nxj.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09455

Nuveen New Jersey Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: April 30

Date of reporting period: October 31, 2015

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.




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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Manager's Comments
5
   
Fund Leverage
9
   
Common Share Information
11
   
Risk Considerations
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


Chairman's Letter to Shareholders
Dear Shareholders,
For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.
As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the economy's underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. How efficiently the financial markets process the confluence of rising borrowing costs, softer commodity prices, stubbornly low U.S. inflation, and a strong U.S. dollar, against a backdrop of anemic global economic growth, remains to be seen.
Nevertheless, the global recovery continues to be led by the United States. Policy makers in Europe and Japan are deploying their available tools to try to bolster their economies' fragile growth, while Chinese authorities have stepped up efforts to manage China's slowdown. With sentiment regarding China growing increasingly bearish and the Fed now working toward normalizing its interest-rate policy, the actions of the world's central banks remain under intense scrutiny.
In the meantime, asset prices could continue to churn as risks both known and unknown begin to emerge. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 21, 2015

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Portfolio Manager's Comments
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Municipal Value Fund (NPN)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio manager Paul L. Brennan, CFA, reviews key investment strategies and the six-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul assumed portfolio management responsibility for these four Funds in 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended October 31, 2015?
During this six-month reporting period, municipal bonds sold off in June and July as strengthening U.S. economic data increased the probability of the U.S. Federal Reserve (Fed) raising its benchmark interest rate possibly as early as September, but then rallied late in the reporting period as weaker economic data abroad caused those expectations to be reassessed. Overall, municipal bond yields, which move inversely to prices, ended the reporting period slightly lower than where they began. In general, Pennsylvania municipal paper slightly outperformed the national market, while municipal bonds issued in New Jersey tended to lag the overall municipal market return for the reporting period. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
National municipal supply was down 4.4% over this six-month reporting period compared to the prior six-month period (November 2014 through April 2015). Pennsylvania issuance saw an even larger drop, decreasing 18.6%, while New Jersey's supply rose 19.5% in gross issuance for the same time period comparison. State-level issuance can be volatile relative to the national level, depending on the size and frequency of deals coming to market in an individual state over a given period. In this case, New Jersey tapped the capital markets in this reporting period through the sale of two fairly large issues, which boosted the state's overall supply. In contrast, Pennsylvania's declining supply reflects the state's robust issuance in the prior six-month reporting period, with fewer deals in this current reporting period. Although municipal supply fell slightly, refunding activity continued at a robust pace, as bond issuers, prompted by low interest rates, sought to lower debt service costs by retiring older bonds from the proceeds of lower cost new bond issues.
Much of our investment activity focus was on reinvesting the cash generated by current calls into bonds with intermediate and longer maturities that could help us offset the decline in rates and maintain investment performance potential. We also boosted the Funds' exposure to credits with lower investment grade ratings, including A, BBB and BB rated bonds. These Funds were well positioned coming into the reporting period, so we could be selective in looking for opportunities to purchase bonds that added value and continued to help us achieve our goals for the Funds.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc., (Moody's) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

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5


Portfolio Manager's Comments (continued)
For the New Jersey Funds, given the State of New Jersey's ongoing fiscal challenges, we continued to limit exposure to state-supported obligations and instead emphasized opportunities at the local (county and city/township) level, where many higher rated borrowers were issuing debt that we found attractive. Although the higher ratings of these local bonds offered lower yields, we believed the trade-off was worthwhile given the State's recent credit downgrade, the relative underperformance of state-supported bonds and our goal to keep the Funds fully invested. For those opportunities that did have a state-backed component, we tried to mitigate that exposure where possible. For example, in the education sector, we bought some credits issued for New Jersey public colleges that not only receive support from the state but also charge tuition, providing a more diverse revenue stream and the ability to raise tuition if needed. Also within the education sector, we added some New Jersey Higher Education Student Loan revenue bonds. Another notable purchase for the New Jersey Funds during this reporting period was one of the two large issues New Jersey sold in late August, a bond issued for the New Jersey Economic Development Authority (EDA). Prior to the bond's issuance, New Jersey's municipal market sold off and yield spreads widened, as investors continued to worry about the state's fiscal health and downgraded credit situation (as described in the performance section). We bought a position in the EDA credits and remain watchful of the situation. Another area of caution in the New Jersey municipal market has been Atlantic City, which has been mired in financial crisis. However, the New Jersey Funds have no exposure to the city's debt and we remained more focused on the concerns at the state level.
The overall positioning in the Pennsylvania Funds also remained relatively unchanged over this reporting period. As in the New Jersey Funds, NQP and NPN also tilted slightly toward lower rated credits as the period progressed. From a sector standpoint, the Pennsylvania Funds' U.S. guaranteed sector allocation rose during the reporting period, due to a number of advance refundings (which are typically escrowed in U.S. Treasury securities) rather than an active trading strategy. Additions to NQP and NPN included bonds issued for Albert Einstein Medical Center, a hospital in the Philadelphia suburbs and some utility projects. We continued to minimize exposure to Pennsylvania's state government-backed bonds, as its fiscal situation is hampered by an aging population, a lagging jobs recovery and pension legacy issues, to name a few concerns.
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, call activity was elevated during the reporting period, providing ample cash and driving much of our trading. In NXJ and NJV, we continued to carefully manage exposure to New Jersey State-backed bonds in favor of county and municipality issuers. Furthermore, as the fundamentals and the outlook for the Commonwealth of Puerto Rico continued to deteriorate, all four Funds further reduced their allocations to Puerto Rico holdings, with NJV and NPN selling all of their remaining exposure before the end of the reporting period. NXJ sold some bonds issued for schools on the Island. Although the schools had no direct ties to the government, we believed their bonds faced ratings pressure due to a declining fundamental backdrop, as the population has continued to decline and college-age students have been leaving the Island.
As of October 31, 2015, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NXJ also invested in forward interest rates swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark. Since interest rates generally decrease during the reporting periods, the swaps had a negative impact on performance.
How did the Funds perform during the six-month reporting period ended October 31, 2015?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and since inception periods ended October 31, 2015. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification averages. For the six months ended October 31, 2015, the total returns at common share NAV for NXJ and NQP exceeded the returns for their respective state's S&P Municipal Bond Index as well as the national S&P Municipal Bond Index, while NJV and NPN

6
 
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trailed their respective state's S&P Municipal Bond Index and the national S&P Municipal Bond Index. For the same period, NXJ outpaced the average return for the Lipper New Jersey Municipal Debt Funds Classification Average, but NJV lagged the average. NQP outperformed the Lipper Pennsylvania Municipal Debt Funds Classification Average, while NPN underperformed this Lipper average for the six-month reporting period.
Key management factors that influenced the Funds' returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the performance of NXJ and NQP. The main reason that NJV and NPN trailed the other corresponding state Funds in this report for the six-month reporting period was that these two Funds do not use regulatory leverage and had in place only modest effective leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
Municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities. In general, the Funds' durations and yield curve positioning were positive for performance. Consistent with our long term strategy, these Funds tended to have longer durations than their respective states' municipal markets, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NXJ, which had the longest duration among the four Funds and its greater sensitivity to changes in interest rates benefited NXJ's performance.
During this reporting period, lower rated bonds generally outperformed higher quality bonds. Investors have been more willing to accept risk, as credit fundamentals have broadly continued to improve (with notable exceptions, such as State of New Jersey and to a lesser extent Commonwealth of Pennsylvania) and demand for higher yielding assets remained robust in the low interest rate environment. These Funds tended to have overweights in A rated and BBB rated bonds and underweights in the AAA rated and AA rated categories relative to their benchmark. Credit exposure was a positive contributor to the two Pennsylvania Funds' performance, but had less impact on the two New Jersey Funds' returns.
The performance of NXJ and NJV was primarily driven by the overall weakening in issues tied to the State of New Jersey during this reporting period. New Jersey state general obligation bonds (GOs) underperformed as the market continued to penalize these bonds for credit downgrades by all three major rating agencies. As of April 2015, New Jersey state GO debt ratings were A2/A/A by Moody's S&P and Fitch (with negative outlooks by Moody's and Fitch) and New Jersey appropriation-backed debt was rated A3/A-/A- by Moody's, S&P and Fitch, respectively, also with negative outlooks by Moody's and Fitch. Relative to the state benchmark index, the New Jersey Funds have underweight exposure to the State of New Jersey, which was generally advantageous to relative performance. However, on absolute terms, gains in NXJ and NJV were tempered by the lagging performance of bond issues tied to the State of New Jersey.
Pennsylvania faces some of the same budgetary and pension issues as New Jersey although to a lesser degree. Pennsylvania's budget was due July 1st, but legislators remained at an impasse as of the close of this reporting period. In mid-October, Moody's issued a negative outlook, citing concerns about the state's fiscal imbalances and its political gridlock, and signaled the potential for another credit downgrade. Pennsylvania already saw the ratings on its GO debt lowered in 2014, from Aa2/AA/AA to Aa3/AA-/AA-as of October 2014. The Pennsylvania Funds have less exposure to their state GOs than the New Jersey Funds have to New Jersey GOs, as Pennsylvania's municipal bond market offers a broader range of non-GO opportunities than New Jersey's market.
Although state GOs were an underperforming segment of the market and a detractor from the performance of these four Funds, sector positioning was generally beneficial to relative performance. The health care sector was a positive contributor to all four Funds, especially for NXJ and NJV. The health care sector has been an attractive source of ideas for us. The advent of the Affordable Health Care Act has encouraged health care providers to increase the scale of their businesses through affiliations and consolidations. Consolidation activity has been particularly strong in New Jersey, to the benefit of the New Jersey Funds' health care holdings. Tobacco settlement bonds also provided relative gains for the New Jersey Funds. Tobacco settlement bonds, which are repaid from the money U.S. tobacco companies owe to states under the 1998 Master Settlement Agreement, performed well during this reporting

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Portfolio Manager's Comments (continued)
period. Several positive developments drove the rally, including a potential rise in tobacco shipments after a decade of declines, as well as a favorable litigation outcome for the State of New York that bodes well for the other states still in dispute with tobacco companies. In the Pennsylvania Funds, toll roads were another standout performer, with strong results from bonds issued for the Pennsylvania State Turnpike Commission and two toll bridge projects that connect New Jersey, Delaware and Pennsylvania. The projects are managed by bi-state agencies, the Delaware River Port Authority and the Delaware River Joint Toll Bridge, and the bonds they issue are tax-exempt in both of their respective states. Additionally, good performance from a retirement facility credit added value to NQP and NPN during this reporting period.
The poorest performing market segment for the reporting period was pre-refunded bonds, which are often backed by U.S. Treasury securities. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. All of these Funds had allocations of pre-refunded bonds, with the two Pennsylvania Funds having the heaviest weightings.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NXJ and NQP had limited exposure to Puerto Rico debt, 0.60% and 0.67%, respectively, at the end of the reporting period, while NJV and NPN did not hold any Puerto Rico bonds at period-end. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

8
 
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Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NJV and NPN do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
As of October 31, 2015, the Funds' percentages of leverage are as shown in the accompanying table.

     
NXJ
   
NJV
   
NQP
   
NPN
 
Effective Leverage*
   
38.78%
   
9.14%
   
36.72%
   
2.65%
 
Regulatory Leverage*
   
32.39%
   
N/A
   
31.15%
   
N/A
 

*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
   
N/A
The Fund does not use Regulatory leverage.

Nuveen Investments
 
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Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of October 31, 2015, NXJ and NQP have issued and outstanding, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NJV and NPN do not use regulatory leverage.

     
VMTP Shares
   
VRDP Shares
       
           
Shares
         
Shares
       
           
Issued at
         
Issued at
       
           
Liquidation
         
Liquidation
       
     
Series
   
Value
   
Series
   
Value
   
Total
 
NXJ
   
   
   
1
 
$
81,000,000
       
     
   
   
2
 
$
144,300,000
       
     
   
   
3
 
$
88,600,000
       
                     
$
313,900,000
 
$
313,900,000
 
NQP
   
2017
 
$
48,000,000
   
2
 
$
112,500,000
       
     
   
   
3
 
$
105,000,000
       
         
$
48,000,000
       
$
217,500,000
 
$
265,500,000
 
Refer to Notes to Financial Statements, Note – 4 Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.

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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2015. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

     
Per Common Share Amounts
 
Ex-Dividend Date
   
NXJ
   
NJV
   
NQP
   
NPN
 
May 2015
 
$
0.0680
 
$
0.0500
 
$
0.0690
 
$
0.0520
 
June
   
0.0680
   
0.0490
   
0.0690
   
0.0520
 
July
   
0.0680
   
0.0490
   
0.0690
   
0.0520
 
August
   
0.0680
   
0.0490
   
0.0690
   
0.0520
 
September
   
0.0680
   
0.0490
   
0.0690
   
0.0520
 
October 2015
   
0.0680
   
0.0490
   
0.0690
   
0.0520
 
                           
Market Yield*
   
6.18
%
 
4.07
%
 
6.19
%
 
4.19
%
Taxable-Equivalent Yield*
   
9.17
%
 
6.04
%
 
8.87
%
 
6.00
%

*
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.6% and 30.2% for New Jersey and Pennsylvania, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2015, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

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Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2015, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2015, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

     
NXJ
   
NJV
   
NQP
   
NPN
 
Common shares cumulatively repurchased and retired
   
569,400
   
15,000
   
363,400
   
0
 
Common shares authorized for repurchase
   
4,285,000
   
155,000
   
3,780,000
   
120,000
 
During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.

     
NXJ
   
NQP
 
Common shares repurchased and retired
   
434,400
   
121,000
 
Weighted average price per common share repurchased and retired
 
$
12.84
 
$
13.12
 
Weighted average discount per common share repurchased and retired
   
15.41
%
 
15.08
%
OTHER COMMON SHARE INFORMATION
As of October 31, 2015, and during the current reporting period, the Funds' common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.

     
NXJ
   
NJV
   
NQP
   
NPN
 
Common share NAV
 
$
15.37
 
$
16.20
 
$
15.55
 
$
16.27
 
Common share price
 
$
13.20
 
$
14.46
 
$
13.38
 
$
14.88
 
Premium/(Discount) to NAV
   
(14.12
)%
 
(10.74
)%
 
(13.95
)%
 
(8.54
)%
6-month average premium/(discount) to NAV
   
(14.87
)%
 
(12.65
)%
 
(14.56
)%
 
(7.55
)%

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Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NXJ.
Nuveen New Jersey Municipal Value Fund (NJV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NJV.
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NQP.
Nuveen Pennsylvania Municipal Value Fund (NPN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NPN.

Nuveen Investments
 
13


NXJ
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

   
Cumulative
 
Average Annual
   
6-Month
 
1-Year
 
5-Year
 
10-Year
NXJ at Common Share NAV
 
1.65%
 
2.75%
 
6.08%
 
5.66%
NXJ at Common Share Price
 
0.29%
 
3.66%
 
3.49%
 
4.86%
S&P Municipal Bond New Jersey Index
 
0.84%
 
1.40%
 
4.26%
 
4.70%
S&P Municipal Bond Index
 
1.58%
 
2.87%
 
4.41%
 
4.69%
Lipper New Jersey Municipal Debt Funds Classification Average
 
1.22%
 
2.18%
 
6.24%
 
5.82%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
146.7%
Common Stocks
0.1%
Other Assets Less Liabilities
1.1%
Net Assets Plus VRDP Shares, at Liquidation Value
147.9%
VRDP Shares, at Liquidation Value
(47.9)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
22.9%
Transportation
17.6%
Health Care
16.2%
Education and Civic Organizations
10.6%
U.S. Guaranteed
9.4%
Tax Obligation/General
5.6%
Water and Sewer
4.2%
Other
13.5%
Total
100%

Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
15.8%
AA
35.7%
A
31.7%
BBB
9.7%
BB or Lower
6.4%
N/R (not rated)
0.6%
N/A (not applicable)
0.1%
Total
100%

1
Excluding investments in derivatives.

14
 
Nuveen Investments


NJV
 
 
Nuveen New Jersey Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

   
Cumulative
 
Average Annual
   
6-Month
 
1-Year
 
5-Year
 
Since
Inception
NJV at Common Share NAV
 
0.54%
 
2.30%
 
5.01%
 
7.02%
NJV at Common Share Price
 
0.07%
 
7.14%
 
3.78%
 
4.76%
S&P Municipal Bond New Jersey Index
 
0.84%
 
1.40%
 
4.26%
 
5.36%
S&P Municipal Bond Index
 
1.58%
 
2.87%
 
4.41%
 
5.51%
Lipper New Jersey Municipal Debt Funds Classification Average
 
1.22%
 
2.18%
 
6.24%
 
6.45%
Since inception returns are from April 28, 2009. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
101.0%
Common Stocks
2.8%
Other Assets Less Liabilities
2.2%
Net Assets Plus Floating Rate Obligations
106.0%
Floating Rate Obligations
(6.0)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
26.3%
Health Care
19.0%
Education and Civic Organizations
13.2%
Transportation
10.9%
Tax Obligation/General
7.8%
Housing/Multifamily
6.4%
U.S. Guaranteed
5.7%
Other
10.7%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA
5.5%
AA
35.0%
A
32.7%
BBB
17.8%
BB or Lower
4.4%
N/R (not rated)
2.0%
N/A (not applicable)
2.6%
Total
100%

Nuveen Investments
 
15


NQP
 
 
Nuveen Pennsylvania Investment Quality Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

   
Cumulative
 
Average Annual
   
6-Month
 
1-Year
 
5-Year
 
10-Year
NQP at Common Share NAV
 
2.11%
 
4.14%
 
6.43%
 
5.83%
NQP at Common Share Price
 
(0.48)%
 
3.47%
 
4.32%
 
5.60%
S&P Municipal Bond Pennsylvania Index
 
1.69%
 
3.07%
 
4.62%
 
4.83%
S&P Municipal Bond Index
 
1.58%
 
2.87%
 
4.41%
 
4.69%
Lipper Pennsylvania Municipal Debt Funds Classification Average
 
1.93%
 
3.94%
 
6.22%
 
5.47%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
147.5%
Other Assets Less Liabilities
2.8%
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value
150.3%
Floating Rate Obligations
(5.0)%
VMTP Shares, at Liquidation Value
(8.2)%
VRDP Shares, at Liquidation Value
(37.1)%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
Health Care
19.7%
Tax Obligation/General
18.7%
Education and Civic Organizations
13.8%
U.S. Guaranteed
10.6%
Tax Obligation/Limited
7.2%
Water and Sewer
7.1%
Transportation
5.5%
Utilities
5.3%
Other
12.1%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
10.6%
AA
44.8%
A
27.8%
BBB
11.0%
BB or Lower
3.2%
N/R (not rated)
2.6%
Total
100%

16
 
Nuveen Investments


NPN
 
 
Nuveen Pennsylvania Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

   
Cumulative
 
Average Annual
   
6-Month
 
1-Year
 
5-Year
 
Since
Inception
NPN at Common Share NAV
 
1.37%
 
3.25%
 
5.27%
 
6.80%
NPN at Common Share Price
 
(2.41)%
 
2.36%
 
4.01%
 
4.85%
S&P Municipal Bond Pennsylvania Index
 
1.69%
 
3.07%
 
4.62%
 
5.56%
S&P Municipal Bond Index
 
1.58%
 
2.87%
 
4.41%
 
5.51%
Lipper Pennsylvania Municipal Debt Funds Classification Average
 
1.93%
 
3.94%
 
6.22%
 
6.25%
Since inception returns are from April 28, 2009. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
98.9%
Other Assets Less Liabilities
1.1%
Net Assets
100%

Portfolio Composition
 
(% of total investments)
 
U.S. Guaranteed
17.2%
Health Care
14.8%
Tax Obligation/Limited
13.0%
Education and Civic Organizations
9.7%
Water and Sewer
9.7%
Tax Obligation/General
8.8%
Long-Term Care
5.9%
Utilities
5.8%
Housing/Multifamily
5.3%
Other
9.8%
Total
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
16.7%
AA
36.5%
A
26.7%
BBB
16.9%
BB or Lower
1.7%
N/R (not rated)
1.5%
Total
100%

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
 
Investments in Derivatives as of October 31, 2015
Interest Rate Swaps outstanding:

       
Fund
         
Fixed Rate
         
Unrealized
 
   
Notional
 
Pay/Receive
 
Floating Rate
 
Fixed Rate
 
Payment
 
Effective
 
Termination
 
Appreciation
 
Counterparty
 
Amount
 
Floating Rate
 
Index
 
(Annualized
)
Frequency
 
Date (9)
 
Date
 
(Depreciation
)
JPMorgan
 
$58,500,000
 
Receive
 
USD-BMA
 
1.825%
 
Quarterly
 
9/14/16
 
9/14/25
 
$(1,020,180
)

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.6%.
(8)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchanged-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(9)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
USD-BMA
United States Dollar-Bond Market Association
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.
See accompanying notes to financial statements.

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.
                         
See accompanying notes to financial statements.

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
 
See accompanying notes to financial statements.

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
 
See accompanying notes to financial statements.

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
 
See accompanying notes to financial statements.

54
 
Nuveen Investments


THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments
 
55


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

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
ARPS
Share-
holders
(a)
Distributions from
Accum-
ulated Net
Realized
Gains to
ARPS
Share-
holders
(a)
Total
 
From
Net
Investment
Income
 
From
Accum-
ulated
Net
Realized
Gains
 
Total
 
Discount
Per
Share
Repurchased
and Retired
 
Ending
NAV
 
Ending
Share
Price
 
New Jersey Dividend Advantage (NXJ)
Year Ended 4/30:
                                                                         
2016(g)
 
$
15.53
 
$
0.40
 
$
(0.17
)
$
 
$
 
$
0.23
 
$
(0.41
)
$
 
$
(0.41
)
$
0.02
 
$
15.37
 
$
13.20
 
2015
   
15.28
   
0.67
   
0.34
   
   
   
1.01
   
(0.77
)
 
   
(0.77
)
 
0.01
   
15.53
   
13.58
 
2014
   
16.12
   
0.71
   
(0.87
)
 
   
   
(0.16
)
 
(0.68
)
 
   
(0.68
)
 
*
 
15.28
   
13.64
 
2013
   
15.31
   
0.63
   
0.93
   
   
   
1.56
   
(0.75
)
 
   
(0.75
)
 
   
16.12
   
14.94
 
2012
   
13.61
   
0.71
   
1.83
   
   
   
2.54
   
(0.83
)
 
(0.01
)
 
(0.84
)
 
   
15.31
   
14.92
 
2011
   
14.51
   
0.89
   
(0.91
)
 
(0.03
)
 
*
 
(0.05
)
 
(0.83
)
 
(0.02
)
 
(0.85
)
 
   
13.61
   
12.67
 
                                                                           
New Jersey Municipal Value (NJV)
Year Ended 4/30:
                                                                         
2016(g)
   
16.41
   
0.31
   
(0.22
)
 
N/A
   
N/A
   
0.09
   
(0.30
)
 
   
(0.30
)
 
   
16.20
   
14.46
 
2015
   
16.15
   
0.62
   
0.43
   
N/A
   
N/A
   
1.05
   
(0.63
)
 
(0.18
)
 
(0.81
)
 
0.02
   
16.41
   
14.75
 
2014
   
16.98
   
0.65
   
(0.66
)
 
N/A
   
N/A
   
(0.01
)
 
(0.63
)
 
(0.19
)
 
(0.82
)
 
   
16.15
   
14.48
 
2013
   
16.62
   
0.67
   
0.61
   
N/A
   
N/A
   
1.28
   
(0.67
)
 
(0.25
)
 
(0.92
)
 
   
16.98
   
16.02
 
2012
   
14.72
   
0.75
   
1.91
   
N/A
   
N/A
   
2.66
   
(0.76
)
 
   
(0.76
)
 
   
16.62
   
16.34
 
2011
   
15.84
   
0.82
   
(1.15
)
 
N/A
   
N/A
   
(0.33
)
 
(0.77
)
 
(0.02
)
 
(0.79
)
 
   
14.72
   
13.81
 

(a)
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 the Adviser is no longer reimbursing New Jersey Dividend Advantage (NXJ) for any fees or expenses.

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.
See accompanying notes to financial statements.
 
Nuveen Investments
 
57


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

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
ARPS
Share-
holders
(a)
Distributions from
Accum
ulated Net
Realized
Gains to
ARPS
Share-
holders
(a)
Total
 
From
Net
Investment
Income
 
From
Accum-
ulated
Net
Realized
Gains
 
Total
 
Discount
Per
Share
Repurchased
and Retired
 
Ending
NAV
 
Ending
Share
Price
 
Pennsylvania Investment Quality (NQP)
Year Ended 4/30:
2016(f)
 
$
15.64
 
$
0.41
 
$
(0.10
)
$
 
$
 
$
0.31
 
$
(0.41
)
$
 
$
(0.41
)
$
0.01
 
$
15.55
 
$
13.38
 
2015
   
15.17
   
0.81
   
0.50
   
   
   
1.31
   
(0.84
)
 
   
(0.84
)
 
*
 
15.64
   
13.87
 
2014
   
16.21
   
0.74
   
(0.93
)
 
   
   
(0.19
)
 
(0.85
)
 
   
(0.85
)
 
*
 
15.17
   
13.76
 
2013
   
15.78
   
0.80
   
0.54
   
   
   
1.34
   
(0.91
)
 
   
(0.91
)
 
   
16.21
   
15.24
 
2012
   
14.11
   
0.90
   
1.70
   
   
   
2.60
   
(0.93
)
 
   
(0.93
)
 
   
15.78
   
15.67
 
2011
   
14.82
   
0.93
   
(0.73
)
 
(0.01
)
 
   
0.19
   
(0.90
)
 
   
(0.90
)
 
   
14.11
   
13.09
 
                                                                           
Pennsylvania Municipal Value (NPN)
Year Ended 4/30:
2016(f)
   
16.36
   
0.34
   
(0.12
)
 
N/A
   
N/A
   
0.22
   
(0.31
)
 
   
(0.31
)
 
   
16.27
   
14.88
 
2015
   
15.91
   
0.67
   
0.41
   
N/A
   
N/A
   
1.08
   
(0.63
)
 
   
(0.63
)
 
   
16.36
   
15.57
 
2014
   
16.48
   
0.67
   
(0.56
)
 
N/A
   
N/A
   
0.11
   
(0.64
)
 
(0.04
)
 
(0.68
)
 
   
15.91
   
14.45
 
2013
   
16.36
   
0.68
   
0.38
   
N/A
   
N/A
   
1.06
   
(0.64
)
 
(0.30
)
 
(0.94
)
 
   
16.48
   
15.86
 
2012
   
14.79
   
0.72
   
1.58
   
N/A
   
N/A
   
2.30
   
(0.71
)
 
(0.02
)
 
(0.73
)
 
   
16.36
   
15.38
 
2011
   
15.46
   
0.79
   
(0.70
)
 
N/A
   
N/A
   
0.09
   
(0.76
)
 
   
(0.76
)
 
   
14.79
   
13.96
 

(a)
The amounts shown for ARPS are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

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.
See accompanying notes to financial statements.

Nuveen Investments
 
59


Financial Highlights (Unaudited) (continued)

   
MTP Shares
at the End of Period (a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP, VMTP and
VRDP Shares at
the End of Period
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Asset
Coverage
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Per $1
 
     
Outstanding
   
Per $10
   
Outstanding
   
Per $100,000
   
Outstanding
   
Per $100,000
   
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
New Jersey Dividend Advantage (NXJ)
Year Ended 4/30:
2016(a)
 
$
 
$
 
$
 
$
 
$
313,900
 
$
308,731
 
$
 
2015
   
   
   
   
   
313,900
   
313,020
   
 
2014
   
   
   
   
   
45,000
   
322,624
   
 
2013
   
44,861
   
33.60
   
   
   
   
   
 
2012
   
44,861
   
32.42
   
   
   
   
   
 
2011
   
44,861
   
29.93
   
   
   
   
   
 
                                             
Pennsylvania Investment Quality (NQP)
Year Ended 4/30:
2016(a)
   
   
   
48,000
   
321,075
   
217,500
   
321,075
   
3.21
 
2015
   
   
   
48,000
   
323,179
   
217,500
   
323,179
   
3.23
 
2014
   
47,740
   
31.66
   
   
   
217,500
   
316,618
   
3.17
 
2013
   
   
   
   
   
112,500
   
332,174
   
 
2012
   
   
   
   
   
112,500
   
325,722
   
 
2011
   
   
   
   
   
112,500
   
301,693
   
 

(a)
For the six months ended October 31, 2015.
(b)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2015
   
2014
   
2013
   
2012
   
2011
 
New Jersey Dividend Advantage (NXJ)
                               
Series 2014 (NXJ PRCCL)
                               
Ending Market Value per Share
 
$
 
$
 
$
10.02
 
$
10.08
 
$
9.94
 
Average Market Value per Share
   
   
10.03
^^
 
10.09
   
10.07
   
9.95
^
Series 2015 (NXJ PRCCL)
                               
Ending Market Value per Share
   
                         
Average Market Value per Share
   
10.01
^^^
                       
                                 
Pennsylvania Dividend Advantage (NQP)
                               
Series 2015 (NQP PRCCL)
                               
Ending Market Value per Share
   
   
10.05
                   
Average Market Value per Share
   
10.01
ΩΩ
 
10.03
Ω
                 
Series 2015 (NQP PRDCL)
                               
Ending Market Value per Share
   
   
10.04
                   
Average Market Value per Share
   
10.02
ΩΩ
 
10.03
Ω
                 

^
For the period March 24, 2011 (first issuance of shares) through April 30, 2011.
^^
For the period May 1, 2013 through September 9, 2013.
^^^
For the period November 10, 2014 (effective date of the reorganizations) through February 9, 2015.
Ω
For the period February 11, 2014 (effective date of the reorganizations) through April 30, 2014.
ΩΩ
For the period May 1, 2014 through May 30, 2014.
See accompanying notes to financial statements.

60
 
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Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):
     
 
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) ("New Jersey Dividend Advantage (NXJ)")
 
Nuveen New Jersey Municipal Value Fund (NJV) ("New Jersey Municipal Value (NJV)")
 
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) ("Pennsylvania Investment Quality (NQP)")
 
Nuveen Pennsylvania Municipal Value Fund (NPN) ("Pennsylvania Municipal Value (NPN)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of New Jersey Dividend Advantage (NXJ) and Pennsylvania Investment Quality (NQP) are traded on the NYSE while common shares of New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) are traded on the NYSE MKT. New Jersey Dividend Advantage (NXJ), New Jersey Municipal Value (NJV), Pennsylvania Investment Quality (NQP) and Pennsylvania Municipal Value (NPN) were organized as Massachusetts business trusts on June 1, 1999, January 26, 2009, December 20, 1990 and January 26, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended October 31, 2015 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:
               
     
New Jersey
   
New Jersey
 
     
Dividend
   
Municipal
 
     
Advantage
   
Value
 
     
(NXJ
)
 
(NJV
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
7,442,515
 
$
330,045
 

Nuveen Investments
 
61


Notes to Financial Statements (Unaudited) (continued)
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
   
 Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 Level 3 –  
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by a pricing service approved by the Funds' Board of Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information

62
 
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about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

New Jersey Dividend Advantage (NXJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
961,136,392
 
$
 
$
961,136,392
 
Common Stocks
   
901,845
   
   
   
901,845
 
Investments in Derivatives:
                         
Interest Rate Swaps**
   
   
(1,020,180
)
 
   
(1,020,180
)
Total
 
$
901,845
 
$
960,116,212
 
$
 
$
961,018,057
 
                           
New Jersey Municipal Value (NJV)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
25,369,353
 
$
 
$
25,369,353
 
Common Stocks
   
693,670
   
   
   
693,670
 
Total
 
$
693,670
 
$
25,369,353
 
$
 
$
26,063,023
 
                           
Pennsylvania Investment Quality (NQP)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
865,767,074
 
$
 
$
865,767,074
 
                           
Pennsylvania Municipal Value (NPN)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
19,620,328
 
$
 
$
19,620,328
 

*
Refer to the Fund's Portfolio of Investments for industry classifications.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

Nuveen Investments
 
63


Notes to Financial Statements (Unaudited) (continued)
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
     
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the

64
 
Nuveen Investments


Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
Floating Rate Obligations Outstanding
   
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
 
$
1,500,000
 
$
29,070,000
 
$
 
Floating rate obligations: externally-deposited Inverse Floaters
   
101,200,000
   
1,025,000
   
46,030,000
   
540,000
 
Total
 
$
101,200,000
 
$
2,525,000
 
$
75,100,000
 
$
540,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

                           
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
Self-Deposited Inverse Floaters
   
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Average floating rate obligations outstanding
 
$
 
$
1,500,000
 
$
29,070,000
 
$
 
Average annual interest rate and fees
   
%
 
0.66
%
 
0.36
%
 
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
Floating Rate Obligations — Recourse Trusts
   
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
 
$
1,500,000
 
$
8,970,000
 
$
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
92,535,000
   
1,025,000
   
11,955,000
   
400,000
 
Total
 
$
92,535,000
 
$
2,525,000
 
$
20,925,000
 
$
400,000
 

Nuveen Investments
 
65


Notes to Financial Statements (Unaudited) (continued)
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract (which is akin to a bond's maturity). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For over-the-counter ("OTC") swaps, the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an exchange-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively.
Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps." In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, New Jersey Dividend Advantage (NXJ) invested in forward interest rate swap contracts to reduce the duration of its portfolio.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

     
New Jersey
 
     
Dividend
 
     
Advantage
 
     
(NXJ
)
Average notional amount of interest rate swap contracts outstanding*
 
$
19,500,000
 

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

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The following table presents the fair value of all swap contracts held by the following Fund, as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

       
Location on the Statement of Assets and Liabilities
Underlying
 
Derivative
 
Asset Derivatives
 
(Liability) Derivatives
 
Risk Exposure
 
Instrument
 
Location
 
Value
 
Location
 
Value
 
New Jersey Dividend Advantage (NXJ)
                     
Interest rate
 
Swaps
 
 $
 —
 
Unrealized depreciation on interest rate swaps
 $
(1,020,180
)
The following table presents the swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.

                                 
Gross Amounts Not Offset
on the Statement
of Assets and Liabilities
       
           
Gross
   
Gross
   
Amounts
   
Net Unrealized
                   
           
Unrealized
   
Unrealized
   
Netted on
   
Appreciation
         
Collateral
       
          Appreciation on   (Depreciation on
)
 
Statement
  (Depreciation on
)
       
Pledged
       
           
Interest
   
Interest
   
of Assets and
   
Interest Rate
   
Financial
   
to (from
)
 
Net
 
Fund
  Counterparty    
Rate Swaps
*
 
Rate Swaps
*
 
Liabilities
   
Swaps
  Instruments
**
Counterparty   Exposure  
New Jersey Dividend Advantage (NXJ)
   
JPMorgan
 
$
 
$
(1,020,180
)
$
 
$
(1,020,180
)
$
91,440
 
$
928,740
 
$
 

*
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
**
Represents inverse floating rate securities.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period and the primary underlying risk exposure.

             
Net Realized
   
Change in Net Unrealized
 
   
Underlying
 
Derivative
   
Gain (Loss) from
  Appreciation (Depreciation) of  
Fund
 
Risk Exposure
 
Instrument
   
Swaps
   
Swaps
 
New Jersey Dividend Advantage (NXJ)
 
Interest rate
 
Swaps
   
$ —
 
$
 (1,020,180
)
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

Nuveen Investments
 
67


Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Share Transactions
Transactions in common shares during the Funds' current and prior fiscal period were as follows:

   
New Jersey
 
New Jersey
 
   
Dividend Advantage (NXJ)
 
Municipal Value (NJV)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/15
   
4/30/15
   
10/31/15
   
4/30/15
 
Common shares:
                         
Issued in the reorganizations
   
   
36,615,391
   
   
 
Repurchased and retired
   
(434,400
)
 
(112,500
)
 
   
(15,000
)
Weighted average common share:
                         
Price per share repurchased and retired
 
$
12.84
 
$
13.47
 
$
 
$
14.19
 
Discount per share repurchased and retired
   
15.41
%
 
13.85
%
 
%
 
14.25
%

   
Pennsylvania
 
Pennsylvania
 
   
Investment Quality (NQP)
 
Municipal Value (NPN)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/15
   
4/30/15
   
10/31/15
   
4/30/15
 
Common shares repurchased and retired
   
(121,000
)
 
(4,500
)
 
   
 
Weighted average common share:
                         
Price per share repurchased and retired
 
$
13.12
 
$
13.68
 
$
 
$
 
Discount per share repurchased and retired
   
15.08
%
 
13.83
%
 
%
 
%
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Fund has issued and outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation value, for the Fund was as follows:

                 
Shares
 
                 
Outstanding
 
                 
at $100,000
 
           
Shares
   
Per Share
 
Fund
   
Series
   
Outstanding
   
Liquidation Value
 
Pennsylvania Investment Quality (NQP)
   
2017
   
480
 
$
48,000,000
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of the Fund ("Optional Redemption Date"), subject to payment of premium for one year following the date of issuance ("Premium Expiration Date"), and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund's series of VMTP Shares are as follows:

           
Term
   
Optional
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Redemption Date
   
Expiration Date
 
Pennsylvania Investment Quality (NQP)
   
2017
   
June 1, 2017
   
June 1, 2015
   
May 31, 2015
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
         
     
Pennsylvania
 
     
Investment
 
     
Quality
 
     
(NQP
)
Average liquidation value of VMTP Shares outstanding
 
$
48,000,000
 
Annualized dividend rate
   
0.98
%
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed "spread" on the VMTP Shares remains

68
 
Nuveen Investments


roughly in line with the "spread" rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is a liability and is recognized as "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation value" on the Statement of Assets and Liabilities.
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred by the Fund in connection with the Fund's offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, the details of the Funds' VRDP Shares outstanding were as follows:

                           
                 
Shares
       
                 
Outstanding
       
           
Shares
  at $100,000 Per Share        
Fund
   
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
New Jersey Dividend Advantage (NXJ)
   
1
   
810
 
$
81,000,000
   
August 3, 2043
 
     
2
   
1,443
 
$
144,300,000
   
April 1, 2043
 
     
3
   
886
 
$
88,600,000
   
April 1, 2043
 
Pennsylvania Investment Quality (NQP)
   
2
   
1,125
 
$
112,500,000
   
December 1, 2042
 
     
3
   
1,050
 
$
105,000,000
   
December 1, 2042
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

     
New Jersey
   
Pennsylvania
 
     
Dividend
   
Investment
 
     
Advantage
   
Quality
 
     
(NXJ
)
 
(NQP
)
Average liquidation value of VRDP Shares outstanding
 
$
313,900,000
 
$
217,500,000
 
Annualized dividend rate
   
0.13
%
 
0.15
%
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.

Nuveen Investments
 
69


Notes to Financial Statements (Unaudited) (continued)
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in MTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
 
     
April 30, 2015
 
           
NYSE
             
     
Series
   
Ticker
   
Shares
   
Amount
 
New Jersey Dividend Advantage (NXJ)
                         
MTP Shares issued in connection with the reorganization
   
2015
   
NXJ PRCCL
   
3,505,000
 
$
35,050,000
 
MTP Shares redeemed
   
2015
   
NXJ PRCCL
   
(3,505,000
)
 
(35,050,000
)
Pennsylvania Investment Quality (NQP)
                         
MTP Shares redeemed:
   
2015
   
NQP PRCCL
   
(2,319,000
)
$
(23,190,000
)
     
2015
   
NQP PRDCL
   
(2,455,000
)
 
(24,550,000
)
Total
               
(4,774,000
)
$
(47,740,000
)
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
 
     
April 30, 2015
 
     
Series
   
Shares
   
Amount
 
Pennsylvania Investment Quality (NQP)
                   
VMTP Shares issued
   
2017
   
480
 
$
48,000,000
 
Transactions in VRDP Shares for the Funds, where applicable, were as follows:

     
Year Ended
 
     
April 30, 2015
 
     
Series
   
Shares
   
Amount
 
New Jersey Dividend Advantage (NXJ)
                   
VRDP Shares issued in connection with the reorganization:
   
2
   
1,443
 
$
144,300,000
 
     
3
   
886
   
88,600,000
 
VRDP Shares issued
   
1
   
360
   
36,000,000
 
Total
         
2,689
 
$
268,900,000
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Purchases
 
$
97,530,813
 
$
1,159,630
 
$
79,085,175
 
$
870,008
 
Sales and maturities
   
98,212,448
   
1,121,541
   
84,142,025
   
866,018
 

70
 
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6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of October 31, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Cost of investments
 
$
910,939,426
 
$
21,951,994
 
$
782,498,430
 
$
17,166,502
 
Gross unrealized:
                         
Appreciation
 
$
56,110,322
 
$
2,629,623
 
$
57,227,569
 
$
2,467,289
 
Depreciation
   
(5,011,511
)
 
(18,594
)
 
(3,028,931
)
 
(13,463
)
Net unrealized appreciation (depreciation) of investments
 
$
51,098,811
 
$
2,611,029
 
$
54,198,638
 
$
2,453,826
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and reorganization adjustments, resulted in reclassifications among the Funds' components of common share net assets as of April 30, 2015, the Funds' last tax year end, as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Paid-in-surplus
 
$
4,024,059
 
$
 
$
(369,360
)
$
 
Undistributed (Over-distribution of) net investment income
   
1,866,337
   
1
   
367,186
   
 
Accumulated net realized gain (loss)
   
(5,890,396
)
 
(1
)
 
2,174
   
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2015, the Funds' last tax year end, were as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Undistributed net tax-exempt income1
 
$
4,837,748
 
$
58,273
 
$
2,471,078
 
$
35,578
 
Undistributed net ordinary income2
   
47,246
   
24,637
   
350,066
   
 
Undistributed net long-term capital gains
   
184,352
   
293,056
   
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2015, paid on May 1, 2015.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

Nuveen Investments
 
71


Notes to Financial Statements (Unaudited) (continued)
The tax character of distributions paid during the Funds' last tax year ended April 30, 2015, was designated for purposes of the dividends paid deduction as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Investment
   
Municipal
 
     
Advantage
   
Value
   
Quality
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NQP
)
 
(NPN
)
Distributions from net tax-exempt income
 
$
15,305,648
 
$
950,620
 
$
33,000,772
 
$
770,631
 
Distributions from net ordinary income2
   
8,616
   
35,031
   
7,576
   
 
Distributions from net long-term capital gains
   
   
276,526
   
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of April 30, 2015, the Funds' last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

     
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Investment
   
Municipal
 
     
Advantage
   
Quality
   
Value
 
     
(NXJ
) 3
 
(NQP
)
 
(NPN
)
Expiration:
                   
April 30, 2016
 
$
 
$
2,167,149
 
$
 
April 30, 2017
   
   
13,518
   
 
Not subject to expiration
   
4,847,591
   
2,173,796
   
61,084
 
Total
 
$
4,847,591
 
$
4,354,463
 
$
61,084
 

3
A portion of New Jersey Dividend Advantage's (NXJ) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
During the Funds' last tax year ended April 30, 2015, the following Funds utilized capital loss carryforwards as follows:

     
New Jersey
   
New Jersey
   
Pennsylvania
 
     
Dividend
   
Municipal
   
Municipal
 
     
Advantage
   
Value
   
Value
 
     
(NXJ
)
 
(NJV
)
 
(NPN
)
Utilized capital loss carryforwards
 
$
1,933,661
 
$
99,123
 
$
18,377
 
7. Management Fees and Other Transactions with Affiliates
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

 
New Jersey Dividend Advantage (NXJ)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4500
%
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For managed assets over $2 billion
0.3750
 

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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
 

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
0.2000
%
$56 billion
0.1996
 
$57 billion
0.1989
 
$60 billion
0.1961
 
$63 billion
0.1931
 
$66 billion
0.1900
 
$71 billion
0.1851
 
$76 billion
0.1806
 
$80 billion
0.1773
 
$91 billion
0.1691
 
$125 billion
0.1599
 
$200 billion
0.1505
 
$250 billion
0.1469
 
$300 billion
0.1445
 

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2015, the complex-level fee for each Fund was 0.1639%.
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Nuveen Investments
 
73


Notes to Financial Statements (Unaudited) (continued)
8. Borrowing Arrangements
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2014, New Jersey Dividend Advantage (NXJ) and Pennsylvania Municipal Value (NPN) utilized $4,444,106 and $30,402 respectively, of the Unsecured Credit Line at an annualized interest rate of 1.34% on its respective outstanding balance. The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
During July 2015, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. This credit agreement replaces the Unsecured Credit Line described above. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.

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Additional Fund Information (Unaudited)

Board of Trustees
                   
William Adams IV*
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
 
William J. Schneider
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer**
 
Terence J. Toth
   
                     

*
Interested Board Member.
**
Will retire from the Funds' Board of Directors/Trustees effective December 31, 2015.

                 
Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60601
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
                 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

     
NXJ
   
NJV
   
NQP
   
NPN
 
Common shares repurchased
   
434,400
   
   
121,000
   
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Nuveen Investments
 
75


Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
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


Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

78
 
Nuveen Investments


Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (each, a "Board" and each Trustee, a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, at an in-person meeting held on May 11-13, 2015 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser"); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser's investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.
The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board's understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.
The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Nuveen Investments
 
79


Annual Investment Management Agreement Approval Process (Unaudited) (continued)
The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.
The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements of each Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A.
Nature, Extent and Quality of Services
   
 
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


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund.
   
 
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,

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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


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor's net experience.
   
 
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

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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


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.
   
 
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.

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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

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed more than $220 billion as of September 30, 2015.

Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com

ESA-A-1015D 12547-INV-B-12/16

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS OR
   
UNIT)
PROGRAMS
PROGRAMS
         
MAY 1-31, 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
     

* The registrant's repurchase program, for the repurchase of 655,000 shares, was authorized August 6, 2014. The program was reauthorized for a maximum repurchase amount of 4,285,000 shares on August 4, 2015. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.


 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen New Jersey Dividend Advantage Municipal Fund

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

Date: January 7, 2016
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: January 7, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: January 7, 2016