Chairman's Letter to Shareholders
|
4
|
Portfolio Manager's Comments
|
5
|
Fund Leverage
|
9
|
Common Share Information
|
11
|
Risk Considerations
|
13
|
Performance Overview and Holding Summaries
|
14
|
Portfolios of Investments
|
18
|
Statement of Assets and Liabilities
|
50
|
Statement of Operations
|
51
|
Statement of Changes in Net Assets
|
52
|
Statement of Cash Flows
|
54
|
Financial Highlights
|
56
|
Notes to Financial Statements
|
61
|
Additional Fund Information
|
75
|
Glossary of Terms Used in this Report
|
76
|
Reinvest Automatically, Easily and Conveniently
|
78
|
Annual Investment Management Agreement Approval Process
|
79
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
9
|
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
|
10
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
11
|
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
|
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
|
%
|
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
|
)%
|
12
|
Nuveen Investments
|
Nuveen Investments
|
13
|
NXJ
|
|
Nuveen New Jersey Dividend Advantage Municipal Fund
|
|
Performance Overview and Holding Summaries 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%
|
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.
|
14
|
Nuveen Investments
|
NJV
|
|
Nuveen New Jersey Municipal Value Fund
|
|
Performance Overview and Holding Summaries 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%
|
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%
|
Nuveen Investments
|
15
|
NQP
|
|
Nuveen Pennsylvania Investment Quality Municipal Fund
|
|
Performance Overview and Holding Summaries 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%
|
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%
|
16
|
Nuveen Investments
|
NPN
|
|
Nuveen Pennsylvania Municipal Value Fund
|
|
Performance Overview and Holding Summaries 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%
|
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%
|
Nuveen Investments
|
17
|
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
|
18
|
Nuveen Investments
|
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
|
Nuveen Investments
|
19
|
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
|
20
|
Nuveen Investments
|
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
|
Nuveen Investments
|
21
|
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
|
22
|
Nuveen Investments
|
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
|
Nuveen Investments
|
23
|
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
|
24
|
Nuveen Investments
|
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
|
Nuveen Investments
|
25
|
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
|
26
|
Nuveen Investments
|
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
|
Nuveen Investments
|
27
|
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
|
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.
|
28
|
Nuveen Investments
|
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
|
Nuveen Investments
|
29
|
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
|
30
|
Nuveen Investments
|
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
|
Nuveen Investments
|
31
|
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
|
32
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
33
|
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
|
34
|
Nuveen Investments
|
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
|
Nuveen Investments
|
35
|
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
|
36
|
Nuveen Investments
|
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
|
Nuveen Investments
|
37
|
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
|
38
|
Nuveen Investments
|
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
|
Nuveen Investments
|
39
|
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
|
40
|
Nuveen Investments
|
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
|
Nuveen Investments
|
41
|
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
|
42
|
Nuveen Investments
|
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
|
Nuveen Investments
|
43
|
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
|
44
|
Nuveen Investments
|
(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.
|
Nuveen Investments
|
45
|
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
|
46
|
Nuveen Investments
|
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
|
Nuveen Investments
|
47
|
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
|
48
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
49
|
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.
|
50
|
Nuveen Investments
|
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
|
Nuveen Investments
|
51
|
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.
|
52
|
Nuveen Investments
|
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
|
Nuveen Investments
|
53
|
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
|
54
|
Nuveen Investments
|
Nuveen Investments
|
55
|
Financial
|
|
Highlights (Unaudited)
|
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.
|
56
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
57
|
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.
|
58
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
59
|
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.
|
60
|
Nuveen Investments
|
•
|
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)")
|
New Jersey
|
New Jersey
|
||||||
Dividend
|
Municipal
|
||||||
Advantage
|
Value
|
||||||
(NXJ
|
)
|
(NJV
|
)
|
||||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
7,442,515
|
$
|
330,045
|
Nuveen Investments
|
61
|
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).
|
62
|
Nuveen Investments
|
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.
|
Nuveen Investments
|
63
|
(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.
|
64
|
Nuveen Investments
|
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
|
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
|
%
|
—
|
%
|
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
|
Nuveen Investments
|
65
|
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.
|
66
|
Nuveen Investments
|
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
|
)
|
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.
|
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
|
)
|
Nuveen Investments
|
67
|
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
|
%
|
—
|
%
|
—
|
%
|
Shares
|
||||||||||
Outstanding
|
||||||||||
at $100,000
|
||||||||||
Shares
|
Per Share
|
|||||||||
Fund
|
Series
|
Outstanding
|
Liquidation Value
|
|||||||
Pennsylvania Investment Quality (NQP)
|
2017
|
480
|
$
|
48,000,000
|
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
|
Pennsylvania
|
||||
Investment
|
||||
Quality
|
||||
(NQP
|
)
|
|||
Average liquidation value of VMTP Shares outstanding
|
$
|
48,000,000
|
||
Annualized dividend rate
|
0.98
|
%
|
68
|
Nuveen Investments
|
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
|
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
|
%
|
Nuveen Investments
|
69
|
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
|
)
|
Year Ended
|
||||||||||
April 30, 2015
|
||||||||||
Series
|
Shares
|
Amount
|
||||||||
Pennsylvania Investment Quality (NQP)
|
||||||||||
VMTP Shares issued
|
2017
|
480
|
$
|
48,000,000
|
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
|
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
|
70
|
Nuveen Investments
|
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
|
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
|
—
|
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.
|
Nuveen Investments
|
71
|
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.
|
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.
|
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
|
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
|
72
|
Nuveen Investments
|
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
|
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%.
|
Nuveen Investments
|
73
|
74
|
Nuveen Investments
|
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
|
||||||||
NXJ
|
NJV
|
NQP
|
NPN
|
||||||||||
Common shares repurchased
|
434,400
|
—
|
121,000
|
—
|
Nuveen Investments
|
75
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cashflows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
|
■
|
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.
|
76
|
Nuveen Investments
|
■
|
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.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
Nuveen Investments
|
77
|
78
|
Nuveen Investments
|
Nuveen Investments
|
79
|
A.
|
Nature, Extent and Quality of Services
|
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").
|
|
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-
|
80
|
Nuveen Investments
|
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.
|
|
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.
|
|
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.
|
Nuveen Investments
|
81
|
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.
|
|
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.
|
|
B.
|
The Investment Performance of the Funds and Fund Advisers
|
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the 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.
|
|
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.
|
|
• The 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.
|
|
• 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.
|
|
• 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.
|
|
• 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,
|
82
|
Nuveen Investments
|
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.
|
|
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.
|
|
In considering the performance data, the Independent Board Members noted the following with respect to the Funds:
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.
|
|
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
|
Nuveen Investments
|
83
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
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.
|
|
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
|
84
|
Nuveen Investments
|
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.
|
|
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.
|
|
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.
|
|
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.
|
Nuveen Investments
|
85
|
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.
|
|
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.
|
|
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.
|
|
D.
|
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
|
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.
|
|
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.
|
|
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.
|
|
E.
|
Indirect Benefits
|
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.
|
86
|
Nuveen Investments
|
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.
|
|
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
|
|
F. Other Considerations
|
|
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, 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
|
87
|
Nuveen Investments:
|
|
|
Serving Investors for Generations
|
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
|
Period*
|
(a)
|
(b)
|
(c)
|
(d)*
|
TOTAL NUMBER OF
|
AVERAGE
|
TOTAL NUMBER OF SHARES
|
MAXIMUM NUMBER (OR
|
|
SHARES (OR
|
PRICE
|
(OR UNITS) PURCHASED AS
|
APPROXIMATE DOLLAR VALUE) OF
|
|
UNITS)
|
PAID PER
|
PART OF PUBLICLY
|
SHARES (OR UNITS) THAT MAY YET
|
|
PURCHASED
|
SHARE (OR
|
ANNOUNCED PLANS OR
|
BE PURCHASED UNDER THE PLANS OR
|
|
UNIT)
|
PROGRAMS
|
PROGRAMS
|
||
MAY 1-31, 2015
|
0
|
|
0
|
562,500
|
JUNE 1-30, 2015
|
60,000
|
$12.88
|
60,000
|
502,500
|
JULY 1-31, 2015
|
147,000
|
$12.88
|
147,000
|
355,500
|
AUGUST 1-31, 2015
|
123,000
|
$12.87
|
123,000
|
4,162,000
|
SEPTEMBER 1-30, 2015
|
85,000
|
$12.73
|
85,000
|
4,077,000
|
OCTOBER 1-31, 2015
|
19,400
|
$12.87
|
19,400
|
4,057,600
|
TOTAL
|
434,400
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
|