | 300 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 (WI/DD, Settling 11/24/15) | 1/25 at 100.00 | | A+ | | | 331,767 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | | | | | | | |
| | 35 | | 6.500%, 1/01/16 | No Opt. Call | | A3 | | | 35,371 | |
| | 10 | | 6.500%, 1/01/16 – AMBAC Insured | No Opt. Call | | A3 | | | 10,106 | |
| | 765 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 | 1/19 at 100.00 | | A+ | | | 840,965 | |
| | 315 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | | AA– | | | 358,473 | |
| | 2,595 | | Total Transportation | | | | | | 2,839,111 | |
| | | | U.S. Guaranteed – 5.9% (5.7% of Total Investments) (5) | | | | | | | |
| | 105 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) | 11/17 at 100.00 | | A (5) | | | 115,673 | |
| | 140 | | New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/16 – RAAI Insured (ETM) | No Opt. Call | | Aaa | | | 144,603 | |
| | 1,000 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36 (Pre-refunded 7/01/16) | 7/16 at 100.00 | | A– (5) | | | 1,031,779 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | | | | | | | |
| | 35 | | 6.500%, 1/01/16 (ETM) | No Opt. Call | | A3 (5) | | | 35,380 | |
| | 85 | | 6.500%, 1/01/16 (ETM) | No Opt. Call | | AA+ (5) | | | 85,922 | |
| | 45 | | 6.500%, 1/01/16 (ETM) | No Opt. Call | | AA+ (5) | | | 45,488 | |
| | 30 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | | AA– (5) | | | 30,326 | |
| | 1,440 | | Total U.S. Guaranteed | | | | | | 1,489,171 | |
| | | | Utilities – 2.6% (2.5% of Total Investments) | | | | | | | |
| | 270 | | 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 | | | 275,962 | |
| | 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– | | | 363,039 | |
| | 570 | | Total Utilities | | | | | | 639,001 | |
| $ | 25,520 | | Total Municipal Bonds (cost $23,338,687) | | | | | | 25,369,353 | |
| Shares | | Description (1) | | | Value | |
| | | COMMON STOCKS – 2.8% (2.7% of Total Investments) | | | | |
| | | Airlines – 2.8% (2.7% of Total Investments) | | | | |
| 15,008 | | American Airlines Group Inc., (6) | $ | | 693,670 | |
| | | Total Common Stocks (cost $207,228) | | | 693,670 | |
| | | Total Long-Term Investments (cost $23,545,915) | | | 26,063,023 | |
| | | Floating Rate Obligations – (6.0)% | | | (1,500,000 | ) |
| | | Other Assets Less Liabilities – 2.2% | | | 548,826 | |
| | | Net Assets Applicable to Common Shares – 100% | $ | | 25,111,849 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (6) | On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period. |
| (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. |
| (WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
| NQP | | |
| | Nuveen Pennsylvania Investment Quality Municipal Fund | |
| | Portfolio of Investments | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 147.5% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 147.5% (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– | | $ | 2,473,000 | |
| | | | Education and Civic Organizations – 20.4% (13.8% of Total Investments) | | | | | | | |
| | 1,500 | | Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28 | No Opt. Call | | Baa3 | | | 1,758,945 | |
| | 5,020 | | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%, 3/01/28 | 3/23 at 100.00 | | AA– | | | 5,834,395 | |
| | 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 | | A2 | | | 2,742,636 | |
| | 2,610 | | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26 | 2/16 at 100.00 | | Baa3 | | | 2,616,186 | |
| | 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– | | | 1,516,838 | |
| | 1,020 | | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37 | 5/24 at 100.00 | | Baa3 | | | 1,081,924 | |
| | 750 | | Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 – RAAI Insured | 10/16 at 100.00 | | AA | | | 757,928 | |
| | | | Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3: | | | | | | | |
| | 1,855 | | 5.000%, 5/01/32 – RAAI Insured | 5/17 at 100.00 | | AA | | | 1,891,024 | |
| | 500 | | 5.000%, 5/01/35 – RAAI Insured | 5/17 at 100.00 | | AA | | | 508,515 | |
| | | | Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of
Pennsylvania – Student Union Project, Series 1999B: | | | | | | | |
| | 815 | | 0.000%, 11/01/15 – AMBAC Insured | No Opt. Call | | N/R | | | 814,976 | |
| | 815 | | 0.000%, 11/01/16 – AMBAC Insured | No Opt. Call | | N/R | | | 803,451 | |
| | 815 | | 0.000%, 11/01/17 – AMBAC Insured | No Opt. Call | | N/R | | | 780,697 | |
| | 815 | | 0.000%, 11/01/18 – AMBAC Insured | No Opt. Call | | N/R | | | 760,566 | |
| | 815 | | 0.000%, 11/01/19 – AMBAC Insured | No Opt. Call | | N/R | | | 739,246 | |
| | 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 | | | 5,797,187 | |
| | 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 | | | 2,316,259 | |
| | 835 | | New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured | 5/17 at 100.00 | | AA | | | 852,234 | |
| | 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– | | | 1,589,745 | |
| | | | Pennsylvania Higher Educational Facilities Authority, Bryn Mawr College Revenue Bonds, Refunding Series 2014: | | | | | | | |
| | 2,545 | | 5.000%, 12/01/38 | 12/24 at 100.00 | | AA | | | 2,901,504 | |
| | 2,080 | | 5.000%, 12/01/44 | 12/24 at 100.00 | | AA | | | 2,338,211 | |
| | 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 | | | 11,665,793 | |
| | 1,195 | | Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013, 5.000%, 6/01/32 | 6/23 at 100.00 | | BBB | | | 1,270,883 | |
| | 2,400 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35 | 11/21 at 100.00 | | A | | | 2,566,560 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/Limited (continued) | | | | | | | |
| $ | 3,225 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31 | 5/16 at 100.00 | | A– | | $ | 3,281,889 | |
| | 6,220 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured | 11/17 at 100.00 | | AA– | | | 6,633,879 | |
| | 1,500 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41 | 5/21 at 100.00 | | A | | | 1,646,880 | |
| | 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 | | | 1,076,300 | |
| | 320 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32 | 11/22 at 100.00 | | BBB+ | | | 320,720 | |
| | 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 | | | 2,207,360 | |
| | 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 | | A1 | | | 7,841,989 | |
| | 2,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40 | 3/20 at 100.00 | | A1 | | | 2,130,400 | |
| | 760 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42 | 9/22 at 100.00 | | A1 | | | 834,070 | |
| | | | 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 | | | 1,042,566 | |
| | 4,300 | | 5.000%, 11/01/42 | 11/22 at 100.00 | | A3 | | | 4,728,323 | |
| | 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 | | | 1,462,916 | |
| | 1,540 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 | No Opt. Call | | A– | | | 1,691,829 | |
| | 3,005 | | Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35 | 3/20 at 100.00 | | AA | | | 3,390,752 | |
| | 10,600 | | Pennsylvania State University, General Revenue Bonds, Series 2007A, 4.500%, 8/15/36 (UB) | 8/16 at 100.00 | | AA | | | 10,857,050 | |
| | 1,000 | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36 (4) | 1/16 at 100.00 | | N/R | | | 579,900 | |
| | 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– | | | 4,736,790 | |
| | 500 | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33 | 5/16 at 100.00 | | BB+ | | | 502,410 | |
| | 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 | | | 5,805,850 | |
| | 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– | | | 1,214,752 | |
| | | | 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– | | | 2,122,432 | |
| | 740 | | 5.000%, 11/01/33 | 11/25 at 100.00 | | A– | | | 828,356 | |
| | 740 | | 4.000%, 11/01/35 | 11/25 at 100.00 | | A– | | | 750,471 | |
| | 111,700 | | Total Education and Civic Organizations | | | | | | 119,593,587 | |
| | | | Health Care – 29.1% (19.7% of Total Investments) | | | | | | | |
| | | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A: | | | | | | | |
| | 2,300 | | 5.000%, 4/01/25 | 1/16 at 100.00 | | Ba3 | | | 2,300,161 | |
| | 4,160 | | 5.125%, 4/01/35 | 1/16 at 100.00 | | Ba3 | | | 4,159,792 | |
| NQP | Nuveen Pennsylvania Investment Quality Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | 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+ | | $ | 4,574,889 | |
| | 1,910 | | 5.000%, 5/15/27 | 5/21 at 100.00 | | A+ | | | 2,158,988 | |
| | 2,000 | | 5.000%, 5/15/28 | 5/21 at 100.00 | | A+ | | | 2,249,520 | |
| | 3,300 | | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 4.500%, 11/01/41 | 5/22 at 100.00 | | AA– | | | 3,399,363 | |
| | 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– | | | 4,508,160 | |
| | 4,100 | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 | 11/21 at 100.00 | | A | | | 4,912,456 | |
| | 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 | | | 1,739,395 | |
| | 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 | | | 3,661,290 | |
| | 1,500 | | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | | BBB | | | 1,619,745 | |
| | 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 | | | 3,182,790 | |
| | 850 | | Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured | 11/17 at 100.00 | | Aa3 | | | 891,599 | |
| | 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+ | | | 7,453,890 | |
| | 500 | | Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40 | 7/16 at 100.00 | | N/R | | | 504,195 | |
| | 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 | | | 5,054,228 | |
| | 1,370 | | Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 6.000%, 6/01/39 | 6/23 at 100.00 | | Baa3 | | | 1,531,085 | |
| | 3,385 | | Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0064, 13.537%, 1/01/36 (IF) | 1/22 at 100.00 | | Aa3 | | | 4,222,754 | |
| | 3,775 | | Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26 | 3/17 at 100.00 | | AA– | | | 3,984,362 | |
| | 7,660 | | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured | 7/18 at 100.00 | | AA | | | 8,130,860 | |
| | 2,565 | | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43 | No Opt. Call | | A+ | | | 2,570,104 | |
| | | | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007: | | | | | | | |
| | 9,850 | | 5.000%, 11/01/30 – AGC Insured | 11/17 at 100.00 | | AA | | | 10,508,473 | |
| | 2,180 | | 5.000%, 11/01/37 – AGC Insured | 11/17 at 100.00 | | AA | | | 2,327,739 | |
| | 4,600 | | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32 | No Opt. Call | | A | | | 4,615,364 | |
| | | | Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A: | | | | | | | |
| | 6,000 | | 5.500%, 7/01/28 | 7/19 at 100.00 | | A– | | | 6,504,240 | |
| | 2,700 | | 5.750%, 7/01/39 | 7/19 at 100.00 | | A– | | | 2,911,707 | |
| | | | 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 | | | 382,991 | |
| | 3,000 | | 5.000%, 1/01/41 | 1/22 at 100.00 | | A | | | 3,200,430 | |
| | 1,660 | | Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37 | 1/17 at 100.00 | | A | | | 1,717,071 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 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 | | $ | 4,105,984 | |
| | 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 | | | 996,410 | |
| | 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 | | | 8,010,075 | |
| | | | Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A: | | | | | | | |
| | 1,235 | | 5.250%, 8/15/23 | 8/18 at 100.00 | | A– | | | 1,348,497 | |
| | 2,000 | | 5.500%, 8/15/35 | 8/18 at 100.00 | | A– | | | 2,177,120 | |
| | 4,000 | | Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center Health System, Series 2013A, 5.000%, 7/01/43 | 7/23 at 100.00 | | Aa3 | | | 4,383,440 | |
| | 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– | | | 3,390,532 | |
| | 2,440 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children's Hospital of Philadelphia, Tender Option Bond Trust 2015-XF0114, 13.527%, 7/01/19 (IF) | No Opt. Call | | AA | | | 3,200,841 | |
| | 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– | | | 4,989,729 | |
| | | | 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– | | | 3,280,680 | |
| | 1,300 | | 4.000%, 8/15/45 | 2/25 at 100.00 | | A– | | | 1,309,490 | |
| | 640 | | Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 | 11/20 at 100.00 | | AA | | | 703,872 | |
| | | | Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005: | | | | | | | |
| | 500 | | 5.000%, 12/01/25 – RAAI Insured | 12/15 at 100.00 | | AA | | | 502,100 | |
| | 1,000 | | 5.000%, 12/01/27 – RAAI Insured | 12/15 at 100.00 | | AA | | | 1,004,200 | |
| | 700 | | 5.000%, 12/01/29 – RAAI Insured | 12/15 at 100.00 | | AA | | | 702,940 | |
| | 1,415 | | 5.000%, 12/01/30 – RAAI Insured | 12/15 at 100.00 | | AA | | | 1,420,943 | |
| | 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 | | | 3,303,090 | |
| | | | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011: | | | | | | | |
| | 3,130 | | 6.875%, 8/01/31 | 8/21 at 100.00 | | A– | | | 3,700,036 | |
| | 2,500 | | 7.000%, 8/01/41 | 8/21 at 100.00 | | A– | | | 2,947,175 | |
| | 3,470 | | Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington Hospital Project, Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | | BBB+ | | | 3,809,956 | |
| | | | 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 | | | 385,652 | |
| | 4,555 | | 6.500%, 1/01/36 | 1/21 at 100.00 | | AA | | | 5,413,754 | |
| | | | West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B: | | | | | | | |
| | 1,500 | | 5.625%, 1/01/32 | 1/22 at 100.00 | | AA | | | 1,757,970 | |
| | 1,970 | | 5.750%, 1/01/41 | 1/22 at 100.00 | | AA | | | 2,288,608 | |
| | 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 | | | 624,059 | |
| | 156,290 | | Total Health Care | | | | | | 170,734,794 | |
| | | | Housing/Multifamily – 4.1% (2.8% 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 | | | 165,990 | |
| NQP | Nuveen Pennsylvania Investment Quality Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Housing/Multifamily (continued) | | | | | | | |
| $ | 1,235 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 | No Opt. Call | | BBB– | | $ | 1,276,521 | |
| | 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– | | | 1,969,331 | |
| | 1,300 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 | 7/20 at 100.00 | | Baa3 | | | 1,385,397 | |
| | | | 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+ | | | 1,105,720 | |
| | 750 | | 5.000%, 7/01/32 | 7/22 at 100.00 | | BBB+ | | | 810,345 | |
| | 370 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44 | No Opt. Call | | BBB– | | | 380,423 | |
| | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc. Student Housing Project, Series 2005A: | | | | | | | |
| | 2,035 | | 5.000%, 7/01/19 – SYNCORA GTY Insured | 12/15 at 100.00 | | BBB | | | 2,041,247 | |
| | 8,025 | | 5.000%, 7/01/37 – SYNCORA GTY Insured | 12/15 at 100.00 | | BBB | | | 8,033,587 | |
| | 5,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 – SYNCORA GTY Insured | 7/17 at 100.00 | | BBB | | | 5,053,100 | |
| | 1,760 | | Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35 | 5/17 at 100.00 | | Baa3 | | | 1,781,771 | |
| | 23,535 | | Total Housing/Multifamily | | | | | | 24,003,432 | |
| | | | Housing/Single Family – 5.7% (3.9% of Total Investments) | | | | | | | |
| | 1,455 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96B, 3.950%, 4/01/16 | No Opt. Call | | AA+ | | | 1,474,017 | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A: | | | | | | | |
| | 1,355 | | 4.600%, 10/01/27 (Alternative Minimum Tax) | 10/16 at 100.00 | | AA+ | | | 1,385,718 | |
| | 2,455 | | 4.600%, 10/01/27 (Alternative Minimum Tax) (UB) | 10/16 at 100.00 | | AA+ | | | 2,510,655 | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: | | | | | | | |
| | 4,595 | | 3.300%, 10/01/32 | No Opt. Call | | AA+ | | | 4,461,148 | |
| | 2,265 | | 3.650%, 10/01/37 | No Opt. Call | | AA+ | | | 2,244,683 | |
| | 2,300 | | 3.700%, 10/01/42 | No Opt. Call | | AA+ | | | 2,208,851 | |
| | | | 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+ | | | 2,272,146 | |
| | 3,315 | | 4.000%, 4/01/45 | 10/24 at 100.00 | | AA+ | | | 3,230,865 | |
| | | | 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+ | | | 3,299,771 | |
| | 2,465 | | 4.050%, 10/01/40 | 10/24 at 100.00 | | AA+ | | | 2,464,926 | |
| | 6,160 | | 4.150%, 10/01/45 | 10/24 at 100.00 | | AA+ | | | 6,159,815 | |
| | 1,050 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 14.518%, 4/01/29 (Alternative Minimum Tax) (IF) | 10/22 at 100.00 | | AA+ | | | 1,256,798 | |
| | 600 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 10.634%, 4/01/33 (IF) (5) | 4/22 at 100.00 | | AA+ | | | 617,316 | |
| | 33,635 | | Total Housing/Single Family | | | | | | 33,586,709 | |
| | | | Industrials – 1.1% (0.7% of Total Investments) | | | | | | | |
| | 750 | | Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16 | No Opt. Call | | BB– | | | 755,625 | |
| | | | 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 | | | 2,848,317 | |
| | 545 | | 5.000%, 11/01/27 (Alternative Minimum Tax) | 11/22 at 100.00 | | A1 | | | 602,923 | |
| | 2,000 | | 5.000%, 11/01/41 (Alternative Minimum Tax) | 11/22 at 100.00 | | A1 | | | 2,134,940 | |
| | 5,790 | | Total Industrials | | | | | | 6,341,805 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Long-Term Care – 5.0% (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 | 1/17 at 100.00 | | N/R | | $ | 476,641 | |
| | 760 | | 5.750%, 1/01/37 | 1/17 at 100.00 | | N/R | | | 766,893 | |
| | 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+ | | | 572,145 | |
| | | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015: | | | | | | | |
| | 3,680 | | 4.000%, 1/01/33 | 1/25 at 100.00 | | BBB+ | | | 3,637,018 | |
| | 5,740 | | 5.000%, 1/01/38 | 1/25 at 100.00 | | BBB+ | | | 6,119,931 | |
| | 2,030 | | Delaware County Authority, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21 | 6/17 at 100.00 | | BBB | | | 2,116,417 | |
| | 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 | | | 712,384 | |
| | 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+ | | | 544,909 | |
| | 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 | | | 383,394 | |
| | 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 | | BBB– | | | 1,268,588 | |
| | | | 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 | | | 1,089,160 | |
| | 1,665 | | 5.750%, 5/01/35 | 5/23 at 100.00 | | BBB | | | 1,823,458 | |
| | 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– | | | 1,500,615 | |
| | 2,115 | | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, ACTS Retirement-Life Communities, Inc., Series 2012, 5.000%, 11/15/26 | 5/22 at 100.00 | | A– | | | 2,293,252 | |
| | | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B: | | | | | | | |
| | 1,420 | | 5.250%, 7/01/23 – AMBAC Insured | 1/16 at 100.00 | | BBB | | | 1,424,842 | |
| | 1,500 | | 5.250%, 7/01/26 – AMBAC Insured | 1/16 at 100.00 | | BBB | | | 1,504,485 | |
| | 2,875 | | 5.250%, 7/01/31 – AMBAC Insured | 1/16 at 100.00 | | BBB | | | 2,880,894 | |
| | 28,045 | | Total Long-Term Care | | | | | | 29,115,026 | |
| | | | Materials – 1.6% (1.1% of Total Investments) | | | | | | | |
| | 2,940 | | Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax) | 12/15 at 100.00 | | BBB | | | 2,948,203 | |
| | 6,110 | | 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 | | | 6,298,005 | |
| | 9,050 | | Total Materials | | | | | | 9,246,208 | |
| | | | Tax Obligation/General – 27.5% (18.7% of Total Investments) | | | | | | | |
| | 3,930 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 | 5/21 at 100.00 | | AA– | | | 4,582,262 | |
| | | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72: | | | | | | | |
| | 2,780 | | 5.250%, 12/01/32 | 12/23 at 100.00 | | AA– | | | 3,193,803 | |
| | 2,000 | | 5.250%, 12/01/33 | 12/23 at 100.00 | | AA– | | | 2,296,160 | |
| | | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74: | | | | | | | |
| | 1,750 | | 5.000%, 12/01/32 | 12/24 at 100.00 | | AA– | | | 1,996,610 | |
| | 1,285 | | 5.000%, 12/01/34 | 12/24 at 100.00 | | AA– | | | 1,460,660 | |
| | 5,100 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37 | 12/22 at 100.00 | | AA– | | | 5,657,277 | |
| | 6,025 | | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29 | 8/19 at 100.00 | | Aa2 | | | 6,775,534 | |
| NQP | Nuveen Pennsylvania Investment Quality Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| $ | 3,000 | | Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2013, 5.250%, 6/01/43 | 6/23 at 100.00 | | A3 | | $ | 3,385,380 | |
| | | | 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 | | | 3,378,750 | |
| | 1,075 | | 5.000%, 12/15/38 – BAM Insured | 12/24 at 100.00 | | AA | | | 1,207,128 | |
| | 1,100 | | 5.000%, 12/15/39 | 12/24 at 100.00 | | AA | | | 1,234,288 | |
| | | | Centre County, Pennsylvania, General Obligation Bonds, Series 2012B: | | | | | | | |
| | 310 | | 4.000%, 7/01/24 | 7/20 at 100.00 | | AA | | | 334,341 | |
| | 1,430 | | 4.000%, 7/01/25 | 7/20 at 100.00 | | AA | | | 1,532,760 | |
| | 915 | | 4.000%, 7/01/26 | 7/20 at 100.00 | | AA | | | 973,661 | |
| | 650 | | Cranberry Township, Pennsylvania, General Obligation Bonds, Refunding Series 2015, 3.250%, 10/01/32 | 10/25 at 100.00 | | Aa1 | | | 645,268 | |
| | 10,000 | | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB) | No Opt. Call | | A+ | | | 10,806,900 | |
| | 7,450 | | Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | | N/R | | | 3,869,307 | |
| | 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 | | | 6,931,769 | |
| | 60 | | Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007, 5.000%, 9/01/23 | 9/17 at 100.00 | | Aaa | | | 64,633 | |
| | 1,260 | | Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured | No Opt. Call | | AA– | | | 1,313,777 | |
| | 2,000 | | Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured | 6/18 at 100.00 | | AA | | | 2,156,980 | |
| | | | 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 | | | 5,785,700 | |
| | 4,000 | | 5.000%, 5/01/32 | 5/25 at 100.00 | | AA | | | 4,610,760 | |
| | 2,875 | | 5.000%, 5/01/33 | 5/25 at 100.00 | | AA | | | 3,301,248 | |
| | 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 | | | 3,097,574 | |
| | 5,000 | | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/33 – AGM Insured | 12/16 at 100.00 | | AA | | | 5,192,400 | |
| | 9,665 | | Pennsylvania State, General Obligation Bonds, Tender Option Bonds 2015-XF0084, 12.801%, 9/01/16 (IF) | No Opt. Call | | AA– | | | 11,141,715 | |
| | 3,925 | | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured | No Opt. Call | | AA– | | | 4,347,016 | |
| | 3,345 | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 | 8/20 at 100.00 | | A+ | | | 3,980,450 | |
| | 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 | | | 866,085 | |
| | | | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B: | | | | | | | |
| | 2,590 | | 5.000%, 9/01/25 | 9/22 at 100.00 | | A+ | | | 3,016,288 | |
| | 6,790 | | 5.000%, 9/01/26 | 9/22 at 100.00 | | A+ | | | 7,839,598 | |
| | 2,925 | | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured | No Opt. Call | | AA | | | 3,044,018 | |
| | 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 | | | 2,512,733 | |
| | 1,000 | | Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37 | 11/22 at 100.00 | | Aa1 | | | 1,033,960 | |
| | 11,440 | | Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured | No Opt. Call | | AA– | | | 6,380,431 | |
| | 380 | | Richland School District, Cambria County, Pennsylvania, General Obligation Bonds, Series 2014A, 3.650%, 11/15/34 – BAM Insured | 11/24 at 100.00 | | AA | | | 384,864 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| $ | 1,130 | | Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22 | No Opt. Call | | N/R | | $ | 1,186,319 | |
| | 1,130 | | Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22 | No Opt. Call | | N/R | | | 1,151,481 | |
| | 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 | | | 1,164,076 | |
| | 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 | | | 2,270,741 | |
| | 21,000 | | State Public School Building Authority, Pennsylvania, School Revenue Bonds, Philadelphia School District Project, Series 2003, 5.5000%, 6/01/28 – AGM Insured (UB) (5) | No Opt. Call | | AA | | | 25,621,260 | |
| | 152,885 | | Total Tax Obligation/General | | | | | | 161,725,965 | |
| | | | Tax Obligation/Limited – 10.6% (7.2% of Total Investments) | | | | | | | |
| | 1,845 | | Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23 | 1/16 at 100.00 | | N/R | | | 1,865,387 | |
| | 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 | | | 1,548,529 | |
| | | | Government of Guam, Business Privilege Tax Bonds, Series 2011A: | | | | | | | |
| | 1,670 | | 5.250%, 1/01/36 | 1/22 at 100.00 | | A | | | 1,831,790 | |
| | 655 | | 5.125%, 1/01/42 | 1/22 at 100.00 | | A | | | 707,531 | |
| | | | Harrisburg Redevelopment Authority, Dauphin County, Pennsylvania, Guaranteed Revenue Bonds, Series 1998B: | | | | | | | |
| | 1,750 | | 0.000%, 5/01/22 – AGM Insured | 5/16 at 75.56 | | AA | | | 1,258,495 | |
| | 2,750 | | 0.000%, 11/01/22 – AGM Insured | 5/16 at 73.64 | | AA | | | 1,927,228 | |
| | 2,750 | | 0.000%, 5/01/23 – AGM Insured | 5/16 at 71.71 | | AA | | | 1,871,980 | |
| | 1,760 | | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 | 7/24 at 100.00 | | N/R | | | 1,828,992 | |
| | 5,000 | | Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/16 | No Opt. Call | | Aaa | | | 5,162,200 | |
| | | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A: | | | | | | | |
| | 1,755 | | 0.000%, 12/01/34 | 12/20 at 100.00 | | AA– | | | 1,901,385 | |
| | 3,900 | | 5.000%, 12/01/38 | 12/19 at 100.00 | | AA– | | | 4,318,431 | |
| | 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– | | | 3,548,180 | |
| | 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– | | | 7,924,490 | |
| | | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A: | | | | | | | |
| | 2,650 | | 0.000%, 12/01/37 | No Opt. Call | | AA– | | | 2,096,972 | |
| | 4,000 | | 0.000%, 12/01/44 | No Opt. Call | | AA– | | | 3,136,880 | |
| | 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– | | | 4,367,440 | |
| | 5,125 | | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 – NPFG Insured | 12/18 at 100.00 | | AA | | | 5,636,321 | |
| | 2,200 | | Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured | No Opt. Call | | AA | | | 2,453,132 | |
| | 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 | | | 4,334,439 | |
| | 4,225 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured | No Opt. Call | | CC | | | 3,861,819 | |
| | 455 | | 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 | | | 461,029 | |
| | 61,965 | | Total Tax Obligation/Limited | | | | | | 62,042,650 | |
| NQP | Nuveen Pennsylvania Investment Quality Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Transportation – 8.1% (5.5% 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 | | $ | 3,650,804 | |
| | | | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012: | | | | | | | |
| | 1,270 | | 5.000%, 1/01/22 | No Opt. Call | | BBB | | | 1,438,021 | |
| | 2,425 | | 5.000%, 1/01/23 | No Opt. Call | | BBB | | | 2,776,043 | |
| | 2,310 | | 5.000%, 1/01/24 | No Opt. Call | | BBB | | | 2,623,328 | |
| | 205 | | 5.000%, 1/01/25 | No Opt. Call | | BBB | | | 232,394 | |
| | 2,035 | | Lehigh-Northampton Airport Authority, Pennsylvania, Airport Revenue Bonds, Lehigh Valley Airport System, Series 2000A, 6.000%, 5/15/30 – NPFG Insured (Alternative Minimum Tax) | 11/15 at 100.00 | | A3 | | | 2,037,259 | |
| | 3,980 | | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured | 1/24 at 100.00 | | AA | | | 4,378,915 | |
| | 12,100 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 | 12/27 at 100.00 | | A– | | | 13,373,404 | |
| | 3,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44 | No Opt. Call | | A1 | | | 3,303,390 | |
| | 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– | | | 2,751,755 | |
| | 2,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured | 6/26 at 100.00 | | AA | | | 2,400,220 | |
| | 1,865 | | Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28 | 6/20 at 100.00 | | A | | | 2,102,638 | |
| | 2,000 | | Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured | 12/15 at 100.00 | | AA– | | | 2,006,780 | |
| | 2,080 | | Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured | 1/16 at 100.00 | | AA– | | | 2,064,109 | |
| | 2,250 | | Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007, 5.250%, 6/01/39 – RAAI Insured | 6/17 at 100.00 | | AA | | | 2,253,893 | |
| | 43,275 | | Total Transportation | | | | | | 47,392,953 | |
| | | | U.S. Guaranteed – 15.6% (10.6% of Total Investments) (6) | | | | | | | |
| | | | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A: | | | | | | | |
| | 4,000 | | 5.000%, 12/01/21 (Pre-refunded 12/01/15) – NPFG Insured | 12/15 at 100.00 | | AA– (6) | | | 4,016,000 | |
| | 2,120 | | 5.000%, 12/01/23 (Pre-refunded 12/01/15) – NPFG Insured | 12/15 at 100.00 | | AA– (6) | | | 2,128,480 | |
| | 545 | | 5.000%, 12/01/30 (Pre-refunded 12/01/15) – NPFG Insured | 12/15 at 100.00 | | AA– (6) | | | 547,180 | |
| | 20 | | Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16 (ETM) | No Opt. Call | | N/R (6) | | | 20,103 | |
| | 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 (6) | | | 5,256,495 | |
| | 6,505 | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36 (Pre-refunded 1/01/17) | 1/17 at 100.00 | | BBB+ (6) | | | 6,837,601 | |
| | | | Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006: | | | | | | | |
| | 3,910 | | 5.000%, 8/01/23 (Pre-refunded 8/01/16) – AMBAC Insured | 8/16 at 100.00 | | A+ (6) | | | 4,048,727 | |
| | 1,920 | | 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured | 8/16 at 100.00 | | A+ (6) | | | 1,988,122 | |
| | 1,875 | | Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011, 5.125%, 12/01/46 (Pre-refunded 12/01/16) | 12/16 at 100.00 | | AA– (6) | | | 1,972,350 | |
| | | | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006: | | | | | | | |
| | 1,550 | | 5.000%, 11/01/26 (Pre-refunded 11/01/16) | 11/16 at 100.00 | | A (6) | | | 1,621,517 | |
| | 1,565 | | 5.000%, 11/01/31 (Pre-refunded 11/01/16) | 11/16 at 100.00 | | A (6) | | | 1,637,209 | |
| | 1,050 | | 5.000%, 11/01/36 (Pre-refunded 11/01/16) | 11/16 at 100.00 | | A (6) | | | 1,098,447 | |
| | 200 | | Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007, 5.000%, 9/01/23 (Pre-refunded 9/01/17) | 9/17 at 100.00 | | N/R (6) | | | 216,188 | |
| | 2,390 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 (Pre-refunded 4/01/16) – RAAI Insured | 4/16 at 100.00 | | AA (6) | | | 2,432,901 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | U.S. Guaranteed (6) (continued) | | | | | | | |
| $ | 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 | | AA (6) | | $ | 1,317,707 | |
| | 2,115 | | Owen J. Roberts School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 5/15/24 (Pre-refunded 5/15/16) – AGM Insured | 5/16 at 100.00 | | Aa2 (6) | | | 2,169,652 | |
| | 4,210 | | 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 | | Baa2 (6) | | | 4,888,484 | |
| | | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006: | | | | | | | |
| | 1,905 | | 5.000%, 4/01/21 (Pre-refunded 4/01/16) | 4/16 at 100.00 | | AA– (6) | | | 1,943,271 | |
| | 6,465 | | 5.000%, 4/01/21 (Pre-refunded 4/01/16) | 4/16 at 100.00 | | AA– (6) | | | 6,593,847 | |
| | | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A: | | | | | | | |
| | 3,820 | | 5.000%, 12/01/22 (Pre-refunded 6/01/16) – AMBAC Insured | 6/16 at 100.00 | | A1 (6) | | | 3,926,884 | |
| | 6,700 | | 5.000%, 12/01/24 (Pre-refunded 6/01/16) – AMBAC Insured | 6/16 at 100.00 | | A1 (6) | | | 6,887,466 | |
| | 5,060 | | Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16) | 10/16 at 100.00 | | AA– (6) | | | 5,278,896 | |
| | 1,500 | | Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16) | 1/16 at 100.00 | | AA– (6) | | | 1,512,465 | |
| | | | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A: | | | | | | | |
| | 1,550 | | 5.250%, 1/01/27 (Pre-refunded 1/01/17) | 1/17 at 100.00 | | Baa1 (6) | | | 1,633,762 | |
| | 1,650 | | 5.375%, 1/01/32 (Pre-refunded 1/01/17) | 1/17 at 100.00 | | Baa1 (6) | | | 1,741,559 | |
| | 465 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM) | No Opt. Call | | AA– (6) | | | 534,122 | |
| | 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 (6) | | | 8,362,558 | |
| | 2,575 | | 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+ (6) | | | 2,875,039 | |
| | 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 (6) | | | 1,707,434 | |
| | 1,070 | | Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2006A, 5.000%, 4/01/22 (Pre-refunded 4/01/16) – FGIC Insured | 4/16 at 100.00 | | Aa3 (6) | | | 1,091,593 | |
| | 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 (6) | | | 1,925,003 | |
| | 3,600 | | York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 (Pre-refunded 12/01/15) – NPFG Insured | 12/15 at 100.00 | | AA (6) | | | 3,615,192 | |
| | 86,198 | | Total U.S. Guaranteed | | | | | | 91,826,254 | |
| | | | Utilities – 7.9% (5.3% of Total Investments) | | | | | | | |
| | 7,500 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory put 4/02/18) | No Opt. Call | | BBB– | | | 7,486,800 | |
| | 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 | | | 7,286,975 | |
| | 3,580 | | Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured | 1/16 at 100.00 | | AA– | | | 3,584,403 | |
| | 4,000 | | Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39 | 12/19 at 100.00 | | A+ | | | 4,388,200 | |
| | 1,760 | | 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 | | Ba3 | | | 1,845,800 | |
| | 4,500 | | Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39 | 10/19 at 100.00 | | AA– | | | 4,995,180 | |
| | 2,735 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/29 | 8/25 at 100.00 | | A– | | | 3,134,637 | |
| NQP | Nuveen Pennsylvania Investment Quality Municipal Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Utilities (continued) | | | | | | | |
| $ | 12,885 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured | 10/17 at 100.00 | | A– | | $ | 13,678,200 | |
| | 44,210 | | Total Utilities | | | | | | 46,400,195 | |
| | | | Water and Sewer – 10.4% (7.1% 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 | | | 3,709,735 | |
| | 3,320 | | 5.000%, 12/01/45 | 12/25 at 100.00 | | A1 | | | 3,677,530 | |
| | | | Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123: | | | | | | | |
| | 1,665 | | 13.050%, 12/01/19 – AGM Insured (IF) (5) | No Opt. Call | | AA | | | 2,418,795 | |
| | 825 | | 13.038%, 12/01/19 – AGM Insured (IF) (5) | No Opt. Call | | AA | | | 1,140,909 | |
| | | | Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2015: | | | | | | | |
| | 1,110 | | 5.000%, 5/01/40 | 5/25 at 100.00 | | Aa3 | | | 1,249,348 | |
| | 2,215 | | 4.000%, 5/01/45 | 5/25 at 100.00 | | Aa3 | | | 2,264,128 | |
| | 5,200 | | Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured | 1/16 at 100.00 | | AA | | | 5,212,739 | |
| | | | 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 | | | 3,163,986 | |
| | 4,420 | | 0.000%, 12/01/35 | No Opt. Call | | A | | | 1,824,177 | |
| | 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 | | | 13,971,374 | |
| | 1,100 | | Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 | 1/20 at 100.00 | | BBB | | | 1,216,797 | |
| | 6,560 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/21 at 100.00 | | A1 | | | 7,322,337 | |
| | 2,500 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43 | 1/22 at 100.00 | | A1 | | | 2,768,874 | |
| | 5,000 | | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System First Lien Revenue Refunding Bonds, Series 2013B, 5.250%, 9/01/40 | 9/23 at 100.00 | | A | | | 5,671,849 | |
| | 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 | | | 2,849,428 | |
| | 1,930 | | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 1171, 17.033%, 8/15/37 (IF) (5) | 8/23 at 100.00 | | A+ | | | 2,822,490 | |
| | 61,805 | | Total Water and Sewer | | | | | | 61,284,496 | |
| $ | 820,383 | | Total Long-Term Investments (cost $811,301,379) | | | | | | 865,767,074 | |
| | | | Floating Rate Obligations – (5.0)% | | | | | | (29,070,000 | ) |
| | | | Variable Rate MuniFund Term Preferred Shares, at Liquidation value – (8.2)% (7) | | | | | | (48,000,000 | ) |
| | | | Variable Rate Demand Preferred Shares, at Liquidation value – (37.1)% (8) | | | | | | (217,500,000 | ) |
| | | | Other Assets Less Liabilities – 2.8% | | | | | | 15,756,538 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 586,953,612 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | 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) | 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) | Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 5.5%. |
| (8) | Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.1%. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
| NPN | | |
| | Nuveen Pennsylvania Municipal Value Fund | |
| | Portfolio of Investments | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 98.9% (100.0% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 98.9% (100.0% of Total Investments) | | | | | | | |
| | | | Consumer Staples – 4.1% (4.1% of Total Investments) | | | | | | | |
| $ | 650 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | | Baa1 | | $ | 805,981 | |
| | | | Education and Civic Organizations – 9.6% (9.7% of Total Investments) | | | | | | | |
| | 30 | | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37 | 5/24 at 100.00 | | Baa3 | | | 31,821 | |
| | 675 | | Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30 | 10/18 at 100.00 | | BBB | | | 748,595 | |
| | 500 | | Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg College Project, Series 2009, 5.250%, 2/01/39 | 2/19 at 100.00 | | A+ | | | 540,565 | |
| | 35 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38 | 9/23 at 100.00 | | BBB– | | | 37,980 | |
| | 120 | | Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013, 5.000%, 6/01/32 | 6/23 at 100.00 | | BBB | | | 127,620 | |
| | 20 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42 | 9/22 at 100.00 | | A1 | | | 21,949 | |
| | | | 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 | | | 35,427 | |
| | 60 | | 5.000%, 11/01/42 | 11/22 at 100.00 | | A3 | | | 65,977 | |
| | 75 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38 | No Opt. Call | | A– | | | 82,394 | |
| | 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– | | | 105,262 | |
| | 100 | | Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40 | 11/20 at 100.00 | | A– | | | 110,432 | |
| | 1,750 | | Total Education and Civic Organizations | | | | | | 1,908,022 | |
| | | | Health Care – 14.6% (14.8% of Total Investments) | | | | | | | |
| | 650 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34 | 8/19 at 100.00 | | Aa3 | | | 724,087 | |
| | 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 | | | 37,690 | |
| | 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 | | | 658,410 | |
| | 100 | | Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | | A– | | | 107,841 | |
| | 5 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33 | 6/19 at 100.00 | | A | | | 5,400 | |
| | 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 | | | 213,602 | |
| | 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– | | | 107,306 | |
| | 710 | | 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 | | | 808,229 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Health Care (continued) | | | | | | | |
| $ | 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 | | $ | 118,662 | |
| | 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 | | | 116,173 | |
| | 2,600 | | Total Health Care | | | | | | 2,897,400 | |
| | | | Housing/Multifamily – 5.2% (5.3% 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 | | | 15,562 | |
| | 30 | | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 | No Opt. Call | | BBB– | | | 31,009 | |
| | 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– | | | 103,649 | |
| | 50 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 | 7/20 at 100.00 | | Baa3 | | | 53,285 | |
| | 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 | | | 830,823 | |
| | 995 | | Total Housing/Multifamily | | | | | | 1,034,328 | |
| | | | Housing/Single Family – 1.6% (1.6% of Total Investments) | | | | | | | |
| | | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: | | | | | | | |
| | 55 | | 3.300%, 10/01/32 | No Opt. Call | | AA+ | | | 53,398 | |
| | 25 | | 3.650%, 10/01/37 | No Opt. Call | | AA+ | | | 24,776 | |
| | 30 | | 3.700%, 10/01/42 | No Opt. Call | | AA+ | | | 28,811 | |
| | 130 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B, 4.000%, 4/01/45 | 10/24 at 100.00 | | AA+ | | | 126,701 | |
| | 50 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 14.518%, 4/01/29 (Alternative Minimum Tax) (IF) | 10/22 at 100.00 | | AA+ | | | 59,848 | |
| | 25 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 10.634%, 4/01/33 (IF) (4) | 10/22 at 100.00 | | AA+ | | | 25,722 | |
| | 315 | | Total Housing/Single Family | | | | | | 319,256 | |
| | | | Long-Term Care – 5.9% (5.9% of Total Investments) | | | | | | | |
| | | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015: | | | | | | | |
| | 100 | | 4.000%, 1/01/33 | 1/25 at 100.00 | | BBB+ | | | 98,832 | |
| | 135 | | 5.000%, 1/01/38 | 1/25 at 100.00 | | BBB+ | | | 143,936 | |
| | 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 | | | 22,262 | |
| | 55 | | Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013, 5.750%, 5/01/35 | 5/23 at 100.00 | | BBB | | | 60,234 | |
| | 750 | | Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29 | 11/19 at 100.00 | | A– | | | 844,702 | |
| | 1,060 | | Total Long-Term Care | | | | | | 1,169,966 | |
| | | | Materials – 0.7% (0.7% of Total Investments) | | | | | | | |
| | 140 | | 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 | | | 144,308 | |
| | | | Tax Obligation/General – 8.7% (8.8% of Total Investments) | | | | | | | |
| | 220 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32 | 12/23 at 100.00 | | AA– | | | 252,747 | |
| | 700 | | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33 | 8/19 at 100.00 | | Aa2 | | | 786,226 | |
| NPN | Nuveen Pennsylvania Municipal Value Fund | |
| | Portfolio of Investments (continued) | October 31, 2015 (Unaudited) |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Tax Obligation/General (continued) | | | | | | | |
| $ | 115 | | Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D, 5.000%, 12/15/39 | 12/24 at 100.00 | | AA | | $ | 129,039 | |
| | 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 | | | 17,438 | |
| | 390 | | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26 | 9/22 at 100.00 | | A+ | | | 450,286 | |
| | 35 | | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34 | 2/18 at 100.00 | | Aa1 | | | 35,391 | |
| | 25 | | Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22 | No Opt. Call | | N/R | | | 26,246 | |
| | 25 | | Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22 | No Opt. Call | | N/R | | | 25,475 | |
| | 1,525 | | Total Tax Obligation/General | | | | | | 1,722,848 | |
| | | | Tax Obligation/Limited – 12.8% (13.0% 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 | | | 26,246 | |
| | 120 | | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 | 1/22 at 100.00 | | A | | | 131,626 | |
| | 550 | | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | 12/19 at 100.00 | | BBB+ | | | 609,081 | |
| | 105 | | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 | 7/24 at 100.00 | | N/R | | | 109,116 | |
| | | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A: | | | | | | | |
| | 580 | | 0.000%, 12/01/34 | 12/20 at 100.00 | | AA– | | | 628,378 | |
| | 100 | | 5.000%, 12/01/38 | 12/19 at 100.00 | | AA– | | | 110,729 | |
| | 100 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 | No Opt. Call | | AA– | | | 79,131 | |
| | 750 | | Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34 | 4/19 at 100.00 | | A+ | | | 852,809 | |
| | 2,330 | | Total Tax Obligation/Limited | | | | | | 2,547,116 | |
| | | | Transportation – 3.3% (3.4% of Total Investments) | | | | | | | |
| | 240 | | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 | 1/20 at 100.00 | | A | | | 267,132 | |
| | 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 | | | 154,032 | |
| | 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 | | | 185,614 | |
| | 50 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37 | 12/19 at 100.00 | | A– | | | 55,591 | |
| | 605 | | Total Transportation | | | | | | 662,369 | |
| | | | U.S. Guaranteed – 17.0% (17.2% of Total Investments) (5) | | | | | | | |
| | 975 | | Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%, 5/15/21 (Pre-refunded 11/15/16) – SYNCORA GTY Insured | 11/16 at 100.00 | | N/R (5) | | | 1,014,370 | |
| | 100 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) | 11/17 at 100.00 | | A (5) | | | 110,165 | |
| | 450 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – RAAI Insured | 4/16 at 100.00 | | AA (5) | | | 459,023 | |
| | 500 | | 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 | | Baa2 (5) | | | 580,580 | |
| | 1,200 | | Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005, 5.000%, 12/01/29 (Pre-refunded 12/01/15) – RAAI Insured | 12/15 at 100.00 | | AA (5) | | | 1,205,038 | |
| | 3,225 | | Total U.S. Guaranteed | | | | | | 3,369,176 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Utilities – 5.8% (5.8% of Total Investments) | | | | | | | |
| $ | 750 | | Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative Minimum Tax) | 2/17 at 100.00 | | AA– | | $ | 763,170 | |
| | 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 | | | 170,867 | |
| | 60 | | 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 | | Ba3 | | | 62,925 | |
| | 125 | | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/30 | 8/25 at 100.00 | | A– | | | 142,479 | |
| | 1,105 | | Total Utilities | | | | | | 1,139,441 | |
| | | | Water and Sewer – 9.6% (9.7% of Total Investments) | | | | | | | |
| | 175 | | Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123, 13.038%, 12/01/19 – AGM Insured (IF) (4) | No Opt. Call | | AA | | | 242,011 | |
| | 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 | | | 223,542 | |
| | | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A: | | | | | | | |
| | 750 | | 5.250%, 1/01/32 | 1/19 at 100.00 | | A1 | | | 824,715 | |
| | 500 | | 5.250%, 1/01/36 | 1/19 at 100.00 | | A1 | | | 549,650 | |
| | 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 | | | 60,199 | |
| | 1,685 | | Total Water and Sewer | | | | | | 1,900,117 | |
| $ | 17,985 | | Total Long-Term Investments (cost $17,354,986) | | | | | | 19,620,328 | |
| | | | Other Assets Less Liabilities – 1.1% | | | | | | 223,397 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | | $ | 19,843,725 | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
| Statement of | | |
| | Assets and Liabilities | October 31, 2015 (Unaudited) |
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Assets | | | | | | | | | | | | | |
| Long-term investments, at value (cost $911,674,963, $23,545,915, $811,301,379 and $17,354,986, respectively) | | $ | 962,038,237 | | $ | 26,063,023 | | $ | 865,767,074 | | $ | 19,620,328 | |
| Cash | | | 191,354 | | | 496,506 | | | 1,726,889 | | | 19,068 | |
| Receivable for: | | | | | | | | | | | | | |
| Interest | | | 14,452,558 | | | 373,527 | | | 12,540,367 | | | 288,338 | |
| Investments sold | | | 2,307,644 | | | 114,238 | | | 3,985,983 | | | 5,000 | |
| Deferred offering costs | | | 1,727,234 | | | — | | | 1,163,171 | | | — | |
| Other assets | | | 370,347 | | | 852 | | | 287,766 | | | 718 | |
| Total assets | | | 981,087,374 | | | 27,048,146 | | | 885,471,250 | | | 19,933,452 | |
| Liabilities | | | | | | | | | | | | | |
| Floating rate obligations | | | — | | | 1,500,000 | | | 29,070,000 | | | — | |
| Unrealized depreciation on interest rate swaps | | | 1,020,180 | | | — | | | — | | | — | |
| Payable for: | | | | | | | | | | | | | |
| Dividends | | | 2,630,782 | | | 72,968 | | | 2,345,241 | | | 61,169 | |
| Interest | | | — | | | — | | | 37,943 | | | — | |
| Investments purchased | | | 7,442,515 | | | 330,045 | | | 218,033 | | | — | |
| Offering costs | | | 71,108 | | | — | | | 180,950 | | | — | |
| Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation value | | | — | | | — | | | 48,000,000 | | | — | |
| Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value | | | 313,900,000 | | | — | | | 217,500,000 | | | — | |
| Accrued expenses: | | | | | | | | | | | | | |
| Management fees | | | 498,041 | | | 13,179 | | | 439,983 | | | 9,749 | |
| Trustees fees | | | 115,775 | | | 194 | | | 111,727 | | | 154 | |
| Other | | | 201,068 | | | 19,911 | | | 613,761 | | | 18,655 | |
| Total liabilities | | | 325,879,469 | | | 1,936,297 | | | 298,517,638 | | | 89,727 | |
| Net assets applicable to common shares | | $ | 655,207,905 | | $ | 25,111,849 | | $ | 586,953,612 | | $ | 19,843,725 | |
| Common shares outstanding | | | 42,623,879 | | | 1,550,036 | | | 37,754,841 | | | 1,219,352 | |
| Net asset value ("NAV") per common share outstanding | | $ | 15.37 | | $ | 16.20 | | $ | 15.55 | | $ | 16.27 | |
| Net assets applicable to common shares consist of: | | | | | | | | | | | | | |
| Common shares, $0.01 par value per share | | $ | 426,239 | | $ | 15,500 | | $ | 377,548 | | $ | 12,194 | |
| Paid-in surplus | | | 607,476,452 | | | 22,144,384 | | | 536,025,330 | | | 17,438,188 | |
| Undistributed (Over-distribution of) net investment income | | | 1,895,316 | | | 100,873 | | | 382,637 | | | 191,518 | |
| Accumulated net realized gain (loss) | | | (3,933,196 | ) | | 333,984 | | | (4,297,598 | ) | | (63,517 | ) |
| Net unrealized appreciation (depreciation) | | | 49,343,094 | | | 2,517,108 | | | 54,465,695 | | | 2,265,342 | |
| Net assets applicable to common shares | | $ | 655,207,905 | | $ | 25,111,849 | | $ | 586,953,612 | | $ | 19,843,725 | |
| 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.
| Statement of | | |
| | Operations | Six Months Ended October 31, 2015 (Unaudited) |
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Investment Income | | $ | 22,155,871 | | $ | 590,350 | | $ | 19,786,278 | | $ | 503,519 | |
| Expenses | | | | | | | | | | | | | |
| Management fees | | | 2,951,535 | | | 78,168 | | | 2,604,749 | | | 57,720 | |
| Interest expense and amortization of offering costs | | | 230,962 | | | 4,969 | | | 487,341 | | | — | |
| Liquidity fees | | | 1,470,653 | | | — | | | 1,019,009 | | | — | |
| Remarketing fees | | | 160,441 | | | — | | | 111,164 | | | — | |
| Custodian fees | | | 49,495 | | | 7,419 | | | 47,949 | | | 6,355 | |
| Trustees fees | | | 12,359 | | | 313 | | | 10,724 | | | 248 | |
| Professional fees | | | 26,095 | | | 10,905 | | | 24,722 | | | 10,675 | |
| Shareholder reporting expenses | | | 33,506 | | | 4,768 | | | 27,288 | | | 4,536 | |
| Shareholder servicing agent fees | | | 14,030 | | | 115 | | | 28,778 | | | 76 | |
| Stock exchange listing fees | | | 11,043 | | | 172 | | | 6,069 | | | 136 | |
| Investor relations expenses | | | 24,212 | | | 1,043 | | | 30,275 | | | 851 | |
| Other | | | 232,784 | | | 4,978 | | | 39,638 | | | 4,769 | |
| Total expenses | | | 5,217,115 | | | 112,850 | | | 4,437,706 | | | 85,366 | |
| Net investment income (loss) | | | 16,938,756 | | | 477,500 | | | 15,348,572 | | | 418,153 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | |
| Net realized gain (loss) from investments | | | 701,360 | | | 28,489 | | | 818,090 | | | (2,433 | ) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | (7,005,464 | ) | | (366,928 | ) | | (4,506,886 | ) | | (143,686 | ) |
| Swaps | | | (1,020,180 | ) | | — | | | — | | | — | |
| Net realized and unrealized gain (loss) | | | (7,324,284 | ) | | (338,439 | ) | | (3,688,796 | ) | | (146,119 | ) |
| Net increase (decrease) in net assets applicable to common shares from operations | | $ | 9,614,472 | | $ | 139,061 | | $ | 11,659,776 | | $ | 272,034 | |
See accompanying notes to financial statements.
| Statement of | | |
| | Changes in Net Assets | (Unaudited) |
| | | New Jersey | | New Jersey | |
| | | Dividend Advantage (NXJ) | | Municipal Value (NJV) | |
| | | | Six Months | | | Year | | | Six Months | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 10/31/15 | | | 4/30/15 | | | 10/31/15 | | | 4/30/15 | |
| Operations | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 16,938,756 | | $ | 17,283,663 | | $ | 477,500 | | $ | 963,306 | |
| Net realized gain (loss) from investments | | | 701,360 | | | 2,172,472 | | | 28,489 | | | 672,509 | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | (7,005,464 | ) | | (2,921,115 | ) | | (366,928 | ) | | (6,417 | ) |
| Swaps | | | (1,020,180 | ) | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | 9,614,472 | | | 16,535,020 | | | 139,061 | | | 1,629,398 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | |
| From net investment income | | | (17,488,130 | ) | | (17,478,928 | ) | | (457,261 | ) | | (981,771 | ) |
| From accumulated net realized gains | | | — | | | — | | | — | | | (276,526 | ) |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (17,488,130 | ) | | (17,478,928 | ) | | (457,261 | ) | | (1,258,297 | ) |
| Capital Share Transactions | | | | | | | | | | | | | |
| Common shares: | | | | | | | | | | | | | |
| Issued in the reorganizations | | | — | | | 570,950,389 | | | — | | | — | |
| Cost of shares repurchased and retired | | | (5,588,027 | ) | | (1,517,510 | ) | | — | | | (213,171 | ) |
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | | | (5,588,027 | ) | | 569,432,879 | | | — | | | (213,171 | ) |
| Net increase (decrease) in net assets applicable to common shares | | | (13,461,685 | ) | | 568,488,971 | | | (318,200 | ) | | 157,930 | |
| Net assets applicable to common shares at the beginning of period | | | 668,669,590 | | | 100,180,619 | | | 25,430,049 | | | 25,272,119 | |
| Net assets applicable to common shares at the end of period | | $ | 655,207,905 | | $ | 668,669,590 | | $ | 25,111,849 | | $ | 25,430,049 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 1,895,316 | | $ | 2,444,690 | | $ | 100,873 | | $ | 80,634 | |
| See accompanying notes to financial statements. |
| | | Pennsylvania Investment | | Pennsylvania Municipal | |
| | | Quality (NQP) | | Value (NPN) | |
| | | | Six Months | | | Year | | | Six Months | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 10/31/15 | | | 4/30/15 | | | 10/31/15 | | | 4/30/15 | |
| Operations | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 15,348,572 | | $ | 30,831,662 | | $ | 418,153 | | $ | 815,704 | |
| Net realized gain (loss) from investments | | | 818,090 | | | (451,244 | ) | | (2,433 | ) | | 18,377 | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | (4,506,886 | ) | | 19,639,321 | | | (143,686 | ) | | 486,645 | |
| Swaps | | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | 11,659,776 | | | 50,019,739 | | | 272,034 | | | 1,320,726 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | |
| From net investment income | | | (15,656,340 | ) | | (31,976,724 | ) | | (380,438 | ) | | (769,411 | ) |
| From accumulated net realized gains | | | — | | | — | | | — | | | — | |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (15,656,340 | ) | | (31,976,724 | ) | | (380,438 | ) | | (769,411 | ) |
| Capital Share Transactions | | | | | | | | | | | | | |
| Common shares: | | | | | | | | | | | | | |
| Issued in the reorganizations | | | — | | | — | | | — | | | — | |
| Cost of shares repurchased and retired | | | (1,589,406 | ) | | (61,628 | ) | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares from capital share transactions | | | (1,589,406 | ) | | (61,628 | ) | | — | | | — | |
| Net increase (decrease) in net assets applicable to common shares | | | (5,585,970 | ) | | 17,981,387 | | | (108,404 | ) | | 551,315 | |
| Net assets applicable to common shares at the beginning of period | | | 592,539,582 | | | 574,558,195 | | | 19,952,129 | | | 19,400,814 | |
| Net assets applicable to common shares at the end of period | | $ | 586,953,612 | | $ | 592,539,582 | | $ | 19,843,725 | | $ | 19,952,129 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 382,637 | | $ | 690,405 | | $ | 191,518 | | $ | 153,803 | |
See accompanying notes to financial statements.
| Statement of | | |
| | Cash Flows | Six Months Ended October 31, 2015 (Unaudited) |
| | | | | | | | |
| | | | New Jersey | | | Pennsylvania | |
| | | | Dividend | | | Investment | |
| | | | Advantage | | | Quality | |
| | | | (NXJ | ) | | (NQP | ) |
| Cash Flows from Operating Activities: | | | | | | | |
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | | $ | 9,614,472 | | $ | 11,659,776 | |
| 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 | | | (97,530,813 | ) | | (79,085,175 | ) |
| Proceeds from sales and maturities of investments | | | 98,212,448 | | | 84,142,025 | |
| Investment transaction adjustments, net | | | (15,941 | ) | | (30,985 | ) |
| Taxes paid on undistributed capital gains | | | (1,843 | ) | | (1,428 | ) |
| Amortization (Accretion) of premiums and discounts, net | | | 426,669 | | | 542,756 | |
| Amortization of deferred offering costs | | | 31,613 | | | 67,106 | |
| (Increase) Decrease in: | | | | | | | |
| Receivable for dividends | | | 4,686 | | | — | |
| Receivable for interest | | | (210,421 | ) | | 429,789 | |
| Receivable for investments sold | | | 5,355,252 | | | (1,360,983 | ) |
| Other assets | | | (874 | ) | | 251 | |
| Increase (Decrease) in: | | | | | | | |
| Payable for interest | | | — | | | (392 | ) |
| Payable for investments purchased | | | (176,184 | ) | | (1,803,244 | ) |
| Accrued management fees | | | 4,559 | | | 8,143 | |
| Accrued Trustees fees | | | (4,253 | ) | | (4,609 | ) |
| Accrued other expenses | | | (6,947 | ) | | 3,127 | |
| Net realized (gain) loss from investments | | | (701,360 | ) | | (818,090 | ) |
| Change in net unrealized (appreciation) depreciation of: | | | | | | | |
| Investments | | | 7,005,464 | | | 4,506,886 | |
| Swaps | | | 1,020,180 | | | — | |
| Net cash provided by (used in) operating activities | | | 23,026,707 | | | 18,254,953 | |
| Cash Flows from Financing Activities: | | | | | | | |
| Increase (Decrease) in payable for offering costs | | | (31,348 | ) | | (27,908 | ) |
| Cash distributions paid to common shareholders | | | (17,522,121 | ) | | (15,663,326 | ) |
| Cost of common shares repurchased and retired | | | (5,588,027 | ) | | (1,589,406 | ) |
| Net cash provided by (used in) financing activities | | | (23,141,496 | ) | | (17,280,640 | ) |
| Net Increase (Decrease) in Cash | | | (114,789 | ) | | 974,313 | |
| Cash at beginning of period | | | 306,143 | | | 752,576 | |
| Cash at the end of period | | $ | 191,354 | | $ | 1,726,889 | |
| | | | | | | | |
| | | | New Jersey | | | Pennsylvania | |
| | | | Dividend | | | Investment | |
| | | | Advantage | | | Quality | |
| Supplemental Disclosure of Cash Flow Information | | | (NXJ | ) | | (NQP | ) |
| Cash paid for interest (excluding amortization of offering costs) | | $ | 199,349 | | $ | 448,535 | |
See accompanying notes to financial statements.
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| Financial | |
| | Highlights (Unaudited) |
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) | | Distributions
from Net
Investment
Income to
ARPS
Share-
holders | (a) | Distributions from
Accum-
ulated Net
Realized
Gains to
ARPS
Share-
holders | (a) | Total | | From
Net
Investment
Income | | From
Accum-
ulated
Net
Realized
Gains | | Total | | Discount
Per
Share
Repurchased
and Retired | | Ending
NAV | | Ending
Share
Price | |
| New Jersey Dividend Advantage (NXJ) |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016(g) | | $ | 15.53 | | $ | 0.40 | | $ | (0.17 | ) | $ | — | | $ | — | | $ | 0.23 | | $ | (0.41 | ) | $ | — | | $ | (0.41 | ) | $ | 0.02 | | $ | 15.37 | | $ | 13.20 | |
| 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 | |
| 2011 | | | 14.51 | | | 0.89 | | | (0.91 | ) | | (0.03 | ) | | — | * | | (0.05 | ) | | (0.83 | ) | | (0.02 | ) | | (0.85 | ) | | — | | | 13.61 | | | 12.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| New Jersey Municipal Value (NJV) |
| Year Ended 4/30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2016(g) | | | 16.41 | | | 0.31 | | | (0.22 | ) | | N/A | | | N/A | | | 0.09 | | | (0.30 | ) | | — | | | (0.30 | ) | | — | | | 16.20 | | | 14.46 | |
| 2015 | | | 16.15 | | | 0.62 | | | 0.43 | | | N/A | | | N/A | | | 1.05 | | | (0.63 | ) | | (0.18 | ) | | (0.81 | ) | | 0.02 | | | 16.41 | | | 14.75 | |
| 2014 | | | 16.98 | | | 0.65 | | | (0.66 | ) | | N/A | | | N/A | | | (0.01 | ) | | (0.63 | ) | | (0.19 | ) | | (0.82 | ) | | — | | | 16.15 | | | 14.48 | |
| 2013 | | | 16.62 | | | 0.67 | | | 0.61 | | | N/A | | | N/A | | | 1.28 | | | (0.67 | ) | | (0.25 | ) | | (0.92 | ) | | — | | | 16.98 | | | 16.02 | |
| 2012 | | | 14.72 | | | 0.75 | | | 1.91 | | | N/A | | | N/A | | | 2.66 | | | (0.76 | ) | | — | | | (0.76 | ) | | — | | | 16.62 | | | 16.34 | |
| 2011 | | | 15.84 | | | 0.82 | | | (1.15 | ) | | N/A | | | N/A | | | (0.33 | ) | | (0.77 | ) | | (0.02 | ) | | (0.79 | ) | | — | | | 14.72 | | | 13.81 | |
| (a) | The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents. |
| (b) | 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. |
| (c) | After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 the Adviser is no longer reimbursing New Jersey Dividend Advantage (NXJ) for any fees or expenses. |
| | | | | | | | | Common Share Supplemental Data/
Ratios Applicable to Common Shares | |
| | | Common Share
Total Returns | | | | | Ratios to Average Net Assets
Before Reimbursement(d) | | Ratios to Average Net Assets
After Reimbursement(c)(d) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Based | | | Ending | | | | | | | | | | | | | | | | |
| | | | Based | | | on | | | Net | | | | | | Net | | | | | | Net | | | Portfolio | |
| | | | on | | | Share | | | Assets | | | | | | Investment | | | | | | Investment | | | Turnover | |
| | | | NAV | (b) | | Price | (b) | | (000 | ) | Expenses | (e) | Income (Loss | ) | | Expenses (e | ) | | Income (Loss | ) | | Rate | (f) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 1.65 | % | | 0.29 | % | $ | 655,208 | | | 1.59 | %** | | 5.17 | %** | | N/A | | | N/A | | | 10 | % |
| | | | 6.77 | | | 5.35 | | | 668,670 | | | 1.71 | | | 4.64 | | | N/A | | | N/A | | | 14 | |
| | | | (0.71 | ) | | (3.78 | ) | | 100,181 | | | 2.07 | | | 4.83 | | | N/A | | | N/A | | | 6 | |
| | | | 10.29 | | | 5.04 | | | 105,892 | | | 2.37 | | | 3.91 | | | N/A | | | N/A | | | 17 | |
| | | | 19.09 | | | 25.08 | | | 100,578 | | | 2.52 | | | 4.82 | | | N/A | | | N/A | | | 15 | |
| | | | (0.38 | ) | | 0.11 | | | 89,399 | | | 1.34 | | | 6.16 | | | 1.27 | % | | 6.23 | % | | 6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 0.54 | | | 0.07 | | | 25,112 | | | 0.90 | ** | | 3.80 | ** | | N/A | | | N/A | | | 4 | |
| | | | 6.68 | | | 7.62 | | | 25,430 | | | 0.87 | | | 3.75 | | | N/A | | | N/A | | | 13 | |
| | | | 0.25 | | | (4.18 | ) | | 25,272 | | | 0.88 | | | 4.12 | | | N/A | | | N/A | | | 12 | |
| | | | 7.86 | | | 3.58 | | | 26,574 | | | 0.83 | | | 3.95 | | | N/A | | | N/A | | | 7 | |
| | | | 18.43 | | | 24.34 | | | 25,957 | | | 0.85 | | | 4.76 | | | N/A | | | N/A | | | 20 | |
| | | | (2.17 | ) | | (4.19 | ) | | 22,981 | | | 0.85 | | | 5.32 | | | N/A | | | N/A | | | 2 | |
| (d) | Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable. |
| (e) | 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: |
| New Jersey Dividend Advantage (NXJ) | | |
| Year Ended 4/30: | | |
| 2016(g) | 0.57 | %** |
| 2015 | 0.60 | |
| 2014 | 0.98 | |
| 2013 | 1.27 | |
| 2012 | 1.41 | |
| 2011 | 0.15 | |
| | | |
| New Jersey Municipal Value (NJV) | | |
| Year Ended 4/30: | | |
| 2016(g) | 0.04 | %** |
| 2015 | 0.04 | |
| 2014 | 0.04 | |
| 2013 | 0.04 | |
| 2012 | 0.04 | |
| 2011 | 0.06 | |
| (f) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (g) | For the six months ended October 31, 2015. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
| N/A | New Jersey Municipal Value (NJV) is not authorized to issue ARPS and does not have a contractual reimbursement agreement with the Adviser. New Jersey Dividend Advantage (NXJ) no longer has a contractual reimbursement agreement with the Adviser. |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (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) | | Distributions
from Net
Investment
Income to
ARPS
Share-
holders | (a) | Distributions from
Accum
ulated Net
Realized
Gains to
ARPS
Share-
holders | (a) | Total | | From
Net
Investment
Income | | From
Accum-
ulated
Net
Realized
Gains | | Total | | Discount
Per
Share
Repurchased
and Retired | | Ending
NAV | | Ending
Share
Price | |
| Pennsylvania Investment Quality (NQP) |
| Year Ended 4/30: |
| 2016(f) | | $ | 15.64 | | $ | 0.41 | | $ | (0.10 | ) | $ | — | | $ | — | | $ | 0.31 | | $ | (0.41 | ) | $ | — | | $ | (0.41 | ) | $ | 0.01 | | $ | 15.55 | | $ | 13.38 | |
| 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 | |
| 2011 | | | 14.82 | | | 0.93 | | | (0.73 | ) | | (0.01 | ) | | — | | | 0.19 | | | (0.90 | ) | | — | | | (0.90 | ) | | — | | | 14.11 | | | 13.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pennsylvania Municipal Value (NPN) |
| Year Ended 4/30: |
| 2016(f) | | | 16.36 | | | 0.34 | | | (0.12 | ) | | N/A | | | N/A | | | 0.22 | | | (0.31 | ) | | — | | | (0.31 | ) | | — | | | 16.27 | | | 14.88 | |
| 2015 | | | 15.91 | | | 0.67 | | | 0.41 | | | N/A | | | N/A | | | 1.08 | | | (0.63 | ) | | — | | | (0.63 | ) | | — | | | 16.36 | | | 15.57 | |
| 2014 | | | 16.48 | | | 0.67 | | | (0.56 | ) | | N/A | | | N/A | | | 0.11 | | | (0.64 | ) | | (0.04 | ) | | (0.68 | ) | | — | | | 15.91 | | | 14.45 | |
| 2013 | | | 16.36 | | | 0.68 | | | 0.38 | | | N/A | | | N/A | | | 1.06 | | | (0.64 | ) | | (0.30 | ) | | (0.94 | ) | | — | | | 16.48 | | | 15.86 | |
| 2012 | | | 14.79 | | | 0.72 | | | 1.58 | | | N/A | | | N/A | | | 2.30 | | | (0.71 | ) | | (0.02 | ) | | (0.73 | ) | | — | | | 16.36 | | | 15.38 | |
| 2011 | | | 15.46 | | | 0.79 | | | (0.70 | ) | | N/A | | | N/A | | | 0.09 | | | (0.76 | ) | | — | | | (0.76 | ) | | — | | | 14.79 | | | 13.96 | |
| (a) | The amounts shown for ARPS are based on common share equivalents. |
| (b) | 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 (c) | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | Based | | | Ending | | | | | | Net | | | | |
| | | | Based | | | on | | | Net | | | | | | Investment | | | Portfolio | |
| | | | on | | | Share | | | Assets | | | | | | Income | | | Turnover | |
| | | | NAV | (b) | | Price | (b) | | (000 | ) | | Expenses | (d) | | (Loss | ) | | Rate | (e) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 2.11 | % | | (0.48 | )% | $ | 586,954 | | | 1.50 | %** | | 5.22 | %** | | 9 | % |
| | | | 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 | |
| | | | 1.27 | | | 2.43 | | | 226,905 | | | 1.60 | | | 6.38 | | | 8 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 1.37 | | | (2.41 | ) | | 19,844 | | | 0.86 | ** | | 4.20 | ** | | 4 | |
| | | | 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 | |
| | | | 0.59 | | | (4.77 | ) | | 18,029 | | | 0.87 | | | 5.17 | | | 3 | |
| (c) | Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable. |
| (d) | 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: |
| Pennsylvania Investment Quality (NQP) | | |
| Year Ended 4/30: | | |
| 2016(f) | 0.55 | %** |
| 2015 | 0.60 | |
| 2014 | 0.68 | |
| 2013 | 0.72 | |
| 2012 | 0.61 | |
| 2011 | 0.55 | |
| | | |
| Pennsylvania Municipal Value (NPN) | | |
| Year Ended 4/30: | | |
| 2016(f) | — | % |
| 2015 | — | |
| 2014 | — | |
| 2013 | — | |
| 2012 | — | |
| 2011 | — | |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the six months ended October 31, 2015. |
| N/A | Fund is not authorized to issue ARPS. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (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
VRDP Shares at
the End of Period | |
| | | | Aggregate | | | Asset | | | Aggregate | | | Asset | | | Aggregate | | | Asset | | | 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 | |
| New Jersey Dividend Advantage (NXJ) |
| Year Ended 4/30: |
| 2016(a) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 313,900 | | $ | 308,731 | | $ | — | |
| 2015 | | | — | | | — | | | — | | | — | | | 313,900 | | | 313,020 | | | — | |
| 2014 | | | — | | | — | | | — | | | — | | | 45,000 | | | 322,624 | | | — | |
| 2013 | | | 44,861 | | | 33.60 | | | — | | | — | | | — | | | — | | | — | |
| 2012 | | | 44,861 | | | 32.42 | | | — | | | — | | | — | | | — | | | — | |
| 2011 | | | 44,861 | | | 29.93 | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Pennsylvania Investment Quality (NQP) |
| Year Ended 4/30: |
| 2016(a) | | | — | | | — | | | 48,000 | | | 321,075 | | | 217,500 | | | 321,075 | | | 3.21 | |
| 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 | | | — | |
| 2011 | | | — | | | — | | | — | | | — | | | 112,500 | | | 301,693 | | | — | |
| (a) | For the six months ended October 31, 2015. |
| (b) | The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows: |
| | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | |
| New Jersey Dividend Advantage (NXJ) | | | | | | | | | | | | | | | | |
| Series 2014 (NXJ PRCCL) | | | | | | | | | | | | | | | | |
| Ending Market Value per Share | | $ | — | | $ | — | | $ | 10.02 | | $ | 10.08 | | $ | 9.94 | |
| Average Market Value per Share | | | — | | | 10.03 | ^^ | | 10.09 | | | 10.07 | | | 9.95 | ^ |
| Series 2015 (NXJ PRCCL) | | | | | | | | | | | | | | | | |
| Ending Market Value per Share | | | — | | | | | | | | | | | | | |
| Average Market Value per Share | | | 10.01 | ^^^ | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Pennsylvania Dividend Advantage (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 | | | | | | | | | |
| ^ | For the period March 24, 2011 (first issuance of shares) through April 30, 2011. |
| ^^ | 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 (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):
| | | |
| | • | Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) ("New Jersey Dividend Advantage (NXJ)") |
| | • | Nuveen New Jersey Municipal Value Fund (NJV) ("New Jersey Municipal Value (NJV)") |
| | • | Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) ("Pennsylvania Investment Quality (NQP)") |
| | • | Nuveen Pennsylvania Municipal Value Fund (NPN) ("Pennsylvania Municipal Value (NPN)") |
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of New Jersey Dividend Advantage (NXJ) and Pennsylvania Investment Quality (NQP) are traded on the NYSE while common shares of New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) are traded on the NYSE MKT. New Jersey Dividend Advantage (NXJ), New Jersey Municipal Value (NJV), Pennsylvania Investment Quality (NQP) and Pennsylvania Municipal Value (NPN) were organized as Massachusetts business trusts on June 1, 1999, January 26, 2009, December 20, 1990 and January 26, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended October 31, 2015 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
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.
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.
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | | | | | |
| | | | New Jersey | | | New Jersey | |
| | | | Dividend | | | Municipal | |
| | | | Advantage | | | Value | |
| | | | (NXJ | ) | | (NJV | ) |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 7,442,515 | | $ | 330,045 | |
Notes to Financial Statements (Unaudited) (continued)
Investment Income
Dividend income is recorded on the ex-dividend date. 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 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.
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 with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
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 a pricing service approved by the Funds' Board of Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information
about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
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.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board 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 priority 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:
| New Jersey Dividend Advantage (NXJ) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 961,136,392 | | $ | — | | $ | 961,136,392 | |
| Common Stocks | | | 901,845 | | | — | | | — | | | 901,845 | |
| Investments in Derivatives: | | | | | | | | | | | | | |
| Interest Rate Swaps** | | | — | | | (1,020,180 | ) | | — | | | (1,020,180 | ) |
| Total | | $ | 901,845 | | $ | 960,116,212 | | $ | — | | $ | 961,018,057 | |
| | | | | | | | | | | | | | |
| New Jersey Municipal Value (NJV) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 25,369,353 | | $ | — | | $ | 25,369,353 | |
| Common Stocks | | | 693,670 | | | — | | | — | | | 693,670 | |
| Total | | $ | 693,670 | | $ | 25,369,353 | | $ | — | | $ | 26,063,023 | |
| | | | | | | | | | | | | | |
| Pennsylvania Investment Quality (NQP) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 865,767,074 | | $ | — | | $ | 865,767,074 | |
| | | | | | | | | | | | | | |
| Pennsylvania Municipal Value (NPN) | | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 19,620,328 | | $ | — | | $ | 19,620,328 | |
| * | 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.
Notes to Financial Statements (Unaudited) (continued)
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:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| Floating Rate Obligations Outstanding | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Floating rate obligations: self-deposited Inverse Floaters | | $ | — | | $ | 1,500,000 | | $ | 29,070,000 | | $ | — | |
| Floating rate obligations: externally-deposited Inverse Floaters | | | 101,200,000 | | | 1,025,000 | | | 46,030,000 | | | 540,000 | |
| Total | | $ | 101,200,000 | | $ | 2,525,000 | | $ | 75,100,000 | | $ | 540,000 | |
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:
| | | | | | | | | | | | | | |
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| Self-Deposited Inverse Floaters | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Average floating rate obligations outstanding | | $ | — | | $ | 1,500,000 | | $ | 29,070,000 | | $ | — | |
| Average annual interest rate and fees | | | — | % | | 0.66 | % | | 0.36 | % | | — | % |
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 are 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, there were no loans outstanding under any such facility.
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 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:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| Floating Rate Obligations — Recourse Trusts | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | | $ | — | | $ | 1,500,000 | | $ | 8,970,000 | | $ | — | |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | 92,535,000 | | | 1,025,000 | | | 11,955,000 | | | 400,000 | |
| Total | | $ | 92,535,000 | | $ | 2,525,000 | | $ | 20,925,000 | | $ | 400,000 | |
Notes to Financial Statements (Unaudited) (continued)
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 would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract (which is akin to a bond's maturity). 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), a 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 over-the-counter ("OTC") swaps, 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 exchange-cleared swap contract, in certain instances a 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 held by the broker 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 exchange-cleared interest rate swap contracts obligate a 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 a 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 is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities.
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." 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, New Jersey Dividend Advantage (NXJ) invested in forward interest rate swap contracts to reduce the duration of its portfolio.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
| | | | New Jersey | |
| | | | Dividend | |
| | | | Advantage | |
| | | | (NXJ | ) |
| Average notional amount of interest rate swap contracts outstanding* | | $ | 19,500,000 | |
| * | 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 following Fund, 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 | |
| New Jersey Dividend Advantage (NXJ) | | | | | | | | | | | |
| Interest rate | | Swaps | | — | $ | — | | Unrealized depreciation on interest rate swaps | $ | (1,020,180 | ) |
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 Amounts Not Offset
on the Statement
of Assets and Liabilities | | | | |
| | | | | | | 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 | | | Financial | | | to (from | ) | | Net | |
| Fund | | Counterparty | | | Rate Swaps | * | | Rate Swaps | * | | Liabilities | | | Swaps | | Instruments | ** | Counterparty | | Exposure | |
| New Jersey Dividend Advantage (NXJ) | | | JPMorgan | | $ | — | | $ | (1,020,180 | ) | $ | — | | $ | (1,020,180 | ) | $ | 91,440 | | $ | 928,740 | | $ | — | |
| * | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments. |
| ** | Represents inverse floating rate securities. |
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.
| | | | | | | | Net Realized | | | Change in Net Unrealized | |
| | | Underlying | | Derivative | | | Gain (Loss) from | | Appreciation (Depreciation) of | |
| Fund | | Risk Exposure | | Instrument | | | Swaps | | | Swaps | |
| New Jersey Dividend Advantage (NXJ) | | Interest rate | | Swaps | | | $ — | | $ | (1,020,180 | ) |
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Share Transactions
Transactions in common shares during the Funds' current and prior fiscal period were as follows:
| | | New Jersey | | New Jersey | |
| | | Dividend Advantage (NXJ) | | Municipal Value (NJV) | |
| | | | Six Months | | | Year | | | Six Months | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 10/31/15 | | | 4/30/15 | | | 10/31/15 | | | 4/30/15 | |
| Common shares: | | | | | | | | | | | | | |
| Issued in the reorganizations | | | — | | | 36,615,391 | | | — | | | — | |
| Repurchased and retired | | | (434,400 | ) | | (112,500 | ) | | — | | | (15,000 | ) |
| Weighted average common share: | | | | | | | | | | | | | |
| Price per share repurchased and retired | | $ | 12.84 | | $ | 13.47 | | $ | — | | $ | 14.19 | |
| Discount per share repurchased and retired | | | 15.41 | % | | 13.85 | % | | — | % | | 14.25 | % |
| | | Pennsylvania | | Pennsylvania | |
| | | Investment Quality (NQP) | | Municipal Value (NPN) | |
| | | | Six Months | | | Year | | | Six Months | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 10/31/15 | | | 4/30/15 | | | 10/31/15 | | | 4/30/15 | |
| Common shares 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 value 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 value, for the Fund was as follows:
| | | | | | | | | | Shares | |
| | | | | | | | | | Outstanding | |
| | | | | | | | | | at $100,000 | |
| | | | | | | Shares | | | Per Share | |
| Fund | | | Series | | | Outstanding | | | Liquidation Value | |
| Pennsylvania Investment Quality (NQP) | | | 2017 | | | 480 | | $ | 48,000,000 | |
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of the Fund ("Optional Redemption Date"), subject to payment of premium for one year following the date of issuance ("Premium Expiration Date"), and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund's series of VMTP Shares are as follows:
| | | | | | | Term | | | Optional | | | Premium | |
| Fund | | | Series | | | Redemption Date | | | Redemption Date | | | Expiration Date | |
| Pennsylvania Investment Quality (NQP) | | | 2017 | | | June 1, 2017 | | | June 1, 2015 | | | May 31, 2015 | |
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| | | | | |
| | | | Pennsylvania | |
| | | | Investment | |
| | | | Quality | |
| | | | (NQP | ) |
| Average liquidation value of VMTP Shares outstanding | | $ | 48,000,000 | |
| Annualized dividend rate | | | 0.98 | % |
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed "spread" on the VMTP Shares remains
roughly in line with the "spread" rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is a liability and is recognized as "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation value" on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred by the Fund in connection with the Fund's offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, the details of the Funds' VRDP Shares outstanding were as follows:
| | | | | | | | | | | | | | |
| | | | | | | | | | Shares | | | | |
| | | | | | | | | | Outstanding | | | | |
| | | | | | | Shares | | at $100,000 Per Share | | | | |
| Fund | | | Series | | | Outstanding | | | Liquidation Value | | | Maturity | |
| New Jersey Dividend Advantage (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 | |
| Pennsylvania Investment Quality (NQP) | | | 2 | | | 1,125 | | $ | 112,500,000 | | | December 1, 2042 | |
| | | | 3 | | | 1,050 | | $ | 105,000,000 | | | December 1, 2042 | |
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| | | | New Jersey | | | Pennsylvania | |
| | | | Dividend | | | Investment | |
| | | | Advantage | | | Quality | |
| | | | (NXJ | ) | | (NQP | ) |
| Average liquidation value of VRDP Shares outstanding | | $ | 313,900,000 | | $ | 217,500,000 | |
| Annualized dividend rate | | | 0.13 | % | | 0.15 | % |
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations. 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.
Notes to Financial Statements (Unaudited) (continued)
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in MTP Shares for the Funds, where applicable, were as follows:
| | | | Year Ended | |
| | | | April 30, 2015 | |
| | | | | | | NYSE | | | | | | | |
| | | | Series | | | Ticker | | | Shares | | | Amount | |
| New Jersey Dividend Advantage (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 | ) |
| Pennsylvania Investment Quality (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:
| | | | Year Ended | |
| | | | April 30, 2015 | |
| | | | Series | | | Shares | | | Amount | |
| Pennsylvania Investment Quality (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 | |
| New Jersey Dividend Advantage (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:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Purchases | | $ | 97,530,813 | | $ | 1,159,630 | | $ | 79,085,175 | | $ | 870,008 | |
| Sales and maturities | | | 98,212,448 | | | 1,121,541 | | | 84,142,025 | | | 866,018 | |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of October 31, 2015, 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:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Cost of investments | | $ | 910,939,426 | | $ | 21,951,994 | | $ | 782,498,430 | | $ | 17,166,502 | |
| Gross unrealized: | | | | | | | | | | | | | |
| Appreciation | | $ | 56,110,322 | | $ | 2,629,623 | | $ | 57,227,569 | | $ | 2,467,289 | |
| Depreciation | | | (5,011,511 | ) | | (18,594 | ) | | (3,028,931 | ) | | (13,463 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 51,098,811 | | $ | 2,611,029 | | $ | 54,198,638 | | $ | 2,453,826 | |
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and reorganization adjustments, resulted in reclassifications among the Funds' components of common share net assets as of April 30, 2015, the Funds' last tax year end, as follows:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
| Paid-in-surplus | | $ | 4,024,059 | | $ | — | | $ | (369,360 | ) | $ | — | |
| Undistributed (Over-distribution of) net investment income | | | 1,866,337 | | | 1 | | | 367,186 | | | — | |
| Accumulated net realized gain (loss) | | | (5,890,396 | ) | | (1 | ) | | 2,174 | | | — | |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2015, the Funds' last tax year end, were as follows:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NQP | ) | | (NPN | ) |
Undistributed net tax-exempt income1 | | $ | 4,837,748 | | $ | 58,273 | | $ | 2,471,078 | | $ | 35,578 | |
Undistributed net ordinary income2 | | | 47,246 | | | 24,637 | | | 350,066 | | | — | |
| Undistributed net long-term capital gains | | | 184,352 | | | 293,056 | | | — | | | — | |
| 1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2015, paid on May 1, 2015. |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
Notes to Financial Statements (Unaudited) (continued)
The tax character of distributions paid during the Funds' last tax year ended April 30, 2015, was designated for purposes of the dividends paid deduction as follows:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Investment | | | Municipal | |
| | | | Advantage | | | Value | | | Quality | | | Value | |
| | | | (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. |
As of April 30, 2015, the Funds' last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
| | | | New Jersey | | | Pennsylvania | | | Pennsylvania | |
| | | | Dividend | | | Investment | | | Municipal | |
| | | | Advantage | | | Quality | | | Value | |
| | | | (NXJ | ) 3 | | (NQP | ) | | (NPN | ) |
| Expiration: | | | | | | | | | | |
| April 30, 2016 | | $ | — | | $ | 2,167,149 | | $ | — | |
| April 30, 2017 | | | — | | | 13,518 | | | — | |
| Not subject to expiration | | | 4,847,591 | | | 2,173,796 | | | 61,084 | |
| Total | | $ | 4,847,591 | | $ | 4,354,463 | | $ | 61,084 | |
| 3 | A portion of New Jersey Dividend Advantage's (NXJ) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
During the Funds' last tax year ended April 30, 2015, the following Funds utilized capital loss carryforwards as follows:
| | | | New Jersey | | | New Jersey | | | Pennsylvania | |
| | | | Dividend | | | Municipal | | | Municipal | |
| | | | Advantage | | | Value | | | Value | |
| | | | (NXJ | ) | | (NJV | ) | | (NPN | ) |
| Utilized capital loss carryforwards | | $ | 1,933,661 | | $ | 99,123 | | $ | 18,377 | |
7. Management Fees and Other Transactions with Affiliates
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within 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.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
| | New Jersey Dividend Advantage (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 | |
| | New Jersey Municipal Value (NJV) |
| | Pennsylvania Municipal Value (NPN) |
| Average Daily Managed 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 | |
| | Pennsylvania Investment Quality (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 | |
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Complex-Level Managed Asset Breakpoint Level* | Effective Rate at Breakpoint Level |
| $55 billion | 0.2000 | % |
| $56 billion | 0.1996 | |
| $57 billion | 0.1989 | |
| $60 billion | 0.1961 | |
| $63 billion | 0.1931 | |
| $66 billion | 0.1900 | |
| $71 billion | 0.1851 | |
| $76 billion | 0.1806 | |
| $80 billion | 0.1773 | |
| $91 billion | 0.1691 | |
| $125 billion | 0.1599 | |
| $200 billion | 0.1505 | |
| $250 billion | 0.1469 | |
| $300 billion | 0.1445 | |
| * | For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2015, the complex-level fee for each Fund was 0.1639%. |
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.
Notes to Financial Statements (Unaudited) (continued)
8. Borrowing Arrangements
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, 2014, New Jersey Dividend Advantage (NXJ) and Pennsylvania Municipal Value (NPN) utilized $4,444,106 and $30,402 respectively, of the Unsecured Credit Line at an annualized interest rate of 1.34% on its respective outstanding balance. The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
During July 2015, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 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. This credit agreement replaces the Unsecured Credit Line described above. 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 2016 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.
Additional Fund Information (Unaudited)
| Board of Trustees | | | | | | | | | | |
| William Adams IV* | | Jack B. Evans | | William C. Hunter | | David J. Kundert | | John K. Nelson | | William J. Schneider |
| Thomas S. Schreier, Jr.* | | Judith M. Stockdale | | Carole E. Stone | | Virginia L. Stringer** | | Terence J. Toth | | |
| | | | | | | | | | | |
| * | Interested Board Member. |
| ** | Will retire from the Funds' Board of Directors/Trustees effective December 31, 2015. |
| | | | | | | | | |
| Fund Manager | | Custodian | | Legal Counsel | | Independent Registered | | Transfer Agent and |
| Nuveen Fund Advisors, LLC | | State Street Bank | | Chapman and Cutler LLP | | Public Accounting Firm | | Shareholder Services |
| 333 West Wacker Drive | | & Trust Company | | Chicago, IL 60603 | | KPMG LLP | | State Street Bank |
| Chicago, IL 60606 | | Boston, MA 02111 | | | | Chicago, IL 60601 | | & Trust Company |
| | | | | | | | | Nuveen Funds |
| | | | | | | | | P.O. Box 43071 |
| | | | | | | | | Providence, RI 02940-3071 |
| | | | | | | | | (800) 257-8787 |
| | | | | | | | | |
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| | | | NXJ | | | NJV | | | NQP | | | NPN | |
| Common shares repurchased | | | 434,400 | | | — | | | 121,000 | | | — | |
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
| ■ | 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. |
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| ■ | 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. |
| | |
| ■ | Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
| | |
| ■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| | |
| ■ | Lipper New Jersey Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. |
| ■ | Lipper Pennsylvania Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. |
| | |
| ■ | 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. |
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| ■ | 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 PlanNuveen 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.
Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (each, a "Board" and each Trustee, a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, at an in-person meeting held on May 11-13, 2015 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser"); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser's investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.
The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board's understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.
The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.
The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements of each Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
| A. | Nature, Extent and Quality of Services |
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| | In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. The Board reviewed information regarding, among other things, each Fund Adviser's organization and business, the types of services that each Fund Adviser or its affiliates provided to the Funds, the performance record of the Funds (as described in further detail below), and any initiatives that had been undertaken on behalf of the closed-end product line. The Board recognized the high quality of services the Adviser had provided to the Funds over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. ("Nuveen") (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the "TIAA-CREF Transaction"). |
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| | With respect to the services, the Board noted the Funds were registered investment companies that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Funds. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund's various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund's investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds' sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpret- |
| | ing regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds' sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters). With respect to closed-end funds, the Adviser also monitored asset coverage levels on leveraged funds, managed leverage, negotiated the terms of leverage, evaluated alternative forms and types of leverage, promoted an orderly secondary market for common shares and maintained an asset maintenance system for compliance with certain rating agency criteria. |
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| | In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser's continued focus on fund rationalization for closed-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser's investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser's ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser's strong commitment to compliance and reviewed information reflecting the compliance group's ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer's report regarding the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers. |
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| | With respect to the closed-end funds, the Board recognized the extensive resources, expertise and efforts required to oversee and manage the various forms of leverage utilized by various funds, including the development of new forms of leverage to achieve cost savings and/or broaden the array of leverage structures available to the closed-end funds, the development of enhanced reports analyzing the impact of leverage on performance, and the development of new forms of tender option bond structures to address new regulatory requirements. The Board also noted the Adviser's continued capital management services conducting share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on opportunities for the closed-end funds. The Board further recognized the Adviser's use of data systems to more effectively solicit shareholder participation when seeking shareholder approvals and to monitor flow trends in various closed-end funds. The Board considered Nuveen's continued commitment to supporting the closed-end fund product line by providing an extensive investor relations program that encompassed, among other things, maintaining and enhancing the closed-end fund website; participating in conferences and education seminars; enhancing the ability for investors to access information; preparing educational materials; and implementing campaigns to educate financial advisers and investors on topics related to closed-end funds and their strategies. |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| | As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund. |
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| | Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Funds under each respective Advisory Agreement were satisfactory. |
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| B. | The Investment Performance of the Funds and Fund Advisers |
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| | The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the investment team. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2014, as well as performance information reflecting the first quarter of 2015. The Independent Board Members also recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore devoted significant time and focus evaluating the premium and discount levels of the closed-end funds at each of the quarterly meetings throughout the year. At these prior meetings as well as the May Meeting, the Board reviewed, among other things, the respective closed-end fund's premium or discount to net asset value as of a specified date and over various periods as well as in comparison to the premium/discount average in its Lipper peer category. At the May Meeting and/or prior meetings, the Board also reviewed information regarding the key economic, market and competitive trends affecting the closed-end fund market and considered any actions periodically proposed by the Adviser to address the trading discounts of certain funds. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds (either at the Board level or through the Closed-End Funds Committee) to be a continuing priority in their oversight of the closed-end funds. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings. |
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| | In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data. |
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| | • The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results. |
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| | • Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance. |
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| | • The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder's investment period. |
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| | • The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Nuveen fund with which it is being compared and due to these differences, performance comparisons between certain of the Nuveen funds and their Performance Peer Groups may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of a Fund's peer set and/or benchmark(s), the Board evaluated Fund performance in light of the respective Fund's investment objectives, |
| | investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark. |
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| | With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund's fee structure. |
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| | In considering the performance data, the Independent Board Members noted the following with respect to the Funds: |
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| | For Nuveen New Jersey Dividend Advantage Municipal Fund (the "New Jersey Dividend Advantage Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile in the one- and three-year periods and the third quartile in the five-year period. The Fund, however, outperformed its benchmark in the one-, three- and five-year periods. The Board recognized the Fund's higher exposure to short to intermediate maturity and pre-refunded bonds detracted from its peer relative performance. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. |
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| | For Nuveen New Jersey Municipal Value Fund (the "New Jersey Municipal Value Fund"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods, the Fund outperformed its benchmark in each of such periods. The Board recognized that the Fund's peer ranking was primarily due to its low-leverage mandate; however, due to its low leverage, the Fund's standard deviation of returns was consistently among the lowest in the peer group. Higher exposure to short maturity bonds also detracted from performance. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. |
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| | For Nuveen Pennsylvania Investment Quality Municipal Fund (the "Pennsylvania Investment Quality Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the one-, three- and five-year periods and outperformed its benchmark in each of such periods. |
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| | For Nuveen Pennsylvania Municipal Value Fund (the "Pennsylvania Municipal Value Fund"), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods, the Fund outperformed its benchmark in each of such periods. The Board recognized that the Fund's peer ranking was primarily due to its low-leverage mandate. The Fund's underlying bond portfolio, however, produced unlevered returns in line with that of the Pennsylvania Investment Quality Fund, a leveraged Nuveen fund, which ranked in the second quartile of peers in 2014. Due to its low leverage, the Fund's standard deviation of returns was consistently among the lowest in the peer group. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. |
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| | Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory. |
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| C. | Fees, Expenses and Profitability |
| | 1. Fees and Expenses |
| | The Board evaluated the management fees and other fees and expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members reviewed the methodology regarding the construction of the Peer Universe for each Fund. The Board reviewed, among other things, such Fund's |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| | gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor's net experience. |
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| | In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage (with respect to closed-end funds); differences in services provided and differences in the states reflected in the Peer Universe (with respect to state municipal funds) can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Funds' fees and expenses. |
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| | In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average. |
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| | The Board noted that the New Jersey Municipal Value Fund, the Pennsylvania Investment Quality Fund and the Pennsylvania Municipal Value Fund each had a net management fee and net expense ratio below its peer averages, and the New Jersey Dividend Advantage Fund had a net expense ratio that was higher than the peer average but a net management fee that was in line with the peer average. |
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| | Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund. |
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| | 2. Comparisons with the Fees of Other Clients |
| | The Board considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser. |
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| | The Board recognized that each Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In reviewing the nature of the services provided by the Adviser, including through its affiliated sub-advisers, the Board considered the range of advisory fee rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed, among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers. |
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| | In reviewing the comparative information, the Board also reviewed information regarding the differences between the Funds and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Funds and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. In general, the Board noted that higher fee levels reflected higher levels of service provided |
| | by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believed such facts justify the different levels of fees. |
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| | 3. Profitability of Fund Advisers |
| | In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen's net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed. |
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| | The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year. |
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| | The Independent Board Members determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members noted the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction. |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| | With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014. |
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| | In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. |
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| | Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's level of profitability was reasonable in light of the respective services provided. |
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| D. | Economies of Scale and Whether Fee Levels Reflect These Economies of Scale |
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| | The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for each Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows. The Independent Board Members noted that, in the case of closed-end funds, however, such funds may from time-to-time make additional share offerings, but the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year. |
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| | The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. |
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| | Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase. |
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| E. | Indirect Benefits |
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| | The Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Funds. With respect to closed-end funds, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds. |
| | In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Funds' portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Funds. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser's profitability may be somewhat lower if it had to acquire any such research services directly. |
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| | Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters. |
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| | F. Other Considerations |
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| | The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed. |
| Nuveen Investments: |
| Serving Investors for Generations |
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed more than $220 billion as of September 30, 2015.
Find out how we can help you.To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | |
ESA-A-1015D 12547-INV-B-12/16
