nqp.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 811-6265

Nuveen Pennsylvania Investment Quality 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: April 30, 2011

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.

 

 
 
 

 
INVESTMENT ADVISER NAME CHANGE
 
Effective January 1, 2011, Nuveen Asset Management, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
 
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp – the parent of FAF Advisors – received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long-term investment business of FAF Advisors, including investment management responsibilities for the non-money market mutual funds of the First American Funds family. The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
 
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 
 
 

 
 
Table of Contents
     
Chairman’s Letter to Shareholders
 
4
Portfolio Manager’s Comments
 
5
Common Share Dividend and Share Price Information
 
15
Performance Overviews
 
17
Shareholder Meeting Report
 
27
Report of Independent Registered Public Accounting Firm
 
31
Portfolios of Investments
 
32
Statement of Assets and Liabilities
 
90
Statement of Operations
 
92
Statement of Changes in Net Assets
 
94
Statement of Cash Flows
 
98
Financial Highlights
 
101
Notes to Financial Statements
 
114
Board Members and Officers
 
129
Annual Investment Management Agreement Approval Process
 
134
Board Approval of Sub-Advisory Arrangements
 
141
Reinvest Automatically, Easily and Conveniently
 
142
Glossary of Terms Used in this Report
 
144
Other Useful Information
 
147

 
 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
 
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
 
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
 
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
 
As of the end of June 2011, Nuveen Investments had completed the refinancing of all of the Auction Rate Preferred Securities issued by its taxable closed-end funds and 91% of the MuniPreferred shares issued by its tax-exempt closed-end funds. Please consult the Nuveen Investments web site, www.Nuveen.com, for the current status of this important refinancing program.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2011
 
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Nuveen Investments
 
 
 

 
Portfolio Manager’s Comments
 
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ)
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ)
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ)
Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)
Nuveen Pennsylvania Municipal Value Fund (NPN)
 
Portfolio manager Paul Brennan reviews economic and municipal market conditions at the national and state levels, key investment strategies and the twelve-month performance of the Nuveen New Jersey and Pennsylvania Funds. Paul, with 20 years of investment experience, including 14 years with Nuveen, assumed portfolio management responsibility for these ten Funds in January 2011 from Cathryn Steeves, who managed NQJ, NNJ, NXJ, NUJ, NQP, NPY, NXM and NVY from 2006 to December 2010 and NJV and NPN from their inceptions in 2009 to December 2010.
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended April 30, 2011?
 
During this period, the U.S. economy demonstrated some signs of improvement, supported by the efforts of both the Federal Reserve (Fed) and the federal government. For its part, the Fed continued to hold the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its April 2011 meeting, the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also left unchanged its second round of quantitative easing, which calls for purchasing $600 billion in longer-term U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 aimed at providing job creation, tax relief, fiscal assistance to state and local governments, and expansion of unemployment benefits and other federal social welfare programs.
 
In the first quarter of 2011, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 1.8%, marking the seventh consecutive
 
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.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC C, and D ratings are below investment grade. Holdings and ratings may change over time.
 
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quarter of positive growth. The employment picture was somewhat improved, with the national jobless rate registering 9.0% in April 2011, down from 9.8% a year earlier. Inflation posted its largest twelve-month gain since October 2008, as the Consumer Price Index (CPI) rose 3.2% year-over-year as of April 2011, driven mainly by increased prices for energy. The core CPI (which excludes food and energy) increased 1.3% over this period. The housing market continued to be a major weak spot in the economy. For the twelve months ended March 2011 (most recent data available at the time this report was prepared), the average home price in the Standard & Poor’s (S&P)/Case-Shiller index of 20 major metropolitan areas lost 3.6%, with 12 of the 20 metropolitan areas hitting their lowest levels since housing prices peaked in 2006. As of April 2011, sales of new and existing homes fell 23.1% and 12.9%, respectively, from April 2010 levels.
 
The municipal bond market was affected by a significant decline in new tax-exempt issuance during this period. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond (BAB) program, which was created as part of the American Recovery and Reinvestment Act of February 2009 and expired December 31, 2010. Between the beginning of this reporting period on May 1, 2010, and the end of the BAB program, taxable Build America Bond issuance totaled $83.9 billion, accounting for 28% of new bonds issued in the municipal market.
 
After rallying strongly over most of the period, the municipal market suffered a reversal in mid-November 2010, due largely to investor concerns about inflation, the federal deficit, and the deficit’s impact on demand for U.S. Treasury securities. Adding to this market pressure was media coverage of the strained finances of many state and local governments. As a result, money began to flow out of municipal bond funds, as yields rose and valuations declined. Toward the end of this period, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields, and rising valuations.
 
Over the twelve months ended April 30, 2011, municipal bond issuance nationwide—both tax-exempt and taxable—totaled $364.3 billion. Demand for municipal bonds was exceptionally strong during the majority of this period, especially from individual investors. For the first four months of 2011, municipal issuance nationwide was down 49% from the first four months of 2010. This decline reflects the heavy issuance of BABs at the end of 2010, as borrowers took advantage of the program’s favorable terms before its expiration at year end.
 
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How were economic and market conditions in New Jersey and Pennsylvania?
 
The economic recovery in New Jersey has progressed more slowly than in some other states, as a rebound in unemployment, large inventories of foreclosed properties and state budget problems continued to weigh down the state economy. New Jersey continued to benefit from a highly diverse base of professional, business, and financial services; education and health services, including pharmaceuticals; retail trade; and industry. In April 2011, New Jersey’s jobless rate was 9.3%, down from 9.6% in April 2010 but up from 9.1% at the end of 2010. The high levels of property foreclosures in New Jersey remained a downside risk to the state’s progress toward economic recuperation, and housing prices were not expected to begin recovering until 2012. Current estimates forecast a gap of approximately $11 billion in the fiscal 2012 state budget, equal to 37.4% of the fiscal 2011 budget. New Jersey must also find a way to address a $54 billion shortfall in the state’s pension funds. As of April 2011, New Jersey general obligation debt was rated Aa3 by Moody’s; the credit rating agency revised its outlook for New Jersey from stable to negative in September 2010. In February 2011, S&P lowered its rating for the state to AA- from AA, citing New Jersey’s debt levels and unfunded liabilities. S&P maintained its stable outlook. For the twelve months ended April 30, 2011, municipal issuance in New Jersey totaled $13.5 billion, an increase of 26% from the previous twelve months.
 
Pennsylvania’s progress in moving from recession to recovery has again accelerated, aided mainly by growth in health and education services. This sector represents the largest segment of the Pennsylvania economy, at 20% of employment compared with the national average of just under 15%. As of April 2011, the unemployment rate in Pennsylvania was 7.5%, the lowest since March 2009, down from 8.8% in April 2010. In addition to the improving employment situation, the recovery in the Pennsylvania economy also was helped by the fact that the recession in the Pennsylvania housing market was more modest than in other states. Home prices have stabilized since 2009, due in part to a state program aimed at assisting homeowners in refinancing and avoiding foreclosure. Current projections estimate a shortfall of $4.5 billion in the fiscal 2012 state budget, equal to 16.4% of the fiscal 2011 budget. This could result in additional layoffs among state workers, among other measures. As of April 2011, Moody’s and S&P rated Pennsylvania general obligation debt at Aa1 and AA, respectively. Moody’s listed its outlook for Pennsylvania as negative, while S&P posted a stable outlook. During the twelve months ended April 30, 2011, municipal issuance in the commonwealth totaled $15.7 billion, a decrease of 23% from that of the previous twelve-month period.
 
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What key strategies were used to manage these Funds during this reporting period?
 
As previously mentioned, the new issue supply of tax-exempt bonds declined nationally during this period, due largely to the issuance of taxable bonds under the BAB program. The BAB program also significantly affected the availability of tax-exempt bonds in New Jersey and Pennsylvania. Between the beginning of this reporting period on May 1, 2010, and the end of the BAB program, BABs accounted for approximately 42% of municipal supply in New Jersey and 18% in Pennsylvania. Since interest payments from BABs represent taxable income, we did not view these bonds as appropriate investment opportunities for these Funds. Further compounding the supply situation was the drop-off in new municipal issuance during the first four months of 2011, when issuance in New Jersey and Pennsylvania declined 75% and 52%, respectively, from that of the same period in 2010.
 
In this environment of constrained tax-exempt municipal bond issuance, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, we found value in several areas of the market, including health care, higher education and transportation. In the transportation sector, we purchased toll road bonds issued for the Pennsylvania turnpike as well as for the Delaware River Turnpike-Toll Bridge, which are tax-exempt in both New Jersey and Pennsylvania.
 
Some of this investment activity resulted from opportunities created by the provisions of the BAB program. For example, tax-exempt supply was more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally did not qualify for the BAB program and continued to issue bonds in the tax-exempt municipal market. In addition, bonds with proceeds earmarked for refundings, working capital, and private activities were not covered by the BAB program, and this resulted in attractive opportunities in other sectors of the market.
 
During this period, the Funds generally focused on purchasing longer bonds in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ duration and yield curve positioning in the event that the BAB program was extended and continued to have an impact on tax-exempt issuance, especially at the long end of the curve. The Funds also added to their positions in bonds rated BBB, as we saw heavier issuance of lower-rated bonds in the tax-exempt market during this period.
 
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds fully invested. In general, selling was minimal because of the difficulty in sourcing appropriate tax-exempt paper.
 
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As of April 30, 2011, all ten of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform?
 
Individual results for the Nuveen New Jersey and Pennsylvania Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value
For periods ended 4/30/11
                     
Fund
   
1-Year
 
5-Year
 
10-Year
New Jersey Funds
                   
NQJ
   
0.67
%
 
4.02
%
 
5.37
%
NNJ
   
0.57
%
 
4.19
%
 
5.36
%
NXJ
   
-0.38
%
 
3.78
%
 
5.45
%
NUJ
   
0.10
%
 
3.91
%
 
N/A
NJV1
   
-2.17
%
 
N/A
 
N/A
                     
Standard & Poor’s (S&P) New Jersey Municipal Bond Index2
   
1.07
%
 
4.17
%
 
4.94
%
Standard & Poor’s (S&P) National Municipal Bond Index3
   
1.98
%
 
4.18
%
 
4.94
%
Lipper Other States Municipal Debt Funds Average4
   
0.70
%
 
3.75
%
 
5.48
%
                     
Pennsylvania Funds
                   
NQP
   
1.27
%
 
4.14
%
 
5.57
%
NPY
   
1.75
%
 
4.05
%
 
5.56
%
NXM
   
1.23
%
 
4.12
%
 
6.25
%
NVY
   
1.89
%
 
4.33
%
 
N/A
NPN1
   
0.59
%
 
N/A
 
N/A
                     
Standard & Poor’s (S&P) Pennsylvania Municipal Bond Index2
   
2.22
%
 
4.33
%
 
5.03
%
Standard & Poor’s (S&P) National Municipal Bond Index3
   
1.98
%
 
4.18
%
 
4.94
%
Lipper Other States Municipal Debt Funds Average4
   
0.70
%
 
3.75
%
 
5.48
%
 
For the twelve months ended April 30, 2011, the total returns on common share net asset value (NAV) for the New Jersey and Pennsylvania Funds underperformed the returns for their respective state’s Standard & Poor’s (S&P) Municipal Bond Index. NVY performed in line with the S&P National Municipal Bond Index, while the remaining Funds trailed this index. For the same period, NQP, NPY, NXM and NVY outperformed the average return for the Lipper Other States Municipal Debt Funds Average, NQJ, NNJ and NPN performed in line with this benchmark, and NXJ, NUJ and NJV lagged the Lipper average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of leverage also had an impact on the performance of NQJ, NNJ, NXJ, NUJ, NQP, NPY, NXM and NVY. (NJV and NPN do not use structural leverage.) Leverage is discussed in more detail on page ten.
 
 
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.
   
 
For additional information, see the individual Performance Overview for your Fund in this report.
   
1
Unlike the other eight Funds in this report, NJV and NPN do not use structural leverage.
   
2
The Standard & Poor’s (S&P) Municipal Bond Indexes for New Jersey and Pennsylvania are unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade New Jersey and Pennsylvania municipal bond markets, respectively. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment.
   
3
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
   
4
The Lipper Other States Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 46 funds; 5-year, 46 funds; and 10-year, 27 funds. Shareholders should note that the performance of the Lipper Other States category represents the overall average of returns for funds from ten different states with a wide variety of municipal market conditions, which may make direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
 
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During this period, municipal bonds with intermediate maturities generally outperformed other maturity categories, with credits at the longest end of the yield curve posting the weakest returns. Among the New Jersey Funds, NQJ and NNJ were the most advantageously situated in terms of duration and yield curve positioning, with better exposure to the intermediate part of the curve and less exposure to the underper forming longer end of the curve. The same was true of NVY among the Pennsylvania Funds. NJV and NPN, on the other hand, had the longer durations typical of newer Funds that were more recently invested in long-term bonds. Their greater exposure to the underperforming longer segment of the curve detracted from their performance for this period. Overall, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
 
Credit exposure also played a role in performance. During the market reversal of late 2010, as redemption activity in high-yield funds increased and risk aversion mounted, lower-rated credits were negatively impacted. For the period as a whole, bonds rated BBB typically underperformed those rated AAA. As of April 30, 2011, NJV, NPN and NXJ had the heaviest weightings of bonds rated BBB and correspondingly lower weightings in AAA bonds. NNJ held the fewest BBB rated bonds, while NQP had the largest allocation of bonds rated AAA.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included general obligation and other tax-supported bonds, housing credits and resource recovery bonds. The water and sewer and electric utilities sectors also outperformed the municipal market as a whole. All of these Funds had meaningful exposure to the tax-supported sector, which benefited their performance. The Pennsylvania Funds, particularly NQP, also had good allocations to the housing sector, especially the commonwealth’s single-family housing program. In addition, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the stronger performers during this period, primarily due to their shorter effective maturities and higher credit quality. As of April 30, 2011, NNJ had the largest exposure to pre-refunded bonds among the New Jersey Funds, while NQP had the heaviest allocation among the Pennsylvania Funds.
 
In contrast, the health care, transportation, and education sectors turned in relatively weaker performance. In general, the New Jersey Funds tended to have heavier weightings in health care and transportation, which detracted from their performance. Zero coupon bonds also were among the poorest performers.
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their
 
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managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. This is what happened in these Funds during the period, as the use of leverage hurt their overall performance.
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
Shortly after their respective inceptions, each of the Funds (except NJV and NPN) issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multi-generational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable MuniFund Term Preferred (VMTP) Shares, which are a floating rate form of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
 
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While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
 
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NXJ) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
Subsequently, the funds that received demand letters (including NXJ) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
 
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As of April 30, 2011, each of the Funds have redeemed 100% of their original outstanding ARPS at par.
 
MTP Shares
 
As of April 30, 2011, the following Funds have issued and outstanding MTP Shares, at liquidation value, as shown in the accompanying table.

Fund
 
MTP Shares
at Liquidation Value
NXJ
 
$
44,861,000
NUJ
 
$
35,050,000
NXM
 
$
23,190,000
NVY
 
$
24,550,000
 
During the current reporting period, the following Funds completed the issuance of new and/or additional MTP Shares as shown in the accompanying table. The net proceeds from these offerings were used to refinance the Funds’ remaining outstanding ARPS at par. The newly-issued MTP Shares trade on the New York Stock Exchange (NYSE). These MTP Shares are included in the total amount of MTP Shares outstanding in the preceding table.

Fund
   
MTP Shares Issued
at Liquidation Value
   
MTP
 Series
   
Annual
Interest Rate
 
NYSE
TICKER
NXJ
 
$
44,861,000
   
2014
   
2.30
%
 
NXJ PrA
NUJ
 
$
35,050,000
   
2015
   
2.00
%
 
NUJ PrC
NXM
 
$
23,190,000
   
2015
   
2.10
%
 
NXM PrC
NVY
 
$
24,550,000
   
2015
   
2.15
%
 
NVY PrC
 
VRDP Shares
 
During the current reporting period, the following Funds completed the issuance of VRDP Shares as shown in the accompanying table. The net proceeds from these offerings were used to refinance the Funds’ remaining outstanding ARPS at par.
   
   

Fund
    VRDP Shares Issued at Liquidation Value
NQJ
 
$
144,300,000
NNJ
 
$
88,600,000
NQP
 
$
112,500,000
NPY
 
$
100,000,000
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP and VRDP Shares.)
 
Nuveen Investments
 
13

 
 

 
At the time this report was prepared, all 84 of the Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $10.0 billion of the approximately $11.0 billion originally outstanding. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
Regulatory Matters
 
During May 2011, Nuveen Securities, LLC entered into a settlement with the Financial Industry Regulatory Authority (FINRA) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities, LLC neither admitted to nor denied FINRA’s allegations. Nuveen Securities, LLC is the broker-dealer subsidiary of Nuveen Investments.
 
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities, LLC were false and misleading. Nuveen Securities, LLC agreed to a censure and the payment of a $3 million fine.
 
14
 
Nuveen Investments

 
 

 
Common Share Dividend
and Share Price Information
 
During the twelve-month reporting period ended April 30, 2011, NQJ, NNJ, NXJ, NUJ, NQP, NPY, NXM and NVY each had one monthly dividend increase. The monthly dividend of NJV remained stable throughout the reporting period, while NPN’s dividend was cut effective September 2010.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains net ordinary income distributions in December 2010 as follows:

Fund
 
Long-Term Capital Gains
(per share)
 
Short-Term Capital Gains
and/or Ordinary Income
(per share)
 
NQJ
 
$
0.0269
   
 
NNJ
 
$
0.0117
   
 
NXJ
 
$
0.0240
   
 
NUJ
 
$
0.0381
   
 
NJV
   
 
$
0.0246
 
NXM
 
$
0.0486
   
 
NVY
 
$
0.0480
   
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2011, all of the Funds in this report had positive UNII balances for both tax and financial reporting purposes.

Nuveen Investments
 
15

 
 

 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of April 30, 2011, and since the inception of the Funds’ repurchase program, the following Funds have cumulatively repurchased and retired common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase program, NJV, NVY and NPN have not repurchased any of their outstanding common shares.

Fund
Common Shares
Repurchased and Retired
 
% of Outstanding
Common Shares
 
NQJ
30,600
 
0.1
%
NNJ
12,900
 
0.1
%
NXJ
7,200
 
0.1
%
NUJ
2,800
 
0.1
%
NQP
220,600
 
1.4
%
NPY
231,200
 
1.5
%
NXM
10,600
 
0.3
%
 
During the twelve-month reporting period, the Funds did not repurchase any of their outstanding common shares.
 
As of April 30, 2011 and during the twelve-month reporting period, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.

Fund
4/30/11
(-) Discount
Twelve-Month Average
(-) Discount
NQJ
(-)7.38
%
(-)4.48
%
NNJ
(-)5.49
%
(-)3.53
%
NXJ
(-)6.91
%
(-)5.10
%
NUJ
(-)7.72
%
(-)2.78
%
NJV
(-)6.18
%
(-)4.79
%
NQP
(-)7.23
%
(-)5.49
%
NPY
(-)9.10
%
(-)6.29
%
NXM
(-)8.21
%
(-)5.09
%
NVY
(-)7.67
%
(-)4.15
%
NPN
(-)5.61
%
(-)1.91
%
 
16
 
Nuveen Investments

 
 

 
NQJ
 
Nuveen New Jersey
 
Performance
 
Investment Quality
 
OVERVIEW
 
Municipal Fund, Inc.
 
as of April 30, 2011

Fund Snapshot
       
Common Share Price
 
$
12.68
 
Common Share Net Asset Value (NAV)
 
$
13.69
 
Premium/(Discount) to NAV
   
-7.38
%
Market Yield
   
6.53
%
Taxable-Equivalent Yield1
   
9.69
%
Net Assets Applicable to Common Shares ($000)
 
$
279,968
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
33.51
%
Effective Leverage
   
34.99
%

Average Annual Total Return
             
(Inception 2/21/91)
             
   
On Share Price
On NAV
1-Year
   
-0.46
%
 
0.67
%
5-Year
   
2.95
%
 
4.02
%
10-Year
   
4.73
%
 
5.37
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
25.4
%
Transportation
   
20.5
%
Health Care
   
13.9
%
U.S. Guaranteed
   
11.7
%
Education and Civic Organizations
   
10.9
%
Water and Sewer
   
4.4
%
Other
   
13.2
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0269 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.

Nuveen Investments
 
17

 
 

 

NNJ
 
Nuveen New Jersey
 
Performance
 
Premium Income
 
OVERVIEW
 
Municipal Fund, Inc.
 
      as of April 30, 2011
 

Fund Snapshot
     
Common Share Price
 
$
13.44
 
Common Share Net Asset Value (NAV)
 
$
14.22
 
Premium/(Discount) to NAV
   
-5.49
%
Market Yield
   
6.12
%
Taxable-Equivalent Yield1
   
9.08
%
Net Assets Applicable to Common Shares ($000)
 
$
171,212
 
         
Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
33.62
%
Effective Leverage
   
35.03
%

Average Annual Total Return
         
(Inception 12/17/92)
         
   
On Share Price
On NAV
1-Year
   
0.41
%
 
0.57
%
5-Year
   
3.71
%
 
4.19
%
10-Year
   
5.12
%
 
5.36
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
28.2
%
Transportation
   
17.0
%
U.S. Guaranteed
   
16.3
%
Health Care
   
11.3
%
Education and Civic Organizations
   
10.7
%
Water and Sewer
   
4.8
%
Other
   
11.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0117 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
18
 
Nuveen Investments

 
 

 
NXJ
 
Nuveen New Jersey
 
Performance
 
Dividend Advantage
 
OVERVIEW
 
Municipal Fund
 
      as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
12.67
 
Common Share Net Asset Value (NAV)
 
$
13.61
 
Premium/(Discount) to NAV
   
-6.91
%
Market Yield
   
6.58
%
Taxable-Equivalent Yield1
   
9.76
%
Net Assets Applicable to Common Shares ($000)
 
$
89,399
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
32.66
%
Effective Leverage
   
34.92
%
 
Average Annual Total Return
             
(Inception 3/27/01)
             
   
On Share Price
 On NAV
1-Year
   
0.11
%
 
-0.38
%
5-Year
   
2.18
%
 
3.78
%
10-Year
   
4.11
%
 
5.45
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
22.3
%
Transportation
   
16.4
%
Water and Sewer
   
14.8
%
Health Care
   
12.8
%
U.S. Guaranteed
   
11.9
%
Education and Civic Organizations
   
11.1
%
 Other
   
10.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0240 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
Nuveen Investments
 
19

 
 

 
NUJ
 
Nuveen New Jersey
 
Performance
 
Dividend Advantage
 
OVERVIEW
 
Municipal Fund 2
 
 
  as of April 30, 2011
 

Fund Snapshot
       
Common Share Price
 
$
12.55
 
Common Share Net Asset Value (NAV)
 
$
13.60
 
Premium/(Discount) to NAV
   
-7.72
%
Market Yield
   
6.84
%
Taxable-Equivalent Yield1
   
10.15
%
Net Assets Applicable to Common Shares ($000)
 
$
61,503
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
35.79
%
Effective Leverage
   
37.20
%

Average Annual Total Return
             
(Inception 3/25/02)
             
   
On Share Price
On NAV
1-Year
   
-8.75
%
 
0.10
%
5-Year
   
1.89
%
 
3.91
%
Since Inception
   
4.26
%
 
5.57
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
20.1
%
Transportation
   
18.6
%
Health Care
   
18.1
%
U.S. Guaranteed
   
10.4
%
Education and Civic Organizations
   
10.3
%
Long-Term Care
   
6.0
%
Consumer Staples
   
3.4
%
Other
   
13.1
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0381 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
20
 
Nuveen Investments

 
 

 
NJV
 
Nuveen New Jersey
 
Performance
 
Municipal Value
 
OVERVIEW
 
Fund
 
      as of April 30, 2011
 

Fund Snapshot
       
Common Share Price
 
$
13.81
 
Common Share Net Asset Value (NAV)
 
$
14.72
 
Premium/(Discount) to NAV
   
-6.18
%
Market Yield
   
5.56
%
Taxable-Equivalent Yield1
   
8.25
%
Net Assets Applicable to Common Shares ($000)
 
$
22,981
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
%
Effective Leverage
   
6.13
%

Average Annual Total Return
             
(Inception 4/28/09)
             
   
On Share Price
On NAV
1-Year
   
-4.19
%
 
-2.17
%
Since Inception
   
0.93
%
 
6.39
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
35.3
%
Health Care
   
30.4
%
Education and Civic Organizations
   
8.2
%
Transportation
   
6.6
%
Consumer Staples
   
5.2
%
Other
   
14.3
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a net ordinary income distribution in December 2010 of $0.0246 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
Nuveen Investments
 
21

 
 

 
NQP
 
Nuveen Pennsylvania
 
Performance
 
Investment Quality
 
OVERVIEW
 
Municipal Fund
 
      as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
13.09
 
Common Share Net Asset Value (NAV)
 
$
14.11
 
Premium/(Discount) to NAV
   
-7.23
%
Market Yield
   
6.92
%
Taxable-Equivalent Yield1
   
9.91
%
Net Assets Applicable to Common Shares ($000)
 
$
226,905
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
32.62
%
Effective Leverage
   
34.22
%

Average Annual Total Return
         
(Inception 2/21/91)
         
   
On Share Price
On NAV
1-Year
   
2.43
%
 
1.27
%
5-Year
   
5.34
%
 
4.14
%
10-Year
   
4.64
%
 
5.57
%
 
Portfolio Composition3
       
(as a % of total investments)
       
Education and Civic Organizations
   
18.4
%
Tax Obligation/General
   
18.0
%
U.S. Guaranteed
   
17.0
%
Health Care
   
10.7
%
Transportation
   
9.7
%
Housing/Single Family
   
6.1
%
Water and Sewer
   
4.9
%
Utilities
   
4.0
%
Other
   
11.2
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
22
 
Nuveen Investments

 
 

 
NPY
 
Nuveen Pennsylvania
 
Performance
 
Premium Income
 
OVERVIEW
 
Municipal Fund 2
 
 
 
as of April 30, 2011
 

Fund Snapshot
       
Common Share Price
 
$
12.29
 
Common Share Net Asset Value (NAV)
 
$
13.52
 
Premium/(Discount) to NAV
   
-9.10
%
Market Yield
   
6.83
%
Taxable-Equivalent Yield1
   
9.79
%
Net Assets Applicable to Common Shares ($000)
 
$
210,839
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
31.46
%
Effective Leverage
   
33.67
%

Average Annual Total Return
             
(Inception 3/18/93)
             
   
On Share Price
On NAV
1-Year
   
1.48
%
 
1.75
%
5-Year
   
4.02
%
 
4.05
%
10-Year
   
5.31
%
 
5.56
%

Portfolio Composition3
       
(as a % of total investments)
       
Education and Civic Organizations
   
17.3
%
Transportation
   
13.7
%
U.S. Guaranteed
   
13.4
%
Health Care
   
13.2
%
Tax Obligation/General
   
11.4
%
Water and Sewer
   
7.4
%
Tax Obligation/Limited
   
5.7
%
Housing/Single Family
   
4.4
%
Other
   
13.5
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
Nuveen Investments
 
23
 
 
 

 
NXM
 
Nuveen Pennsylvania
 
Performance
 
Dividend Advantage
 
OVERVIEW
 
Municipal Fund
 
      as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
  $
12.85
 
Common Share Net Asset Value (NAV)
  $
14.00
 
Premium/(Discount) to NAV
   
-8.21
%
Market Yield
   
6.77
%
Taxable-Equivalent Yield1
   
9.70
%
Net Assets Applicable to Common Shares ($000)
  $
46,521
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
32.68
%
Effective Leverage
   
34.44
%

Average Annual Total Return
(Inception 3/27/01)
         
   
On Share Price
On NAV
1-Year
   
-0.27
%
 
1.23
%
5-Year
   
1.31
%
 
4.12
%
10-Year
   
4.90
%
 
6.25
%

Portfolio Composition4
       
(as a % of total investments)
       
Education and Civic Organizations
   
16.1
%
Long-Term Care
   
13.6
%
Health Care
   
12.3
%
U.S. Guaranteed
   
11.3
%
Tax Obligation/Limited
   
9.4
%
Tax Obligation/General
   
9.3
%
Transportation
   
8.3
%
Housing/Single Family
   
4.8
%
Other
   
14.9
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0486 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
24
 
Nuveen Investments

 
 

 
NVY   Nuveen Pennsylvania  
Performance
 
Dividend Advantage
 
OVERVIEW
 
Municipal Fund 2
 
      as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
13.00
 
Common Share Net Asset Value (NAV)
 
$
14.08
 
Premium/(Discount) to NAV
   
-7.67
%
Market Yield
   
6.88
%
Taxable-Equivalent Yield1
   
9.86
%
Net Assets Applicable to Common Shares ($000)
 
$
52,470
 
         
Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
30.12
%
Effective Leverage
   
35.64
%

Average Annual Total Return
         
(Inception 3/25/02)
         
   
On Share Price
On NAV
1-Year
   
-2.00
%
 
1.89
%
5-Year
   
3.90
%
 
4.33
%
Since Inception
   
4.66
%
 
5.80
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
15.1
%
Tax Obligation/General
   
14.9
%
U.S. Guaranteed
   
14.0
%
Education and Civic Organizations
   
    12.7
%
Health Care
   
9.7
%
Water and Sewer
   
6.8
%
Transportation
   
6.5
%
Long-Term Care
   
6.3
%
Other
   
14.0
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0480 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
Nuveen Investments
 
25
 
 
 

 
NPN
 
Nuveen Pennsylvania
 
Performance
 
Municipal Value Fund
 
OVERVIEW
     
      as of April 30, 2011


Fund Snapshot
       
Common Share Price
 
$
13.96
 
Common Share Net Asset Value (NAV)
 
$
14.79
 
Premium/(Discount) to NAV
   
-5.61
%
Market Yield
   
5.42
%
Taxable-Equivalent Yield1
   
7.77
%
Net Assets Applicable to Common Shares ($000)
 
$
18,029
 

Leverage
       
(as a % of managed assets)
       
Structural Leverage
   
%
Effective Leverage
   
11.10
%

Average Annual Total Return
         
(Inception 4/28/09)
         
   
On Share Price
On NAV
1-Year
   
-4.77
%
 
0.59
%
Since Inception
   
1.35
%
 
6.65
%

Portfolio Composition3
       
(as a % of total investments)
       
Health Care
   
27.9
%
Tax Obligation/Limited
   
16.9
%
Water and Sewer
   
15.4
%
Education and Civic Organizations
   
9.9
%
Transportation
   
5.7
%
Housing/Multifamily
   
4.7
%
Housing/Single Family
   
4.4
%
Long-Term Care
   
4.4
%
Other
   
10.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
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 30.2%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
26
 
Nuveen Investments

 
 

 
NQJ
 
Shareholder Meeting Report (Unaudited)
NNJ
   
NXJ
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on November 16, 2010; at this meeting the shareholders were asked to vote on the election of Board Members.
 
 
NQJ
 
NNJ
 
NXJ
 
Common and
 
 
Common and
    Common and  
 
Preferred
Preferred
 
Preferred
Preferred
 
Preferred
Preferred
 
shares voting
shares voting
 
shares voting
shares voting
 
shares voting
shares voting
 
together
together
 
together
together
 
together
together
 
as a class
as a class
 
as a class
as a class
 
as a class
as a class
Approval of the Board Members was reached as follows:
               
John P. Amboian
               
For
18,197,493
 
10,555,678
 
Withhold
360,395
 
250,202
 
Total
18,557,888
 
10,805,880
 
Robert P. Bremner
               
For
18,192,181
 
10,528,122
 
Withhold
365,707
 
277,758
 
Total
18,557,888
 
10,805,880
 
Jack B. Evans
               
For
18,203,895
 
10,535,333
 
Withhold
353,993
 
270,547
 
Total
18,557,888
 
10,805,880
 
William C. Hunter
               
For
1,143
 
686
 
655
Withhold
150
 
200
 
Total
1,293
 
886
 
655
David J. Kundert
               
For
18,201,550
 
10,534,839
 
Withhold
356,338
 
271,041
 
Total
18,557,888
 
10,805,880
 
William J. Schneider
               
For
1,143
 
686
 
655
Withhold
150
 
200
 
Total
1,293
 
886
 
655
Judith M. Stockdale
               
For
18,179,478
 
10,557,005
 
6,022,670
Withhold
378,410
 
248,875
 
121,388
Total
18,557,888
 
10,805,880
 
6,144,058
Carole E. Stone
               
For
18,185,535
 
10,550,142
 
6,025,435
Withhold
372,353
 
255,738
 
118,623
Total
18,557,888
 
10,805,880
 
6,144,058
Terence J. Toth
               
For
18,211,106
 
10,556,517
 
Withhold
346,782
 
249,363
 
Total
18,557,888
 
10,805,880
 
 
Nuveen Investments
 
27
 
 
 

 
NUJ
 
Shareholder Meeting Report (Unaudited) (continued)
NJV
   
 
   
NUJ
 
NJV
   
Common and
     
   
Preferred
Preferred
   
   
shares voting
shares voting
   
   
together
together
 
Common
   
as a class
as a class
 
Shares
Approval of the Board Members was reached as follows:
         
John P. Amboian
         
For
 
 
Withhold
 
 
Total
 
 
Robert P. Bremner
         
For
 
 
Withhold
 
 
Total
 
 
Jack B. Evans
         
For
 
 
Withhold
 
 
Total
 
 
William C. Hunter
         
For
 
684
 
1,486,486
Withhold
 
1
 
56,122
Total
 
685
 
1,542,608
David J. Kundert
         
For
 
 
Withhold
 
 
Total
 
 
William J. Schneider
         
For
 
684
 
Withhold
 
1
 
Total
 
685
 
Judith M. Stockdale
         
For
 
4,135,267
 
1,486,486
Withhold
 
87,675
 
56,122
Total
 
4,222,942
 
1,542,608
Carole E. Stone
         
For
 
4,143,407
 
1,486,486
Withhold
 
79,535
 
56,122
Total
 
4,222,942
 
1,542,608
Terence J. Toth
         
For
 
 
Withhold
 
 
Total
 
 
 
28
 
Nuveen Investments
 
 
 

 
 
NQP
 
NPY
 
NXM
 
 
 
NQP
 
NPY
 
NXM
 
Common and
 
 
Common and
    Common and  
 
Preferred
Preferred
 
Preferred
Preferred
 
Preferred
Preferred
 
shares voting
shares voting
 
shares voting
shares voting
 
shares voting
shares voting
 
together
together
 
together
together
 
together
together
 
as a class
as a class
 
as a class
as a class
 
as a class
as a class
Approval of the Board Members was reached as follows:
               
John P. Amboian
               
For
 
 
Withhold
 
 
Total
 
 
Robert P. Bremner
               
For
 
 
Withhold
 
 
Total
 
 
Jack B. Evans
               
For
 
 
Withhold
 
 
Total
 
 
William C. Hunter
               
For
765
 
680
 
450
Withhold
250
 
 
Total
1,015
 
680
 
450
David J. Kundert
               
For
 
 
Withhold
 
 
Total
 
 
William J. Schneider
               
For
765
 
680
 
450
Withhold
250
 
 
Total
1,015
 
680
 
450
Judith M. Stockdale
               
For
14,074,193
 
13,616,257
 
3,090,478
Withhold
421,942
 
490,288
 
62,548
Total
14,496,135
 
14,106,545
 
3,153,026
Carole E. Stone
               
For
14,052,146
 
13,646,933
 
3,090,478
Withhold
443,989
 
459,612
 
62,548
Total
14,496,135
 
14,106,545
 
3,153,026
Terence J. Toth
               
For
 
 
Withhold
 
 
Total
 
 
 
Nuveen Investments
 
29
 
 
 

 

NVY
  Shareholder Meeting Report (Unaudited) (continued)
NPN
   

 
NVY
 
NPN
 
Common and
     
 
Preferred
Preferred
   
 
shares voting
shares voting
   
 
together
together
 
Common
 
as a class
as a class
 
Shares
Approval of the Board Members was reached as follows:
       
John P. Amboian
       
For
 
Withhold
 
Total
 
Robert P. Bremner
       
For
 
Withhold
 
Total
 
Jack B. Evans
       
For
 
Withhold
 
Total
 
William C. Hunter
       
For
394
 
1,074,841
Withhold
 
102,899
Total
394
 
1,177,740
David J. Kundert
       
For
 
Withhold
 
Total
 
William J. Schneider
       
For
394
 
Withhold
 
Total
394
 
Judith M. Stockdale
       
For
3,515,672
 
1,074,841
Withhold
87,178
 
102,899
Total
3,602,850
 
1,177,740
Carole E. Stone
       
For
3,487,632
 
1,074,841
Withhold
115,218
 
102,899
Total
3,602,850
 
1,177,740
Terence J. Toth
       
For
 
Withhold
 
Total
 
 
30
 
Nuveen Investments
 
 
 

 
 
Report of Independent
Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
Nuveen New Jersey Premium Income Municipal Fund, Inc.
Nuveen New Jersey Dividend Advantage Municipal Fund
Nuveen New Jersey Dividend Advantage Municipal Fund 2
Nuveen New Jersey Municipal Value Fund
Nuveen Pennsylvania Investment Quality Municipal
Fund Nuveen Pennsylvania Premium Income Municipal Fund 2
Nuveen Pennsylvania Dividend Advantage Municipal
Fund Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
Nuveen Pennsylvania Municipal Value Fund
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen New Jersey Investment Quality Municipal Fund, Inc., Nuveen New Jersey Premium Income Municipal Fund, Inc., Nuveen New Jersey Dividend Advantage Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund 2, Nuveen New Jersey Municipal Value Fund, Nuveen Pennsylvania Investment Quality Municipal Fund, Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund, Nuveen Pennsylvania Dividend Advantage Municipal Fund 2, and Nuveen Pennsylvania Municipal Value Fund (the “Funds”) as of April 30, 2011, and the related statements of operations and cash flows (Nuveen New Jersey Investment Quality Municipal Fund, Inc., Nuveen New Jersey Premium Income Municipal Fund, Inc., Nuveen New Jersey Dividend Advantage Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund 2, Nuveen Pennsylvania Investment Quality Municipal Fund, Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund, and Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 only) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen New Jersey Investment Quality Municipal Fund, Inc., Nuveen New Jersey Premium Income Municipal Fund, Inc., Nuveen New Jersey Dividend Advantage Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund 2, Nuveen New Jersey Municipal Value Fund, Nuveen Pennsylvania Investment Quality Municipal Fund, Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund, Nuveen Pennsylvania Dividend Advantage Municipal Fund 2, and Nuveen Pennsylvania Municipal Value Fund at April 30, 2011, and the results of their operations and cash flows (Nuveen New Jersey Investment Quality Municipal Fund, Inc., Nuveen New Jersey Premium Income Municipal Fund, Inc., Nuveen New Jersey Dividend Advantage Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund 2, Nuveen Pennsylvania Investment Quality Municipal Fund, Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Dividend Advantage Municipal Fund, and Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 only) for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
June 24, 2011
 
Nuveen Investments
 
31
 
 
 

 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc.
NQJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
         
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
         
$
800
 
5.000%, 1/01/32
1/15 at 100.00
B3
$
459,904
 
 
690
 
5.125%, 1/01/37
1/15 at 100.00
B3
 
396,771
 
 
1,490
 
Total Consumer Discretionary
     
856,675
 
     
Consumer Staples – 4.7 (3.2% of Total Investments)
         
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
         
 
3,005
 
4.500%, 6/01/23
6/17 at 100.00
BBB
 
2,540,547
 
 
6,800
 
4.750%, 6/01/34
6/17 at 100.00
Baa3
 
4,224,092
 
 
10,000
 
5.000%, 6/01/41
6/17 at 100.00
Baa3
 
6,240,000
 
 
19,805
 
Total Consumer Staples
     
13,004,639
 
     
Education and Civic Organizations – 16.1% (10.9% of Total Investments)
         
 
1,000
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 – AMBAC Insured
6/15 at 100.00
N/R
 
981,690
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured
7/13 at 100.00
N/R
 
1,751,900
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
 
501,975
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.000%, 7/01/27
7/17 at 100.00
BBB+
 
976,630
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
         
 
3,555
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
 
3,486,495
 
 
2,295
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
 
2,162,716
 
 
120
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/22 – NPFG Insured
7/14 at 100.00
A1
 
124,177
 
 
1,225
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F, 5.000%, 7/01/16 – FGIC Insured
7/15 at 100.00
A1
 
1,347,365
 
 
2,770
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured
7/16 at 100.00
A1
 
2,632,885
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
         
 
1,260
 
5.000%, 7/01/19 – AMBAC Insured
1/14 at 100.00
A+
 
1,299,463
 
 
2,510
 
4.750%, 7/01/20 – AMBAC Insured
1/14 at 100.00
A+
 
2,559,372
 
 
185
 
4.250%, 7/01/24 – AMBAC Insured
1/14 at 100.00
A+
 
184,528
 
 
1,500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C, 5.250%, 7/01/32
7/20 at 100.00
A2
 
1,496,085
 
 
1,495
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H, 5.000%, 7/01/16 – FGIC Insured
7/14 at 100.00
A2
 
1,607,544
 
 
610
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 – RAAI Insured
7/14 at 100.00
BBB+
 
622,383
 
 
510
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2007C, 5.000%, 7/01/37 – RAAI Insured
7/12 at 100.00
BBB+
 
440,941
 
 
1,430
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/21 – FGIC Insured
7/14 at 100.00
A1
 
1,461,145
 
 
1,050
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Rider University, Series 2002A, 5.000%, 7/01/17 – RAAI Insured
7/12 at 100.00
BBB+
 
1,068,018
 
 
450
 
New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
 
433,913
 
 
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.125%, 6/01/17 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Aaa
 
2,004,620
 
 
32
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
         
$
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)
6/18 at 100.00
AA+
$
2,068,300
 
 
720
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
 
702,850
 
 
950
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.550%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
 
1,061,644
 
 
4,235
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001, 5.250%, 9/01/21
9/11 at 100.00
BBB
 
4,235,508
 
     
University of Medicine and Dentistry of New Jersey, Certificates of Participation, Child Health Institute, LLC, Series 2003:
         
 
1,945
 
5.000%, 4/15/20 – AMBAC Insured
4/13 at 100.00
BBB+
 
1,971,880
 
 
1,370
 
5.000%, 4/15/22 – AMBAC Insured
4/13 at 100.00
BBB+
 
1,381,385
 
     
University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A:
         
 
2,100
 
5.000%, 12/01/24 – AMBAC Insured
12/12 at 100.00
Baa1
 
2,101,806
 
 
4,000
 
5.500%, 12/01/27 – AMBAC Insured
12/12 at 100.00
Baa1
 
4,004,480
 
 
290
 
5.000%, 12/01/31 – AMBAC Insured
12/12 at 100.00
Baa1
 
266,226
 
 
45,075
 
Total Education and Civic Organizations
     
44,937,924
 
     
Financials – 1.7% (1.2% of Total Investments)
         
 
5,000
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
 
4,786,350
 
     
Health Care – 20.4% (13.9% of Total Investments)
         
     
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A:
         
 
2,200
 
5.000%, 2/15/25
2/15 at 100.00
BBB
 
1,946,186
 
 
1,000
 
5.750%, 2/15/34
8/14 at 100.00
BBB
 
882,250
 
 
1,920
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
 
1,882,330
 
 
5,750
 
New Jersey Health Care Facilities Financing Authority, FHA-Insured Mortgage Revenue Bonds, Jersey City Medical Center, Series 2001, 5.000%,
8/01/41 – AMBAC Insured
8/11 at 100.00
N/R
 
5,402,873
 
 
1,175
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.492%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA+
 
1,206,866
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
BBB–
 
1,714,360
 
 
3,750
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
 
3,525,825
 
 
1,265
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured
7/17 at 100.00
Aa3
 
1,236,689
 
 
400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
 
356,600
 
 
650
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
 
574,509
 
 
615
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
 
556,169
 
 
3,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001, 5.500%, 7/01/21
7/11 at 100.00
A2
 
3,001,470
 
 
3,535
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Series 1999, 5.250%, 7/01/29 – AGM Insured
7/11 at 100.00
AA+
 
3,534,753
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B:
         
 
1,495
 
5.000%, 7/01/25 – RAAI Insured
7/15 at 100.00
N/R
 
1,370,900
 
 
1,600
 
5.000%, 7/01/35 – RAAI Insured
7/15 at 100.00
N/R
 
1,329,616
 
 
Nuveen Investments
 
33

 
 

 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
April 30, 2011
 
                 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care (continued)
         
$
1,885
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
1/17 at 100.00
BBB–
$
1,510,413
 
 
2,300
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
 
2,255,725
 
 
2,850
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
 
2,696,699
 
 
3,300
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
 
2,454,936
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2006:
         
 
670
 
5.000%, 7/01/25
7/16 at 100.00
A2
 
667,936
 
 
4,410
 
5.000%, 7/01/36
7/16 at 100.00
A2
 
4,027,124
 
 
1,295
 
5.000%, 7/01/46
7/16 at 100.00
A2
 
1,145,272
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Peter’s University Hospital, Series 2000A, 6.875%, 7/01/20
7/11 at 100.00
BBB–
 
2,001,200
 
 
3,135
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
1/12 at 100.00
N/R
 
2,438,905
 
 
2,605
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, St. Barnabas Healthcare System – West Hudson Hospital Obligated Group, Series 1998A, 5.000%, 7/01/23 – NPFG Insured
7/11 at 100.00
Baa1
 
2,405,353
 
 
3,595
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
 
3,393,464
 
 
3,535
 
Newark, New Jersey, GNMA Collateralized Healthcare Facility Revenue Bonds, New Community Urban Renewal Corporation, Series 2001A, 5.200%, 6/01/30
6/12 at 102.00
Aaa
 
3,520,012
 
 
61,935
 
Total Health Care
     
57,038,435
 
     
Housing/Multifamily – 1.9% (1.3% of Total Investments)
         
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
         
 
1,830
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
 
1,704,261
 
 
1,050
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
 
943,572
 
 
2,743
 
Newark Housing Authority, New Jersey, GNMA Collateralized Housing Revenue Bonds, Fairview Apartments Project, Series 2000A, 6.400%, 10/20/34 (Alternative Minimum Tax)
10/11 at 100.00
Aaa
 
2,755,956
 
 
5,623
 
Total Housing/Multifamily
     
5,403,789
 
     
Housing/Single Family – 1.9% (1.3% of Total Investments)
         
 
300
 
New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series 2000CC, 5.875%, 10/01/31 – NPFG Insured (Alternative Minimum Tax)
10/11 at 100.00
Aaa
 
300,093
 
 
335
 
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
 
304,900
 
 
2,330
 
Puerto Rico Housing Finance Corporation, Mortgage-Backed Securities Home Mortgage Revenue Bonds, Series 2001A, 5.200%, 12/01/33
6/11 at 100.00
Aaa
 
2,330,419
 
 
2,330
 
Puerto Rico Housing Finance Corporation, Mortgage-Backed Securities Home Mortgage Revenue Bonds, Series 2001B, 5.300%, 12/01/28 (Alternative Minimum Tax)
6/11 at 100.00
Aaa
 
2,330,047
 
 
5,295
 
Total Housing/Single Family
     
5,265,459
 
     
Long-Term Care – 2.8% (1.9% of Total Investments)
         
 
1,870
 
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38
1/18 at 100.00
N/R
 
1,493,999
 
 
1,125
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.750%, 11/01/24
11/14 at 100.00
N/R
 
1,118,531
 
 
2,695
 
New Jersey Economic Development Authority, GNMA Collateralized Mortgage Revenue Bonds, Victoria Health Corporation, Series 2001A, 5.200%, 12/20/36
12/11 at 103.00
Aaa
 
2,586,149
 
 
34
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Long-Term Care (continued)
         
$
595
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.875%, 6/01/18
6/11 at 102.00
A–
$
607,721
 
 
1,100
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2002, 5.250%, 6/01/32
6/13 at 102.00
A–
 
1,010,581
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, House of the Good Shepherd Obligated Group, Series 2001, 5.100%, 7/01/21 – RAAI Insured
7/11 at 100.00
N/R
 
885,420
 
 
8,385
 
Total Long-Term Care
     
7,702,401
 
     
Tax Obligation/General – 3.3% (2.2% of Total Investments)
         
 
4,300
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
 
4,479,439
 
 
930
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
 
992,766
 
     
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004:
         
 
1,690
 
5.000%, 9/01/16 – AMBAC Insured
9/14 at 100.00
A–
 
1,785,806
 
 
1,865
 
4.750%, 9/01/18 – AMBAC Insured
9/14 at 100.00
A–
 
1,931,114
 
 
8,785
 
Total Tax Obligation/General
     
9,189,125
 
     
Tax Obligation/Limited – 37.2% (25.4% of Total Investments)
         
 
1,775
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
 
2,037,931
 
 
1,965
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
 
2,209,839
 
 
2,650
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
 
3,101,216
 
     
Gloucester County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2005A:
         
 
1,000
 
5.000%, 9/01/21 – NPFG Insured
9/15 at 100.00
AA+
 
1,070,750
 
 
1,420
 
5.000%, 9/01/22 – NPFG Insured
9/15 at 100.00
AA+
 
1,513,706
 
     
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
         
 
1,090
 
5.000%, 4/01/25 – AMBAC Insured
4/15 at 100.00
AA–
 
1,120,596
 
 
2,525
 
5.000%, 4/01/35 – AMBAC Insured
4/15 at 100.00
AA–
 
2,512,678
 
 
1,445
 
Lower Township Municipal Utilities Authority, Cape May County, New Jersey, Revenue Bonds, Series 2003D, 5.000%, 12/01/16 – FGIC Insured
No Opt. Call
N/R
 
1,506,889
 
     
Middlesex County Improvement Authority, New Jersey, County Guaranteed Open Space Trust Fund Revenue Bonds, Series 2003:
         
 
1,000
 
5.250%, 9/15/16
9/13 at 100.00
AAA
 
1,085,420
 
 
2,000
 
5.250%, 9/15/18
9/13 at 100.00
AAA
 
2,170,840
 
 
5,700
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26
6/16 at 100.00
A+
 
5,756,088
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
         
 
1,965
 
5.500%, 6/15/24
6/12 at 100.00
BBB
 
1,834,151
 
 
2,500
 
5.750%, 6/15/29
6/14 at 100.00
BBB
 
2,281,950
 
 
5,750
 
5.750%, 6/15/34
6/14 at 100.00
BBB
 
5,117,903
 
 
4,675
 
New Jersey Economic Development Authority, Lease Revenue Bonds, Liberty State Park Project, Series 2005C, 5.000%, 3/01/27 – AGM Insured
3/15 at 100.00
AA+
 
4,708,754
 
 
5,000
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
7/14 at 100.00
A
 
5,431,800
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
         
 
205
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
 
183,487
 
 
345
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
 
282,741
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
         
 
1,965
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
 
1,855,078
 
 
3,930
 
5.000%, 9/01/37
9/17 at 100.00
A+
 
3,710,156
 
 
Nuveen Investments
 
35

 
 

 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
April 30, 2011
 
                 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
         
$
1,925
 
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured
No Opt. Call
AA+
$
2,107,798
 
 
2,500
 
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2003, 5.000%, 9/15/25
9/13 at 100.00
A+
 
2,489,725
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
         
 
2,885
 
5.000%, 9/15/18 – AMBAC Insured
9/15 at 100.00
A+
 
3,044,252
 
 
4,455
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
 
4,489,571
 
 
850
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
 
815,405
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
         
 
1,075
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
 
1,160,678
 
 
1,900
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
 
2,027,319
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
AA–
 
3,438,720
 
 
4,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
 
4,707,812
 
 
4,200
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
 
4,721,094
 
 
3,890
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
 
4,108,151
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
10,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA+
 
2,333,000
 
 
15,355
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA+
 
3,321,440
 
 
15,310
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA+
 
3,066,899
 
 
2,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
12/17 at 100.00
A+
 
2,518,075
 
 
4,100
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
 
4,182,328
 
 
1,625
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Project, Series 2005, 5.000%, 5/01/30 – AMBAC Insured
5/15 at 100.00
Aa3
 
1,633,483
 
 
1,315
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
A3
 
1,041,717
 
 
2,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
8/20 at 100.00
A+
 
2,011,060
 
 
1,650
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
 
1,553,360
 
 
142,740
 
Total Tax Obligation/Limited
     
104,263,860
 
     
Transportation – 30.0% (20.5% of Total Investments)
         
 
2,250
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
A–
 
2,287,013
 
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
         
 
2,000
 
5.000%, 1/01/25 – NPFG Insured
1/15 at 100.00
A1
 
2,049,700
 
 
4,050
 
5.000%, 1/01/26 – NPFG Insured
1/15 at 100.00
A1
 
4,134,078
 
 
1,500
 
5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
 
1,530,630
 
     
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+
 
987,920
 
 
3,300
 
5.000%, 1/01/40
1/20 at 100.00
A–
 
3,260,136
 
 
2,960
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2001A, 5.200%, 1/01/27 – AGM Insured
1/12 at 100.00
AA+
 
2,975,629
 
 
3,000
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax)
11/11 at 100.00
CCC+
 
2,444,580
 
 
36
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Transportation (continued)
         
$
3,405
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
$
3,578,042
 
 
160
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
 
188,282
 
 
9,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
10,066,104
 
 
1,265
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
AA+
 
1,387,035
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
A+
 
3,972,280
 
 
1,260
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
 
1,240,470
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
         
 
7,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
Aa2
 
7,207,269
 
 
3,000
 
5.000%, 12/01/34
No Opt. Call
Aa2
 
3,022,560
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.482%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
AA+
 
1,039,480
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
 
2,011,940
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Fifth Series 2002:
         
 
2,280
 
5.000%, 10/15/26 – AGM Insured
4/12 at 101.00
AA+
 
2,320,698
 
 
5,000
 
5.000%, 4/15/32 – AGM Insured
4/12 at 101.00
AA+
 
5,036,100
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
         
 
3,500
 
7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
Baa1
 
3,657,710
 
 
6,605
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Baa1
 
6,357,774
 
 
12,130
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Baa1
 
11,358,046
 
 
2,000
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2002K, 5.100%, 1/01/33
1/13 at 100.00
A–
 
1,966,380
 
 
84,165
 
Total Transportation
     
84,079,856
 
     
U.S. Guaranteed – 17.1% (11.7% of Total Investments) (5)
         
 
2,500
 
Bergen County Improvement Authority, New Jersey, Revenue Bonds, Yeshiva Ktana of Passaic Project, Series 2002, 6.000%, 9/15/27 (Pre-refunded 9/01/12)
9/12 at 101.00
N/R (5)
 
2,700,575
 
 
1,500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2003D, 5.250%, 7/01/20 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
A2 (5)
 
1,649,430
 
 
1,925
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
 
2,256,447
 
 
1,380
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/22 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A2 (5)
 
1,558,903
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
         
 
2,000
 
5.000%, 7/01/18 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
 
2,301,740
 
 
1,175
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
 
1,352,272
 
 
2,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
A2 (5)
 
2,105,900
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2001G:
         
 
1,000
 
5.250%, 7/01/20 (Pre-refunded 7/01/11) – NPFG Insured
7/11 at 100.00
A+ (5)
 
1,008,540
 
 
1,945
 
5.250%, 7/01/21 (Pre-refunded 7/01/11) – NPFG Insured
7/11 at 100.00
A+ (5)
 
1,961,610
 
 
1,300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2003I, 5.125%, 7/01/21 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
A+ (5)
 
1,426,009
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C:
         
 
1,195
 
5.000%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (5)
 
1,348,474
 
 
1,875
 
5.000%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (5)
 
2,115,806
 
 
Nuveen Investments
 
37

 
 

 
   
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (continued)
NQJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
         
$
2,840
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
$
3,096,963
 
 
7,860
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
 
8,361,310
 
 
1,690
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)
No Opt. Call
N/R (5)
 
1,970,743
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
         
 
170
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
206,453
 
 
55
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (5)
 
67,293
 
 
2,505
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
2,807,930
 
 
1,250
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
 
1,394,825
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
         
 
955
 
5.750%, 6/01/32 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
994,642
 
 
3,000
 
6.000%, 6/01/37 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
3,184,560
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
         
 
1,175
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
1,185,845
 
 
2,625
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
2,885,321
 
 
43,920
 
Total U.S. Guaranteed
     
47,941,591
 
     
Utilities – 2.7% (1.9% of Total Investments)
         
 
2,055
 
Mercer County Improvement Authority, New Jersey, Solid Waste Revenue Bonds, Regional Sludge Project, Series 2003, 5.000%, 12/15/14 – FGIC Insured
12/13 at 100.00
AA+
 
2,239,888
 
 
2,500
 
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Refunding Bonds, PSEG Power LLC Project, Series 2001A, 5.750%, 4/01/31 (Alternative Minimum Tax)
4/12 at 101.00
Baa1
 
2,446,250
 
 
3,000
 
Union County Utilities Authority, New Jersey, Solid Waste Facility Senior Lien Revenue Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.000%, 6/01/23 – AMBAC Insured (Alternative Minimum Tax)
6/11 at 100.00
A
 
2,959,200
 
 
7,555
 
Total Utilities
     
7,645,338
 
     
Water and Sewer – 6.4% (4.4% of Total Investments)
         
 
3,000
 
Jersey City Municipal Utilities Authority, Hudson County, New Jersey, Sewer Revenue Bonds, Series 2001A-2, 5.200%, 7/15/21 – FGIC Insured (Alternative Minimum Tax)
7/11 at 100.00
BBB
 
3,000,960
 
     
Lacey Municipal Utilities Authority, Ocean County, New Jersey, Water Revenue Bonds, Series 2003B:
         
 
1,750
 
5.000%, 12/01/17 – FGIC Insured
12/13 at 100.00
N/R
 
1,830,238
 
 
1,835
 
5.000%, 12/01/18 – FGIC Insured
12/13 at 100.00
N/R
 
1,913,923
 
 
1,000
 
5.000%, 12/01/19 – FGIC Insured
12/13 at 100.00
N/R
 
1,031,010
 
 
3,000
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
 
2,972,910
 
 
1,080
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
 
1,025,071
 
 
38
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
         
     
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A:
         
$
3,000
 
5.250%, 8/01/16 – FGIC Insured
8/12 at 100.00
N/R
$
3,100,860
 
 
3,000
 
5.250%, 8/01/18 – FGIC Insured
8/12 at 100.00
N/R
 
3,076,770
 
 
17,665
 
Total Water and Sewer
     
17,951,742
 
$
457,438
 
Total Investments (cost $421,705,226) – 146.5%
     
410,067,184
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (51.6)% (6)
     
(144,300,000
     
Other Assets Less Liabilities – 5.1%
     
14,200,804
 
     
Net Assets Applicable to Common Shares – 100%
   
$
279,967,988
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 (5)   Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.2%.
  N/R   Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
39

 
 

 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc.
NNJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
         
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
         
$
480
 
5.000%, 1/01/32
1/15 at 100.00
B3
$
275,942
 
 
415
 
5.125%, 1/01/37
1/15 at 100.00
B3
 
238,637
 
 
895
 
Total Consumer Discretionary
     
514,579
 
     
Consumer Staples – 3.8% (2.5% of Total Investments)
         
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
         
 
785
 
4.500%, 6/01/23
6/17 at 100.00
BBB
 
663,670
 
 
3,945
 
4.750%, 6/01/34
6/17 at 100.00
Baa3
 
2,450,595
 
 
5,300
 
5.000%, 6/01/41
6/17 at 100.00
Baa3
 
3,307,200
 
 
10,030
 
Total Consumer Staples
     
6,421,465
 
     
Education and Civic Organizations – 15.9% (10.7% of Total Investments)
         
 
1,125
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 – AMBAC Insured
6/15 at 100.00
N/R
 
1,104,401
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured
7/13 at 100.00
N/R
 
437,975
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
 
301,185
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
         
 
2,090
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
 
2,049,726
 
 
3,350
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
 
3,156,906
 
 
100
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/19 – NPFG Insured
7/14 at 100.00
A1
 
105,126
 
 
970
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured
7/16 at 100.00
A1
 
921,985
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
         
 
1,375
 
5.000%, 7/01/18 – AMBAC Insured
1/14 at 100.00
A+
 
1,427,649
 
 
725
 
5.000%, 7/01/19 – AMBAC Insured
1/14 at 100.00
A+
 
747,707
 
 
1,530
 
4.750%, 7/01/20 – AMBAC Insured
1/14 at 100.00
A+
 
1,560,095
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C, 5.375%, 7/01/41
7/20 at 100.00
A2
 
981,610
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H:
         
 
1,640
 
5.000%, 7/01/18 – FGIC Insured
7/14 at 100.00
A2
 
1,730,085
 
 
1,040
 
5.000%, 7/01/23 – FGIC Insured
7/14 at 100.00
A2
 
1,066,114
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 – RAAI Insured
7/14 at 100.00
BBB+
 
306,090
 
 
270
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
 
260,348
 
 
1,405
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 1999A, 5.250%, 6/01/18 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
A
 
1,406,461
 
 
985
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/15 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Aaa
 
987,738
 
 
2,000
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)
6/18 at 100.00
AA+
 
2,068,300
 
 
450
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
 
439,281
 
 
550
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.550%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
 
614,636
 
 
40
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
         
$
2,025
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, Child Health Institute, LLC, Series 2003, 5.000%, 4/15/21 – AMBAC Insured
4/13 at 100.00
BBB+
$
2,048,126
 
 
1,000
 
University of Medicine and Dentistry of New Jersey, Certificates of Participation, University Housing Associates, LLC, Series 2004, 5.000%, 6/15/29 – NPFG Insured
6/14 at 100.00
BBB+
 
960,200
 
 
2,750
 
University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A, 5.000%, 12/01/31 – AMBAC Insured
12/12 at 100.00
Baa1
 
2,524,555
 
 
27,480
 
Total Education and Civic Organizations
     
27,206,299
 
     
Financials – 0.8% (0.6% of Total Investments)
         
 
1,500
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
 
1,435,905
 
     
Health Care – 16.7% (11.3% of Total Investments)
         
     
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A:
         
 
685
 
5.000%, 2/15/25
2/15 at 100.00
BBB
 
605,972
 
 
620
 
5.750%, 2/15/34
8/14 at 100.00
BBB
 
546,995
 
 
1,120
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
 
1,098,026
 
 
695
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.492%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA+
 
713,848
 
 
1,615
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
 
1,518,455
 
 
240
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
 
213,960
 
 
700
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
 
618,702
 
 
375
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
 
339,128
 
 
3,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001, 5.625%, 7/01/31
7/11 at 100.00
A2
 
3,308,235
 
 
1,700
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Series 1999, 5.625%, 7/01/12 – AGM Insured
7/11 at 100.00
AA+
 
1,705,627
 
 
465
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002, 6.625%, 7/01/31
7/12 at 101.00
BB+
 
415,808
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B, 5.000%, 7/01/35 – RAAI Insured
7/15 at 100.00
N/R
 
831,010
 
 
1,160
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
1/17 at 100.00
BBB–
 
929,485
 
 
1,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
 
1,471,125
 
 
1,675
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
 
1,584,902
 
 
2,010
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
 
1,495,279
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2006:
         
 
1,245
 
5.000%, 7/01/36
7/16 at 100.00
A2
 
1,136,909
 
 
1,155
 
5.000%, 7/01/46
7/16 at 100.00
A2
 
1,021,459
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Peter’s University Hospital, Series 2000A:
         
 
2,050
 
6.875%, 7/01/20
7/11 at 100.00
BBB–
 
2,051,230
 
 
95
 
6.875%, 7/01/30
7/11 at 100.00
BBB–
 
94,438
 

Nuveen Investments
 
41

 
 

 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
NNJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care (continued)
         
$
630
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Atlantic City Medical Center, Series 2002, 5.750%, 7/01/25
7/12 at 100.00
A+
$
638,417
 
 
1,710
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.000%, 7/01/22 – RAAI Insured
1/12 at 100.00
N/R
 
1,510,836
 
 
2,155
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
 
2,034,191
 
 
2,650
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Adjustable Rate Industrial Revenue Bonds, American Home Products Corporation, Series 1983A, 5.100%, 12/01/18
6/11 at 100.00
A1
 
2,659,302
 
 
30,750
 
Total Health Care
     
28,543,339
 
     
Housing/Multifamily – 3.6% (2.4% of Total Investments)
         
 
340
 
Essex County Improvement Authority, New Jersey, FNMA Enhanced Multifamily Revenue Bonds, Mount Carmel Towers, Series 2002, 4.750%, 11/01/22 (Alternative Minimum Tax)
11/12 at 100.00
Aaa
 
340,830
 
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
         
 
1,100
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
 
1,024,419
 
 
550
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
 
494,252
 
 
4,445
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.550%, 5/01/27 – AMBAC Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
4,298,669
 
 
6,435
 
Total Housing/Multifamily
     
6,158,170
 
     
Housing/Single Family – 0.3% (0.2% of Total Investments)
         
 
575
 
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
 
523,336
 
     
Long-Term Care – 1.5% (1.0% of Total Investments)
         
 
1,095
 
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
 
874,828
 
 
750
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.800%, 11/01/31
11/14 at 100.00
N/R
 
718,800
 
 
1,000
 
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.500%, 6/01/21
6/11 at 102.00
A–
 
1,010,940
 
 
2,845
 
Total Long-Term Care
     
2,604,568
 
     
Tax Obligation/General – 7.0% (4.8% of Total Investments)
         
 
2,250
 
Freehold Regional High School District, Monmouth County Board of Education, New Jersey, School District Refunding Bonds, Series 2001, 5.000%, 3/01/17 – FGIC Insured
No Opt. Call
AA
 
2,576,903
 
 
2,500
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
 
2,604,325
 
 
555
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
 
592,457
 
 
1,560
 
New Jersey, General Obligation Bonds, Series 1992D, 6.000%, 2/15/13
No Opt. Call
AA–
 
1,697,873
 
 
2,655
 
Passaic County, New Jersey, General Improvement Refunding Bonds, Series 1993, 5.125%, 9/01/12 – FGIC Insured
No Opt. Call
Aa3
 
2,726,446
 
 
1,780
 
West Deptford Township, New Jersey, General Obligation Bonds, Series 2004, 4.750%, 9/01/17 – AMBAC Insured
9/14 at 100.00
A–
 
1,859,869
 
 
11,300
 
Total Tax Obligation/General
     
12,057,873
 
     
Tax Obligation/Limited – 41.8% (28.2% of Total Investments)
         
 
1,000
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
 
1,148,130
 
 
5,385
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/19 – AGM Insured
12/13 at 100.00
Aa2
 
5,820,752
 
 
42
 
Nuveen Investments

 
 

 
                 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
         
$
1,155
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
$
1,298,913
 
 
3,000
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
AAA
 
1,508,310
 
 
1,225
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
 
1,433,581
 
     
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
         
 
1,185
 
5.000%, 4/01/25 – AMBAC Insured
4/15 at 100.00
AA–
 
1,218,263
 
 
2,755
 
5.000%, 4/01/35 – AMBAC Insured
4/15 at 100.00
AA–
 
2,741,556
 
 
1,000
 
Middlesex County Improvement Authority, New Jersey, County Guaranteed Open Space Trust Fund Revenue Bonds, Series 2003, 5.250%, 9/15/16
9/13 at 100.00
AAA
 
1,085,420
 
 
3,450
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/25
6/16 at 100.00
A+
 
3,499,611
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
         
 
1,155
 
5.500%, 6/15/24
6/12 at 100.00
BBB
 
1,078,089
 
 
500
 
5.750%, 6/15/29
6/14 at 100.00
BBB
 
456,390
 
 
1,600
 
5.500%, 6/15/31
6/14 at 100.00
BBB
 
1,403,760
 
 
2,540
 
5.750%, 6/15/34
6/14 at 100.00
BBB
 
2,260,778
 
 
3,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
7/14 at 100.00
A
 
3,476,352
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
         
 
120
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
 
107,407
 
 
205
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
 
168,006
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
         
 
1,155
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
 
1,090,389
 
 
2,310
 
5.000%, 9/01/37
9/17 at 100.00
A+
 
2,180,779
 
 
2,720
 
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2003, 5.000%, 9/15/25
9/13 at 100.00
A+
 
2,708,821
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
         
 
2,615
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
 
2,635,292
 
 
3,000
 
5.000%, 9/15/28 – AMBAC Insured
9/15 at 100.00
A+
 
2,891,820
 
 
505
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
 
484,447
 
 
1,500
 
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22 – NPFG Insured
No Opt. Call
Baa1
 
1,619,430
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
         
 
400
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
 
431,880
 
 
715
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
 
762,912
 
 
12,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
AA–
 
3,438,720
 
 
1,700
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
 
1,861,228
 
 
2,600
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
 
2,922,582
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/18 – FGIC Insured
12/15 at 100.00
A+
 
2,136,540
 
 
1,110
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
 
1,172,249
 
 
Nuveen Investments
 
43

 
 

 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
NNJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
         
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
$
6,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA+
$
1,399,800
 
 
12,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA+
 
2,595,720
 
 
4,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA+
 
801,280
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
12/17 at 100.00
A+
 
4,028,920
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
 
816,064
 
 
780
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
A3
 
617,900
 
 
2,745
 
Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Plainfield Park Madison Redevelopment Project, Series 2003, 5.000%, 3/01/34 – AGM Insured
3/13 at 100.00
Aaa
 
2,700,751
 
 
2,445
 
Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Series 2003, 5.000%, 6/15/23
6/13 at 100.00
Aa1
 
2,587,544
 
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
 
941,430
 
 
97,575
 
Total Tax Obligation/Limited
     
71,531,816
 
     
Transportation – 25.2% (17.0% of Total Investments)
         
 
2,750
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured
6/15 at 100.00
A–
 
2,795,238
 
 
2,500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
 
2,551,050
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
493,960
 
 
3,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
No Opt. Call
Aa3
 
3,299,310
 
 
1,875
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
 
1,970,288
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
         
 
565
 
6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
 
664,869
 
 
345
 
6.500%, 1/01/16 – AMBAC Insured
No Opt. Call
A3
 
405,982
 
 
5,750
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
6,092,641
 
 
2,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
A+
 
2,482,675
 
 
240
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
 
236,280
 
 
2,750
 
Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured
4/15 at 100.00
Aa3
 
2,752,393
 
     
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
         
 
4,000
 
5.000%, 12/01/28 – SYNCORA GTY Insured
6/15 at 101.00
Aa2
 
4,118,440
 
 
3,000
 
5.000%, 12/01/34
No Opt. Call
Aa2
 
3,022,560
 
 
585
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.482%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
AA+
 
608,096
 
 
1,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
 
1,005,970
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Fifth Series 2002, 5.000%, 4/15/32 – AGM Insured
4/12 at 101.00
AA+
 
2,014,440
 
 
8,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Baa1
 
7,700,557
 
 
850
 
Trenton Parking Authority, Mercer County, New Jersey, Guaranteed Parking System Revenue Bonds, Series 2003, 5.000%, 10/01/24 – FGIC Insured
10/13 at 100.00
A3
 
853,468
 
 
42,210
 
Total Transportation
     
43,068,217
 
 
44
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
U.S. Guaranteed – 24.1% (16.3% of Total Investments) (5)
         
$
2,075
 
Egg Harbor Township School District, Atlantic County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 4/01/27 (Pre-refunded 4/01/15) – NPFG Insured
4/15 at 100.00
Aa2 (5)
$
2,381,789
 
 
130
 
Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/19 (Pre-refunded 12/15/13) – AGM Insured
12/13 at 100.00
Aa2 (5)
 
145,009
 
     
Manalapan-Englishtown Regional Board of Education, New Jersey, General Obligation Bonds, Series 2003:
         
 
1,000
 
5.000%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
BBB (5)
 
1,104,750
 
 
1,000
 
5.000%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
AA– (5)
 
1,104,750
 
 
2,065
 
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)
 
2,541,891
 
 
595
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
 
697,447
 
 
1,145
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/19 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A2 (5)
 
1,293,438
 
 
2,080
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F, 5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
 
2,393,810
 
 
400
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C, 5.000%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (5)
 
451,372
 
 
3,950
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2001A, 4.750%, 9/01/20 (Pre-refunded 9/01/11)
9/11 at 101.00
AAA
 
4,048,711
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A:
         
 
750
 
5.000%, 7/01/26 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
 
811,845
 
 
1,670
 
5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
 
1,821,102
 
 
3,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
 
3,191,340
 
 
1,270
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)
No Opt. Call
N/R (5)
 
1,480,972
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
         
 
465
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
564,710
 
 
195
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (5)
 
238,584
 
 
120
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
A3 (5)
 
143,347
 
 
6,590
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
7,386,927
 
 
1,760
 
6.500%, 1/01/16 – AMBAC Insured (ETM)
No Opt. Call
A3 (5)
 
1,967,398
 
 
750
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
 
836,895
 
 
2,125
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/35 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
AAA
 
2,444,664
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
         
 
1,290
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
1,301,907
 
 
2,250
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
2,473,133
 
 
350
 
Trenton Parking Authority, Mercer County, New Jersey, Guaranteed Parking System Revenue Bonds, Series 2003, 5.000%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured
10/13 at 100.00
A3 (5)
 
386,663
 
 
37,025
 
Total U.S. Guaranteed
     
41,212,454
 
     
Water and Sewer – 7.1% (4.8% of Total Investments)
         
     
Bayonne Municipal Utilities Authority, New Jersey, Water System Revenue Refunding Bonds, Series 2003A:
         
 
1,450
 
5.000%, 4/01/19 – SYNCORA GTY Insured
4/13 at 100.00
N/R
 
1,439,937
 
 
1,250
 
5.000%, 4/01/24 – SYNCORA GTY Insured
4/13 at 100.00
N/R
 
1,145,813
 
 
765
 
Jersey City Sewer Authority, Hudson County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993, 6.250%, 1/01/14 – AMBAC Insured
No Opt. Call
N/R
 
815,903
 
 
Nuveen Investments
 
45
 
 
 

 
   
Nuveen New Jersey Premium Income Municipal Fund, Inc. (continued)
NNJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
         
$
1,250
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
$
1,238,713
 
 
420
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
 
398,639
 
 
1,650
 
New Jersey Water Supply Authority, Water Supply Authority Bonds, Manasquan Reservoir, Series 2005, 5.000%, 8/01/31 – NPFG Insured
8/15 at 100.00
AA
 
1,686,317
 
 
3,500
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19 – FGIC Insured
8/12 at 100.00
N/R
 
3,572,940
 
 
430
 
Stony Brook Regional Sewer Authority, Princeton, New Jersey, Revenue Refunding Bonds, Series 1993B, 5.450%, 12/01/12
No Opt. Call
Aa1
 
447,987
 
 
1,355
 
Wanaque Valley Regional Sewer Authority, Passaic County, New Jersey, Sewer Revenue Refunding Bonds, Series 1993B, 5.750%, 9/01/18 – AMBAC Insured
No Opt. Call
A1
 
1,479,945
 
 
12,070
 
Total Water and Sewer
     
12,226,194
 
$
280,690
 
Total Investments (cost $256,390,870) – 148.1%
     
253,504,215
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (51.8)% (6)
     
(88,600,000
     
Other Assets Less Liabilities – 3.7%
     
6,308,081
 
     
Net Assets Applicable to Common Shares – 100%
   
$
171,212,296
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
  (5)   Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.0%.
 N/R   Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
 See accompanying notes to financial statements.
 
46
 
Nuveen Investments

 
 

 
 
 
Nuveen New Jersey Dividend Advantage Municipal Fund
NXJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
         
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
         
$
260
 
5.000%, 1/01/32
1/15 at 100.00
B3
$
149,469
 
 
230
 
5.125%, 1/01/37
1/15 at 100.00
B3
 
132,257
 
 
490
 
Total Consumer Discretionary
     
281,726
 
     
Consumer Staples – 4.9% (3.3% of Total Investments)
         
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
         
 
800
 
4.500%, 6/01/23
6/17 at 100.00
BBB
 
676,352
 
 
2,895
 
4.750%, 6/01/34
6/17 at 100.00
Baa3
 
1,798,345
 
 
3,000
 
5.000%, 6/01/41
6/17 at 100.00
Baa3
 
1,872,000
 
 
6,695
 
Total Consumer Staples
     
4,346,697
 
     
Education and Civic Organizations – 16.3% (11.1% of Total Investments)
         
 
250
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
 
250,988
 
 
325
 
New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series 2007D, 5.250%, 7/01/37
7/17 at 100.00
BBB+
 
293,189
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
         
 
1,115
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
 
1,093,514
 
 
735
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
 
692,635
 
 
60
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/21 – NPFG Insured
7/14 at 100.00
A1
 
62,379
 
 
970
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured
7/16 at 100.00
A1
 
921,985
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B, 5.000%, 7/01/21 – AMBAC Insured
1/14 at 100.00
A+
 
1,022,120
 
 
630
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/19 – FGIC Insured
7/14 at 100.00
A1
 
650,507
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Rider University, Series 2002A, 5.000%, 7/01/17 – RAAI Insured
7/12 at 100.00
BBB+
 
305,148
 
 
200
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Seton Hall University Project, Series 2001A, 5.250%, 7/01/16 – AMBAC Insured
7/11 at 100.00
A
 
201,312
 
     
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Seton Hall University Project, Series 2001G:
         
 
3,820
 
4.875%, 7/01/21 – AMBAC Insured
7/11 at 100.00
A
 
3,825,194
 
 
1,600
 
5.000%, 7/01/26 – AMBAC Insured
7/11 at 100.00
A
 
1,600,224
 
 
135
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
 
130,174
 
 
270
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
 
263,569
 
 
300
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.550%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
 
335,256
 
     
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001:
         
 
2,000
 
5.250%, 9/01/21
9/11 at 100.00
BBB
 
2,000,240
 
 
500
 
5.250%, 9/01/31
9/11 at 100.00
BBB
 
457,885
 
 
500
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31
12/12 at 101.00
BBB–
 
429,985
 
 
14,710
 
Total Education and Civic Organizations
     
14,536,304
 
 
Nuveen Investments
 
47

 
 

 
   
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
NXJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Energy – 1.1% (0.7% of Total Investments)
         
$
1,000
 
Virgin Islands, Senior Secured Revenue Bonds, Government Refinery
1/13 at 100.00
Baa3
$
970,910
 
     
    Facilities – Hovensa LLC Coker, Series 2002, 6.500%, 7/01/21 (Alternative
    Minimum Tax)
         
     
Financials – 1.9% (1.3% of Total Investments)
         
 
850
 
New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
5/11 at 100.00
N/R
 
710,617
 
 
250
 
New Jersey Economic Development Authority, Industrial Development Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14
10/11 at 100.00
Ba1
 
250,928
 
 
750
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
 
717,953
 
 
1,850
 
Total Financials
     
1,679,498
 
     
Health Care – 18.7% (12.8% of Total Investments)
         
 
310
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
8/14 at 100.00
BBB
 
273,498
 
 
560
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
 
549,013
 
 
370
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.492%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA+
 
380,034
 
 
865
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
 
813,290
 
 
1,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured
7/17 at 100.00
Aa3
 
1,466,430
 
 
130
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
 
115,895
 
 
400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
 
353,544
 
 
180
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
 
162,781
 
 
3,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001, 5.625%, 7/01/31
7/11 at 100.00
A2
 
3,308,235
 
 
445
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29
1/17 at 100.00
BBB–
 
356,570
 
 
700
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
 
686,525
 
 
895
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
 
846,858
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
 
1,487,840
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2006:
         
 
665
 
5.000%, 7/01/36
7/16 at 100.00
A2
 
607,265
 
 
615
 
5.000%, 7/01/46
7/16 at 100.00
A2
 
543,894
 
 
1,100
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Peter’s University Hospital, Series 2000A, 6.875%, 7/01/20
7/11 at 100.00
BBB–
 
1,100,660
 
 
2,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Burdette Tomlin Memorial Hospital, Series 1999, 5.500%, 7/01/29
7/11 at 100.00
A2
 
2,499,925
 
 
1,275
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
 
1,203,524
 
 
18,010
 
Total Health Care
     
16,755,781
 
 
48
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Housing/Multifamily – 0.9% (0.6% of Total Investments)
         
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
         
$
560
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
$
521,522
 
 
300
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
 
269,592
 
 
860
 
Total Housing/Multifamily
     
791,114
 
     
Long-Term Care – 2.7% (1.9% of Total Investments)
         
 
585
 
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
 
467,374
 
 
250
 
New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.800%, 11/01/31
11/14 at 100.00
N/R
 
239,600
 
     
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001:
         
 
1,000
 
6.000%, 6/01/25
6/11 at 102.00
A–
 
1,014,400
 
 
335
 
5.500%, 6/01/31
6/11 at 102.00
A–
 
329,781
 
 
500
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25
7/11 at 100.00
BB+
 
412,610
 
 
2,670
 
Total Long-Term Care
     
2,463,765
 
     
Tax Obligation/General – 3.0% (2.1% of Total Investments)
         
 
1,000
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
 
1,041,730
 
 
300
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27
8/20 at 100.00
AA
 
320,247
 
 
1,350
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.250%, 7/01/27 – AGM Insured
7/11 at 100.00
AA+
 
1,349,892
 
 
2,650
 
Total Tax Obligation/General
     
2,711,869
 
     
Tax Obligation/Limited – 32.7% (22.3% of Total Investments)
         
 
600
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
 
688,878
 
 
1,745
 
Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
12/13 at 100.00
AA
 
1,890,132
 
 
1,000
 
Camden County Improvement Authority, New Jersey, County Guaranteed Lease Revenue Bonds, Series 2005A, 5.000%, 9/01/16 – AGM Insured
9/15 at 100.00
AA+
 
1,120,740
 
 
1,100
 
Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured
1/15 at 102.00
A–
 
1,171,753
 
 
620
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
 
697,252
 
 
815
 
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
 
953,770
 
 
1,785
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/27
6/16 at 100.00
A+
 
1,797,727
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
         
 
615
 
5.500%, 6/15/24
6/12 at 100.00
BBB
 
574,047
 
 
600
 
5.750%, 6/15/29
6/14 at 100.00
BBB
 
547,668
 
 
1,200
 
5.750%, 6/15/34
6/14 at 100.00
BBB
 
1,068,084
 
 
1,200
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/15 – NPFG Insured
7/14 at 100.00
A
 
1,303,632
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
         
 
65
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
 
58,179
 
 
115
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
 
94,247
 
 
Nuveen Investments
 
49

 
 

 
   
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
NXJ
 
Portfolio of Investments April 30, 2011

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
         
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
         
$
615
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
$
580,597
 
 
1,235
 
5.000%, 9/01/37
9/17 at 100.00
A+
 
1,165,914
 
 
525
 
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured
No Opt. Call
AA+
 
574,854
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
         
 
925
 
5.000%, 9/15/18 – AMBAC Insured
9/15 at 100.00
A+
 
976,060
 
 
1,400
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
 
1,410,864
 
 
250
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
 
239,825
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
         
 
350
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
 
377,895
 
 
610
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
 
650,876
 
 
6,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
AA–
 
1,719,360
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
 
1,423,292
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
 
1,461,291
 
 
1,280
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
 
1,351,782
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
3,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA+
 
699,900
 
 
3,500
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA+
 
757,085
 
 
6,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA+
 
1,201,920
 
 
1,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured
12/17 at 100.00
A+
 
1,007,230
 
 
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
 
816,064
 
 
405
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
A3
 
320,833
 
 
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
 
517,787
 
 
42,505
 
Total Tax Obligation/Limited
     
29,219,538
 
     
Transportation – 24.0% (16.4% of Total Investments)
         
     
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
         
 
1,000
 
5.000%, 1/01/25 – NPFG Insured
1/15 at 100.00
A1
 
1,024,850
 
 
1,000
 
5.000%, 1/01/26 – NPFG Insured
1/15 at 100.00
A1
 
1,020,760
 
 
500
 
5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
 
510,210
 
 
500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
493,960
 
 
900
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
5/11 at 101.00
B
 
881,694
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
No Opt. Call
Aa3
 
1,099,770
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
 
1,050,820
 
 
50
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
A+
 
58,838
 
 
3,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
3,178,770
 
 
50
 
Nuveen Investments

 
 

 
                 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Transportation (continued)
         
$
300
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
AA+
$
328,941
 
 
1,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35
1/20 at 100.00
A+
 
993,070
 
 
240
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
 
236,280
 
 
1,500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/34
No Opt. Call
Aa2
 
1,511,280
 
 
310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.482%, 8/15/32 – AGM Insured (IF)
8/17 at 100.00
AA+
 
322,239
 
 
500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
 
502,985
 
 
5,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Baa1
 
4,812,849
 
 
3,435
 
South Jersey Transportation Authority New Jersey, Transportation System Revenue Bonds, Series 1999, 5.125%, 11/01/22 – AMBAC Insured
11/11 at 100.00
A–
 
3,450,973
 
 
21,235
 
Total Transportation
     
21,478,289
 
     
U.S. Guaranteed – 17.4% (11.9% of Total Investments) (5)
         
 
385
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
 
451,289
 
 
690
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/21 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A2 (5)
 
779,452
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
         
 
700
 
5.000%, 7/01/17 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
 
805,609
 
 
1,000
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
 
1,150,870
 
 
520
 
5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
A1 (5)
 
598,452
 
 
1,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2001G, 5.250%, 7/01/18 (Pre-refunded 7/01/11) – NPFG Insured
7/11 at 100.00
A+ (5)
 
1,008,540
 
 
1,085
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan College, Series 2001C, 5.000%, 7/01/31 (Pre-refunded 7/01/11) – FGIC Insured
7/11 at 101.00
A+ (5)
 
1,082,190
 
 
625
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
A+ (5)
 
705,269
 
 
890
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
 
970,527
 
 
1,350
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
 
1,436,103
 
 
845
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)
No Opt. Call
N/R (5)
 
985,371
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
         
 
130
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
157,876
 
 
20
 
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
A+ (5)
 
24,470
 
 
905
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
1,014,442
 
 
375
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
 
418,448
 
 
1,900
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.250%, 7/01/27 (Pre-refunded 7/01/11) – AGM Insured
7/11 at 100.00
AAA
 
1,916,416
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
         
 
825
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
832,615
 
 
1,125
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
1,236,566
 
 
14,370
 
Total U.S. Guaranteed
     
15,574,505
 
 
Nuveen Investments
 
51

 
 

 
   
Nuveen New Jersey Dividend Advantage Municipal Fund (continued)
NXJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Utilities – 0.9% (0.6% of Total Investments)
         
$
750
 
New Jersey Economic Development Authority, Pollution Control Revenue Refunding Bonds, Public Service Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
No Opt. Call
Baa1
$
770,063
 
     
Water and Sewer – 21.8% (14.8% of Total Investments)
         
 
225
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
7/15 at 100.00
Ba2
 
214,061
 
 
4,635
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 1997B, 5.375%, 5/01/32 – FGIC Insured (Alternative Minimum Tax)
11/11 at 100.00
A
 
4,430,039
 
 
7,000
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 1998, 5.350%, 2/01/38 – NPFG Insured (Alternative Minimum Tax)
8/11 at 100.00
A
 
6,302,589
 
 
250
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
 
247,743
 
 
320
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
 
303,725
 
 
15,840
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23 – NPFG Insured
No Opt. Call
Baa1
 
7,987,793
 
 
28,270
 
Total Water and Sewer
     
19,485,950
 
$
156,065
 
Total Investments (cost $136,003,695) – 146.6%
     
131,066,009
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (50.2)% (6)
     
(44,861,000
     
Other Assets Less Liabilities – 3.6%
     
3,193,612
 
     
Net Assets Applicable to Common Shares – 100%
   
$
89,398,621
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)   Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.2%.
 N/R   Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
See accompanying notes to financial statements.
 
52
 
Nuveen Investments

 
 

 
   
Nuveen New Jersey Dividend Advantage Municipal Fund 2
NUJ
 
Portfolio of Investments
April 30, 2011

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Discretionary – 0.3% (0.2% of Total Investments)
         
     
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
         
$
180
 
5.000%, 1/01/32
1/15 at 100.00
B3
$
103,478
 
 
150
 
5.125%, 1/01/37
1/15 at 100.00
B3
 
86,255
 
 
330
 
Total Consumer Discretionary
     
189,733
 
     
Consumer Staples – 5.2% (3.4% of Total Investments)
         
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
         
 
625
 
4.500%, 6/01/23
6/17 at 100.00
BBB
 
528,400
 
 
2,050
 
4.750%, 6/01/34
6/17 at 100.00
Baa3
 
1,273,440
 
 
2,200
 
5.000%, 6/01/41
6/17 at 100.00
Baa3
 
1,372,800
 
 
4,875
 
Total Consumer Staples
     
3,174,640
 
     
Education and Civic Organizations – 15.8% (10.3% of Total Investments)
         
 
3,000
 
New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey Project, Series 2002C, 4.750%, 7/01/19 – FGIC Insured
7/12 at 100.00
A2
 
3,044,130
 
 
200
 
New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23
7/14 at 100.00
N/R
 
200,790
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:
         
 
790
 
5.000%, 7/01/32 – FGIC Insured
7/17 at 100.00
A2
 
774,777
 
 
495
 
5.000%, 7/01/39 – FGIC Insured
7/17 at 100.00
A2
 
466,468
 
 
575
 
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B, 5.000%, 7/01/21 – AMBAC Insured
1/14 at 100.00
A+
 
587,719
 
 
500
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2004A, 5.125%, 7/01/19 – FGIC Insured
7/14 at 100.00
A1
 
516,275
 
 
1,090
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Rider University, Series 2002A, 5.000%, 7/01/17 – RAAI Insured
7/12 at 100.00
BBB+
 
1,108,704
 
 
105
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30
12/20 at 100.00
Aa3
 
101,246
 
 
180
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25
12/19 at 100.00
AA
 
175,712
 
 
200
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.550%, 6/01/30 (IF) (4)
6/19 at 100.00
AA
 
223,504
 
 
910
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999, 5.375%, 2/01/19
8/11 at 100.00
BBB–
 
898,862
 
 
1,790
 
University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A, 5.000%, 12/01/31 – AMBAC Insured
12/12 at 100.00
Baa1
 
1,643,256
 
 
9,835
 
Total Education and Civic Organizations
     
9,741,443
 
     
Energy – 1.6% (1.0% of Total Investments)
         
 
1,000
 
Virgin Islands, Senior Secured Revenue Bonds, Government Refinery
1/13 at 100.00
Baa3
 
970,910
 
     
   Facilities – Hovensa LLC Coker, Series 2002, 6.500%, 7/01/21 (Alternative
   Minimum Tax)
         
     
Financials – 5.1% (3.3% of Total Investments)
         
 
600
 
New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)
5/11 at 100.00
N/R
 
501,612
 
 
1,250
 
New Jersey Economic Development Authority, Industrial Development Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14
10/11 at 100.00
Ba1
 
1,254,638
 
 
1,450
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21
No Opt. Call
Ba2
 
1,388,042
 
 
3,300
 
Total Financials
     
3,144,292
 
     
Health Care – 27.7% (18.1% of Total Investments)
         
 
220
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34
8/14 at 100.00
BBB
 
194,095
 
 
Nuveen Investments
 
53

 
 

 
   
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
NUJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care (continued)
         
$
400
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27
7/18 at 100.00
A1
$
392,152
 
     
New Jersey Health Care Facilities Financing Authority, FHA-Insured Mortgage Revenue Bonds, Jersey City Medical Center, Series 2001:
         
 
425
 
5.000%, 8/01/31 – AMBAC Insured
8/11 at 100.00
N/R
 
432,195
 
 
1,925
 
5.000%, 8/01/41 – AMBAC Insured
8/11 at 100.00
N/R
 
1,808,788
 
 
260
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018, 19.492%, 7/01/38 – AGC Insured (IF)
7/19 at 100.00
AA+
 
267,051
 
 
610
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37
7/17 at 100.00
A+
 
573,534
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured
7/17 at 100.00
Aa3
 
977,620
 
 
90
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36
7/15 at 100.00
Baa3
 
80,235
 
 
120
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35
7/16 at 100.00
A–
 
108,521
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group, Series 2001:
         
 
400
 
5.500%, 7/01/21
7/11 at 100.00
A2
 
400,196
 
 
140
 
5.625%, 7/01/31
7/11 at 100.00
A2
 
132,329
 
 
715
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Series 1999, 5.250%, 7/01/29 – AGM Insured
7/11 at 100.00
Aa3
 
714,950
 
 
1,185
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002, 6.625%, 7/01/31
7/12 at 101.00
BB+
 
1,059,639
 
 
500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
7/18 at 100.00
BBB–
 
490,375
 
 
630
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
N/R
 
596,112
 
 
1,520
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
 
1,130,758
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2006:
         
 
2,455
 
5.000%, 7/01/36
7/16 at 100.00
A2
 
2,241,857
 
 
435
 
5.000%, 7/01/46
7/16 at 100.00
A2
 
384,705
 
 
775
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Peter’s University Hospital, Series 2000A, 6.875%, 7/01/20
7/11 at 100.00
BBB–
 
775,465
 
 
1,390
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Atlantic City Medical Center, Series 2002, 5.750%, 7/01/25
7/12 at 100.00
A+
 
1,408,570
 
 
1,150
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
1/12 at 100.00
N/R
 
894,654
 
 
960
 
New Jersey Health Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured
7/18 at 100.00
AA+
 
906,182
 
 
1,100
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Adjustable Rate Industrial Revenue Bonds, American Home Products Corporation, Series 1983A, 5.100%, 12/01/18
6/11 at 100.00
A1
 
1,103,861
 
 
18,405
 
Total Health Care
     
17,073,844
 
     
Housing/Multifamily – 3.9% (2.6% of Total Investments)
         
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
         
 
380
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
 
353,890
 
 
200
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
 
179,728
 
 
1,920
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40 – AMBAC Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
1,877,165
 
 
2,500
 
Total Housing/Multifamily
     
2,410,783
 
     
Housing/Single Family – 0.3% (0.2% of Total Investments)
         
 
215
 
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
 
195,682
 
 
54
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Long-Term Care – 9.3% (6.0% of Total Investments)
         
$
415
 
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
$
331,556
 
     
New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001:
         
 
1,000
 
5.500%, 6/01/21
6/11 at 102.00
A–
 
1,010,940
 
 
4,000
 
5.500%, 6/01/31
6/11 at 102.00
A–
 
3,937,680
 
 
520
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25
7/11 at 100.00
BB+
 
429,114
 
 
5,935
 
Total Long-Term Care
     
5,709,290
 
     
Tax Obligation/General – 2.3% (1.5% of Total Investments)
         
 
700
 
Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 – AMBAC Insured
9/16 at 100.00
A2
 
729,211
 
 
190
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 5.000%, 8/01/27 2010,
8/20 at 100.00
AA
 
202,823
 
 
385
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001, 5.125%, 7/01/23 – AGM Insured
7/11 at 100.00
AA+
 
385,142
 
 
100
 
Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, 5.000%, 7/15/19
No Opt. Call
AA–
 
114,566
 
 
1,375
 
Total Tax Obligation/General
     
1,431,742
 
     
Tax Obligation/Limited – 30.8% (20.1% of Total Investments)
         
 
400
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26
No Opt. Call
Aaa
 
459,252
 
 
1,000
 
Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
12/13 at 100.00
AA
 
1,083,170
 
 
750
 
Casino Reinvestment Development Authority, New Jersey, Hotel Room Fee Revenue Bonds, Series 2004, 5.250%, 1/01/16 – AMBAC Insured
1/15 at 102.00
A–
 
798,923
 
 
435
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured
No Opt. Call
Aa2
 
489,201
 
 
530
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured
No Opt. Call
AAA
 
620,243
 
 
1,305
 
New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/26
6/16 at 100.00
A+
 
1,317,841
 
     
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
         
 
435
 
5.500%, 6/15/24
6/12 at 100.00
BBB
 
406,033
 
 
400
 
5.750%, 6/15/29
6/14 at 100.00
BBB
 
365,112
 
 
400
 
5.500%, 6/15/31
6/14 at 100.00
BBB
 
350,940
 
 
700
 
5.750%, 6/15/34
6/14 at 100.00
BBB
 
623,049
 
     
New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
         
 
50
 
5.125%, 6/15/27
6/17 at 100.00
Baa3
 
44,753
 
 
75
 
5.125%, 6/15/37
6/17 at 100.00
Baa3
 
61,466
 
     
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U:
         
 
435
 
5.000%, 9/01/37 – AMBAC Insured
9/17 at 100.00
A+
 
410,666
 
 
870
 
5.000%, 9/01/37
9/17 at 100.00
A+
 
821,332
 
 
350
 
New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured
No Opt. Call
AA+
 
383,236
 
     
New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
         
 
655
 
5.000%, 9/15/18 – AMBAC Insured
9/15 at 100.00
A+
 
691,156
 
 
985
 
5.000%, 9/15/24 – AMBAC Insured
9/15 at 100.00
A+
 
992,644
 
 
200
 
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A, 5.250%, 10/01/38
10/18 at 100.00
A+
 
191,860
 
     
New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
         
 
295
 
5.000%, 6/15/17 – FGIC Insured
6/16 at 100.00
Aa3
 
318,512
 
 
525
 
5.000%, 6/15/18 – FGIC Insured
6/16 at 100.00
Aa3
 
560,180
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30
No Opt. Call
AA–
 
1,146,240
 
 
Nuveen Investments
 
55

 
 

 
   
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (continued)
NUJ
 
Portfolio of Investments
April 30, 2011
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
         
$
800
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22
No Opt. Call
A+
$
875,872
 
 
900
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured
No Opt. Call
A+
 
1,011,663
 
 
665
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D, 5.000%, 6/15/19 – AGM Insured
6/15 at 100.00
AA+
 
702,293
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
2,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
AA+
 
466,600
 
 
4,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA+
 
865,240
 
 
5,000
 
0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA+
 
1,001,600
 
 
1,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24
No Opt. Call
A+
 
1,326,104
 
 
290
 
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured
7/16 at 100.00
A3
 
229,732
 
 
350
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
10/20 at 100.00
Baa2
 
329,501
 
 
30,100
 
Total Tax Obligation/Limited
     
18,944,414
 
     
Transportation – 28.6% (18.6% of Total Investments)
         
 
500
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005, 5.000%, 1/01/27 – NPFG Insured
1/15 at 100.00
A1
 
510,210
 
 
700
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
691,544
 
 
600
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
5/11 at 101.00
B
 
587,796
 
 
1,000
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured
No Opt. Call
Aa3
 
1,099,770
 
 
765
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured
9/15 at 100.00
A1
 
803,877
 
 
2,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
2,119,180
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured
No Opt. Call
AA+
 
1,644,705
 
 
360
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42
5/20 at 100.00
Aa3
 
354,420
 
 
500
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34
1/14 at 101.00
Aa2
 
502,985
 
 
3,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Fifth Series 2002, 5.000%, 10/15/26 – AGM Insured
4/12 at 101.00
AA+
 
3,053,550
 
 
2,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Seventh Series 2002, 5.125%, 6/15/37 – AMBAC Insured (Alternative Minimum Tax)
6/14 at 100.00
Aa2
 
1,974,360
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
         
 
4,000
 
7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
Baa1
 
4,180,239
 
 
50
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Baa1
 
48,129
 
 
16,975
 
Total Transportation
     
17,570,765
 
     
U.S. Guaranteed – 16.0% (10.4% of Total Investments) (5)
         
 
1,000
 
Bergen County Improvement Authority, New Jersey, Revenue Bonds, Yeshiva Ktana of Passaic Project, Series 2002, 6.000%, 9/15/27 (Pre-refunded 9/01/12)
9/12 at 101.00
N/R (5)
 
1,080,230
 
 
175
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
A– (5)
 
205,132
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A:
         
 
750
 
5.000%, 7/01/26 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
 
811,845
 
 
630
 
5.375%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
N/R (5)
 
687,002
 
 
1,250
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)
7/12 at 100.00
A2 (5)
 
1,329,725
 
 
56
 
Nuveen Investments

 
 

 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
         
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
         
$
170
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
$
206,453
 
 
2,430
 
6.500%, 1/01/16 (ETM)
No Opt. Call
AAA
 
2,723,860
 
 
250
 
Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured
1/14 at 100.00
AA– (5)
 
278,965
 
 
505
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 (Pre-refunded 2/01/12)
2/12 at 100.00
AAA
 
524,847
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
         
 
590
 
6.125%, 6/01/24 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
595,446
 
 
1,250
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
1,373,963
 
 
9,000
 
Total U.S. Guaranteed
     
9,817,468
 
     
Utilities – 4.5% (2.9% of Total Investments)
         
 
2,300
 
Guam Power Authority, Revenue Bonds, Series 1999A, 5.250%, 10/01/34 – NPFG Insured
10/11 at 100.00
Baa1
 
1,973,653
 
 
750
 
New Jersey Economic Development Authority, Pollution Control Revenue Refunding Bonds, Public Service Electric and Gas Company, Series 2001A, 5.000%, 3/01/12
No Opt. Call
Baa1
 
770,063
 
 
3,050
 
Total Utilities
     
2,743,716
 
     
Water and Sewer – 2.2% (1.4% of Total Investments)
         
 
150
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
7/15 at 100.00
Ba2
 
142,707
 
 
500
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)
5/20 at 100.00
A
 
495,485
 
 
220
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)
11/20 at 100.00
A
 
208,811
 
 
500
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A, 5.250%, 8/01/19 – FGIC Insured
8/12 at 100.00
N/R
 
510,420
 
 
1,370
 
Total Water and Sewer
     
1,357,423
 
$
108,265
 
Total Investments (cost $97,729,320) – 153.6%
     
94,476,145
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (57.0)% (6)
     
(35,050,000
     
Other Assets Less Liabilities – 3.4%
     
2,076,768
 
     
Net Assets Applicable to Common Shares – 100%
   
$
61,502,913
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 (5)   Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.1%.
 N/R   Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
57

 
 

 
   
Nuveen New Jersey Municipal Value Fund
NJV
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Staples – 5.4% (5.2% of Total Investments)
         
$
2,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
Baa3
$
1,248,000
 
     
Education and Civic Organizations – 8.5% (8.2% of Total Investments)
         
 
900
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Kean University, Series 2009A, 5.500%, 9/01/36
9/19 at 100.00
A2
 
905,904
 
 
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
 
28,928
 
 
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
 
1,029,380
 
 
1,930
 
Total Education and Civic Organizations
     
1,964,212
 
     
Energy – 4.1% (3.9% of Total Investments)
         
 
1,000
 
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
1/14 at 100.00
Baa3
 
933,930
 
     
Health Care – 31.9% (30.4% of Total Investments)
         
 
600
 
Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.000%, 2/15/25
2/15 at 100.00
BBB
 
530,778
 
 
450
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
8/16 at 100.00
Baa3
 
418,991
 
 
425
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A
 
398,667
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009A, 5.500%, 7/01/38 – AGC Insured (UB)
7/19 at 100.00
AA+
 
2,013,580
 
 
1,500
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/36
7/16 at 100.00
A–
 
1,325,790
 
 
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–
 
789,833
 
 
925
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Series 2006, 5.000%, 7/01/36
7/16 at 100.00
A2
 
844,692
 
 
1,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured
1/12 at 100.00
N/R
 
777,960
 
 
220
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32
2/14 at 100.00
A+
 
224,822
 
 
7,870
 
Total Health Care
     
7,325,113
 
     
Housing/Multifamily – 4.7% (4.5% of Total Investments)
         
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident
         
     
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
         
 
100
 
5.750%, 6/01/31
6/20 at 100.00
Baa3
 
93,129
 
 
50
 
5.875%, 6/01/42
6/20 at 100.00
Baa3
 
44,932
 
 
1,000
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2009A, 4.950%, 5/01/41
11/19 at 100.00
A+
 
947,270
 
 
1,150
 
Total Housing/Multifamily
     
1,085,331
 

58
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/General – 0.9% (0.9% of Total Investments)
         
$
50
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 5.000%, 12/01/14 – AMBAC Insured
No Opt. Call
N/R
$
53,936
 
 
150
 
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured
No Opt. Call
N/R
 
163,770
 
 
200
 
Total Tax Obligation/General
     
217,706
 
     
Tax Obligation/Limited – 37.0% (35.3% of Total Investments)
         
 
660
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
12/19 at 100.00
BBB–
 
640,088
 
 
25
 
5.500%, 6/15/16 – RAAI Insured
No Opt. Call
Baa3
 
26,390
 
 
25
 
5.625%, 6/15/18
6/11 at 100.00
BBB
 
25,005
 
 
1,000
 
5.750%, 6/15/34
6/14 at 100.00
BBB
 
890,070
 
 
1,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2009AA, 5.250%, 12/15/33
6/19 at 100.00
A+
 
1,003,870
 
 
1,000
 
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+
 
959,300
 
 
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+
 
2,029,199
 
 
6,675
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39
No Opt. Call
AA–
 
986,898
 
 
1,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
1,001,819
 
 
105
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
10/20 at 100.00
BBB
 
95,675
 
 
1,000
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,Series 2009A-1, 5.000%, 10/01/39
10/19 at 100.00
BBB
 
844,040
 
 
14,490
 
Total Tax Obligation/Limited
     
8,502,354
 
     
Transportation – 6.9% (6.6% of Total Investments)
         
 
500
 
New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax)
11/11 at 100.00
CCC+
 
407,430
 
 
400
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2003, 9.000%, 6/01/33 (Alternative Minimum Tax)
6/13 at 101.00
B
 
415,976
 
 
765
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
1/19 at 100.00
A+
 
766,859
 
 
1,665
 
Total Transportation
     
1,590,265
 
     
U.S. Guaranteed – 4.4% (4.2% of Total Investments) (4)
         
 
1,000
 
Cumberland County Improvement Authority, New Jersey, Solid Waste System Revenue Bonds, Series 2009B, 5.000%, 1/01/30 (Pre-refunded 7/01/11)
7/11 at 100.00
Baa1 (4)
 
1,007,980
 

Nuveen Investments
 
59

 
 

 
   
Nuveen New Jersey Municipal Value Fund (continued)
NJV
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Water and Sewer – 0.9% (0.8% of Total Investments)
         
$
220
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax)
7/11 at 100.00
BBB
$
196,649
 
$
31,525
 
Total Investments (cost $23,459,225) – 104.7%
     
24,071,540
 
     
Floating Rate Obligations – (6.5)%
     
(1,500,000
     
Other Assets Less Liabilities – 1.8%
     
409,220
 
     
Net Assets Applicable to Common Shares – 100%
   
$
22,980,760
 

(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB  by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
N/R
 
Not rated.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

60
 
Nuveen Investments

 
 

 
   
Nuveen Pennsylvania Investment Quality Municipal Fund
NQP
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Staples – 0.4% (0.3% of Total Investments)
         
$
1,000
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
No Opt. Call
AA–
$
1,008,450
 
     
Education and Civic Organizations – 29.0% (18.4% of Total Investments)
         
 
2,000
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Chatham College, Series 1998A, 5.250%, 9/01/18
9/11 at 100.00
BBB
 
2,000,640
 
 
200
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
 
193,994
 
 
3,000
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2002, 5.125%, 3/01/32
3/12 at 100.00
AA–
 
3,003,330
 
 
1,235
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
2/16 at 100.00
Baa3
 
1,064,175
 
 
2,000
 
Chester County Industrial Development Authority, Pennsylvania, Educational Facilities Revenue Bonds, Westtown School, Series 2002, 5.000%, 1/01/26 – AMBAC Insured
1/12 at 100.00
A
 
2,004,400
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
         
 
1,710
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
 
1,793,363
 
 
840
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
 
875,322
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
         
 
790
 
5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
 
674,549
 
 
250
 
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
N/R
 
207,100
 
     
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
 
683,492
 
 
815
 
0.000%, 11/01/16 – AMBAC Insured
No Opt. Call
N/R
 
646,588
 
 
815
 
0.000%, 11/01/17 – AMBAC Insured
No Opt. Call
N/R
 
604,347
 
 
815
 
0.000%, 11/01/18 – AMBAC Insured
No Opt. Call
N/R
 
563,442
 
 
815
 
0.000%, 11/01/19 – AMBAC Insured
No Opt. Call
N/R
 
524,045
 
 
1,515
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 – RAAI Insured
4/16 at 100.00
BBB+
 
1,233,271
 
 
900
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
 
864,603
 
 
355
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
 
310,661
 
 
8,000
 
Pennsylvania Higher Education Assistance Agency, Capital Acquisition Revenue Refunding Bonds, Series 2001, 5.000%, 12/15/30 – NPFG Insured
11/11 at 100.00
Baa1
 
7,338,560
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2002W, 5.000%, 6/15/19 – AMBAC Insured
6/12 at 100.00
Aa2
 
5,180,700
 
 
4,600
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
 
4,657,500
 
 
1,435
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
 
1,351,870
 
 
2,650
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
 
2,478,254
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Moravian College, Series 2001, 5.375%, 7/01/31 – RAAI Insured
7/11 at 100.00
N/R
 
4,603,850
 
 
3,870
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
 
4,168,919
 
 
320
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/20
1/13 at 100.00
A1
 
327,821
 

Nuveen Investments
 
61

 
 

 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments April 30, 2011

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
         
$
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
3/20 at 100.00
AA–
$
954,430
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
7/15 at 100.00
AA+
 
2,020,640
 
 
2,945
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ursinus College, Series 2003, 5.375%, 1/01/20 – RAAI Insured
7/13 at 100.00
A–
 
3,004,607
 
 
785
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project, Series 2005EE1, 5.250%, 11/01/27 – SYNCORA GTY Insured
11/15 at 100.00
A
 
799,475
 
 
6,500
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 (UB)
9/15 at 100.00
Aa1
 
6,656,520
 
 
600
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
 
574,116
 
 
2,000
 
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
 
2,022,560
 
 
1,665
 
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/18
4/13 at 100.00
Aa2
 
1,786,329
 
 
600
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
 
556,452
 
 
67,840
 
Total Education and Civic Organizations
     
65,729,925
 
     
Health Care – 16.9% (10.7% of Total Investments)
         
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
         
 
1,150
 
5.000%, 4/01/25
4/15 at 100.00
Ba2
 
970,106
 
 
1,555
 
5.125%, 4/01/35
4/15 at 100.00
Ba2
 
1,187,833
 
 
2,460
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 (WI/DD, Settling 5/05/11)
11/21 at 100.00
A–
 
2,579,138
 
 
1,300
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
 
1,280,084
 
 
280
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
 
252,308
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
 
769,419
 
 
1,890
 
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26
3/17 at 100.00
AA–
 
1,904,251
 
     
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002:
         
 
250
 
5.800%, 11/15/22
11/12 at 101.00
BB+
 
227,423
 
 
2,800
 
5.900%, 11/15/28
11/12 at 101.00
BB+
 
2,381,176
 
 
3,280
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
 
3,133,778
 
 
1,250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24
11/14 at 100.00
A
 
1,266,188
 
 
5,345
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/30 – AGC Insured
11/17 at 100.00
AA+
 
5,368,518
 
     
Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009:
         
 
3,000
 
5.500%, 7/01/28
7/19 at 100.00
BBB+
 
2,800,710
 
 
1,000
 
5.750%, 7/01/39
7/19 at 100.00
BBB+
 
904,730
 
 
710
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
 
631,644
 
 
1,000
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital, Series 2002A, 5.000%, 6/01/22
6/12 at 101.00
A
 
1,007,540
 
 
215
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
 
216,305
 

62
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care (continued)
         
$
1,000
 
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A, 5.500%, 8/15/35
8/18 at 100.00
A3
$
889,710
 
 
335
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
No Opt. Call
Baa1
 
345,660
 
 
1,795
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
 
1,663,068
 
 
1,613
 
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, 5.500%, 7/01/29
7/20 at 100.00
Baa1
 
1,515,849
 
      Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:          
 
525
 
5.000%, 12/01/27 – RAAI Insured
12/15 at 100.00
BBB–
 
444,796
 
 
370
 
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
 
308,495
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
         
 
1,635
 
6.875%, 8/01/31
No Opt. Call
BBB+
 
1,640,134
 
 
1,365
 
7.000%, 8/01/41
No Opt. Call
BBB+
 
1,352,933
 
 
1,500
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32
1/12 at 100.00
BBB+
 
1,455,855
 
 
1,875
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
 
1,849,838
 
 
40,333
 
Total Health Care
     
38,347,489
 
     
Housing/Multifamily – 3.4% (2.2% of Total Investments)
         
 
200
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
 
188,350
 
 
5,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 – SYNCORA GTY Insured
7/17 at 100.00
BBB+
 
4,173,300
 
 
3,300
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
 
2,764,113
 
 
800
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
 
661,304
 
 
9,300
 
Total Housing/Multifamily
     
7,787,067
 
     
Housing/Single Family – 9.6% (6.1% of Total Investments)
         
 
8,770
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1995A, 4.900%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
 
8,226,523
 
 
1,710
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax)
4/15 at 100.00
AA+
 
1,670,636
 
      Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A:          
 
1,515
 
5.150%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
 
1,447,598
 
 
1,510
 
5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
1,442,820
 
 
1,355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax)
10/16 at 100.00
AA+
 
1,347,697
 
 
1,905
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax)
10/16 at 100.00
AA+
 
1,758,525
 
 
2,800
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
 
2,841,944
 
 
910
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 1997A, 6.250%, 10/01/28 (Alternative Minimum Tax)
10/11 at 100.00
Aa1
 
918,672
 
 
2,125
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 2001B, 5.450%, 10/01/32 (Alternative Minimum Tax)
10/11 at 100.00
Aa1
 
2,124,894
 
 
22,600
 
Total Housing/Single Family
     
21,779,309
 

Nuveen Investments
 
63

 
 

 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Industrials – 4.5% (2.9% of Total Investments)
         
$
5,000
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak Project, Series 2001A, 6.375%, 11/01/41 (Alternative Minimum Tax)
11/11 at 101.00
A1
$
5,005,950
 
 
5,000
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/12 – AMBAC Insured
No Opt. Call
A1
 
5,276,950
 
 
10,000
 
Total Industrials
     
10,282,900
 
     
Long-Term Care – 3.6% (2.3% of Total Investments)
         
 
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
 
1,468,365
 
 
1,330
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
 
1,083,498
 
 
1,500
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Series 2003A, 5.000%, 12/01/26 – RAAI Insured
12/12 at 100.00
BBB+
 
1,336,965
 
 
1,000
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
 
986,720
 
     
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006:
         
 
1,550
 
5.000%, 11/01/26
11/16 at 100.00
A
 
1,503,159
 
 
415
 
5.000%, 11/01/36
11/16 at 100.00
A
 
374,641
 
 
1,500
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
7/11 at 101.00
Baa1
 
1,432,665
 
 
8,795
 
Total Long-Term Care
     
8,186,013
 
     
Materials – 1.2% (0.7% of Total Investments)
         
 
1,260
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
 
1,260,239
 
 
1,750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
11/11 at 100.00
N/R
 
1,417,920
 
 
3,010
 
Total Materials
     
2,678,159
 
     
Tax Obligation/General – 28.3% (18.0% of Total Investments)
         
 
3,430
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
A+
 
3,457,714
 
 
3,000
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
8/19 at 100.00
Aa2
 
3,160,440
 
 
6,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
No Opt. Call
A+
 
6,768,420
 
 
7,350
 
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
N/R
 
2,223,081
 
 
5,000
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/33 – AGM Insured (UB)
12/16 at 100.00
AA+
 
4,979,900
 
 
4,830
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 12.519%, 3/01/15 (IF)
No Opt. Call
Aa1
 
5,302,519
 
 
1,500
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
Aa2
 
1,463,220
 
 
2,620
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
 
2,727,734
 
 
4,135
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
 
4,131,816
 
 
3,000
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/15 – AGM Insured
No Opt. Call
AA+
 
3,405,180
 
 
1,070
 
Schuylkill Valley School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2006A, 5.000%, 4/01/22 – FGIC Insured
4/16 at 100.00
Aa3
 
1,123,093
 
 
800
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
 
708,864
 

64
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
         
$
21,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB)
No Opt. Call
AAA
$
22,879,920
 
 
445
 
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Conneaut School District, Series 2003, 5.250%, 11/01/21 – FGIC Insured
11/13 at 100.00
A
 
467,321
 
 
1,465
 
Stroudsburg Area School District, Monroe County, Pennsylvania, General Obligation Bonds, Series 2001A, 5.000%, 4/01/18 – AGM Insured
4/12 at 100.00
AA+
 
1,512,012
 
 
65,645
 
Total Tax Obligation/General
     
64,311,234
 
     
Tax Obligation/Limited – 4.4% (2.8% of Total Investments)
         
 
2,140
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
 
2,160,758
 
 
2,700
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured
11/13 at 100.00
AA+
 
2,862,027
 
 
3,140
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
A3
 
703,015
 
 
2,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.500%, 8/01/44
8/19 at 100.00
A+
 
2,614,900
 
 
1,625
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42
2/20 at 100.00
A+
 
1,521,601
 
 
12,105
 
Total Tax Obligation/Limited
     
9,862,301
 
     
Transportation – 15.3% (9.7% of Total Investments)
         
 
630
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
 
673,722
 
 
400
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
395,168
 
 
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)
5/11 at 100.00
Baa1
 
1,947,129
 
 
5,400
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
 
5,404,212
 
 
1,200
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.000%, 12/01/38
No Opt. Call
Aa3
 
1,177,056
 
 
6,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
 
4,564,296
 
 
2,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001R, 5.000%, 12/01/30 – AMBAC Insured
12/11 at 101.00
Aa3
 
2,191,728
 
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A:
         
 
3,820
 
5.000%, 12/01/22 – AMBAC Insured
6/16 at 100.00
Aa3
 
4,062,341
 
 
2,930
 
5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
 
3,072,691
 
 
750
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
 
697,890
 
 
5,000
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2001B, 5.250%, 6/15/31 – FGIC Insured (Alternative Minimum Tax)
6/11 at 101.00
A+
 
4,735,150
 
 
3,600
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
6/15 at 100.00
A+
 
3,080,880
 
 
3,000
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Subordinate Lien Series 2003D, 5.375%, 1/01/18
1/13 at 100.00
Ba1
 
2,706,360
 
 
37,565
 
Total Transportation
     
34,708,623
 

Nuveen Investments
 
65

 
 

 
   
Nuveen Pennsylvania Investment Quality Municipal Fund (continued)
NQP
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
U.S. Guaranteed – 26.8% (17.0% of Total Investments) (4)
         
$
3,325
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2001, 5.100%, 5/01/20 (Pre-refunded 11/01/11) – FGIC Insured
11/11 at 100.00
A1 (4)
$
3,406,562
 
 
1,400
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured
5/14 at 100.00
A3 (4)
 
1,579,522
 
 
1,115
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2002, 5.250%, 11/01/15 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
N/R (4)
 
1,186,193
 
 
5,000
 
Erie, Pennsylvania, Water Authority, Water Revenue Bonds, Series 2001A, 5.200%, 12/01/30 (Pre-refunded 12/01/11) – NPFG Insured
12/11 at 100.00
A3 (4)
 
5,140,350
 
 
6,275
 
Hempfield Area School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2002, 5.375%, 2/15/18 (Pre-refunded 2/15/12) – FGIC Insured
2/12 at 100.00
A (4)
 
6,528,008
 
 
1,125
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
8/13 at 100.00
AAA
 
1,244,903
 
 
680
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/20 (Pre-refunded 1/01/13)
1/13 at 100.00
A1 (4)
 
727,165
 
 
1,500
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
Aa1 (4)
 
1,769,400
 
 
500
 
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
1/16 at 100.00
Aa1 (4)
 
580,020
 
 
10,935
 
Philadelphia Authority for Industrial Development, Pennsylvania, Lease Revenue Bonds, Series 2001B, 5.250%, 10/01/30 (Pre-refunded 10/01/11) – AGM Insured
10/11 at 101.00
AA+ (4)
 
11,275,516
 
      Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:          
 
510
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
 
595,022
 
 
860
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
 
1,009,090
 
 
565
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
BBB (4)
 
691,984
 
      Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2001A:          
 
5,525
 
5.375%, 11/01/20 (Pre-refunded 11/01/12) – FGIC Insured
11/12 at 100.00
A1 (4)
 
5,933,850
 
 
3,185
 
5.000%, 11/01/31 (Pre-refunded 11/01/12) – FGIC Insured
11/12 at 100.00
A1 (4)
 
3,402,790
 
 
6,100
 
Plum Borough School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2001, 5.250%, 9/15/30 (Pre-refunded 9/15/11) – FGIC Insured
9/11 at 100.00
A+ (4)
 
6,214,985
 
 
1,615
 
Sayre Health Care Facility Authority, Pennsylvania, Revenue Bonds, Latrobe Area Hospital, Series 2002A, 5.250%, 7/01/13 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
N/R (4)
 
1,703,260
 
 
960
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A1 (4)
 
1,095,254
 
 
2,835
 
Warrington Township Municipal Authority, Bucks County, Pennsylvania, Water and Sewer Revenue Bonds, Series 1991, 7.100%, 12/01/21 (Pre-refunded 11/15/15) – FGIC Insured
11/15 at 100.00
N/R (4)
 
3,368,405
 
 
2,770
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
No Opt. Call
AAA
 
3,287,768
 
 
56,780
 
Total U.S. Guaranteed
     
60,740,047
 
     
Utilities – 6.2% (4.0% of Total Investments)
         
 
1,250
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
No Opt. Call
BBB+
 
1,309,425
 
 
1,430
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
2/15 at 100.00
BBB+
 
1,314,113
 
 
700
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
 
706,265
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
7/13 at 100.00
AA+
 
2,092,040
 

66
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Utilities (continued)
         
$
5,490
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
$
4,937,212
 
 
3,700
 
York County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, PSEG Power Project, Series 2001A, 5.500%, 9/01/20
3/12 at 101.00
Baa1
 
3,758,793
 
 
14,570
 
Total Utilities
     
14,117,848
 
     
Water and Sewer – 7.7% (4.9% of Total Investments)
         
 
2,100
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/21 – NPFG Insured
12/15 at 100.00
A1
 
2,202,060
 
 
2,205
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
11/14 at 100.00
AA+
 
2,266,430
 
 
5,000
 
Delaware County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Philadelphia Water Company, Series 2001, 5.350%, 10/01/31 – AMBAC Insured (Alternative Minimum Tax)
10/12 at 100.00
AA–
 
5,004,150
 
 
2,000
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
 
1,830,639
 
 
1,600
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
 
1,563,855
 
 
500
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
Baa3
 
504,604
 
 
1,815
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/31 – FGIC Insured
11/12 at 100.00
A1
 
1,815,000
 
 
2,150
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23 – AGM Insured
7/15 at 100.00
AA+
 
2,225,486
 
 
17,370
 
Total Water and Sewer
     
17,412,224
 
$
366,913
 
Total Investments (cost $359,425,221) – 157.3%
     
356,951,589
 
     
Floating Rate Obligations – (11.8)%
     
(26,715,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.6)% (5)
     
(112,500,000
     
Other Assets Less Liabilities – 4.1%
     
9,168,504
 
     
Net Assets Applicable to Common Shares – 100%
   
$
226,905,093
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.5%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments
 
67

 
 

 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2
NPY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Education and Civic Organizations – 25.4% (17.3% of Total Investments)
         
$
200
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
$
193,994
 
 
1,245
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2004A, 5.000%, 3/01/19 – FGIC Insured
3/14 at 100.00
A–
 
1,313,624
 
 
1,140
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
2/16 at 100.00
Baa3
 
982,315
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
         
 
1,565
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
 
1,641,294
 
 
770
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
 
802,379
 
     
Delaware County Authority, Pennsylvania, Revenue Refunding Bonds, Villanova University, Series 2003:
         
 
1,705
 
5.250%, 8/01/19 – FGIC Insured
8/13 at 100.00
A1
 
1,816,814
 
 
1,350
 
5.250%, 8/01/20 – FGIC Insured
8/13 at 100.00
A1
 
1,435,185
 
 
1,000
 
5.250%, 8/01/21 – FGIC Insured
8/13 at 100.00
A1
 
1,046,600
 
     
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3:
         
 
725
 
5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
 
619,049
 
 
250
 
5.000%, 5/01/35 – RAAI Insured
5/17 at 100.00
N/R
 
207,100
 
 
3,060
 
Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, Series 2004, 5.000%, 11/01/24 – AMBAC Insured
11/14 at 100.00
N/R
 
2,676,490
 
 
1,575
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 4.500%, 4/01/30 – RAAI Insured
4/16 at 100.00
BBB+
 
1,282,113
 
 
855
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
 
821,373
 
 
325
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
 
284,408
 
 
4,085
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2002W, 5.000%, 6/15/19 – AMBAC Insured
6/12 at 100.00
Aa2
 
4,232,632
 
 
4,200
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
 
4,252,500
 
 
1,285
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
 
1,210,560
 
 
2,420
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
 
2,263,160
 
 
3,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
 
3,231,720
 
 
1,845
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/32
1/13 at 100.00
A1
 
1,826,107
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40
3/20 at 100.00
AA–
 
954,430
 
 
2,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38
7/15 at 100.00
AA+
 
2,020,640
 
 
1,310
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ursinus College, Series 2003, 5.500%, 1/01/24 – RAAI Insured
7/13 at 100.00
A–
 
1,327,397
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, York College Project, Series 2005EE1, 5.250%, 11/01/27 – SYNCORA GTY Insured
11/15 at 100.00
A
 
814,752
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, University of the Sciences in Philadelphia Revenue Bonds, Series 2005, 4.750%, 11/01/33 – SYNCORA GTY Insured
5/15 at 100.00
A3
 
949,610
 
 
2,000
 
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
3/20 at 100.00
Aa1
 
2,050,860
 

68
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
         
$
10,600
 
Pennsylvania State University, General Revenue Bonds, Series 2007A, 4.500%, 8/15/36 (UB)
8/16 at 100.00
Aa1
$
10,010,322
 
 
530
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
 
507,136
 
 
1,545
 
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Montgomery County Community College, Series 2005, 5.000%, 5/01/18 – AMBAC Insured
5/15 at 100.00
Aa2
 
1,690,060
 
 
750
 
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/19
4/13 at 100.00
Aa2
 
803,768
 
 
300
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
 
278,226
 
 
54,435
 
Total Education and Civic Organizations
     
53,546,618
 
     
Health Care – 19.4% (13.2% of Total Investments)
         
     
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:
         
 
1,150
 
5.000%, 4/01/25
4/15 at 100.00
Ba2
 
970,106
 
 
1,455
 
5.125%, 4/01/35
4/15 at 100.00
Ba2
 
1,111,445
 
 
1,640
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 (WI/DD, Settling 5/05/11)
11/21 at 100.00
A–
 
1,719,425
 
 
1,200
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
 
1,181,616
 
 
395
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
 
355,935
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
 
769,419
 
 
1,885
 
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster General Hospital Project, Series 2007A, 5.000%, 3/15/26
3/17 at 100.00
AA–
 
1,899,213
 
 
5,000
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
11/12 at 101.00
BB+
 
4,252,100
 
 
2,990
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
 
2,856,706
 
 
1,250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24
11/14 at 100.00
A
 
1,266,188
 
 
4,505
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/30 – AGC Insured
11/17 at 100.00
AA+
 
4,524,822
 
 
2,500
 
Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009, 5.500%, 7/01/28
7/19 at 100.00
BBB+
 
2,333,925
 
 
650
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
 
578,266
 
 
2,000
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital, Series 2002A, 5.000%, 6/01/22
6/12 at 101.00
A
 
2,015,080
 
 
565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
 
568,430
 
     
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A:
         
 
1,235
 
5.250%, 8/15/23
8/18 at 100.00
A3
 
1,207,460
 
 
1,000
 
5.500%, 8/15/35
8/18 at 100.00
A3
 
889,710
 
 
150
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
No Opt. Call
Baa1
 
154,773
 
 
3,575
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
 
3,312,238
 
     
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998:
         
 
2,000
 
5.500%, 7/01/18
7/11 at 100.00
N/R
 
1,858,420
 
 
2,000
 
5.625%, 7/01/24
7/11 at 100.00
N/R
 
1,707,560
 

Nuveen Investments
 
69

 
 

 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care (continued)
         
     
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
         
$
475
 
5.000%, 12/01/27 – RAAI Insured
12/15 at 100.00
BBB–
$
402,434
 
 
330
 
5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
 
275,144
 
     
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
         
 
1,365
 
6.875%, 8/01/31
No Opt. Call
BBB+
 
1,369,286
 
 
1,135
 
7.000%, 8/01/41
No Opt. Call
BBB+
 
1,124,967
 
 
1,720
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
 
1,696,918
 
 
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
 
543,743
 
 
43,580
 
Total Health Care
     
40,945,329
 
     
Housing/Multifamily – 3.9% (2.6% of Total Investments)
         
 
2,000
 
Delaware County Industrial Development Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Darby Townhouses Project, Series 2002A, 5.500%, 4/01/32 (Mandatory put 4/01/22) (Alternative Minimum Tax)
4/12 at 100.00
AAA
 
2,015,640
 
 
750
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
 
706,313
 
     
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A:
         
 
2,035
 
5.000%, 7/01/19 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
 
2,053,926
 
 
3,400
 
5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
 
2,847,874
 
 
740
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
 
611,706
 
 
8,925
 
Total Housing/Multifamily
     
8,235,459
 
     
Housing/Single Family – 6.4% (4.4% of Total Investments)
         
 
860
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
4/15 at 100.00
AA+
 
840,203
 
 
2,865
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
2,737,536
 
 
3,930
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
3,686,458
 
 
1,355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
 
1,347,697
 
 
1,510
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
 
1,393,896
 
 
355
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2008-103-C, 5.200%, 10/01/28
10/17 at 100.00
AA+
 
358,923
 
 
2,400
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
 
2,435,952
 
 
765
 
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 1997A, 6.200%, 10/01/21 (Alternative Minimum Tax)
10/11 at 100.00
Aa1
 
765,964
 
 
14,040
 
Total Housing/Single Family
     
13,566,629
 
     
Industrials – 2.3% (1.6% of Total Investments)
         
 
2,000
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak Project, Series 2001A, 6.250%, 11/01/31 (Alternative Minimum Tax)
11/11 at 101.00
A1
 
2,005,580
 
 
2,750
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/17 – AMBAC Insured
7/12 at 101.00
A1
 
2,866,930
 
 
4,750
 
Total Industrials
     
4,872,510
 

70
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Long-Term Care – 5.9% (4.0% of Total Investments)
         
$
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
$
1,468,365
 
 
4,905
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
 
3,995,907
 
 
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Series 2003A, 5.000%, 12/01/22 – RAAI Insured
12/12 at 100.00
BBB+
 
957,930
 
 
500
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
 
493,360
 
     
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006:
         
 
1,565
 
5.000%, 11/01/31
11/16 at 100.00
A
 
1,456,749
 
 
230
 
5.000%, 11/01/36
11/16 at 100.00
A
 
207,633
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Dr. Gertrude A. Barber Center Inc., Series 2000:
         
 
1,000
 
6.150%, 12/01/20 – RAAI Insured
8/11 at 100.00
BBB
 
1,001,050
 
 
2,000
 
5.900%, 12/01/30 – RAAI Insured
6/11 at 100.00
BBB
 
1,893,360
 
 
1,230
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/28
6/11 at 100.00
BB
 
925,673
 
 
13,930
 
Total Long-Term Care
     
12,400,027
 
     
Materials – 2.3% (1.6% of Total Investments)
         
 
1,190
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
 
1,190,226
 
 
4,500
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
11/11 at 100.00
N/R
 
3,646,080
 
 
5,690
 
Total Materials
     
4,836,306
 
     
Tax Obligation/General – 16.8% (11.4% of Total Investments)
         
 
3,000
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29
8/19 at 100.00
Aa2
 
3,160,440
 
     
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+
 
860,703
 
 
2,750
 
0.000%, 11/01/22 – AGM Insured
5/16 at 73.64
AA+
 
1,306,690
 
 
2,750
 
0.000%, 5/01/23 – AGM Insured
5/16 at 71.71
AA+
 
1,246,575
 
 
260
 
Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2007, 5.000%, 9/01/23
9/17 at 100.00
Aaa
 
285,990
 
 
2,115
 
Owen J. Roberts School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 5/15/24 – AGM Insured
5/16 at 100.00
Aa2
 
2,266,878
 
 
4,835
 
Pennsylvania State, General Obligation Bonds, Series 2007, Residuals 1986, 12.519%, 3/01/15 (IF)
No Opt. Call
Aa1
 
5,308,008
 
 
1,500
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
Aa2
 
1,463,220
 
 
3,775
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
 
3,772,093
 
 
2,700
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
No Opt. Call
AA+
 
2,983,500
 
 
6,710
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
A
 
1,985,422
 
 
2,250
 
Scranton Parking Authority, Pennsylvania , Guaranteed Revenue Bonds, Series 2007, 5.250%, 6/01/39 – RAAI Insured
6/17 at 100.00
N/R
 
1,865,385
 
 
940
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
 
832,915
 
     
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Conneaut School District, Series 2003:
         
 
360
 
5.250%, 11/01/21 – FGIC Insured
11/13 at 100.00
A
 
378,058
 
 
490
 
5.250%, 11/01/22 – FGIC Insured
11/13 at 100.00
A
 
512,770
 

Nuveen Investments
 
71

 
 

 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
         
$
1,500
 
State Public School Building Authority, Pennsylvania, School Revenue Bonds, York City School District, Series 2003, 4.000%, 5/01/21 – AGM Insured
5/13 at 100.00
Aa3
$
1,513,680
 
 
1,535
 
Stroudsburg Area School District, Monroe County, Pennsylvania, General Obligation Bonds, Series 2001A, 5.000%, 4/01/19 – AGM Insured
4/12 at 100.00
AA+
 
1,584,258
 
 
1,400
 
Woodland Hills School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2005D, 5.000%, 9/01/17 – AGM Insured
9/15 at 100.00
AA+
 
1,566,264
 
 
2,400
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
AA
 
2,423,880
 
 
43,020
 
Total Tax Obligation/General
     
35,316,729
 
     
Tax Obligation/Limited – 8.4% (5.7% of Total Investments)
         
 
1,500
 
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series 2005, 5.000%, 1/15/36 – FGIC Insured
1/15 at 100.00
AA–
 
1,444,290
 
 
1,950
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
 
1,968,915
 
 
5,015
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured
11/13 at 100.00
AA+
 
5,315,950
 
 
6,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
No Opt. Call
A3
 
5,858,160
 
 
2,880
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
A3
 
644,803
 
 
2,405
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
No Opt. Call
A2
 
2,521,667
 
 
19,750
 
Total Tax Obligation/Limited
     
17,753,785
 
     
Transportation – 20.1% (13.7% of Total Investments)
         
 
650
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
 
695,110
 
 
1,480
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
1,462,122
 
 
4,600
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
 
4,383,984
 
 
2,200
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.000%, 12/01/38
No Opt. Call
Aa3
 
2,157,936
 
 
5,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
 
3,803,580
 
 
3,575
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2001R, 5.000%, 12/01/30 – AMBAC Insured
12/11 at 101.00
Aa3
 
3,561,558
 
 
2,680
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
 
2,810,516
 
 
1,400
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
 
1,302,728
 
 
3,250
 
Philadelphia Airport System, Pennsylvania, Revenue Bonds, Series 2005A, 4.750%, 6/15/35 – NPFG Insured (Alternative Minimum Tax)
6/15 at 100.00
A+
 
2,781,350
 
 
12,500
 
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.250%, 7/01/28 – FGIC Insured (Alternative Minimum Tax)
7/11 at 101.00
A+
 
11,973,875
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
BBB
 
1,998,420
 
 
6,700
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003B, 5.000%, 1/01/33 – AMBAC Insured
1/13 at 100.00
Baa3
 
5,449,579
 
 
46,535
 
Total Transportation
     
42,380,758
 

72
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
U.S. Guaranteed – 19.7% (13.4% of Total Investments) (4)
         
$
1,200
 
Butler County, Pennsylvania, General Obligation Bonds, Series 2003, 5.250%, 7/15/23 (Pre-refunded 7/15/13) – FGIC Insured
7/13 at 100.00
A+ (4)
$
1,322,340
 
 
1,615
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.250%, 5/01/23 (Pre-refunded 5/01/14) – NPFG Insured
5/14 at 100.00
A3 (4)
 
1,822,091
 
 
1,230
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2002, 5.250%, 11/01/16 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
N/R (4)
 
1,308,536
 
 
2,600
 
Norristown Area School District, Montgomery County, Pennsylvania, General Obligation Bonds, Series 2003, 5.000%, 9/01/24 (Pre-refunded 3/01/13) – FGIC Insured
3/13 at 100.00
N/R (4)
 
2,810,626
 
 
735
 
Pennsylvania Higher Educational Facilities Authority, College Revenue Bonds, Ninth Series 1976, 7.625%, 7/01/15 (ETM)
No Opt. Call
Aaa
 
827,698
 
 
1,500
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, Series 2001, 5.000%, 7/15/31 (Pre-refunded 7/15/11) – NPFG Insured
7/11 at 101.00
Aaa
 
1,530,060
 
 
3,905
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.000%, 1/01/32 (Pre-refunded 1/01/13)
1/13 at 100.00
A1 (4)
 
4,175,851
 
 
3,200
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
Aa1 (4)
 
3,774,720
 
 
1,000
 
Pennsylvania, General Obligation Bonds, Second Series 2005, 5.000%, 1/01/18 (Pre-refunded 1/01/16)
1/16 at 100.00
Aa1 (4)
 
1,160,040
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
         
 
470
 
5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
 
548,354
 
 
790
 
5.375%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
 
926,954
 
     
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993:
         
 
225
 
6.500%, 12/01/11 (ETM)
No Opt. Call
AAA
 
232,346
 
 
3,740
 
6.650%, 12/01/19 (ETM)
No Opt. Call
AAA
 
4,577,423
 
     
Sayre Health Care Facility Authority, Pennsylvania, Revenue Bonds, Latrobe Area Hospital, Series 2002A:
         
 
1,700
 
5.250%, 7/01/14 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
N/R (4)
 
1,792,905
 
 
1,200
 
5.250%, 7/01/15 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
N/R (4)
 
1,265,580
 
 
1,015
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A1 (4)
 
1,158,003
 
     
State Public School Building Authority, Berkes County, Pennsylvania, School Revenue Bonds, Brandywine Heights Area School District, Series 2003:
         
 
1,930
 
5.000%, 2/01/20 (Pre-refunded 2/01/13) – FGIC Insured
2/13 at 100.00
Aa3 (4)
 
2,074,345
 
 
1,955
 
5.000%, 2/01/21 (Pre-refunded 2/01/13) – FGIC Insured
2/13 at 100.00
Aa3 (4)
 
2,101,214
 
 
4,050
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
4,410,288
 
 
2,500
 
West Cornwall Township Municipal Authority, Pennsylvania, College Revenue Bonds, Elizabethtown College Project, Series 2001, 5.900%, 12/15/18 (Pre-refunded 12/15/11)
12/11 at 100.00
BBB+ (4)
 
2,586,950
 
 
845
 
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)
No Opt. Call
AAA
 
1,002,947
 
 
37,405
 
Total U.S. Guaranteed
     
41,409,271
 
     
Utilities – 5.4% (3.7% of Total Investments)
         
 
1,125
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
No Opt. Call
BBB+
 
1,178,483
 
 
2,000
 
Indiana County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, PSEG Power LLC, Series 2001A, 5.850%, 6/01/27 (Alternative Minimum Tax)
6/12 at 101.00
Baa1
 
1,949,080
 
 
2,150
 
Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured
2/15 at 100.00
BBB+
 
1,975,764
 
 
700
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
 
706,265
 
 
1,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured
7/13 at 100.00
AA+
 
1,046,020
 

Nuveen Investments
 
73

 
 

 
   
Nuveen Pennsylvania Premium Income Municipal Fund 2 (continued)
NPY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Utilities (continued)
         
$
5,050
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
$
4,541,516
 
 
12,025
 
Total Utilities
     
11,397,128
 
     
Water and Sewer – 10.9% (7.4% of Total Investments)
         
     
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A:
         
 
1,900
 
5.000%, 12/01/21 – NPFG Insured
12/15 at 100.00
A1
 
1,992,340
 
 
2,120
 
5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
 
2,193,351
 
 
545
 
5.000%, 12/01/30 – NPFG Insured
12/15 at 100.00
A1
 
546,302
 
 
2,500
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
11/14 at 100.00
AA+
 
2,569,650
 
 
4,000
 
Bucks County Industrial Development Authority, Pennsylvania, Water Facility Revenue Bonds, Pennsylvania Suburban Water Company, Series 2002, 5.550%, 9/01/32 – NPFG Insured (Alternative Minimum Tax)
3/12 at 100.00
AA–
 
4,003,160
 
 
2,000
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
 
1,830,640
 
 
1,600
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
 
1,563,855
 
     
Norristown Municipal Waste Authority, Pennsylvania, Sewer Revenue Bonds, Series 2003:
         
 
1,140
 
5.125%, 11/15/22 – FGIC Insured
11/13 at 100.00
N/R
 
1,151,627
 
 
2,535
 
5.125%, 11/15/23 – FGIC Insured
11/13 at 100.00
N/R
 
2,549,398
 
 
500
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
Baa3
 
504,604
 
 
2,000
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2005A, 5.000%, 7/01/23 – AGM Insured
7/15 at 100.00
AA+
 
2,070,220
 
 
2,000
 
Unity Township Municipal Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/34 – AGM Insured
12/14 at 100.00
AA+
 
2,002,179
 
 
22,840
 
Total Water and Sewer
     
22,977,326
 
$
326,925
 
Total Investments (cost $311,379,614) – 146.9%
     
309,637,875
 
     
Floating Rate Obligations – (5.9)%
     
(12,385,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.4)% (5)
     
(100,000,000
     
Other Assets Less Liabilities – 6.4%
     
13,586,286
 
     
Net Assets Applicable to Common Shares – 100%
   
$
210,839,161
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.3%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

74
 
Nuveen Investments

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund
NXM
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Staples – 2.2% (1.5% of Total Investments)
         
$
1,000
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
No Opt. Call
AA–
$
1,008,450
 
     
Education and Civic Organizations – 23.9% (16.1% of Total Investments)
         
 
100
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
 
96,997
 
 
235
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.750%, 2/15/26
2/16 at 100.00
Baa3
 
202,495
 
 
700
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.500%, 10/15/25
10/15 at 102.00
N/R
 
640,507
 
 
720
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
12/17 at 100.00
BB+
 
598,932
 
 
300
 
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern Univsersity, Series 2006, 4.500%, 10/01/27 – RAAI Insured
10/16 at 100.00
N/R
 
247,368
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
         
 
295
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
 
309,381
 
 
145
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
 
151,097
 
 
160
 
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
 
136,618
 
 
200
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
 
192,134
 
 
1,000
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Hill School, Series 2005, 5.000%, 8/15/27 – NPFG Insured
8/15 at 100.00
A1
 
1,017,110
 
 
75
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
 
65,633
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2002W, 5.000%, 6/15/19 – AMBAC Insured
6/12 at 100.00
Aa2
 
1,036,140
 
 
900
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
 
911,250
 
 
220
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
 
207,255
 
 
540
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
 
505,003
 
 
1,500
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Moravian College, Series 2001, 5.375%, 7/01/31 – RAAI Insured
7/11 at 100.00
N/R
 
1,381,155
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
 
754,068
 
 
350
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2002, 5.500%, 1/01/16
1/13 at 100.00
A1
 
368,494
 
 
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
3/20 at 100.00
Aa1
 
1,025,430
 
 
470
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36
1/13 at 102.00
N/R
 
329,437
 
 
110
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
 
105,255
 
 
230
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33
5/16 at 100.00
BBB–
 
202,154
 
 
500
 
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
 
505,640
 
 
150
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
 
139,113
 
 
11,600
 
Total Education and Civic Organizations
     
11,128,666
 

Nuveen Investments
 
75

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
NXM
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care – 18.4% (12.3% of Total Investments)
         
$
550
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
4/15 at 100.00
Ba2
$
420,134
 
 
520
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
No Opt. Call
Ca
 
487,578
 
 
200
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
 
196,936
 
 
80
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
 
72,088
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
 
769,419
 
 
230
 
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40
7/16 at 100.00
N/R
 
182,933
 
 
600
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
11/12 at 101.00
BB+
 
510,252
 
 
650
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
 
621,023
 
 
250
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24
11/14 at 100.00
A
 
253,238
 
 
1,025
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured
11/17 at 100.00
AA+
 
964,812
 
 
140
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
 
124,550
 
 
165
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
 
166,002
 
 
1,495
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
 
1,385,118
 
 
25
 
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24
7/11 at 100.00
N/R
 
21,345
 
 
1,000
 
Washington County Hospital Authority, Pennsylvania, Revenue Bonds, Monongahela Valley Hospital Project, Series 2002, 5.500%, 6/01/17
6/12 at 101.00
A3
 
1,024,990
 
 
750
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32
1/12 at 100.00
BBB+
 
727,928
 
 
625
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
 
616,613
 
 
9,140
 
Total Health Care
     
8,544,959
 
     
Housing/Multifamily – 1.7% (1.2% of Total Investments)
         
 
150
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
 
141,263
 
 
700
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
 
586,327
 
 
100
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
 
82,663
 
 
950
 
Total Housing/Multifamily
     
810,253
 
     
Housing/Single Family – 7.1% (4.8% of Total Investments)
         
 
1,215
 
Allegheny County Residential Finance Authority, Pennsylvania, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998DD-2, 5.400%, 11/01/29 (Alternative Minimum Tax)
11/11 at 100.00
Aaa
 
1,214,891
 
 
320
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
4/15 at 100.00
AA+
 
312,632
 
 
605
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
578,084
 
 
475
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
445,564
 

76
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Housing/Single Family (continued)
         
$
395
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
$
364,628
 
 
400
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
 
405,992
 
 
3,410
 
Total Housing/Single Family
     
3,321,791
 
     
Industrials – 7.1% (4.8% of Total Investments)
         
 
2,000
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Amtrak Project, Series 2001A, 6.250%, 11/01/31 (Alternative Minimum Tax)
11/11 at 101.00
A1
 
2,005,580
 
 
1,250
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/17 – AMBAC Insured
7/12 at 101.00
A1
 
1,303,150
 
 
3,250
 
Total Industrials
     
3,308,730
 
     
Long-Term Care – 20.3% (13.6% of Total Investments)
         
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
         
 
220
 
5.750%, 1/01/27
1/17 at 100.00
N/R
 
181,394
 
 
360
 
5.750%, 1/01/37
1/17 at 100.00
N/R
 
272,534
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
 
978,910
 
 
265
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
 
215,885
 
 
230
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
 
226,946
 
 
200
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36
11/16 at 100.00
A
 
180,550
 
 
2,100
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Willow Valley Retirement Communities Project, Series 2001, 5.875%, 6/01/31
12/11 at 100.00
A–
 
2,079,126
 
 
185
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
7/17 at 100.00
N/R
 
175,243
 
 
785
 
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
12/14 at 100.00
N/R
 
677,282
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A:
         
 
1,240
 
5.250%, 6/01/14
6/11 at 100.00
BB
 
1,177,938
 
 
50
 
5.125%, 6/01/18
6/11 at 100.00
BB
 
43,658
 
     
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B:
         
 
670
 
5.250%, 7/01/23 – AMBAC Insured
7/11 at 101.00
Baa1
 
670,496
 
 
2,875
 
5.250%, 7/01/31 – AMBAC Insured
7/11 at 101.00
Baa1
 
2,576,460
 
 
10,180
 
Total Long-Term Care
     
9,456,422
 
     
Materials – 4.2% (2.8% of Total Investments)
         
 
350
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
BB
 
353,336
 
 
210
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
 
210,040
 
 
750
 
Bucks County Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, USX Corporation Project, Series 1995, 5.400%, 11/01/17 (Mandatory put 11/01/11)
No Opt. Call
BBB+
 
772,335
 
 
750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
11/11 at 100.00
N/R
 
607,680
 
 
2,060
 
Total Materials
     
1,943,391
 

Nuveen Investments
 
77

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
NXM
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/General – 13.9% (9.3% of Total Investments)
         
$
500
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
A+
$
504,040
 
 
375
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
Aa2
 
365,805
 
 
840
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
 
839,353
 
 
3,000
 
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/14 – AGM Insured
No Opt. Call
AA+
 
3,341,130
 
 
2,220
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
A
 
656,876
 
 
160
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
 
141,773
 
 
600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
AA
 
605,970
 
 
7,695
 
Total Tax Obligation/General
     
6,454,947
 
     
Tax Obligation/Limited – 14.1% (9.4% of Total Investments)
         
 
1,000
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23
No Opt. Call
N/R
 
899,320
 
 
450
 
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series 2005, 5.000%, 1/15/36 – FGIC Insured
1/15 at 100.00
AA–
 
433,287
 
 
425
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
 
429,123
 
 
1,000
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
No Opt. Call
AA+
 
1,156,320
 
 
1,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured
11/13 at 100.00
AA+
 
1,060,010
 
 
1,500
 
Philadelphia Redevelopment Authority, Pennsylvania, Revenue Bonds, Philadelphia Neighborhood Transformation Initiative, Series 2002A, 5.500%, 4/15/19 – FGIC Insured
4/12 at 100.00
A2
 
1,539,870
 
 
750
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured
No Opt. Call
A3
 
679,755
 
 
630
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
A3
 
141,051
 
 
250
 
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
 
204,363
 
 
7,005
 
Total Tax Obligation/Limited
     
6,543,099
 
     
Transportation – 12.4% (8.3% of Total Investments)
         
 
130
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
 
139,022
 
 
680
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
671,786
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
 
953,040
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
         
 
880
 
0.000%, 12/01/34
12/20 at 100.00
AA
 
650,434
 
 
250
 
5.000%, 12/01/38
No Opt. Call
Aa3
 
245,220
 
 
420
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
 
440,454
 

78
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Transportation (continued)
         
$
150
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
$
139,578
 
 
1,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
792,190
 
 
1,820
 
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds, Philadelphia Airport System Project, Series 2001A, 5.250%, 7/01/28 – FGIC Insured (Alternative Minimum Tax)
7/11 at 101.00
A+
 
1,743,396
 
 
6,330
 
Total Transportation
     
5,775,120
 
     
U.S. Guaranteed – 16.9% (11.3% of Total Investments) (4)
         
 
2,250
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, George School Project, Series 2001, 5.125%, 9/15/31 (Pre-refunded 9/15/11) – AMBAC Insured
9/11 at 100.00
N/R (4)
 
2,289,353
 
 
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Retirement Community Revenue Bonds, Wesley Affiliated Services Inc., Series 2002A, 7.125%, 1/01/25 (Pre-refunded 1/01/13)
1/13 at 101.00
N/R (4)
 
1,116,320
 
 
1,000
 
Delaware County Authority, Pennsylvania, College Revenue Refunding Bonds, Neumann College, Series 2001, 6.000%, 10/01/31 (Pre-refunded 10/01/11)
10/11 at 100.00
BBB (4)
 
1,023,970
 
 
200
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Reliant Energy Inc., Series 2003A, 6.750%, 12/01/36 (Pre-refunded 6/01/11) (Alternative Minimum Tax)
6/11 at 103.00
B1 (4)
 
206,980
 
 
300
 
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
10/16 at 100.00
Aa1 (4)
 
353,880
 
 
255
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
 
297,511
 
 
350
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.250%, 8/01/18 (Pre-refunded 8/01/13) – AGM Insured
8/13 at 100.00
AA+ (4)
 
385,340
 
 
130
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
BBB (4)
 
159,217
 
 
1,700
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%, 8/01/18 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
Aa2 (4)
 
1,810,261
 
 
170
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A1 (4)
 
193,950
 
 
7,355
 
Total U.S. Guaranteed
     
7,836,782
 
     
Utilities – 3.6% (2.4% of Total Investments)
         
 
500
 
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
No Opt. Call
BBB+
 
523,769
 
 
140
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
 
141,252
 
 
1,105
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
 
993,737
 
 
1,745
 
Total Utilities
     
1,658,758
 
     
Water and Sewer – 3.3% (2.2% of Total Investments)
         
 
500
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
11/14 at 100.00
AA+
 
513,929
 
 
600
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
 
549,191
 

Nuveen Investments
 
79

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund (continued)
NXM
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
         
$
400
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
$
390,964
 
 
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
Baa3
 
100,921
 
 
1,600
 
Total Water and Sewer
     
1,555,005
 
$
73,320
 
Total Investments (cost $70,571,889) – 149.1%
     
69,346,373
 
     
Floating Rate Obligations – (2.3)%
     
(1,070,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (49.9)% (5)
     
(23,190,000
     
Other Assets Less Liabilities – 3.1%
     
1,434,410
 
     
Net Assets Applicable to Common Shares – 100%
   
$
46,520,783
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.4%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

80
 
Nuveen Investments

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
NVY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Education and Civic Organizations – 19.4% (12.7% of Total Investments)
         
$
1,000
 
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
No Opt. Call
Baa3
$
969,970
 
 
800
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.500%, 10/15/25
10/15 at 102.00
N/R
 
732,008
 
 
720
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
12/17 at 100.00
BB+
 
598,932
 
 
450
 
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern Univsersity, Series 2006, 4.500%, 10/01/27 – RAAI Insured
10/16 at 100.00
N/R
 
371,052
 
     
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
         
 
340
 
5.000%, 8/01/23 – AMBAC Insured
8/16 at 100.00
A+
 
356,575
 
 
165
 
5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
 
171,938
 
 
1,335
 
Delaware County Authority, Pennsylvania, Revenue Refunding Bonds, Villanova University, Series 2003, 5.250%, 8/01/17 – FGIC Insured
8/13 at 100.00
A1
 
1,435,152
 
 
180
 
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured
5/17 at 100.00
N/R
 
153,695
 
 
200
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40
4/20 at 100.00
BBB+
 
192,134
 
 
80
 
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured
5/17 at 100.00
N/R
 
70,008
 
 
1,050
 
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33
6/18 at 100.00
Aa2
 
1,063,125
 
 
285
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31
5/16 at 100.00
A–
 
268,490
 
 
610
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured
11/17 at 100.00
A
 
570,466
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured
4/16 at 100.00
Aa3
 
861,792
 
 
530
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36
1/13 at 102.00
N/R
 
371,493
 
 
120
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
 
114,823
 
 
270
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33
5/16 at 100.00
BBB–
 
237,311
 
 
500
 
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
 
505,640
 
 
1,000
 
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/20
4/13 at 100.00
Aa2
 
1,070,500
 
 
50
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
 
46,371
 
 
10,485
 
Total Education and Civic Organizations
     
10,161,475
 
     
Health Care – 14.7% (9.7% of Total Investments)
         
 
625
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
4/15 at 100.00
Ba2
 
477,425
 
 
600
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
No Opt. Call
Ca
 
562,590
 
 
300
 
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27
7/20 at 100.00
Baa3
 
295,404
 

Nuveen Investments
 
81

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
NVY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Health Care (continued)
         
$
95
 
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured
11/17 at 100.00
Aa3
$
85,605
 
 
835
 
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42
No Opt. Call
A2
 
769,419
 
 
270
 
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006, 5.900%, 7/01/40
7/16 at 100.00
N/R
 
214,747
 
 
600
 
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 5.900%, 11/15/28
11/12 at 101.00
BB+
 
510,252
 
 
740
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
7/18 at 100.00
AA+
 
707,011
 
 
1,155
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured
11/17 at 100.00
AA+
 
1,087,178
 
 
160
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37
1/17 at 100.00
A–
 
142,342
 
 
175
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
 
176,062
 
 
300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
 
277,950
 
 
1,450
 
Washington County Hospital Authority, Pennsylvania, Revenue Bonds, Monongahela Valley Hospital Project, Series 2002, 6.250%, 6/01/22
6/12 at 101.00
A3
 
1,482,567
 
 
600
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.250%, 1/01/32
1/12 at 100.00
BBB+
 
582,342
 
 
335
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
1/21 at 100.00
BBB+
 
330,504
 
 
8,240
 
Total Health Care
     
7,701,398
 
     
Housing/Multifamily – 1.8% (1.2% of Total Investments)
         
 
200
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
 
188,350
 
 
800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
 
670,088
 
 
120
 
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
5/15 at 102.00
Baa3
 
99,196
 
 
1,120
 
Total Housing/Multifamily
     
957,634
 
     
Housing/Single Family – 6.7% (4.4% of Total Investments)
         
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A:
         
 
175
 
4.950%, 10/01/26 (Alternative Minimum Tax)
4/15 at 100.00
AA+
 
170,972
 
 
185
 
4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
4/15 at 100.00
AA+
 
180,741
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A:
         
 
520
 
5.150%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
 
496,865
 
 
355
 
5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
339,205
 
     
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A:
         
 
245
 
4.900%, 10/01/37 (Alternative Minimum Tax)
10/15 at 100.00
AA+
 
229,817
 
 
225
 
4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
10/15 at 100.00
AA+
 
211,057
 
 
1,100
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
 
1,094,071
 
 
430
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
AA+
 
396,937
 
 
400
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112, 5.000%, 10/01/25
10/20 at 100.00
AA+
 
405,992
 
 
3,635
 
Total Housing/Single Family
     
3,525,657
 

82
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Industrials – 5.9% (3.9% of Total Investments)
         
$
3,000
 
Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/19 – AMBAC Insured
7/12 at 101.00
A1
$
3,106,290
 
     
Long-Term Care – 9.6% (6.3% of Total Investments)
         
     
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
         
 
250
 
5.750%, 1/01/27
1/17 at 100.00
N/R
 
206,130
 
 
400
 
5.750%, 1/01/37
1/17 at 100.00
N/R
 
302,816
 
 
1,000
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39
1/19 at 100.00
N/R
 
978,910
 
 
300
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007, 5.000%, 1/01/36
1/17 at 100.00
N/R
 
244,398
 
 
300
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
6/17 at 100.00
BBB
 
296,016
 
 
205
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36
11/16 at 100.00
A
 
185,064
 
 
185
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30
7/17 at 100.00
N/R
 
175,243
 
 
785
 
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
12/14 at 100.00
N/R
 
677,282
 
     
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A:
         
 
1,260
 
5.250%, 6/01/14
6/11 at 100.00
BB
 
1,196,937
 
 
50
 
5.125%, 6/01/18
6/11 at 100.00
BB
 
43,658
 
 
750
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/23 – AMBAC Insured
7/11 at 101.00
Baa1
 
750,555
 
 
5,485
 
Total Long-Term Care
     
5,057,009
 
     
Materials – 4.4% (2.9% of Total Investments)
         
 
400
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
BB
 
403,812
 
 
280
 
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
12/15 at 100.00
BBB
 
280,053
 
 
1,000
 
Bucks County Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, USX Corporation Project, Series 1995, 5.400%, 11/01/17 (Mandatory put 11/01/11)
No Opt. Call
BBB+
 
1,029,780
 
 
750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
11/11 at 100.00
N/R
 
607,680
 
 
2,430
 
Total Materials
     
2,321,325
 
     
Tax Obligation/General – 22.7% (14.9% of Total Investments)
         
 
1,740
 
Butler County, Pennsylvania, Butler Area School District, General Obligation Bonds, Series 2002A, 5.375%, 10/01/26 – FGIC Insured
10/12 at 100.00
BBB
 
1,761,402
 
 
4,000
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17 (UB)
No Opt. Call
A+
 
4,512,280
 
     
Greensburg Salem School District, Westmoreland County, Pennsylvania, General Obligation Refunding Bonds, Series 2002:
         
 
725
 
5.375%, 9/15/15 – FGIC Insured
9/12 at 100.00
A+
 
765,876
 
 
1,000
 
5.375%, 9/15/16 – FGIC Insured
9/12 at 100.00
A+
 
1,056,380
 
 
375
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured
No Opt. Call
Aa2
 
365,805
 
 
725
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
 
754,812
 
 
950
 
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 – AGM Insured
7/15 at 100.00
AA+
 
949,269
 

Nuveen Investments
 
83

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
NVY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
         
$
225
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
No Opt. Call
AA+
$
248,625
 
 
2,510
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32 – FGIC Insured
No Opt. Call
A
 
742,684
 
 
180
 
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured
9/13 at 100.00
BBB
 
159,494
 
 
600
 
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
12/15 at 100.00
AA
 
605,970
 
 
13,030
 
Total Tax Obligation/General
     
11,922,597
 
     
Tax Obligation/Limited – 23.0% (15.1% of Total Investments)
         
 
1,000
 
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23
No Opt. Call
N/R
 
899,320
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured
10/19 at 100.00
AA+
 
1,498,875
 
 
4,000
 
Harrisburg Parking Authority, Pennsylvania, Guaranteed Revenue Refunding Bonds, Series 2001J, 5.000%, 9/01/22 – NPFG Insured
9/11 at 100.00
Baa1
 
3,768,200
 
 
610
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
12/18 at 100.00
AA
 
615,917
 
 
1,200
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured
No Opt. Call
AA+
 
1,387,584
 
     
Philadelphia Redevelopment Authority, Pennsylvania, Revenue Bonds, Philadelphia Neighborhood Transformation Initiative, Series 2002A:
         
 
1,000
 
5.500%, 4/15/18 – FGIC Insured
4/12 at 100.00
A2
 
1,029,430
 
 
1,750
 
5.500%, 4/15/22 – FGIC Insured
4/12 at 100.00
A2
 
1,788,500
 
 
800
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured
No Opt. Call
A3
 
725,072
 
 
710
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured
No Opt. Call
A3
 
158,962
 
 
250
 
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
 
204,363
 
 
12,820
 
Total Tax Obligation/Limited
     
12,076,223
 
     
Transportation – 9.9% (6.5% of Total Investments)
         
 
130
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds, Series 2003, 5.250%, 7/01/17
7/13 at 100.00
A2
 
139,022
 
 
720
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
1/20 at 100.00
A–
 
711,302
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
6/12 at 102.00
BBB+
 
953,040
 
     
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A:
         
 
875
 
0.000%, 12/01/34
12/20 at 100.00
AA
 
646,739
 
 
250
 
5.000%, 12/01/38
No Opt. Call
Aa3
 
245,220
 
 
670
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured
6/16 at 100.00
Aa3
 
702,629
 
 
150
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
 
139,578
 
 
1,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
792,190
 

84
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Transportation (continued)
         
$
1,000
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003A, 5.000%, 1/01/28 – AMBAC Insured (Alternative Minimum Tax)
1/13 at 100.00
Baa3
$
860,910
 
 
5,795
 
Total Transportation
     
5,190,630
 
     
U.S. Guaranteed – 21.4% (14.0% of Total Investments) (4)
         
 
1,155
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Pennswood Village Project, Series 2002A, 6.000%, 10/01/34 (Pre-refunded 10/01/12)
10/12 at 101.00
N/R (4)
 
1,252,817
 
 
1,000
 
Cumberland County Municipal Authority, Pennsylvania, Retirement Community Revenue Bonds, Wesley Affiliated Services Inc., Series 2002A, 7.125%, 1/01/25 (Pre-refunded 1/01/13)
1/13 at 101.00
N/R (4)
 
1,116,320
 
 
325
 
Delaware County Authority, Pennsylvania, College Revenue Refunding Bonds, Neumann College, Series 2001, 6.000%, 10/01/31 (Pre-refunded 10/01/11)
10/11 at 100.00
BBB (4)
 
332,790
 
 
2,000
 
Grove City Area Hospital Authority, Mercer County, Pennsylvania, Revenue Bonds, County Guaranteed, Woodland Place Project, Series 2002, 5.400%, 3/01/31 (Pre-refunded 3/01/12) – FGIC Insured
3/12 at 100.00
BBB (4)
 
2,082,820
 
 
1,100
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2002B, 0.000%, 11/15/21 (Pre-refunded 11/15/12) – NPFG Insured
11/12 at 57.98
N/R (4)
 
628,265
 
 
225
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Reliant Energy Inc., Series 2003A, 6.750%, 12/01/36 (Pre-refunded 6/01/11) (Alternative Minimum Tax)
6/11 at 103.00
B1 (4)
 
232,853
 
 
1,445
 
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2001, 5.500%, 7/15/33 (Pre-refunded 7/15/11) – AMBAC Insured
7/11 at 101.00
Aa3 (4)
 
1,475,490
 
 
315
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
1/17 at 100.00
N/R (4)
 
367,514
 
 
1,650
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.250%, 8/01/20 (Pre-refunded 8/01/13) – AGM Insured
8/13 at 100.00
AA+ (4)
 
1,816,601
 
 
50
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)
No Opt. Call
BBB (4)
 
61,238
 
 
1,500
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002A, 5.500%, 2/01/31 (Pre-refunded 2/01/12) – AGM Insured
2/12 at 100.00
AA+ (4)
 
1,558,440
 
 
225
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
11/14 at 100.00
A1 (4)
 
256,700
 
 
25
 
West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 6.150%, 1/01/21 (Pre-refunded 1/01/12)
1/12 at 100.00
BBB+ (4)
 
25,970
 
 
11,015
 
Total U.S. Guaranteed
     
11,207,818
 
     
Utilities – 2.4% (1.6% of Total Investments)
         
 
145
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured
9/14 at 100.00
AA+
 
146,298
 
 
1,240
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 – AMBAC Insured
10/17 at 100.00
BBB+
 
1,115,144
 
 
1,385
 
Total Utilities
     
1,261,442
 

Nuveen Investments
 
85

 
 

 
   
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (continued)
NVY
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Water and Sewer – 10.4% (6.8% of Total Investments)
         
$
4,500
 
Bucks County Industrial Development Authority, Pennsylvania, Water Facility Revenue Bonds, Pennsylvania Suburban Water Company, Series 2002, 5.550%, 9/01/32 – NPFG Insured (Alternative Minimum Tax)
3/12 at 100.00
AA–
$
4,503,555
 
 
600
 
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured
7/14 at 100.00
AA+
 
549,191
 
 
400
 
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
12/19 at 100.00
A
 
390,963
 
 
5,500
 
Total Water and Sewer
     
5,443,709
 
$
83,940
 
Total Investments (cost $80,779,177) – 152.3%
     
79,933,207
 
     
Floating Rate Obligations – (8.3)%
     
(4,370,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (46.8)% (5)
     
(24,550,000
     
Other Assets Less Liabilities – 2.8%
     
1,456,484
 
     
Net Assets Applicable to Common Shares – 100%
   
$
52,469,691
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.7%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

86
 
Nuveen Investments

 
 

 
   
Nuveen Pennsylvania Municipal Value Fund
NPN
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Consumer Staples – 3.5% (3.7% of Total Investments)
         
$
650
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
BBB
$
638,040
 
     
Education and Civic Organizations – 9.6% (9.9% of Total Investments)
         
 
675
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30
10/18 at 100.00
BBB
 
666,583
 
 
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+
 
506,695
 
 
500
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 5.000%, 4/01/36 – RAAI Insured
4/16 at 100.00
BBB+
 
425,450
 
 
50
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter School Project, Series 2010, 6.000%, 8/01/35
8/20 at 100.00
BBB+
 
47,843
 
 
100
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40
11/20 at 100.00
A
 
92,742
 
 
1,825
 
Total Education and Civic Organizations
     
1,739,313
 
     
Health Care – 27.1% (27.9% of Total Investments)
         
 
750
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
No Opt. Call
Aa3
 
733,560
 
 
750
 
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
 
744,518
 
 
350
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
8/16 at 100.00
Baa3
 
325,882
 
 
350
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A
 
328,314
 
 
500
 
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23
No Opt. Call
Baa1
 
515,910
 
 
250
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23
5/11 at 100.00
BBB
 
250,090
 
 
1,200
 
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005, 5.000%, 12/01/29 – RAAI Insured
12/15 at 100.00
BBB–
 
1,000,521
 
 
745
 
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34
5/19 at 100.00
A1
 
774,040
 
 
200
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32
2/14 at 100.00
A+
 
204,384
 
 
5,095
 
Total Health Care
     
4,877,219
 
     
Housing/Multifamily – 4.6% (4.7% of Total Investments)
         
 
50
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
No Opt. Call
BBB–
 
47,088
 
 
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
Aaa
 
780,176
 
 
850
 
Total Housing/Multifamily
     
827,264
 
     
Housing/Single Family – 4.3% (4.4% of Total Investments)
         
 
800
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2009-105-C, 5.000%, 10/01/39
4/19 at 100.00
AA+
 
777,504
 

Nuveen Investments
 
87

 
 

 
   
Nuveen Pennsylvania Municipal Value Fund (continued)
NPN
 
Portfolio of Investments
April 30, 2011
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Long-Term Care – 4.2% (4.4% of Total Investments)
         
$
750
 
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29
11/19 at 100.00
BBB+
$
761,865
 
     
Tax Obligation/General – 4.0% (4.1% of Total Investments)
         
 
700
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33
8/19 at 100.00
Aa2
 
721,343
 
     
Tax Obligation/Limited – 16.5% (16.9% of Total Investments)
         
 
550
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
12/19 at 100.00
BBB–
 
533,407
 
 
1,075
 
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007R, 4.250%, 5/15/21 – SYNCORA GTY Insured
11/16 at 100.00
N/R
 
909,912
 
 
750
 
Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
No Opt. Call
A2
 
772,373
 
 
750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
751,365
 
 
3,125
 
Total Tax Obligation/Limited
     
2,967,057
 
     
Transportation – 5.5% (5.7% 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–
 
237,101
 
     
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
 
428,695
 
 
100
 
5.000%, 12/01/38
No Opt. Call
Aa3
 
98,088
 
 
50
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2009B-1, 5.000%, 12/01/37
12/19 at 100.00
A–
 
46,526
 
 
30
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003A, 5.000%, 1/01/28 – AMBAC Insured (Alternative Minimum Tax)
1/13 at 100.00
Baa3
 
25,827
 
 
200
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003B, 5.000%, 1/01/33 – AMBAC Insured
1/13 at 100.00
Baa3
 
162,674
 
 
1,200
 
Total Transportation
     
998,911
 
     
U.S. Guaranteed – 0.0% (0.0% of Total Investments) (4)
         
 
5
 
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds, Allegheny Valley Hospital – Sublessee, Series 1982Q, 7.000%, 8/01/15 (ETM)
No Opt. Call
AAA
 
5,909
 
     
Utilities – 2.8% (2.9% of Total Investments)
         
 
500
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13 (Mandatory put 1/01/13)
7/11 at 100.00
BB+
 
500,960
 
     
Water and Sewer – 15.0% (15.4% 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
2/17 at 100.00
AA–
 
696,593
 
 
750
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 17.712%, 6/15/33 (IF)
6/19 at 100.00
AA+
 
752,790
 

88
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Water and Sewer (continued)
         
     
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
         
$
750
 
5.250%, 1/01/32
1/19 at 100.00
A1
$
756,540
 
 
500
 
5.250%, 1/01/36
1/19 at 100.00
A1
 
491,140
 
 
2,750
 
Total Water and Sewer
     
2,697,063
 
$
18,250
 
Total Investments (cost $16,935,624) – 97.1%
     
17,512,448
 
     
Other Assets Less Liabilities – 2.9%
     
516,242
 
     
Net Assets Applicable to Common Shares – 100%
   
$
18,028,690
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.

See accompanying notes to financial statements.

Nuveen Investments
 
89

 
 

 
   
Statement of
   
Assets & Liabilities
      April 30, 2011

   
New Jersey
Investment
Quality
(NQJ
)
New Jersey
Premium
Income
(NNJ
)
New Jersey
Dividend
Advantage
(NXJ
)
New Jersey
Dividend
Advantage 2
(NUJ
)
New Jersey
Municipal
Value
(NJV
)
Assets
                               
Investments, at value (cost $421,705,226, $256,390,870, $136,003,695, $97,729,320 and $23,459,225, respectively)
 
$
410,067,184
 
$
253,504,215
 
$
131,066,009
 
$
94,476,145
 
$
24,071,540
 
Cash
   
8,091,052
   
2,827,276
   
1,067,824
   
490,314
   
118,823
 
Receivables:
                               
Interest
   
7,018,244
   
4,043,628
   
2,218,662
   
1,654,353
   
416,645
 
Investments sold
   
   
   
   
   
 
Deferred offering costs
   
776,708
   
616,388
   
903,931
   
764,799
   
 
Other assets
   
154,592
   
97,503
   
15,930
   
11,432
   
120
 
Total assets
   
426,107,780
   
261,089,010
   
135,272,356
   
97,397,043
   
24,607,128
 
Liabilities
                               
Floating rate obligations
   
   
   
   
   
1,500,000
 
Payables:
                               
Common share dividends
   
1,225,587
   
708,056
   
433,320
   
312,030
   
89,383
 
Interest
   
   
   
106,047
   
58,413
   
 
Investments purchased
   
   
75,685
   
   
202,990
   
 
Offering costs
   
277,516
   
271,967
   
368,750
   
191,995
   
 
MuniFund Term Preferred (MTP) shares, at liquidation value
   
   
   
44,861,000
   
35,050,000
   
 
Variable Rate Demand Preferred (VRDP) shares, at liquidation value
   
144,300,000
   
88,600,000
   
   
   
 
Accrued expenses:
                               
Management fees
   
215,593
   
133,484
   
70,186
   
46,237
   
11,515
 
Other
   
121,096
   
87,522
   
34,432
   
32,465
   
25,470
 
Total liabilities
   
146,139,792
   
89,876,714
   
45,873,735
   
35,894,130
   
1,626,368
 
Net assets applicable to Common shares
 
$
279,967,988
 
$
171,212,296
 
$
89,398,621
 
$
61,502,913
 
$
22,980,760
 
Common shares outstanding
   
20,453,722
   
12,036,596
   
6,569,912
   
4,523,313
   
1,560,787
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
13.69
 
$
14.22
 
$
13.61
 
$
13.60
 
$
14.72
 
Net assets applicable to Common shares consist of:
                               
Common shares, $.01 par value per share
 
$
204,537
 
$
120,366
 
$
65,699
 
$
45,233
 
$
15,608
 
Paid-in surplus
   
288,688,845
   
171,855,376
   
93,302,558
   
64,079,893
   
22,286,072
 
Undistributed (Over-distribution of) net investment income
   
4,215,712
   
2,849,697
   
1,417,049
   
927,258
   
81,348
 
Accumulated net realized gain (loss)
   
(1,503,064
)
 
(726,488
)
 
(448,999
)
 
(296,296
)
 
(14,583
)
Net unrealized appreciation (depreciation)
   
(11,638,042
)
 
(2,886,655
)
 
(4,937,686
)
 
(3,253,175
)
 
612,315
 
Net assets applicable to Common shares
 
$
279,967,988
 
$
171,212,296
 
$
89,398,621
 
$
61,502,913
 
$
22,980,760
 
Authorized shares:
                               
Common
   
200,000,000
   
200,000,000
   
Unlimited
   
Unlimited
   
Unlimited
 
Auction Rate Preferred Shares (“ARPS”)
   
1,000,000
   
1,000,000
   
Unlimited
   
Unlimited
   
N/A
 
MTP
   
   
   
   
Unlimited
   
 
VRDP
   
Unlimited
   
Unlimited
   
   
   
 
N/A – Fund is not authorized to issue ARPS.
                         
 
See accompanying notes to financial statements.
 
90
 
Nuveen Investments

 
 

 
   
Pennsylvania
Investment
Quality
(NQP
)
Pennsylvania
Premium
Income 2
(NPY
)
Pennsylvania
Dividend
Advantage
(NXM
)
Pennsylvania
Dividend
Advantage 2
(NVY
)
Pennsylvania
Municipal
Value
(NPN
)
Assets
                               
Investments, at value (cost $359,425,221, $311,379,614, $70,571,889, $80,779,177 and $16,935,624, respectively)
 
$
356,951,589
 
$
309,637,875
 
$
69,346,373
 
$
79,933,207
 
$
17,512,448
 
Cash
   
1,472,800
   
10,827,472
   
98,547
   
274,151
   
294,948
 
Receivables:
                               
Interest
   
5,684,395
   
5,174,672
   
1,166,538
   
1,113,860
   
319,218
 
Investments sold
   
5,370,000
   
60,000
   
70,000
   
5,000
   
 
Deferred offering costs
   
684,469
   
649,086
   
604,974
   
630,338
   
 
Other assets
   
123,704
   
112,298
   
8,311
   
29,515
   
90
 
Total assets
   
370,286,957
   
326,461,403
   
71,294,743
   
81,986,071
   
18,126,704
 
Liabilities
                               
Floating rate obligations
   
26,715,000
   
12,385,000
   
1,070,000
   
4,370,000
   
 
Payables:
                               
Common share dividends
   
1,045,874
   
981,099
   
228,891
   
269,160
   
63,986
 
Interest
   
   
   
40,583
   
43,985
   
 
Investments purchased
   
2,552,644
   
1,701,762
   
   
   
 
Offering costs
   
291,711
   
298,175
   
178,559
   
213,435
   
 
MuniFund Term Preferred (MTP) shares, at liquidation value
   
   
   
23,190,000
   
24,550,000
   
 
Variable Rate Demand Preferred (VRDP) shares, at liquidation value
   
112,500,000
   
100,000,000
   
   
   
 
Accrued expenses:
                               
Management fees
   
173,183
   
159,808
   
36,282
   
38,428
   
9,524
 
Other
   
103,452
   
96,398
   
29,645
   
31,372
   
24,504
 
Total liabilities
   
143,381,864
   
115,622,242
   
24,773,960
   
29,516,380
   
98,014
 
Net assets applicable to Common shares
 
$
226,905,093
 
$
210,839,161
 
$
46,520,783
 
$
52,469,691
 
$
18,028,690
 
Common shares outstanding
   
16,080,898
   
15,595,551
   
3,321,984
   
3,726,116
   
1,219,352
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.11
 
$
13.52
 
$
14.00
 
$
14.08
 
$
14.79
 
Net assets applicable to Common shares consist of:
                               
Common shares, $.01 par value per share
 
$
160,809
 
$
155,956
 
$
33,220
 
$
37,261
 
$
12,194
 
Paid-in surplus
   
227,895,209
   
213,687,401
   
47,112,058
   
52,757,672
   
17,430,831
 
Undistributed (Over-distribution of) net investment income
   
3,488,103
   
3,381,190
   
691,337
   
822,618
   
8,923
 
Accumulated net realized gain (loss)
   
(2,165,396
)
 
(4,643,647
)
 
(90,316
)
 
(301,890
)
 
(82
)
Net unrealized appreciation (depreciation)
   
(2,473,632
)
 
(1,741,739
)
 
(1,225,516
)
 
(845,970
)
 
576,824
 
Net assets applicable to Common shares
 
$
226,905,093
 
$
210,839,161
 
$
46,520,783
 
$
52,469,691
 
$
18,028,690
 
Authorized shares:
                               
Common
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Auction Rate Preferred Shares (“ARPS”)
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
N/A
 
MTP
   
   
   
Unlimited
   
Unlimited
   
 
VRDP
   
Unlimited
   
Unlimited
   
   
   
 
N/A – Fund is not authorized to issue ARPS.
                         
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 
 
   
Statement of
   
Operations
      Year Ended April 30, 2011

   
New Jersey
Investment
Quality
(NQJ
)
New Jersey
Premium
Income
(NNJ
)
New Jersey
Dividend
Advantage
(NXJ
)
New Jersey
Dividend
Advantage 2
(NUJ
)
New Jersey
Municipal
Value
(NJV
)
Investment Income
 
$
21,783,159
 
$
13,153,905
 
$
6,997,889
 
$
5,000,869
 
$
1,488,050
 
Expenses
                               
Management fees
   
2,724,737
   
1,682,009
   
885,296
   
625,163
   
149,246
 
Auction fees
   
160,003
   
103,066
   
55,482
   
16,895
   
N/A
 
Dividend disbursing agent fees
   
15,014
   
15,890
   
10,000
   
10,000
   
N/A
 
Shareholders’ servicing agent fees and expenses
   
29,925
   
18,496
   
1,520
   
12,562
   
164
 
Interest expense and amortization of offering costs
   
560,305
   
347,447
   
138,226
   
506,533
   
13,301
 
Liquidity fees on VRDP shares
   
802,210
   
492,555
   
   
   
 
Custodian’s fees and expenses
   
83,394
   
57,297
   
33,017
   
26,312
   
9,419
 
Directors’/Trustees’ fees and expenses
   
11,583
   
7,098
   
4,271
   
2,792
   
571
 
Professional fees
   
31,944
   
27,036
   
83,484
   
21,348
   
19,203
 
Shareholders’ reports – printing and mailing expenses
   
64,948
   
41,485
   
24,682
   
21,779
   
7,198
 
Stock exchange listing fees
   
9,089
   
9,089
   
913
   
628
   
270
 
Other expenses
   
3,464
   
4,775
   
11,948
   
13,500
   
4,670
 
Total expenses before custodian fee credit and expense reimbursement
   
4,496,616
   
2,806,243
   
1,248,839
   
1,257,512
   
204,042
 
Custodian fee credit
   
(9,196
)
 
(2,203
)
 
(1,920
)
 
(1,915
)
 
(54
)
Expense reimbursement
   
   
   
(64,541
)
 
(94,842
)
 
 
Net expenses
   
4,487,420
   
2,804,040
   
1,182,378
   
1,160,755
   
203,988
 
Net investment income
   
17,295,739
   
10,349,865
   
5,815,511
   
3,840,114
   
1,284,062
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from investments
   
(1,061,298
)
 
(738,378
)
 
(458,296
)
 
(299,168
)
 
(9,202
)
Change in net unrealized appreciation (depreciation) of investments
   
(14,015,249
)
 
(8,286,977
)
 
(5,465,315
)
 
(3,373,715
)
 
(1,779,254
)
Net realized and unrealized gain (loss)
   
(15,076,547
)
 
(9,025,355
)
 
(5,923,611
)
 
(3,672,883
)
 
(1,788,456
)
Distributions to Auction Rate Preferred Shareholders
                               
From net investment income
   
(208,792
)
 
(131,586
)
 
(177,530
)
 
(64,953
)
 
N/A
 
From accumulated net realized gains
   
   
   
(1,845
)
 
   
N/A
 
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
(208,792
)
 
(131,586
)
 
(179,375
)
 
(64,953
)
 
N/A
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
2,010,400
 
$
1,192,924
 
$
(287,475
)
$
102,278
 
$
(504,394
)
N/A – Fund is not authorized to issue ARPS.
                         
 
See accompanying notes to financial statements.
 
92
 
Nuveen Investments

 
 

 
   
Pennsylvania
Investment
Quality
(NQP
)
Pennsylvania
Premium
Income 2
(NPY
)
Pennsylvania
Dividend
Advantage
(NXM
)
Pennsylvania
Dividend
Advantage 2
(NVY
)
Pennsylvania
Municipal
Value
(NPN
)
Investment Income
 
$
18,702,528
 
$
16,718,040
 
$
3,728,108
 
$
4,241,592
 
$
1,117,886
 
Expenses
                               
Management fees
   
2,186,209
   
2,016,439
   
457,716
   
521,297
   
120,949
 
Auction fees
   
128,373
   
113,885
   
9,994
   
12,611
   
N/A
 
Dividend disbursing agent fees
   
10,904
   
15,890
   
10,000
   
10,000
   
N/A
 
Shareholders’ servicing agent fees and expenses
   
32,576
   
27,697
   
12,589
   
9,550
   
164
 
Interest expense and amortization of offering costs
   
588,417
   
495,764
   
367,361
   
386,710
   
 
Liquidity fees on VRDP shares
   
625,423
   
555,933
   
   
   
 
Custodian’s fees and expenses
   
69,122
   
63,087
   
22,083
   
22,481
   
8,110
 
Directors’/Trustees’ fees and expenses
   
9,254
   
8,475
   
2,091
   
2,275
   
439
 
Professional fees
   
28,541
   
27,679
   
20,681
   
21,425
   
18,967
 
Shareholders’ reports – printing and mailing expenses
   
58,469
   
53,911
   
18,405
   
20,112
   
7,300
 
Stock exchange listing fees
   
9,089
   
9,089
   
463
   
518
   
204
 
Other expenses
   
4,420
   
3,429
   
14,846
   
13,604
   
4,632
 
Total expenses before custodian fee credit and expense reimbursement
   
3,750,797
   
3,391,278
   
936,229
   
1,020,583
   
160,765
 
Custodian fee credit
   
(5,561
)
 
(6,425
)
 
(1,325
)
 
(800
)
 
(595
)
Expense reimbursement
   
   
   
(33,296
)
 
(79,094
)
 
 
Net expenses
   
3,745,236
   
3,384,853
   
901,608
   
940,689
   
160,170
 
Net investment income
   
14,957,292
   
13,333,187
   
2,826,500
   
3,300,903
   
957,716
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from investments
   
745,530
   
76,022
   
160,763
   
125,330
   
(2,036
)
Change in net unrealized appreciation (depreciation) of investments
   
(12,501,791
)
 
(9,453,123
)
 
(2,308,027
)
 
(2,323,297
)
 
(848,014
)
Net realized and unrealized gain (loss)
   
(11,756,261
)
 
(9,377,101
)
 
(2,147,264
)
 
(2,197,967
)
 
(850,050
)
Distributions to Auction Rate Preferred Shareholders
                               
From net investment income
   
(167,467
)
 
(144,895
)
 
(46,324
)
 
(53,580
)
 
N/A
 
From accumulated net realized gains
   
   
   
   
   
N/A
 
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
(167,467
)
 
(144,895
)
 
(46,324
)
 
(53,580
)
 
N/A
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
3,033,564
 
$
3,811,191
 
$
632,912
 
$
1,049,356
 
$
107,666
 
N/A – Fund is not authorized to issue ARPS.
                         
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 
   
Statement of
   
Changes in Net Assets

   
New Jersey
Investment Quality (NQJ)
 
New Jersey
Premium Income (NNJ)
 
   
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Operations
                         
Net investment income
 
$
17,295,739
 
$
18,717,128
 
$
10,349,865
 
$
10,849,430
 
Net realized gain (loss) from investments
   
(1,061,298
)
 
233,477
   
(738,378
)
 
152,799
 
Change in net unrealized appreciation (depreciation) of investments
   
(14,015,249
)
 
26,574,736
   
(8,286,977
)
 
12,104,576
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(208,792
)
 
(607,748
)
 
(131,586
)
 
(359,067
)
From accumulated net realized gains
   
   
   
   
(54,178
)
Net increase (decrease) in net assets applicable to Common shares from operations
   
2,010,400
   
44,917,593
   
1,192,924
   
22,693,560
 
Distributions to Common Shareholders
                         
From net investment income
   
(16,874,323
)
 
(15,463,016
)
 
(9,863,992
)
 
(8,895,046
)
From accumulated net realized gains
   
(550,205
)
 
   
(140,828
)
 
(202,215
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(17,424,528
)
 
(15,463,016
)
 
(10,004,820
)
 
(9,097,261
)
Capital Share Transactions
                         
Common shares:
                         
Proceeds from sale, net of offering costs
   
   
   
   
 
Net proceeds issued to shareholders due to reinvestment of distributions
   
   
   
   
 
Repurchased and retired
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares
   
(15,414,128
)
 
29,454,577
   
(8,811,896
)
 
13,596,299
 
Net assets applicable to Common shares at the beginning of year
   
295,382,116
   
265,927,539
   
180,024,192
   
166,427,893
 
Net assets applicable to Common shares at the end of year
 
$
279,967,988
 
$
295,382,116
 
$
171,212,296
 
$
180,024,192
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
4,215,712
 
$
3,984,461
 
$
2,849,697
 
$
2,486,061
 
 
See accompanying notes to financial statements.
 
94
 
Nuveen Investments

 
 

 
   
New Jersey
Dividend Advantage (NXJ)
 
New Jersey
Dividend Advantage 2 (NUJ)
 
New Jersey
Municipal Value (NJV)
 
   
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Operations
                                     
Net investment income
 
$
5,815,511
 
$
5,946,742
 
$
3,840,114
 
$
4,257,761
 
$
1,284,062
 
$
1,088,719
 
Net realized gain (loss) from investments
   
(458,296
)
 
212,974
   
(299,168
)
 
242,640
   
(9,202
)
 
31,233
 
Change in net unrealized appreciation (depreciation) of investments
   
(5,465,315
)
 
9,065,987
   
(3,373,715
)
 
6,247,786
   
(1,779,254
)
 
2,391,569
 
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
(177,530
)
 
(195,346
)
 
(64,953
)
 
(125,424
)
 
N/A
   
N/A
 
From accumulated net realized gains
   
(1,845
)
 
(11,965
)
 
   
(28,590
)
 
N/A
   
N/A
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
(287,475
)
 
15,018,392
   
102,278
   
10,594,173
   
(504,394
)
 
3,511,521
 
Distributions to Common Shareholders
                                     
From net investment income
   
(5,456,312
)
 
(4,901,156
)
 
(3,864,727
)
 
(3,539,791
)
 
(1,198,684
)
 
(1,092,472
)
From accumulated net realized gains
   
(157,678
)
 
(47,303
)
 
(172,338
)
 
(116,187
)
 
(38,395
)
 
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(5,613,990
)
 
(4,948,459
)
 
(4,037,065
)
 
(3,655,978
)
 
(1,237,079
)
 
(1,092,472
)
Capital Share Transactions
                                     
Common shares:
                                     
Proceeds from sale, net of offering costs
   
   
   
   
   
   
1,412,160
 
Net proceeds issued to shareholders due to reinvestment of distributions
   
   
   
27,622
   
16,041
   
   
 
Repurchased and retired
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
   
27,622
   
16,041
   
   
1,412,160
 
Net increase (decrease) in net assets applicable to Common shares
   
(5,901,465
)
 
10,069,933
   
(3,907,165
)
 
6,954,236
   
(1,741,473
)
 
3,831,209
 
Net assets applicable to Common shares at the beginning of year
   
95,300,086
   
85,230,153
   
65,410,078
   
58,455,842
   
24,722,233
   
20,891,024
 
Net assets applicable to Common shares at the end of year
 
$
89,398,621
 
$
95,300,086
 
$
61,502,913
 
$
65,410,078
 
$
22,980,760
 
$
24,722,233
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
1,417,049
 
$
1,216,150
 
$
927,258
 
$
921,270
 
$
81,348
 
$
(3,755
)
N/A – Fund is not authorized to issue ARPS.
                               
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 
   
Statement of
   
Changes in Net Assets (continued)

   
Pennsylvania Investment
Quality (NQP)
 
Pennsylvania Premium
Income 2 (NPY)
 
   
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Operations
                         
Net investment income
 
$
14,957,292
 
$
15,528,056
 
$
13,333,187
 
$
14,161,218
 
Net realized gain (loss) from investments
   
745,530
   
773,454
   
76,022
   
631,514
 
Change in net unrealized appreciation (depreciation) of investments
   
(12,501,791
)
 
17,712,020
   
(9,453,123
)
 
19,352,139
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(167,467
)
 
(496,083
)
 
(144,895
)
 
(452,125
)
From accumulated net realized gains
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
3,033,564
   
33,517,447
   
3,811,191
   
33,692,746
 
Distributions to Common Shareholders
                         
From net investment income
   
(14,496,933
)
 
(12,820,803
)
 
(13,084,668
)
 
(12,032,678
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(14,496,933
)
 
(12,820,803
)
 
(13,084,668
)
 
(12,032,678
)
Capital Share Transactions
                         
Common shares:
                         
Proceeds from sale, net of offering costs
   
   
   
   
 
Net proceeds issued to shareholders due to reinvestment of distributions
   
   
   
   
 
Repurchased and retired
   
   
(681,095
)
 
   
(285,937
)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
(681,095
)
 
   
(285,937
)
Net increase (decrease) in net assets applicable to Common shares
   
(11,463,369
)
 
20,015,549
   
(9,273,477
)
 
21,374,131
 
Net assets applicable to Common shares at the beginning of year
   
238,368,462
   
218,352,913
   
220,112,638
   
198,738,507
 
Net assets applicable to Common shares at the end of year
 
$
226,905,093
 
$
238,368,462
 
$
210,839,161
 
$
220,112,638
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
3,488,103
 
$
3,207,009
 
$
3,381,190
 
$
3,280,219
 
 
See accompanying notes to financial statements.
 
96
 
Nuveen Investments

 
 

 
   
Pennsylvania Dividend
Advantage (NXM)
 
Pennsylvania Dividend
Advantage 2 (NVY)
 
Pennsylvania Municipal
Value (NPN)
 
   
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Year
Ended
4/30/11
 
Year
Ended
4/30/10
 
Operations
                                     
Net investment income
 
$
2,826,500
 
$
3,195,336
 
$
3,300,903
 
$
3,629,769
 
$
957,716
 
$
843,167
 
Net realized gain (loss) from investments
   
160,763
   
165,906
   
125,330
   
271,629
   
(2,036
)
 
12,525
 
Change in net unrealized appreciation (depreciation) of investments
   
(2,308,027
)
 
4,967,411
   
(2,323,297
)
 
4,435,061
   
(848,014
)
 
1,424,838
 
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
(46,324
)
 
(87,707
)
 
(53,580
)
 
(76,694
)
 
N/A
   
N/A
 
From accumulated net realized gains
   
   
(20,673
)
 
   
(41,621
)
 
N/A
   
N/A
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
632,912
   
8,220,273
   
1,049,356
   
8,218,144
   
107,666
   
2,280,530
 
Distributions to Common Shareholders
                                     
From net investment income
   
(2,885,144
)
 
(2,630,923
)
 
(3,325,513
)
 
(3,043,985
)
 
(931,175
)
 
(860,284
)
From accumulated net realized gains
   
(161,448
)
 
(132,215
)
 
(178,854
)
 
(247,021
)
 
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(3,046,592
)
 
(2,763,138
)
 
(3,504,367
)
 
(3,291,006
)
 
(931,175
)
 
(860,284
)
Capital Share Transactions
                                     
Common shares:
                                     
Proceeds from sale, net of offering costs
   
   
   
   
   
   
1,440,936
 
Net proceeds issued to shareholders due to reinvestment of distributions
   
   
   
4,570
   
   
46,742
   
127,893
 
Repurchased and retired
   
   
(109,964
)
 
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
(109,964
)
 
4,570
   
   
46,742
   
1,568,829
 
Net increase (decrease) in net assets applicable to Common shares
   
(2,413,680
)
 
5,347,171
   
(2,450,441
)
 
4,927,138
   
(776,767
)
 
2,989,075
 
Net assets applicable to Common shares at the beginning of year
   
48,934,463
   
43,587,292
   
54,920,132
   
49,992,994
   
18,805,457
   
15,816,382
 
Net assets applicable to Common shares at the end of year
 
$
46,520,783
 
$
48,934,463
 
$
52,469,691
 
$
54,920,132
 
$
18,028,690
 
$
18,805,457
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
691,337
 
$
738,442
 
$
822,618
 
$
839,805
 
$
8,923
 
$
(17,618
)
N/A – Fund is not authorized to issue ARPS.
                               
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
97

 
 

 
   
Statement of
   
Cash Flows
   
Year Ended April 30, 2011
 
     
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
 
     
Quality
   
Income
   
Advantage
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
2,010,400
 
$
1,192,924
 
$
(287,475
)
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
   
(38,962,722
)
 
(17,018,857
)
 
(8,143,562
)
Proceeds from sales and maturities of investments
   
45,958,758
   
19,012,957
   
7,981,182
 
Amortization (Accretion) of premiums and discounts, net
   
214,107
   
211,212
   
(468,073
)
(Increase) Decrease in:
                   
Receivable for interest
   
26,703
   
(24,395
)
 
(19,038
)
Receivable for investments sold
   
230,000
   
   
1,498,274
 
Other assets
   
(49,477
)
 
4,663
   
74
 
Increase (Decrease) in:
                   
Payable for interest
   
   
   
106,047
 
Payable for investments purchased
   
   
75,685
   
 
Payable for Auction Rate Preferred share dividends
   
(6,229
)
 
(1,967
)
 
(1,702
)
Accrued management fees
   
(10,571
)
 
(6,052
)
 
2,333
 
Accrued other liabilities
   
(83,669
)
 
(40,218
)
 
(15,519
)
Net realized (gain) loss from investments
   
1,061,298
   
738,378
   
458,296
 
Change in net unrealized (appreciation) depreciation of investments
   
14,015,249
   
8,286,977
   
5,465,315
 
Taxes paid on undistributed capital gains
   
(1,034
)
 
(6,128
)
 
(2,352
)
Net cash provided by (used in) operating activities
   
24,402,813
   
12,425,179
   
6,573,800
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(776,708
)
 
(616,388
)
 
(903,931
)
Increase (Decrease) in:
                   
Cash overdraft balance
   
   
(239
)
 
(315,129
)
Floating rate obligations
   
   
   
 
Payable for offering costs
   
277,516
   
271,967
   
368,750
 
ARPS, at liquidation value
   
(143,450,000
)
 
(87,875,000
)
 
(43,925,000
)
MTP shares, at liquidation value
   
   
   
44,861,000
 
VRDP shares, at liquidation value
   
144,300,000
   
88,600,000
   
 
Cash distributions paid to Common shareholders
   
(17,373,842
)
 
(9,978,243
)
 
(5,591,666
)
Net cash provided by (used in) financing activities
   
(17,023,034
)
 
(9,597,903
)
 
(5,505,976
)
Net Increase (Decrease) in Cash
   
7,379,779
   
2,827,276
   
1,067,824
 
Cash at the beginning of year
   
711,273
   
   
 
Cash at the End of Year
 
$
8,091,052
 
$
2,827,276
 
$
1,067,824
 
Supplemental Disclosure of Cash Flow Information
                   
Cash paid for interest (excluding amortization of offering costs) was as follows:
                   
 
     
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
 
     
Quality
   
Income
   
Advantage
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
   
$
541,263
 
$
332,335
 
$
 
 
See accompanying notes to financial statements.
 
98
 
Nuveen Investments

 
 

 
   
New Jersey
 
Pennsylvania
 
Pennsylvania
 
   
Dividend
 
Investment
 
Premium
 
   
Advantage 2
 
Quality
 
Income 2
 
   
(NUJ
)
(NQP
)
(NPY
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
102,278
 
$
3,033,564
 
$
3,811,191
 
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
   
(9,205,876
)
 
(27,705,509
)
 
(25,104,287
)
Proceeds from sales and maturities of investments
   
6,476,725
   
34,392,230
   
29,229,757
 
Amortization (Accretion) of premiums and discounts, net
   
8,986
   
(15,321
)
 
(345,803
)
(Increase) Decrease in:
                   
Receivable for interest
   
(78,219
)
 
152,538
   
181,594
 
Receivable for investments sold
   
   
(5,130,000
)
 
7,088,211
 
Other assets
   
52
   
(30,717
)
 
(31,315
)
Increase (Decrease) in:
                   
Payable for interest
   
58,413
   
   
 
Payable for investments purchased
   
202,990
   
76,983
   
843,282
 
Payable for Auction Rate Preferred share dividends
   
(807
)
 
(2,579
)
 
(4,315
)
Accrued management fees
   
3,289
   
(8,228
)
 
(6,834
)
Accrued other liabilities
   
(5,270
)
 
(68,219
)
 
31,153
 
Net realized (gain) loss from investments
   
299,168
   
(745,530
)
 
(76,022
)
Change in net unrealized (appreciation) depreciation of investments
   
3,373,715
   
12,501,791
   
9,453,123
 
Taxes paid on undistributed capital gains
   
(2,279
)
 
   
(30
)
Net cash provided by (used in) operating activities
   
1,233,165
   
16,451,003
   
25,069,705
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(764,799
)
 
(684,469
)
 
(649,086
)
Increase (Decrease) in:
                   
Cash overdraft balance
   
(1,871
)
 
(819,241
)
 
(1,235,713
)
Floating rate obligations
   
   
(90,000
)
 
(320,000
 
Payable for offering costs
   
191,995
   
291,711
   
298,175
 
ARPS, at liquidation value
   
(31,225,000
)
 
(111,750,000
)
 
(99,275,000
)
MTP shares, at liquidation value
   
35,050,000
   
   
 
VRDP shares, at liquidation value
   
   
112,500,000
   
100,000,000
 
Cash distributions paid to Common shareholders
   
(3,993,176
)
 
(14,426,204
)
 
(13,060,609
)
Net cash provided by (used in) financing activities
   
(742,851
)
 
(14,978,203
)
 
(14,242,233
)
Net Increase (Decrease) in Cash
   
490,314
   
1,472,800
   
10,827,472
 
Cash at the beginning of year
   
   
   
 
Cash at the End of Year
 
$
490,314
 
$
1,472,800
 
$
10,827,472
 
Supplemental Disclosure of Cash Flow Information
                   
Non-cash activities not included herein consist of reinvestment of Common share distributions of $27,622 for New Jersey Advantage 2 (NUJ).
Cash paid for interest (excluding amortization of offering costs) was as follows:
 
   
New Jersey
 
Pennsylvania
 
Pennsylvania
 
   
Dividend
 
Investment
 
Premium
 
   
Advantage 2
 
Quality
 
Income 2
 
     
(NUJ
)
 
(NQP
)
 
(NPY
)
   
$
349,337
 
$
571,636
 
$
479,850
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
99

 
 

 
   
Statement of
   
Cash Flows (continued)
   
Year Ended April 30, 2011

   
Pennsylvania
Dividend
Advantage
(NXM
)
Pennsylvania
Dividend
Advantage 2
(NVY
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
632,912
 
$
1,049,356
 
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
   
(7,859,653
)
 
(5,870,237
)
Proceeds from sales and maturities of investments
   
5,664,262
   
5,336,741
 
Amortization (Accretion) of premiums and discounts, net
   
(55,183
)
 
(49,095
)
(Increase) Decrease in:
             
Receivable for interest
   
(879
)
 
26,734
 
Receivable for investments sold
   
2,247,135
   
 
Other assets
   
40
   
24
 
Increase (Decrease) in:
             
Payable for interest
   
40,583
   
43,985
 
Payable for investments purchased
   
(200,814
)
 
(200,814
)
Payable for Auction Rate Preferred share dividends
   
(872
)
 
(1,362
)
Accrued management fees
   
1,499
   
2,260
 
Accrued other liabilities
   
14,404
   
(4,087
)
Net realized (gain) loss from investments
   
(160,763
)
 
(125,330
)
Change in net unrealized (appreciation) depreciation of investments
   
2,308,027
   
2,323,297
 
Taxes paid on undistributed capital gains
   
(7,249
)
 
(6,374
)
Net cash provided by (used in) operating activities
   
2,623,449
   
2,525,098
 
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
(604,974
)
 
(630,338
)
Increase (Decrease) in:
             
Cash overdraft balance
   
   
 
Floating rate obligations
   
(110,000
)
 
(85,000
)
Payable for offering costs
   
178,559
   
213,435
 
ARPS, at liquidation value
   
(22,500,000
)
 
(23,000,000
)
MTP shares, at liquidation value
   
23,190,000
   
24,550,000
 
VRDP shares, at liquidation value
   
   
 
Cash distributions paid to Common shareholders
   
(3,038,809
)
 
(3,492,983
)
Net cash provided by (used in) financing activities
   
(2,885,224
)
 
(2,444,886
)
Net Increase (Decrease) in Cash
   
(261,775
)
 
80,212
 
Cash at the beginning of year
   
360,322
   
193,939
 
Cash at the End of Year
 
$
98,547
 
$
274,151
 
Supplemental Disclosure of Cash Flow Information
             
Non-cash activities not included herein consist of reinvestment of Common shares distributions of $4,570 for Pennsylvania Dividend Advantage 2 (NVY).
Cash paid for interest (excluding amortization of offering costs) was as follows:
               
   
Pennsylvania
 
Pennsylvania
 
   
Dividend
 
Dividend
 
   
Advantage
 
Advantage 2
 
   
(NXM
)
(NVY
)
   
$
249,843
 
$
271,332
 
 
See accompanying notes to financial statements.
 
100
 
Nuveen Investments

 
 

 
   
Financial
   
Highlights
 
Nuveen Investments
 
101

 
 

 
   
Financial
   
Highlights
     
  Selected data for a Common share outstanding throughout each period:
 
         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New Jersey Investment Quality (NQJ)
                                                     
Year Ended 4/30:
                                                                   
2011
 
$
14.44
 
$
.85
 
$
(.73
)
$
(.01
)
$
 
$
.11
 
$
(.83
)
$
(.03
)
$
(.86
)
$
 
$
13.69
 
$
12.68
 
2010
   
13.00
   
.92
   
1.31
   
(.03
)
 
   
2.20
   
(.76
)
 
   
(.76
)
 
   
14.44
   
13.56
 
2009
   
14.26
   
.91
   
(1.22
)
 
(.18
)
 
(.03
)
 
(.52
)
 
(.65
)
 
(.09
)
 
(.74
)
 
 
13.00
   
11.37
 
2008
   
14.96
   
.92
   
(.67
)
 
(.26
)
 
(.01
)
 
(.02
)
 
(.65
)
 
(.03
)
 
(.68
)
 
   
14.26
   
13.09
 
2007(f)
   
14.53
   
.75
   
.47
   
(.20
)
 
(.01
)
 
1.01
   
(.55
)
 
(.03
)
 
(.58
)
 
   
14.96
   
14.30
 
Year Ended 6/30:
                                                                         
2006
   
15.61
   
.91
   
(.75
)
 
(.18
)
 
(.03
)
 
(.05
)
 
(.79
)
 
(.24
)
 
(1.03
)
 
   
14.53
   
13.70
 
                                                                           
New Jersey Premium Income (NNJ)
                                                     
Year Ended 4/30:
                                                                   
2011
   
14.96
   
.86
   
(.76
)
 
(.01
)
 
   
.09
   
(.82
)
 
(.01
)
 
(.83
)
 
   
14.22
   
13.44
 
2010
   
13.83
   
.90
   
1.02
   
(.03
)
 
 
1.89
   
(.74
)
 
(.02
)
 
(.76
)
 
   
14.96
   
14.19
 
2009
   
14.64
   
.88
   
(.78
)
 
(.17
)
 
(.03
)
 
(.10
)
 
(.63
)
 
(.08
)
 
(.71
)
 
 
13.83
   
11.96
 
2008
   
15.23
   
.90
   
(.53
)
 
(.25
)
 
(.01
)
 
.11
   
(.66
)
 
(.04
)
 
(.70
)
 
   
14.64
   
13.48
 
2007(f)
   
14.79
   
.74
   
.49
   
(.20
)
 
 
1.03
   
(.58
)
 
(.01
)
 
(.59
)
 
   
15.23
   
15.12
 
Year Ended 6/30:
                                                                   
2006
   
16.05
   
.90
   
(.85
)
 
(.17
)
 
(.04
)
 
(.16
)
 
(.79
)
 
(.31
)
 
(1.10
)
 
   
14.79
   
14.16
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
 
102
 
Nuveen Investments
 
 
 

 
         
Ratios/Supplemental Data
 
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
     
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
(.46
)%
 
.67
%
 
$279,968
   
1.55
%
 
5.96
%
 
9
%
   
26.39
   
17.23
   
295,382
   
1.16
   
6.57
   
4
 
   
(7.10
)
 
(3.41
)
 
265,928
   
1.29
   
6.94
   
1
 
   
(3.64
)
 
(.08
)
 
292,194
   
1.23
   
6.30
   
17
 
   
8.75
   
7.05
   
306,402
   
1.20
**   
6.04
**   
7
 
                                     
   
(3.62
)
 
(.31
)
 
297,539
   
1.21
   
6.05
   
17
 
                                     
                                     
                                     
   
.41
   
.57
   
171,212
   
1.59
   
5.85
   
7
 
   
25.45
   
13.90
   
180,024
   
1.19
   
6.19
   
3
 
   
(5.69
)
 
(.40
)
 
166,428
   
1.28
   
6.44
   
1
 
   
(6.18
)
 
.77
   
176,374
   
1.24
   
6.04
   
19
 
   
11.10
   
7.03
   
183,540
   
1.21
**   
5.83
**   
6
 
                                     
   
(3.36
)
 
(1.04
)
 
178,199
   
1.19
   
5.81
   
12
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:

New Jersey Investment Quality (NQJ)
       
Year Ended 4/30:
       
2011
   
.51
%
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 
         
New Jersey Premium Income (NNJ)
       
Year Ended 4/30:
       
2011
   
.51
 
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 

(f)
For the ten months ended April 30, 2007.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
103

 
 

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

         
Investment Operations
 
Less Distributions
                         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New Jersey Dividend Advantage (NXJ)
                                                     
Year Ended 4/30:
                                                                   
2011
 
$
14.51
 
$
.89
 
$
(.91
)
$
(.03
)
$
$
(.05
)
$
(.83
)
$
(.02
)
$
(.85
)
$
 
$
13.61
 
$
12.67
 
2010
   
12.97
   
.91
   
1.42
   
(.03
)
 
 
2.30
   
(.75
)
 
(.01
)
 
(.76
)
 
   
14.51
   
13.48
 
2009
   
14.26
   
.91
   
(1.27
)
 
(.16
)
 
(.03
)
 
(.55
)
 
(.66
)
 
(.08
)
 
(.74
)
 
 
12.97
   
11.15
 
2008
   
15.09
   
.94
   
(.80
)
 
(.25
)
 
(.01
)
 
(.12
)
 
(.68
)
 
(.03
)
 
(.71
)
 
   
14.26
   
13.11
 
2007(f)
   
14.68
   
.78
   
.47
   
(.19
)
 
 
1.06
   
(.64
)
 
(.01
)
 
(.65
)
 
   
15.09
   
15.75
 
Year Ended 6/30:
                                                                   
2006
   
15.63
   
.95
   
(.77
)
 
(.18
)
 
(.01
)
 
(.01
)
 
(.84
)
 
(.10
)
 
(.94
)
 
   
14.68
   
14.35
 
                                                       
New Jersey Dividend Advantage 2 (NUJ)
                                                     
Year Ended 4/30:
                                                                   
2011
   
14.47
   
.85
   
(.82
)
 
(.01
)
 
   
.02
   
(.85
)
 
(.04
)
 
(.89
)
 
   
13.60
   
12.55
 
2010
   
12.93
   
.94
   
1.45
   
(.03
)
 
(.01
)
 
2.35
   
(.78
)
 
(.03
)
 
(.81
)
 
   
14.47
   
14.68
 
2009
   
14.35
   
.95
   
(1.42
)
 
(.17
)
 
(.02
)
 
(.66
)
 
(.69
)
 
(.07
)
 
(.76
)
 
 
12.93
   
11.46
 
2008
   
15.31
   
.97
   
(.79
)
 
(.23
)
 
(.05
)
 
(.10
)
 
(.71
)
 
(.15
)
 
(.86
)
 
   
14.35
   
13.59
 
2007(f)
   
14.87
   
.83
   
.47
   
(.20
)
 
 
1.10
   
(.66
)
 
 
(.66
)
 
   
15.31
   
16.50
 
Year Ended 6/30:
                                                                   
2006
   
15.79
   
.99
   
(.76
)
 
(.19
)
 
(.01
)
 
.03
   
(.86
)
 
(.09
)
 
(.95
)
 
   
14.87
   
14.90
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing New Jersey Dividend Advantage (NXJ) for any fees or expenses.
 
104
 
Nuveen Investments

 
 

 
     
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
 
Expenses
(e)
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                                 
                                                 
   
.11
%
 
(.38
)%
$
89,399
   
1.34
%
 
6.16
%
 
1.27
%
 
6.23
%
 
6
%
   
28.17
   
18.03
   
95,300
   
1.18
   
6.35
   
1.04
   
6.49
   
4
 
   
(8.95
)
 
(3.63
)
 
85,230
   
1.29
   
6.74
   
1.06
   
6.98
   
*** 
   
(12.31
)
 
(.81
)
 
93,762
   
1.20
   
6.10
   
.90
   
6.40
   
17
 
   
14.37
   
7.26
   
99,203
   
1.20
**   
5.85
**   
.84
**   
6.22
**   
9
 
                                                 
   
(.78
)
 
(.05
)
 
96,378
   
1.19
   
5.83
   
.77
   
6.26
   
16
 
                                                 
                                                 
   
(8.75
)
 
.10
   
61,503
   
1.96
   
5.84
   
1.81
   
5.99
   
7
 
   
35.95
   
18.55
   
65,410
   
1.22
   
6.54
   
1.00
   
6.76
   
4
 
   
(9.75
)
 
(4.36
)
 
58,456
   
1.33
   
6.95
   
1.03
   
7.25
   
*** 
   
(12.41
)
 
(.60
)
 
64,904
   
1.25
   
6.16
   
.87
   
6.54
   
16
 
   
15.40
   
7.50
   
69,238
   
1.24
**   
6.03
**   
.80
**   
6.47
**   
11
 
                                                 
   
(.49
)
 
.25
   
67,150
   
1.23
   
5.99
   
.78
   
6.45
   
13
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, both as described in Footnote 1 –General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Dividend Advantage (NXJ)
       
Year Ended 4/30:
       
2011
   
.15
%
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 
         
New Jersey Dividend Advantage 2 (NUJ)
       
Year Ended 4/30:
       
2011
   
.79
 
2010
   
 
2009
   
 
2008
   
 
2007(f)
   
 
Year Ended 6/30:
       
2006
   
 
 
(f)
For the ten months ended April 30, 2007.
*
Rounds to less than $.01 per share.
**
Annualized.
***
Rounds to less than 1%.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
105

 
 

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

         
Investment Operations
 
Less Distributions
                         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Offering
Costs
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
New Jersey Municipal Value (NJV)
                                                     
Year Ended 4/30:
                                                                 
2011
 
$
15.84
 
$
.82
 
$
(1.15
)
 
N/A
   
N/A
 
$
(.33
)
$
(.77
)
$
(.02
)
$
(.79
)
$
 
$
 
$
14.72
 
$
13.81
 
2010
   
14.29
   
.70
   
1.55
   
N/A
   
N/A
   
2.25
   
(.70
)
 
   
(.70
)
 
   
 
15.84
   
15.21
 
2009(f)
   
14.33
   
(.01
)
 
   
N/A
   
N/A
   
(.01
)
 
   
   
   
   
(.03
)
 
14.29
   
15.00
 
                                                       
Pennsylvania Investment Quality (NQP)
                                                     
Year Ended 4/30:
                                                                 
2011
   
14.82
   
.93
   
(.73
)
$
(.01
)
$
   
.19
   
(.90
)
 
   
(.90
)
 
   
   
14.11
   
13.09
 
2010
   
13.53
   
.96
   
1.16
   
(.03
)
 
   
2.09
   
(.80
)
 
   
(.80
)
 
 
   
14.82
   
13.64
 
2009
   
14.39
   
.96
   
(.94
)
 
(.20
)
 
   
(.18
)
 
(.68
)
 
   
(.68
)
 
 
   
13.53
   
11.34
 
2008
   
15.19
   
.95
   
(.81
)
 
(.29
)
 
   
(.15
)
 
(.66
)
 
   
(.66
)
 
.01
   
   
14.39
   
13.10
 
2007(g)
   
14.71
   
.77
   
.47
   
(.23
)
 
   
1.01
   
(.53
)
 
   
(.53
)
 
   
   
15.19
   
14.01
 
Year Ended 6/30:
                                                                 
2006
   
15.73
   
.90
   
(.87
)
 
(.21
)
 
(.02
)
 
(.20
)
 
(.71
)
 
(.11
)
 
(.82
)
 
   
   
14.71
   
12.95
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
 
106
 
Nuveen Investments

 
 

 
       
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
(Loss)
 
Portfolio
Turnover
Rate
 
                                       
                                       
     
(4.19
)%
 
(2.17
)%
$
22,981
   
.85
%
 
5.32
%
 
2
%
     
6.32
   
16.05
   
24,722
   
.82
   
4.63
   
5
 
     
   
(.24
)
 
20,891
   
.64
**   
(.64
)**
 
0
 
                                       
                                       
     
2.43
   
1.27
   
226,905
   
1.60
   
6.38
   
8
 
     
27.87
   
15.74
   
238,368
   
1.23
   
6.72
   
6
 
     
(7.99
)
 
(1.01
)
 
218,353
   
1.50
   
7.23
   
3
 
     
(1.78
)
 
(.92
)
 
232,528
   
1.65
   
6.48
   
20
 
     
12.41
   
6.89
   
247,644
   
1.54
**   
6.06
**   
16
 
                                       
     
(9.47
)
 
(1.34
)
 
239,718
   
1.23
   
5.87
   
20
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
New Jersey Municipal Value (NJV)
       
Year Ended 4/30:
       
2011
   
.06
%
2010
   
.06
 
2009(f)
   
 
         
Pennsylvania Investment Quality (NQP)
       
Year Ended 4/30:
       
2011
   
.55
 
2010
   
.07
 
2009
   
.19
 
2008
   
.38
 
2007(g)
   
.29
** 
Year Ended 6/30:
       
2006
   
 
 
(f)
For the period April 28, 2009 (commencement of operations) through April 30, 2009.
(g) For the ten months ended April 30, 2007.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
107

 
 

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

         
Investment Operations
 
Less Distributions
                         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Pennsylvania Premium Income 2 (NPY)
                                                   
Year Ended 4/30:
                                                                   
2011
 
$
14.11
 
$
.85
 
$
(.59
)
$
(.01
)
$
 
$
.25
 
$
(.84
)
$
 
$
(.84
)
$
 
$
13.52
 
$
12.29
 
2010
   
12.72
   
.91
   
1.28
   
(.03
)
 
   
2.16
   
(.77
)
 
   
(.77
)
 
**   
14.11
   
12.91
 
2009
   
13.74
   
.91
   
(1.12
)
 
(.19
)
 
   
(.40
)
 
(.62
)
 
   
(.62
)
 
**   
12.72
   
10.60
 
2008
   
14.70
   
.90
   
(.94
)
 
(.26
)
 
(.02
)
 
(.32
)
 
(.61
)
 
(.04
)
 
(.65
)
 
.01
   
13.74
   
12.30
 
2007(f)
   
14.22
   
.74
   
.50
   
(.21
)
 
   
1.03
   
(.55
)
 
   
(.55
)
 
   
14.70
   
13.67
 
Year Ended 6/30:
                                                                   
2006
   
15.32
   
.89
   
(.80
)
 
(.18
)
 
(.03
)
 
(.12
)
 
(.77
)
 
(.21
)
 
(.98
)
 
   
14.22
   
12.96
 
                                                                           
Pennsylvania Dividend Advantage (NXM)
                                                   
Year Ended 4/30:
                                                                   
2011
   
14.73
   
.85
   
(.65
)
 
(.01
)
 
   
.19
   
(.87
)
 
(.05
)
 
(.92
)
 
   
14.00
   
12.85
 
2010
   
13.09
   
.96
   
1.55
   
(.03
)
 
(.01
)
 
2.47
   
(.79
)
 
(.04
)
 
(.83
)
 
**   
14.73
   
13.77
 
2009
   
14.47
   
.97
   
(1.47
)
 
(.18
)
 
   
(.68
)
 
(.70
)
 
   
(.70
)
 
**   
13.09
   
11.31
 
2008
   
15.36
   
.97
   
(.84
)
 
(.25
)
 
(.02
)
 
(.14
)
 
(.70
)
 
(.05
)
 
(.75
)
 
   
14.47
   
13.61
 
2007(f)
   
14.95
   
.82
   
.46
   
(.21
)
 
   
1.07
   
(.66
)
 
   
(.66
)
 
   
15.36
   
15.70
 
Year Ended 6/30:
                                                                   
2006
   
15.93
   
.98
   
(.78
)
 
(.19
)
 
(.01
)
 
   
(.88
)
 
(.10
)
 
(.98
)
 
   
14.95
   
15.10
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing Pennsylvania Dividend Advantage (NXM) for any fees or expenses.
 
108
 
Nuveen Investments

 
 

 
       
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
 
Expenses
(e)
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                                   
                                                   
     
1.48
%
 
1.75
%
$
210,839
   
1.56
%
 
6.13
%
 
N/A
   
N/A
   
8
%
     
29.70
   
17.35
   
220,113
   
1.21
   
6.67
   
N/A
   
N/A
   
5
 
     
(8.43
)
 
(2.65
)
 
198,739
   
1.35
   
7.28
   
N/A
   
N/A
   
6
 
     
(5.26
)
 
(2.06
)
 
215,252
   
1.55
   
6.36
   
N/A
   
N/A
   
27
 
     
9.83
   
7.31
   
232,650
   
1.40
***   
6.08
***   
N/A
   
N/A
   
15
 
                                                   
     
(8.42
)
 
(.80*
)
 
225,121
   
1.20
   
6.01
   
N/A
   
N/A
   
18
 
                                                   
                                                   
     
(.27
)
 
1.23
   
46,521
   
1.94
   
5.78
   
1.87
%
 
5.85
%
 
8
 
     
29.85
   
19.29
   
48,934
   
1.26
   
6.66
   
1.11
   
6.81
   
5
 
     
(11.67
)
 
(4.57
)
 
43,587
   
1.37
   
7.17
   
1.14
   
7.39
   
4
 
     
(8.46
)
 
(.87
)
 
48,211
   
1.39
   
6.26
   
1.09
   
6.55
   
20
 
     
8.40
   
7.22
   
51,160
   
1.33
***   
5.99
***   
.96
***   
6.36
***   
11
 
                                                   
     
(.56
)
 
(.01
)
 
49,660
   
1.25
   
5.90
   
.82
   
6.33
   
12
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP shares and/or VRDP shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP and VRDP shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Pennsylvania Premium Income 2 (NPY)
       
Year Ended 4/30:
       
2011
   
.52
%
2010
   
.05
 
2009
   
.04
 
2008
   
.27
 
2007(f)
   
.19
*** 
Year Ended 6/30:
       
2006
   
 
         
Pennsylvania Dividend Advantage (NXM)
       
Year Ended 4/30:
       
2011
   
.76
 
2010
   
.02
 
2009
   
 
2008
   
.11
 
2007(f)
   
.06
*** 
Year Ended 6/30:
       
2006
   
 
 
(f)
For the ten months ended April 30, 2007.
N/A
Fund does not have a contractual reimbursement with the Adviser.
*
During the fiscal year ended June 30, 2006, Pennsylvania Premium Income 2 (NPY) received a payment from the Adviser of $27,169, to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return Based on Common Share Net Asset Value.
**
Rounds to less than $.01 per share.
***
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
109

 
 

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

         
Investment Operations
 
Less Distributions
                         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Offering
Costs
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Pennsylvania Dividend Advantage 2 (NVY)
                                                     
Year Ended 4/30:
                                                               
2011
 
$
14.74
 
$
.89
 
$
(.60
)
$
(.01
)
$
 
$
.28
 
$
(.89
)
$
(.05
)
$
(.94
)
$
 
$
 
$
14.08
 
$
13.00
 
2010
   
13.42
   
.97
   
1.27
   
(.02
)
 
(.01
)
 
2.21
   
(.82
)
 
(.07
)
 
(.89
)
 
   
   
14.74
   
14.19
 
2009
   
14.49
   
.99
   
(1.17
)
 
(.19
)
 
 
(.37
)
 
(.70
)
 
 
(.70
)
 
   
   
13.42
   
11.45
 
2008
   
15.34
   
.99
   
(.80
)
 
(.26
)
 
(.02
)
 
(.09
)
 
(.71
)
 
(.05
)
 
(.76
)
 
   
   
14.49
   
13.40
 
2007(f)
   
14.93
   
.83
   
.44
   
(.21
)
 
(.01
)
 
1.05
   
(.62
)
 
(.02
)
 
(.64
)
 
   
   
15.34
   
15.18
 
Year Ended 6/30:
                                                                 
2006
   
15.89
   
.98
   
(.85
)
 
(.19
)
 
(.01
)
 
(.07
)
 
(.79
)
 
(.10
)
 
(.89
)
 
   
   
14.93
   
14.16
 
                                                                                 
Pennsylvania Municipal Value (NPN)
                                                     
Year Ended 4/30:
                                                               
2011
   
15.46
   
.79
   
(.70
)
 
N/A
   
N/A
   
.09
   
(.76
)
 
   
(.76
)
 
   
   
14.79
   
13.96
 
2010
   
14.29
   
.70
   
1.19
   
N/A
   
N/A
   
1.89
   
(.72
)
 
   
(.72
)
 
   
 
15.46
   
15.43
 
2009(g)
   
14.33
   
(.01
)
 
   
N/A
   
N/A
   
(.01
)
 
   
   
   
   
(.03
)
 
14.29
   
15.05
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
After expense reimbursement from Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
 
110
 
Nuveen Investments

 
 

 
           
Ratios/Supplemental Data
 
   
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
     
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
(Loss)
 
Expenses
(e)
Net
Investment
Income
(Loss)
 
Portfolio
Turnover
Rate
 
                                                   
                                                   
     
(2.00
)%
 
1.89
%
$
52,470
   
1.88
%
 
5.94
%
 
1.74
%
 
6.08
%
 
7
%
     
32.47
   
16.80
   
54,920
   
1.30
   
6.61
   
1.08
   
6.83
   
5
 
     
(9.16
)
 
(2.33
)
 
49,993
   
1.37
   
7.07
   
1.06
   
7.38
   
4
 
     
(6.81
)
 
(.60
)
 
53,997
   
1.40
   
6.29
   
1.02
   
6.66
   
27
 
     
11.88
   
7.14
   
57,142
   
1.33
**   
6.03
**   
.89
**   
6.47
**   
13
 
                                                   
     
.88
   
(.46
)
 
55,597
   
1.24
   
5.93
   
.79
   
6.38
   
13
 
                                                   
                                                   
     
(4.77
)
 
.59
   
18,029
   
.87
   
5.17
   
N/A
   
N/A
   
3
 
     
7.52
   
13.49
   
18,805
   
.82
   
4.68
   
N/A
   
N/A
   
5
 
     
.33
   
(.31
)
 
15,816
   
.66
**   
(.66
)**
 
N/A
   
N/A
   
0
 
 
(d)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP shares, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, both each as described in Footnote 1 –General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Pennsylvania Dividend Advantage 2 (NVY)
       
Year Ended 4/30:
       
2011
   
.71
%
2010
   
.08
 
2009
   
.01
 
2008
   
.11
 
2007(f)
   
.06
** 
Year Ended 6/30:
       
2006
   
 
         
Pennsylvania Municipal Value (NPN)
       
Year Ended 4/30:
       
2011
   
%
2010
   
 
2009(g)
   
 
 
(f)
For the ten months ended April 30, 2007.
(g)
For the period April 28, 2009 (commencement of operations) through April 30, 2009. N/A Fund does not have a contractual reimbursement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
111

 
 

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

   
ARPS at End of Period
 
MTP at End of Period
 
VRDP at End of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Liquidation
and Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Ending
Market
Value
Per Share
 
Average
Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
New Jersey Investment Quality (NQJ)
                                               
Year Ended 4/30:
                                                     
2011
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
144,300
 
$
100,000
 
$
294,018
 
2010
   
143,450
   
25,000
   
76,478
   
   
   
   
   
   
   
   
 
2009
   
149,825
   
25,000
   
69,373
   
   
   
   
   
   
   
   
 
2008
   
162,000
   
25,000
   
70,092
   
   
   
   
   
   
   
   
 
2007(f)
   
162,000
   
25,000
   
72,284
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                               
2006
   
162,000
   
25,000
   
70,917
   
   
   
   
   
   
   
   
 
                                                 
New Jersey Premium Income (NNJ)
                                               
Year Ended 4/30:
                                               
2011
   
   
   
   
   
   
   
   
   
88,600
   
100,000
   
293,242
 
2010
   
87,875
   
25,000
   
76,216
   
   
   
   
   
   
   
   
 
2009
   
91,600
   
25,000
   
70,422
   
   
   
   
   
   
   
   
 
2008
   
91,600
   
25,000
   
73,137
   
   
   
   
   
   
   
   
 
2007(f)
   
91,600
   
25,000
   
75,093
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                               
2006
   
91,600
   
25,000
   
73,635
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Dividend Advantage (NXJ)
                                               
Year Ended 4/30:
                                               
2011
   
   
   
   
44,861
   
10.00
   
9.94
   
9.95
 
29.93
   
   
   
 
2010
   
43,925
   
25,000
   
79,240
   
   
   
   
   
   
   
   
 
2009
   
47,025
   
25,000
   
70,311
   
   
   
   
   
   
   
   
 
2008
   
48,000
   
25,000
   
73,834
   
   
   
   
   
   
   
   
 
2007(f)
   
48,000
   
25,000
   
76,668
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                               
2006
   
48,000
   
25,000
   
75,197
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Dividend Advantage 2 (NUJ)
                                               
Year Ended 4/30:
                                               
2011
   
   
   
   
35,050
   
10.00
   
9.62
   
9.65
^^   
27.55
   
   
   
 
2010
   
31,225
   
25,000
   
77,370
   
   
   
   
   
   
   
   
 
2009
   
32,600
   
25,000
   
69,828
   
   
   
   
   
   
   
   
 
2008
   
34,500
   
25,000
   
72,032
   
   
   
   
   
   
   
   
 
2007(f)
   
34,500
   
25,000
   
75,172
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                               
2006
   
34,500
   
25,000
   
73,659
   
   
   
   
   
   
   
   
 
                                                                     
New Jersey Municipal Value (NJV)
                                               
Year Ended 4/30:
                                               
2011
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2010
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2009(f)
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
 
N/A
Fund is not authorized to issue ARPS.
^
For the period March 24, 2011 (issuance date of shares) through April 30, 2011.
^^
For the period October 1, 2010 (issuance date of shares) through April 30, 2011.
 
See accompanying notes to financial statements.
 
112
 
Nuveen Investments
 
 
 

 
   
ARPS at End of Period
 
MTP at End of Period
 
VRDP at End of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Liquidation
and Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Ending
Market
Value
Per Share
 
Average
Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Pennsylvania Investment Quality (NQP)
                                         
Year Ended 4/30:
                                               
2011
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
112,500
 
$
100,000
 
$
301,693
 
2010
   
111,750
   
25,000
   
78,326
   
   
   
   
   
   
   
   
 
2009
   
111,750
   
25,000
   
73,849
   
   
   
   
   
   
   
   
 
2008
   
132,000
   
25,000
   
69,039
   
   
   
   
   
   
   
   
 
2007(g)
   
132,000
   
25,000
   
71,902
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                         
2006
   
132,000
   
25,000
   
70,401
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Premium Income 2 (NPY)
                                         
Year Ended 4/30:
                                         
2011
   
   
   
   
   
   
   
   
   
100,000
   
100,000
   
310,839
 
2010
   
99,275
   
25,000
   
80,430
   
   
   
   
   
   
   
   
 
2009
   
99,275
   
25,000
   
75,047
   
   
   
   
   
   
   
   
 
2008
   
118,100
   
25,000
   
70,566
   
   
   
   
   
   
   
   
 
2007(f)
   
118,100
   
25,000
   
74,249
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                         
2006
   
118,100
   
25,000
   
72,655
   
   
   
   
   
   
   
   
 
                                           
Pennsylvania Dividend Advantage (NXM)
                                         
Year Ended 4/30:
                                         
2011
   
   
   
   
23,190
   
10.00
   
9.65
   
9.75
^^^   
30.06
   
   
   
 
2010
   
22,500
   
25,000
   
79,372
   
   
   
   
   
   
   
   
 
2009
   
22,500
   
25,000
   
73,430
   
   
   
   
   
   
   
   
 
2008
   
25,000
   
25,000
   
73,211
   
   
   
   
   
   
   
   
 
2007(f)
   
25,000
   
25,000
   
76,160
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                         
2006
   
25,000
   
25,000
   
74,660
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Dividend Advantage 2 (NVY)
                                         
Year Ended 4/30:
                                         
2011
   
   
   
   
24,550
   
10.00
   
9.75
   
9.68
^^^^   
31.37
   
   
   
 
2010
   
23,000
   
25,000
   
84,696
   
   
   
   
   
   
   
   
 
2009
   
23,000
   
25,000
   
79,340
   
   
   
   
   
   
   
   
 
2008
   
28,500
   
25,000
   
72,366
   
   
   
   
   
   
   
   
 
2007(f)
   
28,500
   
25,000
   
75,124
   
   
   
   
   
   
   
   
 
Year Ended 6/30:
                                         
2006
   
28,500
   
25,000
   
73,769
   
   
   
   
   
   
   
   
 
                                                                     
Pennsylvania Municipal Value (NPN)
                                         
Year Ended 4/30:
                                         
2011
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2010
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
2009(g)
   
N/A
   
N/A
   
N/A
   
   
   
   
   
   
   
   
 
 
N/A
Fund is not authorized to issue ARPS.
^^^
For the period October 4, 2010 (issuance date of shares) through April 30, 2011.
^^^^
For the period October 27, 2010 (issuance date of shares) through April 30, 2011.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
113

 
 

 
   
Notes to
   
Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
The state funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ), Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ), Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ), Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ), Nuveen New Jersey Municipal Value Fund (NJV), Nuveen Pennsylvania Investment Quality Municipal Fund (NQP), Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY), Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY) and Nuveen Pennsylvania Municipal Value Fund (NPN) (collectively, the “Funds”). Common shares of New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY), are traded on the New York Stock Exchange (“NYSE”) while Common shares of New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), New Jersey Municipal Value (NJV), Pennsylvania Dividend Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY) and Pennsylvania Municipal Value (NPN) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.
 
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio manager became an employee of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from each Fund’s management fee.
 
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
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 Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant.
 
114
 
Nuveen Investments

 
 

 
These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2011, Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) had outstanding when-issued/delayed delivery purchase commitments of $2,552,644 and $1,701,762, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Income Taxes
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.
 
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.
 
Auction Rate Preferred Shares
Each Fund except New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) is authorized to issue Auction Rate Preferred Shares (“ARPS”). During the fiscal year ended April 30, 2011, the Funds had outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS was issued in one or more Series. The dividend rate paid by the Funds on each Series was determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and was payable at the end of each rate period.
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of April 30, 2011, each Fund redeemed all of their outstanding ARPS, at liquidation value, as follows:
 
     
New Jersey
   
New Jersey
   
New Jersey
   
New Jersey
 
     
Investment
   
Premium
   
Dividend
   
Dividend
 
     
Quality
   
Income
   
Advantage
 
Advantage 2
 
     
(NQJ
)
 
(NNJ
)
 
(NXJ
)
 
(NUJ
)
ARPS redeemed, at liquidation value
 
$
162,000,000
 
$
91,600,000
 
$
48,000,000
 
$
34,500,000
 
 
Nuveen Investments
 
115

 
 

 
   
Notes to
   
Financial Statements (continued)

                           
   
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
Pennsylvania
 
     
Investment
   
Premium
   
Dividend
   
Dividend
 
   
Quality
 
Income 2
 
Advantage
 
Advantage 2
 
     
(NQP
)
 
(NPY
)
 
(NXM
)
 
(NVY
)
ARPS redeemed, at liquidation value
 
$
132,000,000
 
$
118,100,000
 
$
25,000,000
 
$
28,500,000
 
 
During the fiscal year ended April 30, 2011, lawsuits pursuing claims made in a demand letter alleging that New Jersey Dividend Advantage’s (NXJ) Board of Trustees breached their fiduciary duties related to the redemption at par of its ARPS had been filed on behalf of shareholders of New Jersey Dividend Advantage (NXJ), against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of New Jersey Dividend Advantage (NXJ). Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. New Jersey Dividend Advantage (NXJ) believes that these lawsuits will not have a material effect on it or on the Adviser’s ability to serve as investment adviser to it.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends, which are recognized as interest expense for financial reporting purposes, will be paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of April 30, 2011, the number of MTP Shares outstanding, annual interest rate and NYSE “ticker” symbol for each Fund are as follows:
 
   
New Jersey Dividend Advantage (NXJ)
 
New Jersey Dividend Advantage 2 (NUJ)
 
           
Annual
               
Annual
       
     
Shares
   
Interest
   
NYSE
   
Shares
   
Interest
   
NYSE
 
   
Outstanding
   
Rate
   
Ticker
 
Outstanding
   
Rate
   
Ticker
 
Series:
                                     
2014
   
4,486,100
   
2.30
%
 
NXJ Pr A
   
   
   
 
2015
   
   
   
   
3,505,000
   
2.00
%
 
NUJ Pr C
 

   
Pennsylvania Dividend Advantage (NXM)
 
Pennsylvania Dividend Advantage 2 (NVY)
 
           
Annual
               
Annual
       
     
Shares
   
Interest
   
NYSE
   
Shares
   
Interest
   
NYSE
 
   
Outstanding
   
Rate
   
Ticker
 
Outstanding
   
Rate
   
Ticker
 
Series:
                                     
2015
   
2,319,000
   
2.10
%
 
NXM Pr C
   
2,455,000
   
2.15
%
 
NVY Pr C
 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s MTP Shares are as follows:
 
     
New Jersey
   
New Jersey
   
Pennsylvania
   
Pennsylvania
 
     
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage
   
Advantage 2
 
     
(NXJ
)
 
(NUJ
)
 
(NXM
)
 
(NVY
)
     
Series 2014
   
Series 2015
   
Series 2015
   
Series 2015
 
Term Redemption Date
   
April 1, 2014
   
November 1, 2015
   
November 1, 2015
   
November 1, 2015
 
Optional Redemption Date
   
April 1, 2012
   
November 1, 2011
   
November 1, 2011
   
November 1, 2011
 
Premium Expiration Date
   
March 31, 2013
   
October 31, 2012
   
October 31, 2012
   
October 31, 2012
 
 
116
 
Nuveen Investments
 
 
 

 
The average liquidation value of MTP Shares outstanding for each Fund during the fiscal year ended April 30, 2011, was as follows:

   
New Jersey Dividend Advantage
   
New Jersey Dividend Advantage 2
   
Pennsylvania Dividend Advantage
   
Pennsylvania Dividend Advantage 2
 
    (NXJ )*     (NUJ )**   (NXM )***   (NVY )****
Average liquidation value of MTP Shares outstanding
  $ 44,861,000     $ 34,950,943     $ 23,190,000     $ 24,431,370  
 
* For the period March 24, 2011 (issuance date of shares) through April 30, 2011.
**  For the period October 1, 2010 (issuance date of shares) through April 30, 2011.
*** For the period October 4, 2010 (issuance date of shares) through April 30, 2011.
**** For the period October 27, 2010 (issuance date of shares) through April 30, 2011.
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Net amounts earned by Nuveen as the underwriter of New Jersey Dividend Advantage’s (NXJ) Share offering was recorded as a reduction of offering costs recognized by the Fund. During the fiscal year ended April 30, 2011, the amounts earned by Nuveen was as follows:

   
New Jersey Dividend Advantage
 
     (NXJ )* 
Net amounts earned by Nuveen
  $ 3,879  
 
*           For the period March 24, 2011 (issuance date of shares) through April 30, 2011.
 
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. New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) issued their VRDP Shares in a privately negotiated offering in August 2010. Proceeds from each Fund’s offering were used to redeem a portion of each Fund’s outstanding ARPS. The VRDP Shares were offered to institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2011, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
 
   
New Jersey Investment Quality
   
New Jersey Premium Income
   
Pennsylvania Investment Quality
   
Pennsylvania Premium Income 2
 
     (NQJ    (NNJ    (NQP    (NPY
Series
    1       1       1       1  
Shares outstanding
    1,443       886       1,125       1,000  
Maturity
 
August 1, 2040
   
August 1, 2040
   
August 1, 2040
   
August 1, 2040
 
 
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.
 
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.

Nuveen Investments
 
117

 
 

 
   
Notes to
   
Financial Statements (continued)
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the fiscal year ended April 30, 2011, were as follows:

   
New Jersey Investment Quality
   
New Jersey Premium Income
   
Pennsylvania Investment Quality
   
Pennsylvania Premium Income 2
 
     (NQJ )*     (NNJ )*     (NQP )*     (NPY )* 
Average liquidation value outstanding
    144,300,000       88,600,000       112,500,000       100,000,000  
Annualized dividend rate
    0.52 %     0.52 %     0.52 %     0.52 %
 
*           For the period August 12, 2010 (issuance date of shares) through April 30, 2011.
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability 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. Dividends paid on the VRDP Shares are recognized as a component of “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, which is recognized as “Liquidity fees on VRDP shares” on the Statement of Operations.
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the fiscal year ended April 30, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
At April 30, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:

   
New Jersey Investment Quality
   
New Jersey Premium Income
   
New Jersey Dividend Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal Value
 
     (NQJ    (NNJ    (NXJ     (NUJ    (NJV
Maximum exposure to Recourse Trusts
  $ 6,385,000     $ 3,725,000     $ 2,010,000     $ 1,380,000     $  
 
118
 
Nuveen Investments
 
 
 

 
   
Pennsylvania Investment Quality
   
Pennsylvania Premium Income 2
   
Pennsylvania Dividend Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal Value
 
     (NQP    (NPY    (NXM     (NVY    (NPN
Maximum exposure to Recourse Trusts
  $     $     $     $     $  
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended April 30, 2011, were as follows:

   
New Jersey Municipal Value
   
Pennsylvania Investment Quality
   
Pennsylvania Premium Income 2
   
Pennsylvania Dividend Advantage
   
Pennsylvania Dividend Advantage 2
 
      (NJV    (NQP     (NPY     (NXM    (NVY
Average floating rate obligations outstanding
  $ 1,500,000     $ 26,778,315     $ 12,731,507     $ 1,169,055     $ 4,428,836  
Average annual interest rate and fees
    0.89 %     0.56 %     0.82 %     0.89 %     0.89 %
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the fiscal year ended April 30, 2011.
 
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. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
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 predetermined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt 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.
 
Organization and Offering Costs
Nuveen Investments, LLC, known as Nuveen Securities, LLC, effective April 30, 2010, has agreed to reimburse all organization expenses ($15,000 per Fund) and pay all offering costs (other than the sales load) that exceed $.03 per share for New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN). New Jersey Municipal Value’s (NJV) and Pennsylvania Municipal Value’s (NPN) share of offering costs ($46,614 and $36,024, respectively) were recorded as reductions of the proceeds from the sale of shares.
 
Offering Costs
Costs incurred by New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), Pennsylvania Dividend Advantage (NXM) and Pennsylvania Dividend Advantage 2 (NVY) in connection with their offerings of MTP Shares ($935,763, $865,750, $682,850 and $703,250, respectively) were recorded as deferred charges, which will be amortized over the life of the shares. Costs incurred by New Jersey Investment Quality (NQJ), New Jersey Premium Income (NNJ), Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) in connection with their offerings of VRDP Shares ($795,750, $631,500, $701,250, and $665,000, respectively) were recorded as deferred charges which will be amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Nuveen Investments
 
119
 
 
 

 
   
Notes to
   
Financial Statements (continued)
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
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. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
 Level 1 – Quoted prices in active markets for identical securities.
 
 Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
 Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2011:
 
New Jersey Investment Quality (NQJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
410,067,184
 
$
 
$
410,067,184
 
                           
New Jersey Premium Income (NNJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
253,504,215
 
$
 
$
253,504,215
 
                           
New Jersey Dividend Advantage (NXJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
131,066,009
 
$
 
$
131,066,009
 
                           
New Jersey Dividend Advantage 2 (NUJ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
94,476,145
 
$
 
$
94,476,145
 
                           
New Jersey Municipal Value (NJV)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
24,071,540
 
$
 
$
24,071,540
 
                           
Pennsylvania Investment Quality (NQP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
356,951,589
 
$
 
$
356,951,589
 
                           
Pennsylvania Premium Income 2 (NPY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
309,637,875
 
$
 
$
309,637,875
 
 
120
 
Nuveen Investments
 
 
 

 
 
Pennsylvania Dividend Advantage (NXM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
69,346,373
 
$
 
$
69,346,373
 
                           
Pennsylvania Dividend Advantage 2 (NVY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
79,933,207
 
$
 
$
79,933,207
 
                           
Pennsylvania Municipal Value (NPN)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
17,512,448
 
$
 
$
17,512,448
 
 
During the fiscal year ended April 30, 2011, the Funds recognized no significant transfers to/from Level 1, Level 2 or Level 3.
 
3. Derivative Instruments and Hedging Activities
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. The Funds did not invest in derivative instruments during the fiscal year ended April 30, 2011.
 
4. Fund Shares
 
Common Shares
Transactions in Common shares were as follows:

   
New Jersey
Investment Quality (NQJ)
   
New Jersey
Premium Income (NNJ)
   
New Jersey
Dividend Advantage (NXJ)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
Common shares:
                                   
Issued to shareholders due to reinvestment of distributions
                                   
Repurchased and retired
                                   
Weighted average Common share:
                                               
Price per share repurchased and retired
  $     $     $     $     $     $  
Discount per share repurchased and retired
                                   
 
   
New Jersey
Dividend Advantage 2 (NUJ)
   
New Jersey
Municipal Value (NJV)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
Common shares:
                       
Sold*
                      98,787  
Issued to shareholders due to reinvestment of distributions
    1,880       1,112              
Repurchased and retired
                       
Weighted average Common share:
                               
Price per share repurchased and retired
  $     $     $     $  
Discount per share repurchased and retired
                       
 
   
Pennsylvania
Investment Quality (NQP)
   
Pennsylvania
Premium Income 2 (NPY)
   
Pennsylvania
Dividend Advantage (NXM)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
Common shares:
                                   
Issued to shareholders due to reinvestment of distributions
                                   
Repurchased and retired
          (53,200 )           (23,300 )           (8,600 )
Weighted average Common share:
                                               
Price per share repurchased and retired
        $ 12.78           $ 12.25           $ 12.77  
Discount per share repurchased and retired
          12.13 %           11.67 %           11.69 %
 
Nuveen Investments
 
121

 
 

 
   
Notes to
   
Financial Statements (continued)
 
   
Pennsylvania
Dividend Advantage 2 (NVY)
   
Pennsylvania
Municipal Value (NPN)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
Common shares:
                       
Sold*
                      100,800  
Issued to shareholders due to reinvestment of distributions
    307             3,001       8,551  
Repurchased and retired
                       
Weighted average Common share:
                               
Price per share repurchased and retired
  $     $     $     $  
Discount per share repurchased and retired
                       
 
*           New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) were the only Funds to sell Common shares during the fiscal year ended April 30, 2010.
 
Preferred Shares
New Jersey Municipal Value (NJV) and Pennsylvania Municipal Value (NPN) are not authorized to issue ARPS. Transactions in ARPS were as follows:

   
New Jersey Investment Quality (NQJ)
   
New Jersey Premium Quality (NNJ)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                               
Series M
    2,834     $ 70,850,000       126     $ 3,150,000           $           $  
Series T
                            599       14,975,000       25       625,000  
Series W
                            1,381       34,525,000       59       1,475,000  
Series TH
    1,772       44,300,000       78       1,950,000       1,535       38,375,000       65       1,625,000  
Series F
    1,132       28,300,000       51       1,275,000                          
Total
    5,738     $ 143,450,000       255     $ 6,375,000       3,515     $ 87,875,000       149     $ 3,725,000  
 
   
New Jersey Dividend Advantage (NXJ)
   
New Jersey Dividend Advantage 2 (NUJ)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                               
Series T
    1,757     $ 43,925,000       124     $ 3,100,000           $           $  
Series W
                            1,249       31,225,000       55       1,375,000  
Total
    1,757     $ 43,925,000       124     $ 3,100,000       1,249     $ 31,225,000       55     $ 1,375,000  
 
   
Pennsylvania Investment Quality (NQP)
   
Pennsylvania Premium Income 2 (NPY)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
    Shares     Amount     Shares     Amount     Shares  
 
Amount     Shares     Amount  
ARPS redeemed:
                                                               
Series M
   
   
$
     
   
$
     
710
   
$
17,750,000
     
   
$
 
Series T
   
744
     
18,600,000
     
     
     
     
     
     
 
Series W
   
2,033
     
50,825,000
     
     
     
     
     
     
 
Series TH
   
1,693
     
42,325,000
     
     
     
1,748
     
43,700,000
     
     
 
Series F
   
     
     
     
     
1,513
     
37,825,000
     
     
 
Total
   
4,470
   
$
111,750,000
     
   
$
     
3,971
   
$
99,275,000
     
   
$
 
 
   
Pennsylvania Dividend Advantage (NXM)
   
Pennsylvania Dividend Advantage 2 (NVY)
 
   
Year Ended 4/30/11
   
Year Ended4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
     
Shares
   
Amount
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                                               
Series M
   
   
$
     
   
$
     
920
   
$
23,000,000
     
   
$
 
Series T
   
900
     
22,500,000
     
     
     
     
     
     
 
Total
   
900
   
$
22,500,000
     
   
$
     
920
   
$
23,000,000
     
   
$
 
 
122
 
Nuveen Investments

 
 

 
Transactions in MTP Shares were as follows:

   
New Jersey Dividend Advantage (NXJ)
   
New Jersey Dividend Advantage 2 (NUJ)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
MTP Shares issued:
                                               
Series 2014
    4,486,100     $ 44,861,000           $           $           $  
Series 2015
                            3,505,000       35,050,000              
Total
    4,486,100     $ 44,861,000           $       3,505,000     $ 35,050,000           $  

   
Pennsylvania Dividend Advantage (NXM)
   
Pennsylvania Dividend Advantage 2 (NVY)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
     
Shares
     
Amount
     
Shares
     
Amount
     
Shares
     
Amount
     
Shares
     
Amount
 
MTP Shares issued:
                                                               
Series 2015
   
2,319,000
   
$
23,190,000
     
   
$
     
2,455,000
   
$
24,550,000
     
   
$
 

Transactions in VRDP Shares were as follows:

   
New Jersey Investment Quality (NQJ)
   
New Jersey Premium Quality (NNJ)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
      Shares      
Amount
     
Shares
     
Amount
     
Shares
     
Amount
     
Shares
     
Amount
 
VRDP Shares issued:
                                                               
Series 1
   
1,443
   
$
144,300,000
     
   
$
     
886
   
$
88,600,000
     
   
$
 
 
   
Pennsylvania Investment Quality (NQP)
   
Pennsylvania Premium Income 2 (NPY)
 
   
Year Ended 4/30/11
   
Year Ended 4/30/10
   
Year Ended 4/30/11
   
Year Ended 4/30/10
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VRDP Shares issued:
                                               
Series 1
    1,125     $ 112,500,000           $       1,000     $ 100,000,000           $  
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the fiscal year ended April 30, 2011, were as follows:

   
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
 
     (NQJ   (NNJ )     (NXJ    (NUJ   (NJV
Purchases
  $ 38,962,722     $ 17,018,857     $ 8,143,562     $ 9,205,876     $ 546,589  
Sales and maturities
    45,958,758       19,012,957       7,981,182       6,476,725       592,003  
 
                               
   
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Dividend
Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal
Value
 
    (NQP   (NPY   (NXM   (NVY   (NPN
Purchases
  $ 27,705,509     $ 25,104,287     $ 7,859,653     $ 5,870,237     $ 1,063,077  
Sales and maturities
    34,392,230       29,229,757       5,664,262       5,336,741       590,000  
 
6. Income Tax Information
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
 
Nuveen Investments
 
123

 
 

 
   
Notes to
   
Financial Statements (continued)
 
arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At April 30, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

   
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
 
    (NQJ   (NNJ    (NXJ   (NUJ   (NJV
Cost of investments
  $ 421,553,532     $ 256,134,943     $ 135,969,877     $ 97,682,929     $ 21,876,578  
Gross unrealized:
                                       
Appreciation
  $ 8,466,224     $ 7,476,075     $ 2,175,837     $ 1,662,180     $ 1,070,821  
Depreciation
    (19,952,572 )     (10,106,803 )     (7,079,705 )     (4,868,964 )     (375,879 )
Net unrealized appreciation (depreciation) of investments
  $ (11,486,348 )   $ (2,630,728 )   $ (4,903,868 )   $ (3,206,784 )   $ 694,942  
 
   
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Dividend
Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal 
Value
 
    (NQP   (NPY    (NXM    (NVY )      (NPN
Cost of investments
  $ 333,135,779     $ 300,321,463     $ 69,699,714     $ 76,775,323     $ 16,868,863  
Gross unrealized:
                                       
Appreciation
  $ 8,950,403     $ 10,871,048     $ 1,634,791     $ 2,076,257     $ 772,118  
Depreciation
    (11,849,334 )     (13,939,604 )     (3,058,236 )     (3,288,722 )     (128,533 )
Net unrealized appreciation (depreciation) of investments
  $ (2,898,931 )   $ (3,068,556 )   $ (1,423,445 )   $ (1,212,465 )   $ 643,585  
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at April 30, 2011, the Funds’ tax year end, as follows:

   
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
 
     (NQJ    (NNJ    (NXJ    (NUJ    (NJV
Paid-in-surplus
  $ (18,552 )   $ (19,602 )   $ (28,139 )   $ (97,971 )   $  
Undistributed (Over-distribution of) net investment income
    18,627       9,349       19,230       95,554       (275 )
Accumulated net realized gain (loss)
    (75 )     10,253       8,909       2,417       275  
 
   
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Dividend
Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal 
Value
 
    (NQP   (NPY    (NXM   (NVY   (NPN
Paid-in-surplus
  $ (16,781 )   $ (15,745 )   $ (74,796 )   $ (72,675 )   $ 11,072  
Undistributed (Over-distribution of) net investment income
    (11,798 )     (2,653 )     57,863       61,002        
Accumulated net realized gain (loss)
    28,579       18,398       16,933       11,673       (11,072 )

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at April 30, 2011, the Funds’ tax year end, were as follows:

   
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
 
     (NQJ    (NNJ     (NXJ    (NUJ    (NJV
Undistributed net tax-exempt income *
  $ 5,455,189     $ 3,408,483     $ 1,944,334     $ 1,262,486     $ 111,689  
Undistributed net ordinary income **
    20,137       9,799       1,554              
Undistributed net long-term capital gains
    6,774       134,071       36,841       45,407        
 
124
 
Nuveen Investments

 
 

 
   
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Dividend
Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal 
Value
 
     (NQP    (NPY    (NXM    (NVY    (NPN
Undistributed net tax-exempt income*
  $ 4,587,625     $ 4,116,260     $ 893,144     $ 1,066,413     $ 18,981  
Undistributed net ordinary income**
    11,891       10,771       203       177        
Undistributed net long-term capital gains
                187,034       146,187        
 
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2011, paid on May 2, 2011.
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
                        
The tax character of distributions paid during the Funds’ tax year ended April 30, 2011 and April 30, 2010, was designated for purposes of the dividends paid deduction as follows:

2011
 
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
 
     (NQJ     (NNJ    (NXJ    (NUJ     (NJV
Distributions from net tax-exempt income***
  $ 17,567,230     $ 10,298,550     $ 5,612,161     $ 4,263,861     $ 1,198,707  
Distributions from net ordinary income**
                      3       38,372  
Distributions from net long-term capital gains****
    550,205       140,828       159,911       172,338        
 
2011
 
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Dividend
Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal 
Value
 
     (NQP    (NPY   (NXM    (NVY   (NPN
Distributions from net tax-exempt income***
  $ 15,015,026     $ 13,591,982     $ 3,166,778     $ 3,606,690     $ 933,419  
Distributions from net ordinary income**
                             
Distributions from net long-term capital gains****
                161,463       179,017        
 
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
***
The Funds hereby designate these amounts paid during the fiscal year ended April 30, 2011, as Exempt Interest Dividends
**** The Funds designate as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended April 30, 2011.
 
2010
 
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
 
     (NQJ    (NNJ    (NXJ    (NUJ    (NJV
Distributions from net tax-exempt income
  $ 15,878,706     $ 9,091,092     $ 5,024,573     $ 3,617,577     $ 992,582  
Distributions from net ordinary income**
          125,223                    
Distributions from net long-term capital gains
          131,170       59,268       144,777        
 
2010
 
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Dividend
Advantage
   
Pennsylvania Dividend
Advantage 2
   
Pennsylvania Municipal 
Value
 
     (NQP    (NPY   (NXM    (NVY   (NPN
Distributions from net tax-exempt income
  $ 13,124,743     $ 12,185,755     $ 2,677,713     $ 3,074,243     $ 781,221  
Distributions from net ordinary income**
    8       112,103             32,001        
Distributions from net long-term capital gains
                152,888       256,641        
 
**           Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

Nuveen Investments
 
125

 
 

 
   
Notes to
   
Financial Statements (continued)
 
At April 30, 2011, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

   
New Jersey Municipal
Value
   
Pennsylvania Investment
Quality
   
Pennsylvania Premium
Income 2
   
Pennsylvania Municipal
Value
 
     (NJV    (NQP    (NPY    (NPN
Expiration:
                       
April 30, 2016
  $     $     $ 77,818     $  
April 30, 2017
          1,637,403       2,893,165        
April 30, 2019
    18,711                   82  
Total
  $ 18,711     $ 1,637,403     $ 2,970,983     $ 82  
 
During the Funds’ tax year ended April 30, 2011, Pennsylvania Investment Quality (NQP) and Pennsylvania Premium Income 2 (NPY) utilized $774,109 and $94,420, respectively, of their capital loss carryforwards.
 
The Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through April 30, 2011, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer post-October losses as follows:

   
New Jersey Investment
Quality
   
New Jersey Premium
Income
   
New Jersey Dividend
Advantage
   
New Jersey Dividend
Advantage 2
   
New Jersey Municipal
Value
   
Pennsylvania Dividend
Advantage 2
 
     (NQJ    (NNJ    (NXJ    (NUJ    (NJV    (NVY
Post-October capital losses
  $ 1,509,839     $ 860,559     $ 485,839     $ 341,487     $ 8,950     $ 3,964  
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:
 
 
New Jersey Investment Quality (NQJ)
New Jersey Premium Income (NNJ)
 Pennsylvania Investment Quality (NQP)
Pennsylvania Premium Income 2 (NPY)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For the next $3 billion
.3875
 
For managed assets over $5 billion
.3750
 

 
New Jersey Dividend Advantage (NXJ)
New Jersey Dividend Advantage 2 (NUJ)
 Pennsylvania Dividend Advantage (NXM)
Pennsylvania Dividend Advantage 2 (NVY)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For managed assets over $2 billion
.3750
 
 
126
 
Nuveen Investments

 
 

 
 
New Jersey Municipal Value (NJV)
Pennsylvania Municipal Value (NPN)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4000
For the next $125 million
.3875
 
For the next $250 million
.3750
 
For the next $500 million
.3625
 
For the next $1 billion
.3500
 
For managed assets over $2 billion
.3375
 
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
* For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial 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 and 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 April 30, 2011, the complex-level fee rate for these Funds was .1785%.
           
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with the Sub-Adviser under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
For the first ten years of New Jersey Dividend Advantage’s (NXJ) and Pennsylvania Dividend Advantage’s (NXM) operations, the Adviser has agreed to reimburse the Funds, as a percentage of average daily managed assets for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
 
Year Ending
 
March 31,
 
March 31,
 
2001*
.30%
2007
.25%
2002
.30
2008
.20
2003
.30
2009
.15
2004
.30
2010
.10
2005
.30
2011
.05
2006
.30
   
 
*           From the commencement of operations.
 
The Adviser has not agreed to reimburse New Jersey Dividend Advantage (NXJ) and Pennsylvania Dividend Advantage (NXM) for any portion of their fees and expenses beyond March 31, 2011.
 
Nuveen Investments
 
127

 
 

 
   
Notes to
   
Financial Statements (continued)
 
For the first ten years of New Jersey Dividend Advantage 2’s (NUJ) and Pennsylvania Dividend Advantage 2’s (NVY) operations, the Adviser has agreed to reimburse the Funds, as a percentage of average daily managed assets for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
 
Year Ending
 
March 31,
 
March 31,
 
2002*
.30%
2008
.25%
2003
.30
2009
.20
2004
.30
2010
.15
2005
.30
2011
.10
2006
.30
2012
.05
2007
.30
   
 
*           From the commencement of operations.
 
The Adviser has not agreed to reimburse New Jersey Dividend Advantage 2 (NUJ) and Pennsylvania Dividend Advantage 2 (NVY) for any portion of their fees and expenses beyond March 31, 2012.
 
8. New Accounting Pronouncement
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
 
9. Subsequent Events
 
Regulatory Matters
Subsequent to the reporting period, Nuveen Securities, LLC (“Nuveen Securities”) entered into a settlement with the Financial Industry Regulatory Authority (“FINRA”) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities neither admitted to nor denied FINRA’s allegations. Nuveen Securities is the broker-dealer subsidiary of Nuveen.
 
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities were false and misleading. Nuveen Securities agreed to a censure and the payment of a $3 million fine.
 
128
 
Nuveen Investments

 
 

 
Board Members & Officers (Unaudited)
 
    The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
 
 
Name,
Birthdate
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members:                
                   
ROBERT P. BREMNER(2)
          Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute  
 
 
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
 
Chairman of
the Board and
Board Member
 
 
1996
   
 
245
   
 
       
 
   
JACK B. EVANS
          President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.  
 
 
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
1999
   
 
245
                 
                 
                 
                 
                   
WILLIAM C. HUNTER
          Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.  
 
 
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
2004
   
 
245
                 
                 
                 
                 
                   
DAVID J. KUNDERT(2)
          Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.  
 
 
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
2005
   
 
245
                 
                 
                 
                 
                 
                 
                   
WILLIAM J. SCHNEIDER(2)           Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.    
  9/24/44
333 W. Wacker Drive
Chicago, IL 60606
   
Board Member
   
1997
     
245
                 
                 
                 
 
Nuveen Investments
 
129

 
 

 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Birthdate
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
  Independent Board Members:                
              Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).    
JUDITH M. STOCKDALE
           
 
12/29/47
             
 
333 W. Wacker Drive
 
Board Member
 
1997
   
245
 
Chicago, IL 60606
 
             
                   
CAROLE E. STONE(2)
          Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).    
 
6/28/47
             
 
333 W. Wacker Drive
 
Board Member
 
2007
   
245
 
Chicago, IL 60606
 
           
                 
             
 
   
VIRGINIA L. STRINGER
          Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).    
 
8/16/44
             
 
333 W. Wacker Drive
 
Board Member
 
2011
   
245
 
Chicago, IL 60606
 
           
                 
                 
                 
                 
                 
             
 
   
TERENCE J. TOTH(2)
            Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005), and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).    
 
9/29/59
             
 
333 W. Wacker Drive
 
Board Member
 
2008
   
245
 
Chicago, IL 60606
 
           
                 
                 
                 
                 
                 
                 
                 
                 
                 
                   
Interested Board Member:
             
                   
JOHN P. AMBOIAN(3)           Chief Executive Officer and Chairman (since 2007), and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisors, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.    
  6/14/61              
  333 W. Wacker Drive   Board Member   2008     245
  Chicago, IL 60606              
                 
                 
 
130
 
Nuveen Investments
 
 
 

 
 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(4)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:                
                 
GIFFORD R. ZIMMERMAN
          Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.    
 
9/9/56
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Administrative Officer
 
 
1988
   
 
245
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                   
WILLIAM ADAMS IV
          Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); Managing Director (since 2010) of Nuveen Commodities Asset Management, LLC.    
 
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2007
   
133
                 
                   
CEDRIC H. ANTOSIEWICZ
         
Managing Director of Nuveen Securities, LLC.
   
 
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2007
     
133
                   
MARGO L. COOK
          Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.    
 
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2009
   
245
                 
                 
                   
LORNA C. FERGUSON
          Managing Director (since 2004) of Nuveen Securities, LLC and Managing Director (since 2005) of Nuveen Fund Advisors, Inc.    
 
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
1998
   
245
   
 
             
STEPHEN D. FOY                
  5/31/54
333 W. Wacker Drive
Chicago, IL 60606
   
Vice President and Controller
  1998   Senior Vice President (since 2010), formerly, Vice President (1993-2010) and Funds Controller (since 1998) of Nuveen Securities, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.; Certified Public Accountant.   245
                 
                 
 
Nuveen Investments
 
131

 
 

 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
Birthdate
and Address
 
Position(s)
Held with the Funds
 
Year First
Elected or
Appointed(4)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:                
                 
SCOTT S. GRACE
          Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since (2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.    
 
8/20/70
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President and Treasurer
 
 
2009
   
 
245
                 
                 
                 
                 
                 
                 
                 
                 
                 
                   
WALTER M. KELLY
          Senior Vice President (since 2008), Vice President (2006-2008) of Nuveen Securities, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2008) of Nuveen Fund Advisors, Inc.    
 
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
 
Chief Compliance Officer and Vice President
 
2003
   
245
                   
TINA M. LAZAR
          Senior Vice President (since 2009), formerly, Vice President of Nuveen Securities, LLC (1999-2009); Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.    
 
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2002
   
245
   
 
             
LARRY W. MARTIN
          Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Securities, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers, Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007), and of Winslow Capital Management, Inc. (since 2010); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).    
 
7/27/51
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President and Assistant Secretary
 
 
1997
   
 
245
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                   
KEVIN J. MCCARTHY             Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).    
  3/26/66
333 W. Wacker Drive
Chicago, IL 60606
   
Vice President and Secretary
   
2007
     
245
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
 
132
 
Nuveen Investments

 
 

 
 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(4)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:                
                   
KATHLEEN L. PRUDHOMME
          Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Secretary of FASF (2004-2010); Deputy General Counsel, FAF Advisors, Inc. (2004-2010).    
 
3/30/53
800 Nicollet Mall
Minneapolis, MN 55402
 
 
Vice President and Assistant Secretary
 
 
2011
   
 
245
                 
                 
 
(1)
For New Jersey Dividend Advantage (NXJ), New Jersey Dividend Advantage 2 (NUJ), New Jersey Municipal Value (NJV), Pennsylvania Investment Quality (NQP), Pennsylvania Premium Income 2 (NPY), Pennsylvania Dividend Advantage (NXM), Pennsylvania Dividend Advantage 2 (NVY), and Pennsylvania Municipal Value (NPN), The Board of Trustees are divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two Board Members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For New Jersey Investment Quality (NQJ) and New Jersey Premium Income (NNJ), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The first year elected or appointed represents the year in which the Board Member was first elected or appointed to any fund in the Nuveen Complex.
(2)
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.
(3)
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
Nuveen Investments
 
133

 
 

 
 
Annual Investment Management
Agreement Approval Process (Unaudited)
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”) for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
 
In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and the Adviser, including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the
 
134
 
Nuveen Investments

 
 

 
 
Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Adviser’s organization and business; the types of services that the Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen’s efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that the Adviser or its affiliates provide to closed-end funds, including, in particular, Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.
 
As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.
 
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by the Adviser and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal
 
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
support. Given the importance of compliance, the Independent Board Members also considered the Adviser’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory.
 
B. The Investment Performance of the Funds and the Adviser
The Board considered the performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2009 and for the same periods ending March 31, 2010 (or for the periods available for Funds that did not exist during part of the foregoing time frame). In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2009 and for the same periods ending March 31, 2010 (or for the periods available for Funds that did not exist during part of the foregoing time frame). Moreover, the Board reviewed the peer ranking of the Nuveen municipal funds advised by the Adviser in the aggregate. The Independent Board Members also reviewed historic premium and discount levels. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.
 
In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund’s performance with that of its Performance Peer Group. In this regard, the Independent Board Members considered that the Performance Peer Groups of certain funds (including the Nuveen New Jersey Municipal Value Fund (the “New Jersey Value Fund”) and the Nuveen Pennsylvania Municipal Value Fund (the “Pennsylvania Value Fund”)) were classified as having significant differences from such funds based on considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers).
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory. The Independent Board Members noted that the Nuveen Pennsylvania Dividend Advantage Municipal Fund and the Nuveen New Jersey Dividend Advantage Municipal Fund 2 generally demonstrated favorable performance in comparison to peers, performing in the top two quartiles in the one-, three- and five-year periods ending March 31, 2010. The performance of the
 
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Nuveen Pennsylvania Premium Income Municipal Fund 2 (the “Pennsylvania Premium Fund 2”) and the Nuveen New Jersey Dividend Advantage Municipal Fund was over time satisfactory compared to peers, falling within the second or third quartile over various periods. While the Nuveen New Jersey Investment Quality Municipal Fund, Inc. (the “New Jersey Investment Quality Fund”), the Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (the “Pennsylvania Dividend Advantage Fund 2”), the Nuveen Pennsylvania Investment Quality Municipal Fund (the “Pennsylvania Investment Quality Fund”) and the Nuveen New Jersey Premium Income Municipal Fund, Inc. (the “New Jersey Premium Fund”) lagged their peers somewhat in the short-term one-year period, they demonstrated more favorable performance in the longer three- and five-year periods. The Board Members further recognized that the New Jersey Value Fund and the Pennsylvania Value Fund are relatively new funds, each with a performance history that is generally too short for a meaningful assessment of performance.
 
C. Fees, Expenses and Profitability
 
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; the differences in the type and use of leverage; and differences in the states reflected in the Peer Universe or Peer Group may impact the comparative data, thereby limiting the ability to make a meaningful comparison with peers, including, in particular, the New Jersey Value Fund and the Pennsylvania Value Fund.
 
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 (applicable, in particular, for certain closed-end funds launched since 1999). In their review, the Independent Board Members noted that the New Jersey Value Fund and the Pennsylvania Value Fund had net management fees above the peer average; however, the available peer set was limited as noted above. The New Jersey Investment Quality Fund, the New Jersey Premium Fund, the Pennsylvania Investment Quality Fund and the Pennsylvania Premium Fund 2 had net advisory
 
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
fees above the peer average, but the expense ratios were below, at or near the peer expense ratio average. Each other Fund had management fees and/or a net expense ratio below, at or near (within 5 basis points or less) the peer average of its Peer Group or Peer Universe.
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees 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 Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Adviser to other clients, including municipal separately managed accounts and passively managed municipal bond exchange traded funds (ETFs) that are sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
 
3. Profitability of Nuveen
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of
 
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assets under management and relatively comparable asset composition prepared by Nuveen.
 
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations.
Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to the Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the
 
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as agent at Nuveen’s trading desk and as co-manager in initial public offerings of new closed-end funds.
 
In addition to the above, the Independent Board Members considered whether the 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 Adviser in managing the assets of the Funds and other clients. The Independent Board Members noted that the Adviser does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” the Adviser intends to comply with the applicable safe harbor provisions.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreements are fair and reasonable, that the Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
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Board Approval of Sub-Advisory
Arrangements (Unaudited)
 
Since the May Meeting, Nuveen has engaged in an internal restructuring (the “Restructuring”) pursuant to which the portfolio management services provided by the Adviser to the Funds were transferred to Nuveen Asset Management, LLC (“NAM LLC”), a newly-organized wholly-owned subsidiary of the Adviser and the Adviser changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The Adviser, under its new name NFA, continues to serve as investment adviser to the Funds and, in that capacity, will continue to provide various oversight, administrative, compliance and other services. To effectuate the foregoing, NFA entered into sub-advisory agreements with NAM LLC on behalf of the Funds (each, a “Sub-Advisory Agreement”). Under each Sub-Advisory Agreement, NAM LLC, subject to the oversight of NFA and the Board, will furnish an investment program, make investment decisions for, and place all orders for the purchase and sale of securities for the portion of the respective Fund’s investment portfolio allocated to it by NFA. There have been no changes to the advisory fees paid by the Funds; rather, NFA will pay a portion of the investment advisory fee it receives to NAM LLC for its sub-advisory services. The Independent Board Members reviewed the allocation of fees between NFA and NAM LLC. NFA and NAM LLC do not anticipate any reduction in the nature or level of services provided to the Funds following the Restructuring. The personnel of NFA who engaged in portfolio management activities prior to the spinoff of NAM LLC are not expected to materially change as a result of the spinoff. In light of the foregoing, at a meeting held on November 16-18, 2010, the Board Members, including a majority of the Independent Board Members, approved the Sub-Advisory Agreements on behalf of the Funds. Given that the Restructuring was not expected to reduce the level or nature of services provided and the advisory fees paid by the Funds were the same, the factors considered and determinations made at the May Meeting in approving the Advisory Agreements were equally applicable to the approval of the Sub-Advisory Agreements.
 
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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
 
Your 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 asset 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 immediately 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
 
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exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
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Glossary of Terms
Used in this Report
     
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
     
 
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
     
 
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
     
 
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural 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 structural leverage.
     
 
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, 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: Using borrowed money to invest in securities or other assets.
 
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Leverage-Adjusted 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. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
     
 
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
     
 
Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
     
 
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.
     
 
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
     
 
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
     
 
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
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Notes
 
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Other Useful Information
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds 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 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
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 Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common and Preferred Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
 
     
Auction Rate
 
Common Shares
 
Preferred Shares
Fund
Repurchased
 
Redeemed
NQJ
 
5,738
NNJ
 
3,515
NXJ
 
1,757
NUJ
 
1,249
NJV
 
N/A
NQP
 
4,470
NPY
 
3,971
NXM
 
900
NVY
 
920
NPN
 
N/A
 
N/A – Fund does not issue auction rate preferred shares.
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
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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 is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 
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

 
Nuveen makes things e-simple.
 
     
 
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready - no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
     
 
Free e-Reports right to your e-mail!
 
www.investordelivery.com
 
     
 
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
     
 
OR
 
www.nuveen.com/accountaccess
 
     
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
 

Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
 
EAN-A-0411D
 


 
 

 
 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Pennsylvania Investment Quality Municipal Fund

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

 
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
April 30, 2011
$ 18,200     $ 1,500     $ 0     $ 850  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
April 30, 2010
$ 18,859     $ 0     $ 0     $ 850  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services
 
provided in connection with statutory and regulatory filings or engagements.
                 
                               
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the
 
audit or review of financial statements and are not reported under "Audit Fees".
                 
                               
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
         
                               
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
 
                               

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, Inc. (formerly Nuveen Asset Management) (the “Adviser” or “NFA”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.

Fiscal Year Ended
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
 
Billed to Adviser and
   
Adviser and
   
Billed to Adviser
 
 
Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
 
Service Providers
   
Service Providers
   
Service Providers
 
April 30, 2011
$ 0     $ 0     $ 0  
                       
Percentage approved
  0 %     0 %     0 %
pursuant to
                     
pre-approval
                     
exception
                     
                       
April 30, 2010
$ 0     $ 0     $ 0  
                       
Percentage approved
  0 %     0 %     0 %
pursuant to
                     
pre-approval
                     
exception
                     

NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.

Fiscal Year Ended
     
Total Non-Audit Fees
             
       
billed to Adviser and
             
       
Affiliated Fund Service
   
Total Non-Audit Fees
       
       
Providers (engagements
   
billed to Adviser and
       
       
related directly to the
   
Affiliated Fund Service
       
 
Total Non-Audit Fees
   
operations and financial
   
Providers (all other
       
 
Billed to Fund
   
reporting of the Fund)
   
engagements)
   
Total
 
April 30, 2011
$ 850     $ 0     $ 0     $ 850  
April 30, 2010
$ 850     $ 0     $ 0     $ 850  
                               
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
                             
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

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.

Nuveen Fund Advisors, Inc. is the registrant’s investment adviser. NFA is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, Inc. is the registrant's investment adviser (also referred to as the "Adviser".)  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“NAM” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager
 
The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
  Name
Fund
  Paul Brennan
Nuveen Pennsylvania Investment Quality Municipal Fund

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets
 Paul Brennan
 Registered Investment Company
23
$15.34 billion
 
 Other Pooled Investment Vehicles
0
$0
 
 Other Accounts
3
$126.45 million
*
Assets are as of April 30, 2011.  None of the assets in these accounts are subject to an advisory fee based on performance.

Compensation. Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long-term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager‘s general performance, experience, and market levels of base pay for such position.

Annual cash bonus. The Fund’s portfolio manager is eligible for an annual cash bonus determined based upon the  portfolio manager‘s performance, experience and market levels of base pay for such position. The maximum potential annual cash bonus is equal to a multiple of base pay.

A portion of the portfolio manager‘s annual cash bonus is based on his or her Fund‘s investment performance, generally measured over the past one- and three-year periods unless the portfolio manager‘s tenure is shorter. Investment performance for the Fund is determined by evaluating the Fund‘s performance relative to its benchmark(s) and/or Lipper industry peer group.

Each portfolio manager whose performance is evaluated in part by comparing the manager‘s performance to a benchmark is measured against a Fund-specific customized subset (limited to bonds in each Fund‘s specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond Index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor‘s Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million. As of June 30, 2011, the S&P/Investortools Municipal Bond Index was comprised of 56,838 securities with an aggregate current market value of $1,218 billion.

Bonus amounts can also be influenced by factors other than investment performance. These other factors are more subjective and are based on evaluations by each portfolio manager‘s supervisor and reviews submitted by his or her peers. These reviews and evaluations often take into account a number of factors, including the portfolio manager‘s effectiveness in communicating investment performance to shareholders and their advisors, his or her contribution to NAM‘s investment process and to the execution of investment strategies consistent with risk guidelines, his or her participation in asset growth, and his or her compliance with NAM‘s policies and procedures.

Investment performance is measured on a pre-tax basis, gross of fees for a Fund‘s results and for its Lipper industry peer group.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received profits interests in the parent company of Nuveen Investments which entitle their holders to participate in the appreciation in the value of Nuveen Investments. In addition, in July 2009, Nuveen Investments created and funded a trust which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain key employees, including certain portfolio managers. Finally, certain key employees of  NAM, including certain portfolio managers, have received profits interests in NAM which entitle their holders to participate in the firm‘s growth over time.

Material Conflicts of Interest. Each portfolio manager’s simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. NAM, however, believes that such potential conflicts are mitigated by the fact that the NAM has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager, although the allocation procedures may provide allocation preferences to funds with special characteristics (such as favoring state funds versus national funds for allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of the April 30, 2011, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by NAM’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of equity securities
beneficially owned in Fund
Dollar range of equity securities beneficially owned in the remainder of Nuveen funds managed by NAM’s municipal investment team
Paul Brennan
Nuveen Pennsylvania Investment Quality Municipal Fund
$0
$500,001-$1,000,000

PORTFOLIO MANAGER BIO:

Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds.  Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994.  He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year.   He earned his B.S. in Accountancy and Finance from Wright State University.  He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.  Mr. Brennan, Senior Vice President of NAM, currently manages investments for 24 Nuveen-sponsored investment companies.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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. Letter or number the exhibits in the sequence indicated.

(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 because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

(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: 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. 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 Pennsylvania Investment Quality Municipal Fund

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

Date: July 8, 2011

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: July 8, 2011
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: July 8, 2011